PHH 10-K 26 Feb 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2015	Feb. 18, 2016	Jun. 30, 2015
Document and Entity Information
Entity Registrant Name	PHH CORP
Entity Central Index Key	77,776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		53,500,437
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float (in shares)			$ 1.4

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Origination and other loan fees	$ 284	$ 231	$ 307
Gain on loans held for sale, net	298	264	575
Net loan servicing income:
Loan servicing income	394	448	436
Change in fair value of mortgage servicing rights	(187)	(320)	13
Net derivative gain (loss) related to mortgage servicing rights	29	82	(19)
Net loan servicing income	236	210	430
Net interest expense:
Interest income	44	42	70
Secured interest expense	(35)	(35)	(59)
Unsecured interest expense	(55)	(95)	(126)
Net interest expense	(46)	(88)	(115)
Other income	18	22	3
Net revenues	790	639	1,200
EXPENSES
Salaries and related expenses	323	358	425
Commissions	79	78	110
Loan origination expenses	91	85	109
Foreclosure and repossession expenses	51	56	61
Professional and third-party service fees	171	127	111
Technology equipment and software expenses	37	37	33
Occupancy and other office expenses	50	51	50
Depreciation and amortization	18	23	23
Other operating expenses	183	108	138
Total expenses	1,003	923	1,060
(Loss) income from continuing operations before income taxes	(213)	(284)	140
Income tax (benefit) expense	(82)	(99)	42
(Loss) income from continuing operations, net of tax	(131)	(185)	98
Income from discontinued operations, net of tax	0	272	66
Net (loss) income	(131)	87	164
Less: net income attributable to noncontrolling interest	14	6	29
Net (loss) income attributable to PHH Corporation	$ (145)	$ 81	$ 135
Basic (loss) earnings per share:
From continuing operations (in dollars per share)	$ (2.62)	$ (3.47)	$ 1.21
From discontinued operations (in dollars per share)	0	4.94	1.15
Total attributable to PHH Corporation (in dollars per share)	(2.62)	1.47	2.36
Diluted (loss) earnings per share:
From continuing operations (in dollars per share)	(2.62)	(3.47)	1.05
From discontinued operations (in dollars per share)	0	4.94	1.01
Total attributable to PHH Corporation (in dollars per share)	$ (2.62)	$ 1.47	$ 2.06

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (131)	$ 87	$ 164
Other comprehensive income (loss), net of tax:
Currency translation adjustment	0	(22)	(14)
Change in unfunded pension liability, net	1	(5)	5
Change in unrealized gains on available-for-sale securities, net	0	0	(1)
Total other comprehensive income (loss), net of tax	1	(27)	(10)
Total comprehensive (loss) income	(130)	60	154
Less: comprehensive income attributable to noncontrolling interest	14	6	29
Comprehensive (loss) income attributable to PHH Corporation	$ (144)	$ 54	$ 125

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2015		Dec. 31, 2014
ASSETS
Cash and cash equivalents		$ 906		$ 1,259
Restricted cash		47		56
Mortgage loans held for sale		743		915
Accounts receivable, net		81		123
Servicing advances, net		691		694
Mortgage servicing rights		880		1,005
Property and equipment, net		47		36
Other assets		257		208
Total assets		3,652	[1]	4,296
LIABILITIES
Accounts payable and accrued expenses		251		244
Subservicing advance liabilities		314		347
Debt		1,358		1,739
Deferred taxes		182		262
Loan repurchase and indemnification liability		62		63
Other liabilities		137		70
Total liabilities		$ 2,304	[1]	$ 2,725
Commitments and contingencies (Note 14)
EQUITY
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding		$ 0		$ 0
Common stock, $0.01 par value; 273,910,000 shares authorized; 55,007,983 shares issued and outstanding at December 31, 2015; 51,143,723 shares issued and outstanding at December 31, 2014		1		1
Additional paid-in capital		911		989
Retained earnings		416		566
Accumulated other comprehensive loss	[2]	(10)		(11)
Total PHH Corporation stockholders’ equity		1,318		1,545
Noncontrolling interest		30		26
Total equity		1,348		1,571
Total liabilities and equity		3,652		4,296
Variable Interest Entity
ASSETS
Cash and cash equivalents		80		85
Restricted cash		18		23
Mortgage loans held for sale		389		378
Accounts receivable, net		5		8
Servicing advances, net		157		155
Property and equipment, net		1		1
Other assets		12		8
Total assets		662		658
LIABILITIES
Accounts payable and accrued expenses		14		16
Debt		456		443
Other liabilities		6		11
Total liabilities		$ 476		$ 470
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2015 2014ASSETS Cash and cash equivalents$80 $85Restricted cash18 23Mortgage loans held for sale389 378Accounts receivable, net5 8Servicing advances, net157 155Property and equipment, net1 1Other assets12 8Total assets$662 $658 LIABILITIES Accounts payable and accrued expenses$14 $16Debt456 443Other liabilities6 11Total liabilities$476 $470
[2]	Includes amounts recorded related to the Company's defined benefit pension plan, net of income tax benefits of $6 million as of both December 31, 2015 and 2014. During the year ended December 31, 2015, there were no amounts reclassified out of Accumulated other comprehensive loss. During the year ended December 31, 2014, upon the disposition of the Fleet business, the Company realized a $22 million currency translation gain and reclassified the amount to Income from discontinued operations, net of tax.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
EQUITY
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,090,000	1,090,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	273,910,000	273,910,000
Common stock, shares issued (in shares)	55,007,983	51,143,723
Common stock, shares outstanding (in shares)	55,007,983	51,143,723
Benefit pension plan, net of income tax benefits	$ 6,000,000	$ 6,000,000
Amounts reclassified out of Accumulated other comprehensive loss	$ 0
Gain from reclassification of currency translation adjustments		$ 22,000,000

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Dec. 31, 2012	$ 1,562	$ 1	$ 1,127	$ 372	$ 26	$ 36
Balance (in shares) at Dec. 31, 2012		56,975,991
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)	154			135	(10)	29
Distributions to noncontrolling interest	(41)					(41)
Stock compensation expense	9		9
Stock issued under share-based payment plans	2		2
Stock issued under share-based payment plans (in shares)		289,526
Recognition of deferred taxes related to Convertible notes	4		4
Balance at Dec. 31, 2013	1,690	$ 1	1,142	507	16	24
Balance (in shares) at Dec. 31, 2013		57,265,517
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)	60			81	(27)	6
Distributions to noncontrolling interest	(4)					(4)
Stock compensation expense	8		8
Stock issued under share-based payment plans	16		16
Stock issued under share-based payment plans (in shares)		840,901
Repurchase of common stock	(200)		(178)	(22)
Repurchase of common stock (in shares)		(6,962,695)
Conversion of Convertible notes	(4)		(4)
