Industry NewsMortgage

Cendant’s spin-off to seek new mortgage partnerships

IPO for new, independent company set to launch Feb. 1

A mortgage spin-off company planned by real estate giant Cendant Corp. will seek business outside of the Cendant family while also pushing to expand mortgage business through corporate-owned and franchise real estate brokerage channels, according to Securities and Exchange Commission documents filed Wednesday. A major player in the real estate, travel, vehicle services and hospitality industries, Cendant is spinning off PHH, a wholly owned subsidiary, to become an independent, publicly traded company focusing on mortgage services and fleet operations. PHH is expected to launch as a publicly traded company on the New York Stock Exchange on Feb. 1. Cendant will form a mortgage venture with PHH called PHH Home Loans LLC, according to the SEC filing, and PHH Home Loans will originate and sell mortgage loans that are primarily sourced through Cendant's owned residential real estate brokerage and corporate relocation businesses. NRT, the nation's largest residential real estate brokerag...