The news follows PHH’s announcement in late 2016 that it would be exiting the private-label fulfillment business.
LenderLive says in a release that the transition will be a smooth one for both PHH employees and clients. All PHH employees at the location will be retained, and the facility will be rebranded as LenderLive.
The deal is expected to close by the end of the first quarter.
Under the agreement, PHH will outsource loan processing, underwriting and closing activities to LenderLive until the contracts with its current clients served out of Jacksonville have been transitioned and/or completed.
LenderLive has agreed to service these accounts from the operations center in Jacksonville and to hire approximately 250 to 300 employees of PHH to work out of that location.
The facility in Jacksonville can support up to 700 employees. Therefore, it presents an opportunity for LenderLive to expand its operations into that location.