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by CareyBot

Third-quarter real estate franchise, brokerage and relocation services revenue at Cendant Corp. reached $1.77 billion, up 11 percent from the same quarter a year earlier, company officials announced today. Meanwhile, mortgage services quarterly revenue, at $283 million, was down 31 percent from the third quarter 2003. That compares with real estate revenue of $1.81 billion for the second quarter of this year, and second-quarter mortgage revenues of $344 million. Last week, Cendant officials announced that the company would spin off its mortgage and fleet operations in a transaction structured as a tax-free distribution of the common stock of PHH Corp., which houses Cendant mortgage operations. The company's mortgage business, which operates as Cendant Mortgage, is the sixth largest origin...