HSBC's US subsidiary will see PHH Mortgage Corporation manage its mortgage-processing and servicing operations as part of a new strategic relationship.
PHH Mortgage, the subsidiary of PHH Corporation, will provide HSBC with mortgage originations processing services as well as sub-servicing of the bank's prime mortgage loan portfolio and serviced for others portfolio. No consideration is payable as pat of the agreement but HSBC will pay fees for the services.
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