PHH Mortgage provides mortgage financing through a nationwide network of real estate brokers and other financial institutions. As the main subsidiary of PHH Corporation, the company is among the nation's largest originators and servicers of residential mortgages. It provides private-label mortgage origination and servicing to companies like Merrill Lynch, UBS Bank USA, and Morgan Stanley. Nearly 70% of its loans are sold to the government-sponsored entities Freddie Mac, Fannie Mae, and Ginnie Mae, while the rest are sold to private investors. Through a joint venture with Realogy, PHH Mortgage originates loans for customers of Realogy companies, such as Century 21 and Coldwell Banker. The company also works with Realogy's relocation division, Cartus.