Recognition of deferred taxes related to Convertible notes	5		5
Balance at Dec. 31, 2014	$ 1,571	$ 1	989	566	(11)	26
Balance (in shares) at Dec. 31, 2014	51,143,723	51,143,723
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)	$ (130)			(145)	1	14
Distributions to noncontrolling interest	(10)					(10)
Stock compensation expense	9		9
Stock issued under share-based payment plans	2		2
Stock issued under share-based payment plans (in shares)		204,126
Repurchase of common stock	(78)	$ (1)	(72)	(5)
Repurchase of common stock (in shares)		(6,415,519)
Number of shares issued from conversion of notes (in shares)		10,075,653
Stock Issued During Period, Value, Conversion of Convertible Securities		$ 1
Conversion of Convertible notes	(18)		(19)
Recognition of deferred taxes related to Convertible notes	2		2
Balance at Dec. 31, 2015	$ 1,348	$ 1	$ 911	$ 416	$ (10)	$ 30
Balance (in shares) at Dec. 31, 2015	55,007,983	55,007,983

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Additional Paid-In Capital
Stock issued under share-based payment plans, excess tax benefit	$ 0	$ 6

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Cash flows from operating activities:
Net (loss) income	$ (131)	$ 87	$ 164
Adjustments to reconcile Net (loss) income to net cash provided by (used in) operating activities:
Net gain on sale of business	0	(241)	0
Capitalization of originated mortgage servicing rights	(101)	(97)	(244)
Net loss on mortgage servicing rights and related derivatives	158	238	6
Vehicle depreciation	0	596	1,211
Depreciation and amortization	18	28	33
Loss on early extinguishment of debt	30	24	54
Origination of mortgage loans held for sale	(13,512)	(12,612)	(25,914)
Proceeds on sale of and payments from mortgage loans held for sale	13,965	12,784	27,837
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(297)	(230)	(527)
Net change in deferred income taxes	(70)	(96)	64
Other adjustments and changes in other assets and liabilities, net	61	(492)	25
Net cash provided by (used in) operating activities	121	(11)	2,709
Cash flows from investing activities:
Net cash received (paid) on derivatives related to mortgage servicing rights	35	70	(23)
Proceeds on sale of mortgage servicing rights	47	67	1
Purchases of property and equipment	(31)	(15)	(32)
Decrease (increase) in restricted cash	9	(87)	67
Proceeds from sale of business, net of cash transferred and transaction costs	0	1,096	0
Purchases of certificates of deposit	0	(250)	0
Proceeds from maturities of certificates of deposit	0	250	0
Investment in vehicles	0	(850)	(1,722)
Proceeds on sale of investment vehicles	0	201	409
Purchases of restricted investments	0	0	(85)
Proceeds from sales and maturities of restricted investments	0	0	205
Other, net	2	7	3
Net cash provided by (used in) investing activities	62	489	(1,177)
Cash flows from financing activities:
Proceeds from secured borrowings	17,213	18,254	43,342
Principal payments on secured borrowings	(17,378)	(18,065)	(44,443)
Proceeds from unsecured borrowings	0	0	350
Principal payments on unsecured borrowings	(245)	(435)	(288)
Cash tender premiums for convertible debt	(30)	0	0
Issuances of Common stock	2	10	3
Repurchase of Common stock	(77)	(200)	0
Cash paid for debt issuance costs	(7)	(21)	(29)
Distributions to noncontrolling interest	(10)	(4)	(41)
Other, net	(4)	(3)	(6)
Net cash used in financing activities	(536)	(464)	(1,112)
Effect of changes in exchange rates on Cash and cash equivalents	0	0	(4)
Net (decrease) increase in Cash and cash equivalents	(353)	14	416
Cash and cash equivalents at beginning of period	1,259	1,245	829
Cash and cash equivalents at end of period		1,259	1,245
Less: Cash balance of discontinued operations at end of period	0	0	(119)
Cash and cash equivalents	906	1,259	1,126
Supplemental Disclosure of Cash Flows Information:
Interest payments	72	125	177
Income tax payments, net	9	543	12
Payments for debt retirement premiums	$ 0	$ 22	$ 50

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization PHH Corporation and subsidiaries (collectively, “PHH” or the “Company”) is a leading provider of end to end mortgage solutions. The Company operates in two business segments, Mortgage Production, which provides mortgage loan origination services and sells mortgage loans, and Mortgage Servicing, which performs servicing activities for originated and purchased loans, and acts as a sub-servicer. The Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Consolidated Financial Statements and Realogy Corporation’s ownership interest is presented as a noncontrolling interest. Intercompany balances and transactions have been eliminated from the Consolidated Financial Statements. Preparation of Financial Statements The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates. Effective on July 1, 2014, the Company sold its Fleet Management Services business and related fleet entities (collectively the “Fleet business”) to certain wholly owned subsidiaries of Element Financial Corporation. The results of the Fleet business are presented as discontinued operations in the Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented. The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Amounts related to the Fleet business are excluded from the Notes to Consolidated Financial Statements unless otherwise noted. See Note 2, 'Discontinued Operations' for additional information. Unless otherwise noted, and except for share and per share data, dollar amounts presented within these Notes to Consolidated Financial Statements are in millions. Changes in Accounting Policies Presentation of Financial Statements. In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new guidance, only disposals of a component of an entity that represent a major strategic shift on an entity’s operations and financial results shall be reported in discontinued operations. The guidance also requires the presentation as discontinued operations for an entity that, on acquisition, meets the criteria to be classified as held for sale. In addition, the update expands disclosures for discontinued operations, requires new disclosures regarding disposals of an individually significant component of an entity that does not qualify for discontinued operations presentation and expands disclosures about an entity’s significant continuing involvement with a discontinued operation. