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PHH closes final asset sale in Guaranteed Rate deal

PHH Corp. has completed the sale of certain assets of PHH Home Loans LLC to Guaranteed Rate Affinity LLC, a new joint venture established by Guaranteed Rate Inc. and Realogy Holdings Corp.

Since the asset purchase agreement was announced Feb. 15, the parties have executed the transaction via five interim asset sale closings. The final closing occurred Dec. 18.

PHH expects to realize about $96 million in aggregate proceeds from the transaction.