PHH Corp. said in a Securities and Exchange Commission filing Wednesday it is turning over its Jacksonville operations center to another mortgage services company.
Denver-based LenderLive Network LLC is assuming the lease on the office at 8800 Baymeadows Way W. and will hire 250 to 300 PHH employees at the site.
LenderLive is taking over PHH’s private label solutions (PLS) division, which provides end-to-end mortgage origination services for financial institution clients.
PHH, which has been losing money, said in November it planned to shed the PLS business and that it would impact the Jacksonville office, which had about 450 employees at the time.
New Jersey-based PHH has significantly downsized its Jacksonville operations, which had more than 1,000 employees four years ago. It relocated to a smaller office in Baymeadows in 2015.
PHH on Wednesday reported a net loss of $133 million for the fourth quarter.
LenderLive said in a news release Thursday morning it could expand the Jacksonville office, which it said is capable of supporting 700 employees.
“We are excited about the opportunity of adding a significant number of talented mortgage professionals and establishing a new operations center for LenderLive in Jacksonville,” LenderLive CEO Rick Seehausen said.
“This is a win-win for everyone involved,” he said.
The deal is expected to close by the end of the first quarter.