Phh Corp. (PHH) Tops Q4 EPS Views; Revs Heavy
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PHH Corporation Announces First Quarter 2015 Results
May 6, 2015 4:33 PM EDT1Q15 Highlights:
Net income attributable to PHH Corporation of $21 million or $0.40 per basic share, which includes a $65 million pre-tax favorable market-related fair value adjustment to our mortgage servicing rights (MSRs), net of derivative gains related to MSRs. Realized $11 million of operating benefits in 1Q15 compared to 1Q14 from our re-engineering activities, representing 20% of our target annualized operating benefits. Invested $9 million of operating expenses and $1 million of capital expenses in our re-engineering efforts and evaluation of select growth opportunities. Signed renegotiated contracts with clients representing approximately 50% of our 2014 total... More