PHH to service mortgage loans for HSBC Bank

Posted: May 08, 2012

PHH Mortgage Corp., Mount Laurel, said it will provided end-to-end mortgage origination and loan servicing to HSBC Bank USA.

As part of the deal, PHH is expected to take on about 400 HSBC employees who work at a mortgage operation in a suburb of Buffalo, N.Y.

The loan-servicing component covers HSBC's portfolio of $15.5 billion of prime mortgage loans and $36.6 billion of loans that HSBC services for third-party investors.

— Harold Brubaker

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