First Trade Union Bank today announced that it has selected PHH Mortgage, a subsidiary of PHH Corporation (NYSE:PHH), as a strategic outsourcing partner for its mortgage loan origination and servicing business.
PHH Mortgage is the industry's leading provider of private label outsourcing for bank owned mortgage companies. Within the private label relationship, PHH Mortgage will provide the back-end platform, technology, and expertise to the First Trade Union Bank mortgage sales force. The end-to-end mortgage experience seamlessly promotes the First Trade Union Bank brand in all customer communications, loan packages, and internet.
"Partnering with PHH will provide First Trade Union Bank with a multi-channel origination platform, integrated loan processing, branded loan servicing, certain secondary marketing functions, and other mortgage-related loan origination and loan servicing activities for residential one to four unit properties," said Michael Butler, president and, CEO of First Trade Union Bank. "The alliance allows the First Trade Union Bank Loan Officers to use LoanSpan, PHH's proprietary point of sale origination system for mortgage professionals."
PHH employees will perform all the loan-processing, underwriting, and closing in the name of First Trade Union Bank. The relationship with PHH Mortgage will also allow First Trade Union Bank to expand its origination channels, making mortgage more convenient for their customers. PHH will manage First Trade Union Bank's mortgage web content in a fully private labeled site. First Trade Union Bank will provide additional convenience to its customers via PHH's inbound sales center where customers on First Trade Union Bank's web site or in its bank branches can simply call for and are guaranteed a same day mortgage decision.
"PHH Mortgage is excited to have First Trade Union Bank join our growing list of private label clients," stated Bob Andwood, senior vice president private label solutions. "PHH Mortgage will provide First Trade with a fully integrated, end-to-end, mortgage platform. We are committed to make private label mortgage outsourcing a success for our clients."
Benefits to First Trade Union Bank's customers include faster approvals, streamlined documentation requirements for qualified applicants and access to their loan processing status 24 hours a day, seven days a week. Additionally, customers will have the ability to apply for a loan via their channel of choice; branch offices, phone, or starting an application via the internet.