Layoffs at PHH: HSBC doesn’t plan to continue using PHH as subservicer

Housingwire:

Late last week, PHH announced that it recently received notice from HSBC Bank that it plans to sell the mortgage servicing rights on approximately 139,000 mortgage loans currently subserviced by PHH to an unknown buyer.

And worse for PHH, HSBC informed the company that the purchaser of the mortgage servicing rights does not plan to continue using PHH as a subservicer.

According to a report from Buffalo Business First, HSBC’s decision will lead to PHH laying off a number of employees from its Amherst location.

Buffalo Business First reported that the number of job cuts is currently unknown, but stated that the company has 300 employees currently at its Amherst location.

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