October 28, 2008

Carver Bancorp, Inc. (New York), the holding company for Carver Federal Savings Bank has selected PHH Mortgage, (Mount Laurel, New Jersey), a subsidiary of PHH Corporation, as a strategic outsourcing partner for its mortgage loan origination and servicing business.

PHH Mortgage is a provider of private label outsourcing for bank-owned mortgage companies. Within the private label relationship, PHH Mortgage will provide the back-end platform, technology and expertise to the Carver Bank mortgage sales force. The end-to-end mortgage experience will promote the Carver Bank brand in all customer communications, loan packages, and Internet.

Under terms of the partnership, PHH employees will perform the loan-processing, underwriting, and closing functions in the name of Carver Bank, and will manage a full-featured Carver Web site dedicated to mortgage customers. Carver will provide additional convenience to its customers via PHH's inbound sales center, where customers on Carver's Web site or in its bank branches can simply call for and are guaranteed a same day mortgage decision.