PHH takes another hit as BofA Merrill Lynch pulls mortgage servicing portfolio

It only took a little more than six months for Bank of America Merrill Lynch to decide to pull the rest of its mortgage servicing business from PHH Mortgage Corporation, marking another devastating blow for the company.

PHH Mortgage, a wholly-owned subsidiary of PHH Corp., announced in an 8-K filingwith the Securities and Exchange Commission that it received written notice from Bank of America that it is terminating its agreement with PHH, meaning the company will no longer provide private label origination services on behalf of Merrill Lynch, effective March 31, 2017.

Read on.

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