The decision to sell our existing Joint Venture is a result of our review of strategic alternatives,” said Glen Messina, president and CEO of PHH Corporation. We are pleased to have reached an agreement with Guaranteed Rate Affinity for the sale of the assets of our PHH Home Loans joint venture. With PHH pulling out, Guaranteed Rate Affinity will acquire certain assets of its mortgage operations, including four regional mortgage origination and processing centers, its relocation division and employees across the United States.“ Under the agreement, Guaranteed Rate Affinity will originate and market its mortgage lending services to Realogy’s real estate brokerage and relocation subsidiaries, respectively NRT and Cartus, as well as to other real estate brokerage and relocation companies across the country.Īs Guaranteed Rate moves in to work with Realogy, PHH announced it is exiting its existing joint venture with Realogy, as the company continues to shift its business focus.
Realogy Holdings Corp, a full-service residential real estate services company, and Guaranteed Rate, an independent retail mortgage company, announced on Wednesday a new joint venture, Guaranteed Rate Affinity, which is expected to begin doing business in June 2017.
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