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

PHH Corporation (NYSE: PHH) ("PHH" or the "Company") today announced that Stephen Staid has joined the Company as Senior Vice President, Servicing. Staid will report to President and CEO Glen Messina and succeeds Marty Foster, who is retiring from the Company after 20 years of service. Foster is expected to remain with PHH until the second quarter of 2017 to assist with the transition.

Glen A. Messina, President and CEO of PHH Corporation, said, “As we stated during our fourth quarter earnings call, we intend to transition to a capital-light business model comprised of subservicing and portfolio retention services. We are delighted that Steve has agreed to join PHH. With Steve’s depth and breadth of servicing experience, along with his proven track record across a range of organizations, he will play a critical role in this transition and in our efforts to grow our subservicing portfolio.”

Messina added, “For two decades Marty has provided invaluable leadership for PHH and our Servicing organization. His consistent focus on customer service, process improvement and employee engagement has helped build the foundation for our future. I would like to thank Marty for his significant contributions to PHH and wish him all the best in his retirement.”

Staid has 25 years of experience leading loan servicing and customer service operations at a number of prominent financial services firms. Since 2015, he served as the President of SEMS, LLC where he advised financial services companies on a range of matters related to mortgage origination and servicing and driving operational efficiency. From 2012 to 2015, he served as Senior Vice President and Loan Servicing and Support Operations business executive at Bank of America where he was responsible for the company’s non-default related mortgage practices and a portfolio of over 5 million loans. Staid previously was Executive Vice President at Nationstar Mortgage; CEO of Saxon Mortgage Services; Managing Director, Servicing – Europe at Lehman Brothers; and Senior Vice President, Default Administration at Litton Loan Servicing LP.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of end-to-end mortgage solutions through its subsidiary, PHH Mortgage. Its outsourcing model and proven expertise, combined with a strong commitment to operational excellence and customer service, has enabled PHH Mortgage to become one of the largest non-bank originators and servicers of residential mortgages in the United States. PHH Mortgage provides mortgage solutions for the real estate market and financial institutions, and offers home financing directly to consumers. For additional information, please visit www.phh.com.

Forward-Looking Statements

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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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