PHH Corporation (PHH) saw its loss narrow to $27 million, or $0.50 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $50 million, or $0.84 a share.
Revenue during the quarter grew 16.57 percent to $197 million from $169 million in the previous year period.
Glen A. Messina, president and chief executive officer of PHH Corporation, said, "We have made substantial progress in our evaluation of strategic alternatives and have made two critical decisions. First, we are pleased to announce that we have entered into a definitive agreement to sell substantially all our GNMA MSR portfolio and related servicing advances to Lakeview for a slight premium to book value before considering customary transaction and other expenses. In addition, after exhaustive consideration of the available alternatives, we have decided to exit from the PLS origination business. We are continuing to evaluate possible additional sales of our remaining MSR portfolio and to evaluate the best course of action for our Real Estate and servicing platforms, which we expect to complete by the end of January 2017."
Assets, liabilities fall
Total assets stood at $3,446 million as on Sep. 30, 2016, down 10.84 percent compared with $3,865 million on Sep. 30, 2015. On the other hand, total liabilities stood at $2,186 million as on Sep. 30, 2016, down 8.38 percent from $2,386 million on Sep. 30, 2015.
Shareholders equity stood at $1,260 million as on Sep. 30, 2016, down 14.81 percent or $219 million from year-ago.
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