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Bank of America terminates private label origination services agreement with PHH Mortgage

Bank of America NA has terminated an agreement withPHH Corp. unitPHH Mortgage Corp.,under which PHH Mortgage provides private label origination services on behalfof Merrill Lynch.

The unit has the rightto request termination and transition assistance services for up to 12 monthsfollowing the March 31, 2017, termination date.

Previously, the bankhad notified PHH of its intent to insource an estimated 60% of Merrill Lynch'svolume based on closing dollar volume for the year ended Dec. 31, 2015. PHH hadexpressed the belief this insourcing trend from Merrill Lynch would continue.

PHH estimates MerrillLynch originations will contribute about $45 million of pretax earnings forfiscal year 2016 based on its estimate of Merrill Lynch loan closing volume for2016.

In addition, PHH istaking actions to reduce its facilities footprint and plans to realignoperating costs in response to the loss of Merrill Lynch production volume.Those actions will include re-allocating excess originations capacity toportfolio retention efforts and to clients other than Merrill Lynch.