Latest news with #servicing
Associated Press
04-06-2025
- Business
- Associated Press
PHH Mortgage Receives Residential Servicing Ratings Upgrade from Fitch Ratings
WEST PALM BEACH, Fla., June 04, 2025 (GLOBE NEWSWIRE) -- PHH Mortgage ('PHH' or the 'Company'), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that Fitch Ratings has upgraded its residential primary servicer ratings and indicated a Stable Rating Outlook. Fitch's most recent ratings upgrades, which are generally considered Above Average, include: In addition, Fitch affirmed the Company's commercial small balance primary and special servicer ratings at 'SBPS2-' and 'SBSS2-', respectively, and residential master servicing rating at 'RMS3'. 'The ratings upgrade from Fitch reflects the strength of our balanced and diversified business and our commitment to operational and financial discipline while driving growth across multiple channels,' said Scott Anderson, Executive Vice President and Chief Servicing Officer. 'We are extremely proud of the industry top-tier servicing platform we have built and our experienced team that is dedicated to creating positive outcomes for our customers. As the mortgage market and consumer needs evolve, we continue to make purposeful investments to elevate the customer experience and implement innovative technology solutions for the benefit of our customers, clients, investors and employees.' Key drivers of PHH's upgraded and affirmed ratings and Stable Outlook: For more information on Fitch's ratings announcement, please read here. About Onity Group Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation's largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit For Further Information Contact: Investors: Valerie Haertel, VP, Investor Relations (561) 570-2969 [email protected] Media: Dico Akseraylian, SVP, Corporate Communications (856) 917-0066 [email protected]
Yahoo
24-05-2025
- Business
- Yahoo
Was Jim Cramer Right About Otis Worldwide Corporation (OTIS)?
We recently published a list of In this article, we are going to take a look at where Otis Worldwide Corporation (NYSE:OTIS) stands against other stocks that Jim Cramer discusses. Back in 2024, on May 15, Mad Money's Jim Cramer discussed how certain spin-offs quietly outperformed, praising Otis Worldwide Corporation (NYSE:OTIS) for thriving as a service-heavy elevator company even amid macroeconomic softness. 'Otis Worldwide's up 121% since the breakup — thank you, Judy Marks — gives you 134% total return including dividends. The elevator business is now worth nearly $40 billion all on its own. Look, a lot of people think of Otis as a traditional movement play — cyclical, hostage to new construction — but in reality the company gets the vast bulk of its money from servicing and repairing existing elevators, which is why even though China's soft, you still got to repair them.' A technician in a safety harness inspecting a passenger elevator in a modern office building. Despite Cramer's praise, this one barely moved, up just 2.41%, making his enthusiasm feel a bit overstated. Otis Worldwide Corporation (NYSE:OTIS) continues to benefit from its global elevator servicing operations which provide resilient, recurring revenue. Overall, OTIS ranks 4th on our list of stocks that Jim Cramer discusses. While we acknowledge the potential of OTIS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than OTIS and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Mail
08-05-2025
- Automotive
- Daily Mail
EXCLUSIVE Here's how much cheaper it is to service an EV compared to a petrol, diesel or hybrid car over five years
Electric cars might come with premium prices tags over their petrol, diesel and hybrid equivalents, but cheaper running costs make them particularly appealing to drivers who finance and lease their vehicles rather than buying with cash. Not only are they cheaper to charge than refuelling an internal combustion engine (ICE) alternative, they're also far less expensive to maintain due to having fewer moving parts and longer service intervals. And a new report has exposed just how much motorists can save on servicing over a five-year period if they switch to an EV today. Based on analysis of hundreds of different cars, analysis suggests electric vehicle drivers pay 29 per cent less for servicing over a five-year period. While the average outlay for a petrol, diesel or hybrid model is £5,709, EV owners pay just £4,022, according to calculations by The Car Expert that have been shared exclusively with This is Money. 