(Courtesy of Jacksonville Business Journal)
LenderLive Network LLC., a mortgage services provider, has reached a definitive agreement with PHH Mortgage Corporation to assume its private label fulfillment operations in Jacksonville.
In late 2016, PHH announced that it would exit the private label fulfillment business, and this agreement is expected to facilitate a smooth transition for both PHH employees and clients.
All the appropriate parties, including the board of directors of PHH and LenderLive, have approved the agreement.
Under the agreement, PHH will outsource loan processing, underwriting and closing activities to LenderLive until the contracts with its current clients served out of Jacksonville have been transitioned and/or completed. LenderLive has agreed to service these accounts from the operations center in Jacksonville and to hire approximately 250 to 300 employees of PHH to work out of that location.
“We are excited about the opportunity of adding a significant number of talented mortgage professionals and establishing a new operations center for LenderLive in Jacksonville,” CEO of LenderLive Rick Seehausen said. “The arrangement accelerates our long-stated imperative of driving scale and operating leverage in our private label Mortgage Solutions business. We look forward to welcoming our new associates and demonstrating the benefits of our platform and business model to PHH clients. This is a win-win for everyone involved.”