MOUNT LAUREL, N.J. — Third quarter results for PHH Mortgage reflect the continuing slump in the overall mortgage business, with net revenues for September at $484 million, a decrease of 9.5% from net revenues of $535 million for the same quarter of 2006. Net loss for the third quarter of 2007 was $38 million, compared to a net loss for the third quarter of 2006 of $7 million.
"During the third quarter, our mortgage origination business experienced slowing volumes as disruptions in the credit markets reverberated throughout the industry," said Terry Edwards, president and chief executive officer.
The company also said its origination efforts "have focused on a higher concentration of conforming and other traditional loan products which has resulted in accelerated sales of loans held for sale thus reducing the size of the commitments needed."
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