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 HSBC Bank USA, N.A. to transfer retail mortgage processing and servicing operations- HSBC Bank USA, N.A. to transfer retail mortgage processing and servicing operations
- May 09, 2012
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HSBC Bank USA, N.A. ('HSBC'), a wholly-owned subsidiary of HSBC Holdings plc, has entered into a strategic relationship with industry leader PHH Mortgage Corporation ('PHH Mortgage'), a subsidiary of PHH Corporation, to manage HSBC's mortgage processing and servicing operations.
Under the terms of the agreement, PHH Mortgage 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. There is no consideration payable or transfer of assets involved but HSBC will pay fees to PHH Mortgage for the services provided in accordance with the agreement. As at 31 March 2012 the unpaid principal balances of the owned prime mortgage loan portfolio and the serviced for others...
- View more at: http://www.1888pressrelease.com/hsbc-bank-usa-n-a-to-transfer-retail-mortgage-processing-a-pr-395253.html
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