DENVER—Mortgage services provider LenderLive said it has reached a definitive agreement with PHH Mortgage Corp. to assume its private label fulfillment operations in Jacksonville, Fla.
In late 2016, PHH announced that it would exit the private label fulfillment business, and the companies said the agreement is expected to facilitate a smooth transition for both PHH employees and clients.
The deal is expected to close by the end of the first quarter of 2017, and at that time, the transitioning associates will become LenderLive employees and the operations center in Jacksonville will be rebranded as LenderLive, the company said.
Under the agreement, LenderLive said 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, the company said.