PHH Corp., the largest publicly traded nonbank mortgage originator in the nation, is a company that has perplexed investors and analysts for years. In business for decades, it survived the subprime crisis by never originating a “B” or “C” loan. It stuck to its knitting as the largest private-label funder and servicer in America. In 2007, it was almost bought by Countrywide Financial Corp., a sale which would have been disastrous for management and employees, given what happened to CFC ...