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PHH Corporation Announces Fourth Quarter And Full-Year 2013 Results

PHH Corporation (NYSE: PHH):

4Q13 Net Income Attributable to PHH Corporation of $45 million or $0.78 per basic share Full-Year 2013 Net Income Attributable to PHH Corporation of $135 million or $2.36 per basic share

4Q13 Core Earnings (after-tax)* of $16 million and Core Earnings per Share* of $0.28 Full-Year 2013 Core Loss (after-tax)* of $19 million and Core Loss per Share* of $0.32

Company Exploring Ways to Maximize Shareholder Value Through the Separation or Sale of Fleet Business, Mortgage Business, or Both

  • Full-year total retail mortgage loan closings of $47.4 billion, up 4% from 2012. Full-year total mortgage loan closings of $52.4 billion, down 6% from 2012
  • Total loan servicing portfolio at December 31, 2013, of $226.8 billion, up 23% from $183.7 billion at the end of 2012
  • Mortgage applications declined 18% sequentially in the fourth quarter to $10.4 billion; interest rate lock commitments (IRLCs) expected to close declined 27% sequentially to $2.1 billion. Fee-based closings constituted 61% of total closings in 4Q13, up from 58% in 3Q13 and 41% in 4Q12
  • Total loan margin of 313 bps in 4Q13, a 2 bps decrease from 3Q13 and a 93 bps decrease from 4Q12
  • 2013 Fleet segment profit of $88 million, up from $87 million in 2012

PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) today announced financial results for the quarter and year ended December 31, 2013.

For the quarter ended December 31, 2013, the Company reported net income attributable to PHH Corporation of $45 million or $0.78 per basic share. For the year ended December 31, 2013, the Company reported net income attributable to PHH Corporation of $135 million or $2.36 per basic share.

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