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Compliance costs boost loan outsourcing

Banks exit mortgage business as new rules push up costs
Tuesday, August 5, 2014 - 06:00

[BOSTON] As banks lose money on mortgages and retreat from the business, PHH Corp, the biggest US outsourcer of home loans, is rushing to cash in. PHH processes and originates mortgages on behalf of small banks and some of the world's largest financial firms, including Morgan Stanley and HSBC