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards. The Company adopted this guidance as of January 1, 2015, and there was no impact to the Company’s financial statements or disclosures. Transfers of Financial Assets. In June 2014, the FASB issued limited amendments to ASC 860, “Transfers and Servicing” through the issuance of ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The update requires entities to account for repurchase-to-maturity transactions as secured borrowings, and eliminates the accounting guidance on linked repurchase financing transactions. In addition, the update expands disclosure requirements related to certain transfers of financial assets accounted for as financings and accounted for as sales. The Company adopted this guidance as of January 1, 2015 and there was no impact to the Company’s financial statements. Recently Issued Accounting Pronouncements Revenue Recognition. In May 2014, the FASB issued ASU 2014-9, “Revenue from Contracts with Customers.” The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS. The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers - Deferral of the Effective Date,” which defers the effective date for ASU 2014-09, “Revenue from Contracts with Customers.” The update defers the effective date of the new revenue recognition guidance for one year; therefore the guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that period. The Company is not expecting to early adopt this guidance and is currently evaluating the impact of adopting this new standard. Share-Based Payments. In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, rather than being reflected in estimating the grant-date fair value of the award. The amendments are effective for interim and annual periods beginning after December 15, 2015 and will be adopted prospectively. The Company does not expect the adoption of this new standard to have an impact on its financial statements. Presentation of Financial Statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which requires an entity’s management, at each annual and interim reporting period, to evaluate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide enhanced footnote disclosures surrounding any uncertainties and management’s evaluation of the uncertainties. Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued. The amendments in this Update are effective for the first interim and annual periods beginning after December 15, 2016 with early adoption permitted. This new standard enhances disclosure requirements but will not impact the Company’s financial position, results of operations or cash flows. Consolidation. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.” The update impacts an entity’s consolidation analysis of its variable interest entities, particularly those that have fee arrangements and related party relationships. The update eliminates certain conditions for evaluating whether a fee paid to a decision maker or a service provider represents a variable interest, and places more emphasis in the evaluation of variable interests other than fee arrangements. Additionally, the amendments reduce the extent to which related party arrangements cause an entity to be considered a primary beneficiary. The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 and can be applied retrospectively or by using a modified retrospective approach. The Company does not expect the adoption of this new standard to have a significant impact on its financial statements. Interest. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the Balance Sheets as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements” which states that due to the lack of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in these updates are effective for the first interim and annual periods beginning after December 15, 2015 and will be applied retrospectively. The adoption will impact the Company's balance sheet presentation, and will result in a reclassification of an insignificant balance of deferred costs from Other assets to Debt, but will not impact the Company’s results of operations or cash flows. Intangibles-Goodwill and Other-Internal-Use Software. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This update clarifies whether a cloud computing arrangement should be accounted for as a software license or as a service contract by the customer, depending on the terms of the arrangement. In addition, the guidance requires all software licenses within the scope of the internal use software subtopic to be accounted for consistent with other licenses of intangible assets. The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 and will be adopted prospectively to all arrangements entered into or materially modified after the effective date. The Company does not expect the adoption of this new standard to have an impact on its financial statements. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update revises an entity's accounting related to the classification and measurement of investments in equity securities (except those accounted for under the equity method of accounting or those that result in consolidation of the investee), changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. This update is effective for the first interim and annual periods beginning after December 15, 2017 with early adoption permitted for certain provisions of the update. The Company is currently evaluating the impact of adopting this new standard. Leases. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update revises an entity’s accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the statement of financial position. The distinction between finance and operating leases has not changed and the update does not significantly change the effect of finance and operating leases on the statement of comprehensive income and the statement of cash flows. Additionally, this update requires both qualitative and specific quantitative disclosures. This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting this new standard. Revenue Recognition Mortgage Production. Mortgage production includes the origination and sale of residential mortgage loans, which are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties. Revenues from Mortgage production include: Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on canceled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned. Gain on loans held for sale. Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives. Interest income. Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days . Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing. Mortgage servicing involves the servicing of residential mortgage loans on behalf of an investor. Revenues from Mortgage servicing include: Loan servicing income–Capitalized servicing portfolio . Loan servicing income from the capitalized servicing portfolio represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. Loan servicing income—Subserviced portfolio . Loan servicing income related to the subserviced portfolio includes fee income related to loans that are subserviced for clients that own the underlying servicing rights. Contractual subservicing fees are generally based on a stated amount per loan and vary depending on the delinquency status of the loan and the terms of each subservicing agreement. Fees related to the subserviced portfolio are accrued in the period the services are performed. Sales of Financial Assets Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Additionally, the Company has entered into agreements to sell a portion of newly-created Mortgage servicing rights (“MSRs”) and may complete other sales of existing MSRs. Each type of loan sale agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions. Each MSR sale agreement is evaluated for sales treatment through a review that includes an analysis of the approvals required by the investor and the purchaser, as well as a review of any seller financing or interim servicing provisions. MSR sales are further evaluated to determine that both title to the MSRs and substantially all risks and rewards have been transferred to the purchaser prior to recognizing a transfer of MSRs as a sale. To the extent the transfer of loan or MSR assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing. For MSR sale agreements where the Company has continuing involvement through an ongoing subservicing arrangement, to the extent the transfer of MSRs qualifies as a sale, any loss is recorded on the sale date and any gain amount is recognized over the life of the subservicing agreement. Income Taxes Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Deferred income taxes are determined using the balance sheet method. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes using the current enacted tax rates. Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized. The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local jurisdictions. A consolidated federal income tax return is filed. Depending upon the jurisdiction, the Company files consolidated or separate legal entity state income tax returns. With respect to the Company’s operations prior to the sale of the Fleet business in 2014, the Company was also subject to income tax laws of Canada. Cash and Cash Equivalents Cash and cash equivalents include marketable securities with original maturities of three months or less. Restricted Cash Restricted cash includes amounts specifically designated to repay debt, to provide over-collateralization within warehouse facilities and the servicing advance facility, to support letters of credit, and to fund collected and held for pending mortgage closings. Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Servicing rights may be retained upon sale of mortgage loans in the secondary market. Mortgage loans held for sale are measured at fair value on a recurring basis and are recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations. Servicing Advances, net The Company is required under most of its mortgage servicing agreements to advance funds to meet contractual principal and interest payments to investors and to pay tax, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Advances are recovered either from the borrower in subsequent payments, from liquidation proceeds or from insurance claims following foreclosure or liquidation. The Company is exposed to losses only to the extent that the respective servicing guidelines are not followed and records a reserve against the advances when it is probable that the servicing advance will be uncollectable. As of December 31, 2015 and 2014 , the recorded reserve for uncollectable servicing advances was $5 million and $4 million , respectively. In certain circumstances, the Company may be required to remit funds on a non-recoverable basis, which are expensed as incurred. Mortgage Servicing Rights A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities. Mortgage servicing activities consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan with servicing retained. The servicing rights relate to a single class of residential mortgage loans, which are measured at fair value on a recurring basis. The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on loans held for sale, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations. Subsequent measurements including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows are recorded in Change in fair value of mortgage servicing rights. Property and Equipment Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives: Capitalized software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Capital leases Lesser of the remaining lease term or 5 years Leasehold improvements Lesser of the remaining lease term or 20 years Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation. Derivative Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments. Subservicing Advance Liabilities Under the terms of certain subservicing arrangements, the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables. Loan Repurchase and Indemnification Liability The Company has established a Loan repurchase and indemnification liability for various representation and warranties that are provided in connection with its capacity as a loan originator and servicer. The liability for probable losses includes estimates associated with: (i) losses for loans where a repurchase or indemnification obligation could exist from breaches of representation and warranties, (ii) losses for specific non-performing loans where the Company believes it will be required to indemnify the investor and (iii) losses for government loans that may not be reimbursed pursuant to mortgage insurance programs. We estimate our obligation for representations and warranties using a model that incorporates the Company's historical repurchase and indemnification experience, servicing portfolio performance and other market-based information. The model considers borrower performance (both actual and estimated future defaults), estimated future repurchase and indemnification requests (impacted by current and expected loan file requests, investor demand patterns, expected relief from the expiration of repurchase obligations and levels of origination defects), success rates in appealing repurchase requests (or the ability to cure the origination defects) and projected loss severity rates upon repurchase of the loan (adjusted for home price forecasts). The liability related to specific non-performing loans is based on a loan-level analysis which considers the delinquency status of the loan and projected loss severity rates. To estimate the liability related to losses for loans that may not be reimbursed pursuant to mortgage insurance programs, the Company considers government loans currently in foreclosure, historical origination defect rates and projected loss severity rates. The Company establishes an initial reserve at fair value for expected losses relating to loan sales at the date the loans are de-recognized from the Balance Sheet which is recorded as a reduction of the transaction gain or loss within Gain on loans held for sale, net in the Consolidated Statement of Operations. Subsequent updates to the recorded liability from changes in assumptions are recorded