PHH Income Jumps on Fleet Management Sale

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PHH Corp. in Mount Laurel, N.J., reported higher third-quarter profits compared to last year, driven by gains from the sale of its fleet management business.

The $4.7 billion-asset mortgage servicer said in a press release Tuesday that it earned $215 million, compared to a $52 million loss a year ago. Earnings per share were $4.

Revenue fell 28% from last year, to $152 million, mainly from lower gains on mortgage loans. Expenses fell approximately 10%, to $281 million.

Earnings were boosted by a $303 million gain from the company’s June 2014 sale of its fleet services division.

“I am pleased with the progress we have made in executing our capital and operating initiatives to re-engineer and grow our business,” said Glen Messina, PHH’s president and chief executive, in the release.

Article source: http://www.nationalmortgagenews.com/news/servicing/phh-income-jumps-on-fleet-management-sale-1043067-1.html

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