INVESTOR ALERT: Investigation of PHH Corporation Announced by Law Offices of Howard G. Smith

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BENSALEM, Pa.--(BUSINESS WIRE)--

Law Offices of Howard G. Smith announces an investigation on behalf of investors of PHH Corporation ("PHH" or the "Company") PHH concerning the Company and its officers' possible violations of federal securities laws. Law Offices of Howard G. Smith is preparing a lawsuit on behalf of injured investors.

PHH Corporation, through its subsidiaries, provides outsourced mortgage banking services to financial institutions and real estate brokers in the United States.

On April 11, 2016, PHH announced the withdrawal of a major Company client, disclosing that Merrill Lynch Home Loans ("Merrill Lynch") is removing PHH as the outside vendor for the origination of new applications for certain mortgage loan products. The Company further disclosed that Merrill Lynch's "total loan closing volume accounted for approximately 26% of PHH's overall volume in 2015," and therefore the Company has withdrawn earnings guidance for the full-year 2016. In addition, Merrill Lynch informed the Company that Merrill "intends to insource its sub-servicing portfolio no later than … December 31, 2016. Merrill Lynch's sub-servicing accounted for approximately $40 billion in unpaid principal balance, or 32% of the Company's sub-servicing portfolio and 18% of its total servicing portfolio, in each case as of December 31, 2015."

On this news, shares of PHH have fallen as much as 16% to just $10.47 per share during intra-day trading on April 11, 2016.

If you purchased PHH securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com

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Posted In: Press Releases
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