through Other operating expenses in the Consolidated Statement of Operations. Custodial Accounts The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.5 billion and $3.4 billion as of December 31, 2015 and 2014 , respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Interest income or as a reduction of Secured interest expense. Subsequent Events Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	2. Discontinued Operations In 2014, the Company entered into a definitive agreement to sell its Fleet business to Element Financial Corporation for a purchase price of $1.4 billion . The sale was completed effective on July 1, 2014. The results of discontinued operations are summarized below: Year Ended December 31, 2014 2013 (In millions) Net revenues (1) $ 820 $ 1,642 Total expenses (1) 774 1,541 Income before income taxes (1) 46 101 Income tax expense (1) 15 35 Gain from sale of discontinued operations, net of tax 241 — Income from discontinued operations, net of tax $ 272 $ 66 __________________ (1) Represents the results of the Fleet business. The Gain from sale of discontinued operations, net of tax for the year ended December 31, 2014 includes a gain of $22 million resulting from the reclassification of currency translation adjustments from Accumulated other comprehensive income. The income tax expense related to the Gain on sale of discontinued operations was $227 million for the year ended December 31, 2014, which includes $52 million of expense associated with the earnings of Canadian subsidiaries that were previously considered to be indefinitely invested. Upon the classification of these entities as held for sale during the second quarter of 2014, the accumulated earnings were no longer deemed to be indefinitely invested and the Company recognized expense related to the cumulative earnings of such Canadian subsidiaries. The Company and Element Financial Corporation entered into a transition services arrangement, whereby the Company performed certain administrative or overhead functions following the completion of the sale, in exchange for a fee. As of December 31, 2015, services covered under the agreement are substantially complete. Revenues associated with the transition services agreement are included in Other income in the Consolidated Statements of Operations. A majority of the costs incurred by the Company to provide such transition services are included in Professional and third-party service fees and billed to Element Financial Corporation based upon the terms of the transition services agreement. The Company has no continuing involvement in the operations, results or cash flows of the Fleet business.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation for the period by the weighted-average number of shares outstanding during the period. Diluted earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation for the period by the weighted-average number of shares outstanding during the period, assuming all potentially dilutive common shares were issued. During 2014, the Company entered into two separate Accelerated Share Repurchase agreements to repurchase an aggregate of $200 million of its Common stock, resulting in a 6,962,695 reduction of shares. The final delivery of an additional 1,574,252 shares occurred in March 2015. In November 2015, the Company began making open market repurchases of its Common Stock, and has repurchased 4,841,267 shares through December 31, 2015. Share repurchases reduce the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings or loss per share as of each settlement date. See further discussion in Note 15, 'Stock-Related Matters' . In June 2015, the Company completed an offer to exchange its Convertible notes due in 2017. The principal amount of the notes was settled in cash and the amount by which the conversion value exceeded the principal of the converted notes was settled in shares, resulting in the issuance of 10,075,653 shares. The shares were settled on June 18, 2015 and increased the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings or loss per share. See Note 10, 'Debt and Borrowing Arrangements' for further discussion. The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of any contingently issuable securities where the contingency has not been met and the effect of securities that would be anti-dilutive. Anti-dilutive securities may include: ▪ outstanding stock-based compensation awards representing shares from restricted stock units and stock options; and ▪ stock assumed to be issued related to convertible notes. The computation also excludes shares related to the issuance of the Convertible notes due 2014 and the related purchased options as they were required to be settled in cash, which matured and expired, respectively, on September 1, 2014. Shares associated with anti-dilutive securities are outlined in the table below. The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated: Year Ended December 31, 2015 2014 2013 (In millions, except share and per share data) (Loss) income from continuing operations, net of tax $ (131 ) $ (185 ) $ 98 Less: net income attributable to noncontrolling interest 14 6 29 Net (loss) income from continuing operations attributable to PHH Corporation (145 ) (191 ) 69 Income from discontinued operations, net of tax — 272 66 Net (loss) income attributable to PHH Corporation $ (145 ) $ 81 $ 135 Weighted-average common shares outstanding — basic 55,201,713 55,001,300 57,357,339 Effect of potentially dilutive securities: Share-based payment arrangements (1) — — 230,584 Conversion of debt securities — — 8,271,597 Weighted-average common shares outstanding — diluted (2) 55,201,713 55,001,300 65,859,520 Basic (loss) earnings per share: From continuing operations $ (2.62 ) $ (3.47 ) $ 1.21 From discontinued operations — 4.94 1.15 Total attributable to PHH Corporation $ (2.62 ) $ 1.47 $ 2.36 Diluted (loss) earnings per share: From continuing operations $ (2.62 ) $ (3.47 ) $ 1.05 From discontinued operations — 4.94 1.01 Total attributable to PHH Corporation $ (2.62 ) $ 1.47 $ 2.06 __________________ (1) Represents incremental shares from restricted stock units and stock options. (2) For the years ended December 31, 2015 and 2014 , the Company had a net loss from continuing operations attributable to PHH Corporation and, as a result, there were no potentially dilutive securities included in the denominator for computing dilutive earnings per share. The following table summarizes anti-dilutive securities excluded from the computation of dilutive shares: Year Ended December 31, 2015 2014 2013 Outstanding stock-based compensation awards (1) 1,386,775 1,584,373 732,186 Assumed conversion of debt securities 4,341,369 8,997,305 — ______________ (1) For the year ended December 31, 2015 , excludes 429,144 shares that are contingently issuable for which the contingency has not been met.

