MT. LAUREL, N.J. — There seems to be no let up in the accounting errors turning up for PHH Corporation in its previously issued audited financial statements for the years ended Dec. 31, 2001-2005 and its unaudited financial statements for six quarters in 2004 and 2005.
The company, the largest mortgage bank for credit unions, said its audit committee concluded that the company's financial reports for the five years, as well as quarters ended March 31, 2004, June 30, 2004, Sept. 30, 2004, March 31, 2005, June 30, 2005 and Sept. 30, 2005 should not be relied on because of errors in the prior financial statements.
The company further stated that restatements of certain prior financial statements will be required.
PHH Mortgage, a subsidiary of PHH Corp., acquired CUNA Mutual Mortgage Corp. from CUNA Mutual Group in October 2005. The company holds nearly $10 billion in mortgages originated by CUs and has relationships with more than 1,000 credit unions.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.