PHH Corporation
Encyclopedia
The PHH Corporation is an American
corporation founded in 1946 that focuses on home mortgages, employee relocation, and fleet management
. Based in Mount Laurel Township, New Jersey
, this billion-dollar corporation, including subsidiaries, employs over 5,000 individuals. In 2007, PHH was engaged in buy-out talks with the Blackstone Group
financed by JP Morgan. Following the collapse of these talks, due to the continuing credit crisis, PHH was paid $50 million by Blackstone as part of the deal.
PHH uses Western Union to collect mortgage payments that are done by customers online. The vast majority of reputable banking institutions allow their customers to transfer money from one bank account to another for free using simple online transfer webpages. PHH however allows Western Union to collect fees, a portion of which are kicked back to PHH as a bonus for using Western Union. This practice has gained PHH notoriety for their unethical business practices.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
corporation founded in 1946 that focuses on home mortgages, employee relocation, and fleet management
Fleet management
Fleet management is the management of a company's vehicle fleet.Fleet management includes commercial motor vehicles such as cars, vans and trucks. Fleet management can include a range of functions, such as vehicle financing, vehicle maintenance, vehicle telematics , driver management, speed...
. Based in Mount Laurel Township, New Jersey
Mount Laurel Township, New Jersey
Mount Laurel Township is a Township in Burlington County, New Jersey, United States, and is an edge city "suburb" of Philadelphia. As of the 2000 United States Census, the township population was 40,221...
, this billion-dollar corporation, including subsidiaries, employs over 5,000 individuals. In 2007, PHH was engaged in buy-out talks with the Blackstone Group
Blackstone Group
The Blackstone Group L.P. is an American-based alternative asset management and financial services company that specializes in private equity, real estate, and credit and marketable alternative investment strategies, as well as financial advisory services, such as mergers and acquisitions ,...
financed by JP Morgan. Following the collapse of these talks, due to the continuing credit crisis, PHH was paid $50 million by Blackstone as part of the deal.
PHH uses Western Union to collect mortgage payments that are done by customers online. The vast majority of reputable banking institutions allow their customers to transfer money from one bank account to another for free using simple online transfer webpages. PHH however allows Western Union to collect fees, a portion of which are kicked back to PHH as a bonus for using Western Union. This practice has gained PHH notoriety for their unethical business practices.