Transfers and Servicing of Mort

Transfers and Servicing of Mortgage Loans	12 Months Ended
	Dec. 31, 2015
Transfers and Servicing [Abstract]
Transfers and Servicing of Mortgage Loans	4. Transfers and Servicing of Mortgage Loans Residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by Fannie Mae, Freddie Mac and Ginnie Mae (collectively, the "Agencies" or "GSEs"), or (ii) sales to private investors. During the year ended December 31, 2015 , 62% of mortgage loan sales were to, or pursuant to programs sponsored by, the GSEs and the remaining 38% were sold to private investors. The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: servicing rights and servicing obligations, recourse obligations and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests). The Company is exposed to interest rate risk through its continuing involvement with mortgage loans sold, including mortgage servicing and other retained interests, as the value of those instruments fluctuate as changes in interest rates impact borrower prepayments on the underlying mortgage loans. During the years ended December 31, 2015 and 2014 , the Company did not retain any interests from sales or securitizations other than mortgage servicing rights. During the year ended December 31, 2015 , Mortgage servicing rights (“MSRs”) were initially retained on 65% of mortgage loans sold. Conforming conventional loans serviced are sold or securitized through Fannie Mae or Freddie Mac programs. Government loans serviced are generally sold or securitized through Ginnie Mae programs and are either insured against loss by the Federal Housing Administration or partially guaranteed against loss by the Department of Veteran Affairs. Additionally, non-conforming mortgage loans are serviced for various private investors on a non-recourse basis. A majority of mortgage loans are sold on a non-recourse basis; however, in connection with the sales of these assets, representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities. See Note 13, 'Credit Risk' for a further description of representation and warranty obligations. The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the portfolio associated with loans subserviced for others. The total servicing portfolio was $226.3 billion and $227.3 billion , as of December 31, 2015 and 2014 , respectively. MSRs recorded in the Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created either through the direct purchase of servicing from a third party or through the sale of an originated loan. The Company has agreements to sell a portion of its newly-created Mortgage servicing rights to third parties and will have continuing involvement as subservicer. Additionally, the Company has an outstanding agreement to sell servicing rights from its existing MSR portfolio related to a discrete population of delinquent loans that is expected to transfer in 2016. As of December 31, 2015 , the Company had commitments to sell servicing rights related to $175 million of the unpaid principal balance of Mortgage loans held for sale and Interest rate lock commitments that are expected to result in closed loans and $467 million of the unpaid principal balance of loans with a fair value of $4 million that were included in the capitalized servicing portfolio. The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 112,686 $ 129,145 $ 140,381 Additions 8,841 8,933 22,132 Payoffs and curtailments (19,092 ) (18,463 ) (33,328 ) Sales (3,445 ) (6,929 ) (40 ) Balance, end of period $ 98,990 $ 112,686 $ 129,145 The activity in capitalized MSRs consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 1,005 $ 1,279 $ 1,022 Additions 101 97 244 Sales (39 ) (51 ) — Changes in fair value due to: Realization of expected cash flows (169 ) (155 ) (263 ) Changes in market inputs or assumptions used in the valuation model (18 ) (165 ) 276 Balance, end of period $ 880 $ 1,005 $ 1,279 The value of MSRs is driven by the net positive cash flows associated with servicing activities. These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows: Year Ended December 31, 2015 2014 2013 (In millions) Servicing fees from capitalized portfolio $ 304 $ 357 $ 395 Late fees 15 17 18 Other ancillary servicing revenue 20 30 39 As of December 31, 2015 and 2014 , the MSRs had a weighted-average life of 6.4 and 5.7 years , respectively. As of both December 31, 2015 and 2014 , 48% of the MSRs associated with the loan servicing portfolio were restricted from sale without prior approval from private label clients or investors. See Note 17, 'Fair Value Measurements' for additional information regarding the valuation of MSRs. The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Year Ended December 31, 2015 2014 2013 (In millions) Proceeds from new loan sales or securitizations $ 9,075 $ 9,226 $ 22,618 Servicing fees from capitalized portfolio (1) 304 357 395 Repurchases of previously sold loans (2) (128 ) (64 ) (114 ) Servicing advances (3) (2,083 ) (1,963 ) (1,460 ) Repayment of servicing advances (3) 2,086 1,935 1,361 ______________ (1) Excludes late fees and other ancillary servicing revenue. (2) Excludes indemnification payments to investors and insurers of the related mortgage loans and for 2015 includes purchases of repurchase eligible loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets. During the years ended December 31, 2015 , 2014 and 2013 , pre-tax gains of $300 million , $276 million and $720 million , respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	5. Derivatives The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. From time to time, various financial instruments are used to manage and reduce this risk, including swap contracts, forward delivery commitments on mortgage-backed securities or whole loans, futures and options contracts. Derivative instruments are recorded in Other assets and Other liabilities in the Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments. Interest Rate Lock Commitments. Interest rate lock commitments (“IRLCs”) represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Company (subject to the loan approval process) to fund the loan at the specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of the commitment through the loan funding date or expiration date. The loan commitments generally range between 30 and 90 days ; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Forward delivery commitments on mortgage-backed securities or whole loans and options on forward contracts are used to manage the interest rate and price risk. