Industry News

Cendant revenue spikes year-over-year

CFO takes on dual role as president

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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 originator of home loans in the country. Earlier this week, Ronald L. Nelson, Cendant chief financial officer, was named president of the corporation and will continue to serve as CFO. Henry R. Silverman, w...