Citizens Banking Corporation Selects PHH Mortgage as Mortgage Strategic Partner
13 Marzo 2006 - 3:41PM
PR Newswire (US)
FLINT, Mich., March 13 /PRNewswire-FirstCall/ -- Citizens Banking
Corporation (NASDAQ:CBCF) announced today that it has selected PHH
Mortgage, a subsidiary of PHH Corporation (NYSE:PHH), as a
strategic partner for its mortgage loan business. PHH Mortgage is
the industry's leading provider of private label mortgage services
and the top originator of mortgage loans by phone. Within the
private label relationship, PHH Mortgage will provide the
technology and expertise to the Citizens mortgage sales force that
creates an end-to-end mortgage experience which seamlessly promotes
the Citizens name and brand in all client communications,
materials, and products. "Partnering with PHH will ensure that we
maintain a competitive position on par with the largest and best
players in the mortgage industry," said William R. Hartman,
chairman, president, and chief executive officer of Citizens
Banking Corporation. "Our new mortgage loan operating model
increases our ability to originate loans through more channels,
improves our access to technology, products, competitive pricing,
and world-class customer experience, and leverages the Citizens
name to create brand equity with our clients." PHH Mortgage will
provide Citizens with mortgage loan processing, servicing,
secondary marketing functions, and other mortgage-related loan
origination services. The arrangement allows Citizens' mortgage
loan officers to use Web-based software while PHH employees will do
all the loan-processing work using the Citizens name. PHH Mortgage
will also take mortgage loan applications directly through a
Citizens-branded call center and Web site. Benefits to Citizens'
clients include a broader product menu, faster approvals,
streamlined and reduced documentation requirements for most loans,
and access to their loan processing status 24 hours a day, seven
days a week. Additionally, clients will have the ability to apply
for a loan via their channel of choice (loan officer, Internet,
branch, or telephone). Citizens has also arranged for PHH Mortgage
to service the loans originated through PHH as Citizens Bank.
Citizens will also retain the ability to offer its products and
services to loans being serviced by PHH. "I am very excited about
the new mortgage platform because it creates a winning situation
for all parties involved," said Mike Sonego, senior vice president
and head of mortgage for Citizens Banking Corporation. "Our sales
people win because they have the best tools in the business
including point- to-point sales origination systems, robust product
menu, and technology. Clients win because we deliver a
best-in-class mortgage experience from application through closing
and into servicing. And, our shareholders win because we are better
able to allocate internal resources with the creation of this more
profitable business model." About Citizens Banking Corporation
Citizens Banking Corporation is a diversified financial services
company providing a wide range of commercial, consumer, mortgage,
trust, and financial planning services to a broad client base.
Citizens Banking Corporation serves markets through Citizens Bank
offices in Michigan and Wisconsin, and through F&M Bank offices
in Iowa. Citizens Banking Corporation has roots going back to 1871
in Flint, Mich., and is the second-largest bank holding company
headquartered in Michigan. Citizens is the 62nd largest bank
holding company in the United States, with assets of $7.8 billion
as of Dec. 31, 2005. More information about Citizens Banking
Corporation is available at http://www.citizensonline.com/ . About
PHH Mortgage PHH Mortgage is the industry's leading provider of
private label mortgage services and the top originator of mortgage
loans by phone. A subsidiary of PHH Corporation (NYSE:PHH), PHH
Mortgage provides mortgage services to financial institutions, real
estate brokers, affinity groups, credit unions, corporations, and
government agencies. PHH Mortgage is currently listed as a "STRONG"
(the highest rating) residential mortgage loan servicer by Standard
and Poor's Ratings Services. In the first three quarters of 2005,
PHH Mortgage provided $36.5 billion in mortgage financing for
American homes. (Logo:
http://www.newscom.com/cgi-bin/prnh/20050421/DETH014LOGO )
http://www.newscom.com/cgi-bin/prnh/20050421/DETH014LOGO
http://photoarchive.ap.org/ DATASOURCE: Citizens Banking
Corporation CONTACT: Media Contacts: Don Hoffman, Public Relations
Manager of Citizens Banking Corporation, +1-810-237-4986, ; Karen
McCallson, Director, Public Relations of PHH Mortgage,
+1-856-917-8679, ; Investor Contacts: Kathleen O. Miller, Investor
Relations of Citizens Banking Corporation, +1-810-257-2506, ; or
Nancy Kyle, Vice President Investor Relations of PHH Corporation,
+1-856-917-4268, Web site: http://www.citizensonline.com/
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