Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
735,718-296
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
6.94%0.02
MortgageTPO

PHH hires Andy Peach to lead correspondent channel

30-year industry veteran was SVP at Mr. Cooper and former president and CEO at Waterstone

PHH Mortgage, a nonbank mortgage servicer, originator and subsidiary of Ocwen Financial Corp., named Andy Peach as the company’s senior vice president, correspondent lending on Monday.

Peach will be responsible for leading PHH’s growing correspondent lending business and will report directly to George Henley, Ocwen’s chief growth officer.

Prior to his recent move, Peach served as senior vice president, correspondent sales at Mr. Cooper. Over his 30-year career in the industry, Peach has held a series of leadership positions, including president and CEO at Waterstone Mortgage, and managing director and chief production officer at Pacific Union Financial, where he was responsible for all sales and operations for the company’s correspondent, wholesale, retail and consumer-direct channels.

Prior to those positions, Peach held senior spots at JP Morgan Chase, Aurora Loan Services and Bank of America.

“Andy’s extensive track record of successfully driving profitable production while emphasizing exemplary customer service makes him a great addition to our originations team,” said Henley. “He has a wealth of experience and his hiring helps to solidify our commitment to growing our Correspondent Lending business, which is an important component of our overall growth strategy.”

PHH relaunched its correspondent lending business in 2019 after backing out in 2016, citing subpar profitability and it’s intentions to reduce its investment in mortgage-servicing rights portfolio. At the time, 2016’s first quarter low interest rates pulled down the performance of PHH due to negative adjustments to the “fair value” of its mortgage servicing rights portfolio.

However, after its $360 million acquisition by Ocwen, and subsequent channel relaunching, the company’s correspondent lending business experienced significant growth. According to PHH, in the fourth quarter of 2020, the channel generated $2.6 billion in volume, a 34% increase from the prior quarter. It also nearly tripled its seller base at the end of 2020, compared to the prior year, and continues to add new correspondent sellers.

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please