The former Jacksonville PHH mortgage operations will be bought by Australia-based Computershare Loan Services.
After acquiring the Jacksonville operations of mortgage banking company PHH Corp. last year, LenderLive Holdings announced a deal Friday to sell those operations to an Australia-based company.
The company agreed to sell LenderLive Network LLC to Computershare Loan Services.
Computershare said in a news release that LenderLive Network employs 480 people in Jacksonville, Denver and Los Angeles, and all of those employees are expected to join Computershare’s U.S. staff of about 1,500.
LenderLive has about 220 employees in Jacksonville.
New Jersey-based PHH, which employed about 1,000 people in Jacksonville five years ago, downsized operations as losses mounted in its mortgage banking operations.
Rob Clements, former CEO of Jacksonville-based EverBank Financial Corp., became CEO of Denver-based LenderLive in July 2017 after EverBank was sold to TIAA.
Clements said in a news release “the decision to sell the Network division grew out of our long-term strategic plan to invest in and build the company’s services and technology businesses while finding long-term strategic capital sources or partners” for the business.
“Going forward, LenderLive Holdings will continue to offer a broad range of technology-enabled services though our LenderLive Services division and grow through strategic acquisitions,” he said.
Computershare said in a news release it is acquiring the business to strengthen its position in the U.S. mortgage services market.
The companies hope to complete the deal in about four months, pending regulatory approvals.
Terms of the deal were not announced.