PHH Corp. Names Chief Executive Officer

MT. LAUREL, N.J. (AP) — Mortgage originator PHH Corp. said Monday that it named Jerome J. Selitto as president and CEO and a director, effective immediately.

He replaces Terence W. Edwards, who stepped down in June and has served as an adviser to PHH to help with the leadership transition.

George Kilroy, who has been serving as acting president and CEO, will continue to lead the company's fleet management business, PHH said in a statement.

Most recently, Selitto served as a senior consultant and then member of the senior management team of mortgage industry software provider Ellie Mae. Before that, he was CEO of DeepGreen Financial, an online home equity lender he helped found.

Prior to that, he launched and helped lead mortgage insurance company Amerin Guaranty Corp., now Radian Guaranty.

Shares of PHH slipped 65 cents, or nearly 4 percent, to close earlier at $16.45.