HSBC yanks massive PHH mortgage servicing portfolio

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HSBC yanks massive PHH mortgage servicing portfolio Posted on August 26, 2016 | Leave a comment It appears that PHH Corp. has a subservicing problem on its hands, as for the second time in four months, the company is about to lose a large portion of its mortgage subservicing portfolio.

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PHH takes another hit as HSBC yanks massive servicing. – PHH’s subservicing portfolio will be cut by nearly 30%. PHH disclosed Thursday that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH Mortgage Corporation, a wholly-owned subsidiary of PHH, on behalf of HSBC.

980 NYS2d 475 [2d Dept 2014]; Mortgage Elec. Registration Sys., Inc. v. Coakley, 41 AD3d 674, supra); or 3) precommencement possession of the note by a custodial agent of a trustee plaintiff named in.

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HSBC Yanks Massive PHH Mortgage Servicing Portfolio It appears that PHH Corp. has a subservicing problem on its hands, as for the second time in four months, the company is about to lose a large portion of its mortgage subservicing portfolio.

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Under the terms of the agreements, PHH Mortgage will provide HSBC with mortgage origination processing services, as well as sub-servicing of HSBC’s $15.5 billion prime mortgage loan portfolio and $36.6 billion of loans serviced for third-party investors (both as of March 31, 2012).

Mortgage and home equity products are offered in the U.S. by HSBC Bank USA, N.A. and are only available for property located in the U.S. Subject to credit approval. Borrowers must meet program qualifications. Programs are subject to change. Geographic and other restrictions may apply.