One loan officer based in Southern California said he’s seeing bonus offers made to colleagues, but cautioned: “It’s true, but only if you can prove good volume today – not eight months ago.”
Despite the news concerning a possible sale, PHH’s share price on Wednesday was trading up, but not by much. Its price is still more than $1 below its 52-week high of $26.76.
Also, Morgan Stanley recently increased its stake in Arch Capital Group to 6.3 percent. Arch owns CMG Mortgage Insurance, which is being renamed Arch Mortgage Insurance Company.
Orange Capital is a private equity firm that has been gobbling up stakes in PHH Corp. over the past year. A few months back Inside Mortgage Finance first reported that PHH might be a takeover target.
According to interviews conducted by Inside Mortgage Finance, Lau’s company, Pingora Loan Servicing, has amassed roughly $10 billion in MSRs in less than nine months.