PHH Corp. in Mount Laurel, N.J., reported a bigger loss in the fourth quarter, on costs to restructure its business and a loss on sales of mortgage servicing rights.
PHH's net loss widened to $54 million, or 92 cents per share, from $33 million, or 62 cents, a year earlier, the company said in a news release Thursday.
The net loss included costs of $20 million to restructure its business and reduce expenses and a $4 million loss on the sale of existing mortgage servicing rights.
Net revenue fell 32% to $123 million, as net derivative gains related to mortgage servicing rights swung to a $25 million loss in the quarter.
The value of mortgage applications fell 7% to $10.2 billion.
Total expenses fell 8.9% to $206 million, on lower salaries, commissions, loan origination expenses, and foreclosure and repossession expenses.
PHH in February 2005 was spun off from Cendant Corp. (now known as Avis Budget Group).
