MOUNT LAUREL, N.J.--(BUSINESS WIRE)--

PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today announced that Albert Celini has joined the Company as Senior Vice President, Risk and Compliance. Celini will succeed Leith Kaplan and assume the role of Chief Risk and Compliance Officer of PHH Corporation, effective January 1, 2018. Kaplan, who has served as the Company’s Chief Risk and Compliance Officer since 2014, will continue to serve in this role through December 31, 2017. Celini will report to President and CEO Robert Crowl.

The Company announced on March 30, 2017 certain management changes it expects to make prior to the end of 2017. These changes are part of its previously announced plan to reduce costs as the Company transitions to a business focused on mortgage subservicing and portfolio retention services.

Robert B. Crowl, President and CEO of PHH Corporation, said, “As we execute against our key priorities and transition our business, we remain focused on compliance and enterprise risk management as fundamental components of our business strategy. Al’s proven track record and extensive experience in this field, combined with his background working in the mortgage and financial industries, make him a strong fit for the role and PHH. We are pleased to have him on board and look forward to his leadership and insight as part of our management team.”

Crowl added, “During his tenure as Chief Risk and Compliance Officer, and prior to that as Chief Ethics and Compliance Officer, Lee was critical in our ability to navigate an evolving and complex regulatory climate through the development and implementation of a robust risk and compliance structure built to safety and soundness standards, as well as enhancing a number of our core internal processes. In addition, he and his team have been instrumental in building a strong culture in which all employees understand the importance of managing risk and always operating in a compliant and responsible manner. I would like to thank Lee for his significant contributions to PHH for the past 12 years and wish him all the best in the future.”

About Albert J. Celini

Albert Celini most recently was a Risk Management Consultant with Newbold Advisors LLC, a professional services firm, and Common Securitizations LLC, a joint venture between Fannie Mae and Freddie Mac, helping organizations implement comprehensive risk, compliance and regulatory solutions. He previously served as Executive Vice President and Chief Risk Officer of Sun National Bank where he was responsible for the development, execution and oversight of the Bank’s enterprise risk management framework. Prior to his role at Sun National Bank, Celini served as Vice President, Single Family Regulatory Affairs and Strategy at Freddie Mac, and spent nearly a decade at Ally Bank (formerly GMAC Bank) serving as its founding Chief Financial Officer, Chief Risk Officer and Director of Lending Development. During that time, he oversaw the Bank’s finance, risk management, regulatory governance and prime asset growth activities as the Bank grew from its de novo start-up to maturity. Before joining Ally Bank, Celini spent 12 years at Citigroup as a Financial Controller and began his career at Arthur Andersen.

About PHH Corporation

PHH Corporation (NYSE: PHH), through its subsidiary PHH Mortgage, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing and portfolio retention solutions to investors of mortgage servicing rights, financial and wealth management institutions, regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. For additional information, please visit www.phh.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans,” “may increase,” “may fluctuate” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could.”

You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Such periodic reports are available in the “Investors” section of our website at http://www.phh.com and are also available at http://www.sec.gov. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.

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