LenderLive Network, LLC, a leading mortgage services provider, announced that it 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. The deal is expected to close by the end of the first quarter of 2017, as it is subject to certain regulatory requirements. At that time, the transitioning associates will become LenderLive employees and the operations center in Jacksonville will be rebranded as LenderLive.
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. Over the course of 2017, it is the intention to transition the clients requiring outsourced fulfillment services to LenderLive, the company said.
In addition, the Jacksonville operations center, which is capable of supporting nearly 700 employees, will provide LenderLive the opportunity to expand its operations to meet the significant demand for services from LenderLive’s current and future clients.
Jones Day is advising PHH Corporation in the sale of its private label servicing business to LenderLive Network, LLC with a team led by partner Jeffrey Symons (picture) and of counsel Claire Sheng.
Law Firms: Jones Day;
Clients: PHH Corporation;