The CFPB said Prospect Mortgage entered into agreements to buy leads from more than 200 different counterparties, most of which were real estate brokers.
The business that Flagstar will acquire has 250 correspondent relationships that account for roughly $7 billion in production tied to agency and GSE loans.
PHH Corp., for years, has been trying to unload its entire mortgage franchise, a process complicated by both regulatory sanctions and large accounting losses tied to declining interest rates.