FOA - Ocwen's PHH Mortgage strikes subservicing deal with Finance of America

2023-05-03 11:47:51 ET

PHH Mortgage, a non-bank mortgage servicer and originator owned by Ocwen FInancial ( NYSE: OCN ), said Wednesday it has entered into a reverse mortgage subservicing deal with Finance of America Reverse, part of Finance of America Companies ( NYSE: FOA ).

The agreement comes as PHH seeks to grow its subservicing portfolio, said PHH executive vice president and chief servicing officer Scott Anderson, "and is a testament to the strength and quality of our servicing platform as a premier subservicer for both forward and reverse mortgages."

As of Q4 2022, PHH's total reverse servicing portfolio was around $31B in unpaid principal balance, which included some $23B in subservicing UPB.

Finance of America Reverse offers products and services designed to help older Americans include home equity in their retirement plans.

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