What PHH Mortgage does

PHH Mortgage, now operating as Onity Mortgage, is a U.S. non-bank mortgage originator and servicer headquartered in Mount Laurel, New Jersey, with 1,001–5,000 employees. It operates as a wholly-owned subsidiary of Onity Group Inc. (NYSE: ONIT) and has been in operation for approximately 30 years. The company serves two distinct customer groups: individual consumers seeking home purchase, refinance (rate/term and cash-out), home equity, and increasingly non-qualified mortgage products, and institutional clients — correspondent lenders, mortgage investors, and GSEs — through bulk MSR acquisitions, co-issue, and subservicing. Its revenue mechanics mix transactional origination fees (including gain-on-sale) with recurring servicing and subservicing fees on UPB.

The company's technology backbone is the proprietary LoanSpan client analytics platform, which hosts the LASI (LoanSpan AI) assistant — a feature upgraded in February 2026 that uses natural-language retrieval over call recordings and structured loan data to streamline client quality reviews and audits. FlexIQ, launched October 20, 2025, is a non-QM product suite targeted at lending partners and nontraditional borrowers. Distribution is hybrid: a consumer direct-to-consumer channel combining website, mobile apps, online application portal, and licensed phone specialists, alongside a B2B channel through a dedicated business solutions portal and correspondent lending platform.

The business model is structurally exposed to a transition: in November 2025 PHH sold its reverse mortgage servicing rights on approximately 40,000 Ginnie Mae HECM loans (~$9.6B UPB) to Finance of America Reverse for $100–$110M in net proceeds and converted that relationship into a three-year subservicing arrangement, while concurrently losing a roughly $33B Rithm Capital subservicing contract (about 10% of the servicing book) effective January 2026. These moves, alongside Q3 2025 origination volume growth of 39% YoY to ~$12B and five consecutive Fannie Mae STAR Performer Awards, indicate a deliberate re-mix toward agency and non-QM origination and proprietary subservicing technology.

Name

PHH Mortgage

Legal name

Onity Mortgage Corporation

Website

https://phhmortgage.com

Company type

Private

Founded year

1996

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

PHH Mortgage (Onity Mortgage) is a U.S. non-bank mortgage originator and servicer serving individual homeowners through direct-to-consumer channels and institutional clients through correspondent lending and subservicing under Onity Group Inc.

Ownership category

akta.pro rank

Product category

Mortgage Lending and Servicing

NAICS

Real Estate Credit (522292), Mortgage and Nonmortgage Loan Brokers (522310), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162), Loan Brokers (6163)

akta.pro primary industry

Cash-Out Refinance Origination (FSALAAAF)

akta.pro secondary industries

Reverse Mortgage Origination (HECM & Proprietary) (FSALAIAA), Mortgage Comparison, Marketplace & Rate-Shopping Platforms (FSALABAJ)

Keywords

• Mortgage origination
• Mortgage servicing
• Subservicing solutions
• Correspondent lending
• Home equity loans

Headquarters

HQ city

Mount Laurel

HQ country

United States

HQ region

North America

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Mortgage Origination: PHH Mortgage originates new mortgage loans including purchase mortgages, refinances (rate/term and cash-out), home equity loans, and non-QM products through FlexIQ for lending partners. Revenue generated from origination fees and loan sales into the secondary market.
2. Mortgage Servicing: Ongoing servicing of mortgage portfolios including collecting monthly payments, managing escrow accounts, handling customer inquiries, and managing loss mitigation. Revenue generated through servicing fees (basis points on UPB) paid by investors.
3. Subservicing: PHH Mortgage provides subservicing services for other mortgage owners and investors including correspondent lending clients and bulk MSR acquisitions. The company services approximately $9.6 billion UPB in Ginnie Mae HECM reverse mortgage loans under a three-year agreement with Finance of America Reverse following the sale of its reverse mortgage assets.
4. Reverse Mortgage Servicing: PHH previously originated and serviced reverse mortgages (HECM loans) through its Liberty Reverse Mortgage brand. The company sold its reverse mortgage assets to Finance of America Reverse in Q1 2026 and will continue servicing existing reverse mortgage loans under a three-year subservicing agreement.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

PHH Mortgage (rebranded as Onity Mortgage) originates residential mortgages including purchase loans, refinances, and home equity loans, and services and subservices mortgage loan portfolios for both individual consumers and institutional lending partners. The company offers a proprietary LoanSpan client analytics platform with the LASI AI assistant for subservicing clients, and a non-QM product suite called FlexIQ for lending partners and nontraditional borrowers.