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs. Mortgage Loans Held for Sale. The Company is subject to interest rate and price risk on Mortgage loans held for sale from the loan funding date until the date the loan is sold into the secondary market. Forward delivery commitments on mortgage-backed securities or whole loans are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Forward delivery commitments may not be available for all products that the Company originates; therefore, a combination of derivative instruments, including forward delivery commitments for similar products, may be used to minimize the interest rate and price risk. Mortgage Servicing Rights. Mortgage servicing rights (“MSRs”) are subject to substantial interest rate risk as the mortgage notes underlying the servicing rights permit the borrowers to prepay the loans. Therefore, the value of MSRs generally tend to diminish in periods of declining interest rates (as prepayments increase) and increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics. The amount and composition of derivatives used to hedge the value of MSRs will depend on the Company's exposure to loss of value on the MSRs, the expected cost of the derivatives, expected liquidity needs, and the expected increase to earnings generated by the origination of new loans resulting from the decline in interest rates. This serves as an economic hedge of the MSRs, which provides a benefit when increased borrower refinancing activity results in higher production volumes, which would partially offset declines in the value of the MSRs thereby reducing the need to use derivatives. The benefit of this economic hedge depends on the decline in interest rates required to create an incentive for borrowers to refinance their mortgage loans and lower their interest rates; however, this benefit may not be realized under certain circumstances regardless of the change in interest rates. See Note 17, 'Fair Value Measurements' for further discussion regarding the measurements of the instruments listed above. The following table summarizes the gross notional amount of derivatives: December 31, 2015 2014 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 1,048 $ 1,185 Forward delivery commitments 2,468 3,893 Option contracts 125 213 MSR-related agreements 3,945 4,013 The Company is exposed to risk in the event of non-performance by counterparties in our derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. The Company’s derivatives may also be governed by an ISDA or an MSFTA, and bilateral collateral agreements are in place with certain counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty and a legally enforceable master netting agreement is in effect with that counterparty, the Company considers its exposure to be the net fair value of all positions with that counterparty including the value of any cash collateral amounts posted or received. In addition, the Company has global netting arrangements with certain counterparties whereby the Company’s outstanding derivative and cash collateral positions may be settled net against amounts outstanding under borrowing arrangements and other obligations when an event of default has occurred. These amounts are not presented net in the Consolidated Balance Sheets as the netting provisions are contingent upon an event of default. The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting: December 31, 2015 Gross Assets Offsetting Payables Cash Collateral Received Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — MSR-related agreements 27 — (23 ) 4 Derivative assets subject to netting 29 (2 ) (23 ) 4 Not subject to master netting arrangements: Interest rate lock commitments 21 — — 21 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 22 — — 22 Total derivative assets $ 51 $ (2 ) $ (23 ) $ 26 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ 2 $ 2 Total derivative liabilities $ 2 $ (2 ) $ 2 $ 2 December 31, 2014 Gross Assets Offsetting Payables Cash Collateral Received Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — MSR-related agreements 66 (2 ) (56 ) 8 Derivative assets subject to netting 68 (4 ) (56 ) 8 Not subject to master netting arrangements: Interest rate lock commitments 22 — — 22 Forward delivery commitments 3 — — 3 Derivative assets not subject to netting 25 — — 25 Total derivative assets $ 93 $ (4 ) $ (56 ) $ 33 Gross Liabilities Offsetting Receivables Cash Collateral Paid Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 9 $ (4 ) $ (3 ) $ 2 Not subject to master netting arrangements: Forward delivery commitments 5 — — 5 Total derivative liabilities $ 14 $ (4 ) $ (3 ) $ 7 The following table summarizes the gains (losses) recorded in the Consolidated Statements of Operations for derivative instruments: Year Ended December 31, 2015 2014 2013 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 261 $ 309 $ 475 Forward delivery commitments (7 ) (89 ) 234 Option contracts (2 ) (4 ) 16 Net derivative gain (loss) related to mortgage servicing rights: MSR-related agreements 29 82 (19 )

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of: December 31, 2015 2014 (In millions) Capitalized software $ 131 $ 119 Furniture, fixtures and equipment 32 54 Capital leases 9 23 Leasehold improvements 24 11 196 207 Less: Accumulated depreciation and amortization (149 ) (171 ) Total $ 47 $ 36

