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MortgagePoint » Your Trusted Source for Mortgage Banking and Servicing News 24 May 2023 I N D U S T R Y U P D A T E payments » 60% savings in Sierra Pacific's servicing oversight costs, as fewer resources are required to handle overflow com- plaints and manage the PHH subser- vicing relationship Additionally, PHH expects its deep expe- rience in special servicing and loss mitigation could reduce loss severity on Sierra Pacific's portfolio by as much as $2 million annually. This level of cost savings is based on the Company's strong operational performance in managing defaulted loans versus Moody's and MBA benchmarks. PHH's proven special servicing capabilities and track record of helping distressed customers are creating opportunities to support its clients through a difficult mortgage cycle and possible recession. Curtis Dair, CFO at Sierra Pacific, said, "PHH has shown an unwavering commit- ment to providing the highest levels of customer service. We have been very pleased with their early results and their ability to meet our expectations. Their dedication to their customers is exceptional, and they have met the high standards that Sierra Pacific has for its servicing partners." Scott Anderson, EVP and Chief Servic- ing Officer at PHH, said, "What sets PHH's subservicing platform apart is our ability to really understand our clients' business needs and pain points to then work together to provide a solution that achieves their objec- tives. By delivering on our commitments for valued partners like Sierra Pacific, we've been able to not only offer improved servicing performance but also enhance their business in multiple areas. Mortgage originators are realizing immediate cost savings and per- formance gains when switching to the PHH servicing platform. We believe our ability to deliver best-in-class servicing, recapture, and capital markets performance is solidifying our position as the premier subservicer in the industry." As of the fourth quarter of 2022, the company has added more than $110 billion of new subservicing UPB over the past 24 months and is scheduled to onboard another $18 billion of subservicing UPB in the first half of 2023. Earlier this year, PHH was recognized for servicing excellence for the third consecutive year through Freddie Mac's Servicer Honors and Rewards Program (SHARP) in the top-tier servicing group and for the second consecutive year through Fannie Mae's Servicer Total Achievement and Rewards (STAR)™ performer recogni- tion. The Company also achieved HUD's Tier 1 servicer ranking. SOFI TECHNOLOGIES, INC. ACQUIRES WYNDHAM CAPITAL MORTGAGE S oFi Technologies, Inc., a member-cen- tric, one-stop shop for digital financial services that helps members borrow, save, spend, invest, and protect their money, announced that it has acquired Wyndham Capital Mortgage, a leading fintech mortgage lender in an all-cash transaction. While the transaction is not expected to be material to the company's 2023 financial outlook, it is ex- pected to be accretive within six months. The acquisition—which includes the integration of both talent and technology from Wynd- ham Capital—will allow SoFi to broaden its suite of mortgage products available to members, enhance unit economics, and take ownership of an intelligent and scalable plat- form that has set the industry standard for a fully digital mortgage experience. This "full stack" approach is also intended to minimize SoFi's reliance on third-party partners and processes. "At SoFi, we're on a mission to help peo- ple get their money right, and purchasing a home is often one of, if not the, biggest finan- cial decision individuals make in their lives," said Anthony Noto, CEO of SoFi Technolo- gies, Inc. "Several macro- and socioeconomic factors—high inflation and rising mortgage rates, the new world of work, and others— have ushered in a new era across the U.S. real estate market. These changing conditions mean it's more important than ever that bor- rowers have a trusted partner they can look to as they go through the process of obtaining a mortgage for a home. Today's acquisition of Wyndham Capital will not only allow us to scale and keep pace with accelerated growth but also allow us to foster that growth in a way that brings value to our members through sales and operational efficiencies and helps members get their money right when it comes to one of life's most significant financial milestones." Wyndham Capital has helped more than 100,000 borrowers—with a 98% satisfaction rating—since it launched more than two decades ago. SoFi's acquisition of Wyndham Capital enables savings for current and prospec- tive homeowners in both time and money through transparent rates and a seamless application process. Wyndham Capital's innovation-first approach has enabled it to deliver a fully digital and award-winning experience for borrowers, while also freeing up employees' time to focus on borrower communication, transparency, and trust. Looking ahead, SoFi will be working to integrate Wyndham Capital's talented team and robust technology platform into the company's Lending business, adding strength and efficiency to the home loans segment of the company's Financial Services Productivi- ty Loop (FSPL) strategy.