'While overall servicing costs have risen slightly across the market, the long-term maintenance savings with EVs remain compelling,' explains Stuart Masson, the editorial director at the consumer advice platform. The figures are based on data supplied by automotive analytics provider Clear Vehicle Data, covering more than 600 new and near-new cars currently on sale in the UK. Drawing on official manufacturer servicing schedules, the analysis includes every version of each model – from body styles and trim levels to gearbox and powertrain options – with millions of data points. While servicing costs have increased across the board over the last 12 months due to inflation, rising energy bills and supply chain issues causing delays accessing parts, the data confirms that EVs remain 'significantly cheaper' to maintain than their petrol, diesel or hybrid counterparts. While there are many factors that may contribute to this, one likely explanation is the relative simplicity of EV drivetrains. With fewer moving parts, no oil changes, and a lower number of components that require regular servicing, this reduces the maintenance costs of EVs (though actual costs will still vary by model, usage and manufacturer servicing schedules). EVs also typically have longer mileage intervals. While ICE models usually require a service every year or every 12,000 miles - whichever comes first - some EVs only need a service once they reach 18,000 miles. That said, all manufacturer recommended intervals are yearly. The findings reinforce the notion that electric cars make financial sense long after they leave the forecourt. 'Servicing costs may not be front of mind when choosing a car, but they play a major role in what you'll spend over time, and it's vital that drivers factor that into their decision-making,' Masson added. While EVs might be cheaper to service, there is currently a shortfall of qualified technicians to work on them. The Institute of Motor Industry's latest EV TechSafe certification data published in August showed that 58,800 mechanics in the UK are qualified to work on EVs, which represents less than a quarter (24 per cent) of Britain's automotive workforce. Based on the forecast increase in EVs on UK roads, the IMI is currently predicting a shortfall of 3,000 technicians by 2031. And the gap is expected to reach 16,000 by 2035. The new IMI data also identified a worrying postcode lottery for EV technician availability. While London and the South East have the higher proportion of EVs, the regions do not boast the larger proportion of EV-qualified mechanics. Just 6.1 per cent and 6.4 per cent of professionals in London and the South East respectively are EV-trained. The body's data shows the East of England has the highest rate of EV qualifications (9.5 per cent), while Northern Ireland has the lowest (3.7 per cent). Kevin Finn, executive chair at the IMI said: 'Automotive businesses urgently need to prioritise training more technicians so that the expected rising number of EV owners can find a local technician qualified to work safely on their vehicle.' EV vs ICE servicing costs In the most detailed part of the analysis, EVs were found to be cheaper to service in 95 per cent (53 out of 56) like-for-like model comparisons – often by hundreds of pounds per year. The differences become even clearer when looking at specific model comparisons. Examples include the Vauxhall Corsa Electric, which is 31 per cent cheaper to service over the first three years than the petrol model – and 32 per cent cheaper from years three to five. The Fiat 500e saves drivers even more, with service costs 34 per cent lower than the hybrid version in early ownership and 31 per cent lower in later years. The new all-electric Mini Countryman also delivers strong savings, with maintenance costs reduced by 18 per cent in the first three years, rising to 22 per cent from years three to five when compared to the conventional petrol option. The Fiat 500e (left) saves drivers even more, with service costs 34% lower than the hybrid variant (right) in early ownership and 31% lower in later years The new all-electric Mini Countryman (left) is 18% less expensive for servicing costs in the first three years, rising to 22% from years three to five when compared to the petrol option (right) For fleet managers and higher-mileage drivers, the long-term savings of running an EV will be particularly appealing. Tim Hudson, managing director at Clear Vehicle Data, said: 'Our data shows a clear trend: electric vehicles consistently cost less to maintain, and that gap remains significant in 2025. 'With more EV options available than ever before, the case for switching is stronger – particularly when you consider the measurable impact on running costs for both fleet operators and private buyers. 'As electric models expand across every vehicle segment, it's becoming easier for drivers to choose options that offer real, long-term value.'