Product overview

PHH Mortgage, rebranded as Onity Mortgage, operates as a comprehensive mortgage lending and servicing platform. The core offering consists of mortgage origination and servicing products including refinance (cash-out, rate reduction, debt consolidation), home purchase loans, and home equity products. The technology portfolio includes the LoanSpan client analytics platform (which hosts the LASI AI assistant for subservicing clients), and the FlexIQ non-QM product suite for nontraditional borrowers. Business solutions encompass correspondent lending, subservicing, co-issue/bulk MSR, reverse mortgage servicing, and commercial subservicing.

Differentiator

Problem solved

Functional benefit

Products and services

• Mortgage Origination (Purchase, Refinance, Home Equity) Residential mortgage origination products including purchase mortgages (first home, next home, investment property), refinance options (rate/term, cash-out, debt consolidation), and home equity loans offered to individual consumers through the direct-to-consumer website, phone specialists, and online application portal.
• Mortgage Servicing Ongoing servicing of mortgage loan portfolios including collection of monthly payments, escrow account management, customer inquiry handling, and loss mitigation. Revenue is generated through servicing fees paid by investors on the unpaid principal balance.
• Subservicing Services Subservicing for other mortgage owners and investors including correspondent lending clients and bulk MSR acquisitions, with portfolio administration and integrated access to the proprietary LoanSpan analytics platform.
• Correspondent Lending PHH Mortgage purchases closed loans from correspondent lending partners, providing capital relief and full servicing capabilities through the correspondent lending platform.
• LoanSpan Client Analytics Platform Proprietary client analytics platform for mortgage servicing that includes the LASI AI assistant, enabling subservicing clients to retrieve call recordings, access loan-level information, and streamline quality reviews and audit processes.
• FlexIQ Non-QM Products A suite of non-QM (non-qualified mortgage) products designed for lending partners and nontraditional borrowers, expanding the company's offerings beyond traditional qualified mortgage products.
• Co-Issue / Bulk MSR Acquisition Bulk acquisition and co-issuing of mortgage servicing rights for institutional investors seeking to transfer or acquire servicing portfolios.
• Reverse Mortgage Servicing (Existing Portfolio) Continuing servicing of approximately 40,000 Ginnie Mae HECM reverse mortgage loans (~$9.6 billion UPB) under a three-year subservicing agreement with Finance of America Reverse following the sale of reverse mortgage assets and origination business.

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature3 records

Partnerships

Three partnerships are on record, tiered major and core.

• Finance of America Reverse (FAR)majorStrategic or Co-development Partner · 18 November 2025PHH Mortgage entered into a strategic relationship with Finance of America Reverse to sell reverse mortgage servicing rights and become a subservicer for approximately 40,000 Ginnie Mae HECM loans with an unpaid principal balance of $9.6 billion. The transaction includes PHH selling its reverse mortgage assets with estimated net proceeds of $100 to $110 million, expected to close in early 2026. PHH will continue servicing existing reverse mortgage loans under a three-year agreement as FOA expands in the reverse mortgage space.
• Fannie MaecoreOthersPHH Mortgage services loans backing Fannie Mae mortgage-backed securities and maintains a STAR Performer relationship with Fannie Mae, having received five consecutive STAR Performer Awards for servicing excellence.
• Ginnie MaecoreOthersPHH Mortgage services approximately 40,000 Ginnie Mae HECM reverse mortgage loans. The company operates as an approved Ginnie Mae issuer and servicer.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Market position

Strengths4 records

Competitive moat6 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PHH Mortgage