N.J.-based mortgage lender will reportedly cut 1,800 jobs, report says

MOUNT HOLLY — A mortgage lender that agreed earlier this week to pay the federal government $74 million for allegedly violating underwriting standards announced Wednesday that it will cut some 1,800 jobs, according to a report. 

PHH Corp., a Mount Laurel-based company with additional offices in Illinois, Florida and New York, paid the settlement to resolve allegations that the company and its subsidiaries acted in violation of FHA, VA, Fannie Mae and Freddie Mac origination, underwriting and quality control requirements, according to federal officials. 

Those actions, the government says, resulted in a “substantial loss.”  

Just a day later, the company announced that it expects to …read more

Source: NJ.com Burlington

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