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Other Assets	7. Other Assets Other assets consisted of: December 31, 2015 2014 (In millions) Repurchase eligible loans (1) $ 104 $ 53 Equity method investments 32 34 Derivatives 26 33 Mortgage loans in foreclosure, net 24 32 Income taxes receivable 23 2 Real estate owned, net 21 21 Deferred financing costs 13 19 Other 14 14 Total $ 257 $ 208 (1) Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent and where it has been determined that there is more than a trivial benefit from exercising the repurchase option. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Expenses	8. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of: December 31, 2015 2014 (In millions) Repurchase eligible loans $ 104 $ 53 Accounts payable 76 69 Accrued payroll and benefits 38 84 Accrued servicing related expenses 17 22 Accrued interest 16 16 Total $ 251 $ 244

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Other Liabilities	9. Other Liabilities Other liabilities consisted of: December 31, 2015 2014 (In millions) Accrual for legal and regulatory matters (Note 14) $ 105 $ 29 Pension and other post-employment benefits liability 11 11 Liability for income tax contingencies 9 9 Derivatives 2 7 Other 10 14 Total $ 137 $ 70

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	10. Debt and Borrowing Arrangements The following table summarizes the components of Debt: December 31, 2015 December 31, 2014 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 632 2.5 % $ 968 $ 800 Uncommitted warehouse facilities — — 2,825 — Servicing advance facility 111 2.3 % 44 108 Convertible notes due in 2017 (3) — 6.0 % n/a 216 Term notes due in 2019 275 7.375 % n/a 275 Term notes due in 2021 340 6.375 % n/a 340 Unsecured credit facilities — — 5 — Unsecured debt 615 831 Total $ 1,358 $ 1,739 (1) Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings. (2) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. (3) As of December 31, 2015, after completion of the exchange offers, an insignificant amount of notes remain. As of December 31, 2014, balance is net of unamortized discount of $29 million . Assets held as collateral that are not available to pay the Company’s general obligations as of December 31, 2015 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 7 $ 13 Servicing advances — 157 Mortgage loans held for sale (unpaid principal balance) 661 — Total $ 668 $ 170 The following table provides the contractual debt maturities as of December 31, 2015 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 632 $ 111 $ — $ 743 Between one and two years — — — — Between two and three years — — — — Between three and four years — — 275 275 Between four and five years — — — — Thereafter — — 340 340 $ 632 $ 111 $ 615 $ 1,358 (1) Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables. See Note 17, 'Fair Value Measurements' for the measurement of the fair value of Debt. Mortgage Warehouse Debt Mortgage warehouse debt primarily represents variable-rate asset-backed facilities to support the origination of mortgage loans, which provide creditors a collateralized interest in specific mortgage loans that meet the eligibility requirements under the terms of the facility. The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. The Company evaluates our capacity needs for warehouse facilities, and adjusts the amount of available capacity under these facilities in response to the current mortgage environment and origination needs. Committed Facilities Committed repurchase facilities typically have a 364 -day term. As of December 31, 2015 , the Company has outstanding committed mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC, Fannie Mae, Bank of America, N.A., and Wells Fargo Bank, N.A., and the range of maturity dates is April 1, 2016 to December 16, 2016. On March 31, 2015 , the committed mortgage repurchase facilities with Wells Fargo Bank were extended to April 1, 2016, and the total committed capacity was increased to $450 million . On April 7, 2015 , the $150 million committed mortgage repurchase facility with The Royal Bank of Scotland plc was terminated by mutual agreement of the parties. On December 14, 2015 , the $500 million committed mortgage repurchase facility with Fannie Mae was extended to December 13, 2016. On December 18, 2015, the $400 million committed mortgage repurchase facility with Bank of America was extended for an additional year to December 16, 2016. On December 29, 2015 , the committed variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC were reduced by $325 million to $250 million and a $325 million uncommitted mortgage repurchase facility was obtained. The expiration of the facilities is June 17, 2016. Uncommitted Facilities As of December 31, 2015 , the Company has a $2.5 billion and $325 million uncommitted mortgage repurchase facility with Fannie Mae and Credit Suisse First Boston Mortgage Capital LLC, respectively. Servicing Advance Facility PHH Servicer Advance Receivables Trust 2013-1 (“PSART”), a special purpose bankruptcy remote trust was formed for the purpose of issuing non-recourse asset-backed notes, secured by servicing advance receivables. PSART was consolidated as a result of the determination that the Company is the primary beneficiary of the variable interest entity, as discussed in Note 18, 'Variable Interest Entities' . On June 11, 2015, PSART entered into a Note Purchase Agreement with Wells Fargo and issued the Series 2015-1 variable funding notes with an aggregate maximum principal amount of $155 million . The proceeds from the initial issuance of Series 2015-1 Notes were used to pay in full all amounts owed under the Series 2013-1 Notes previously issued to The Royal Bank of Scotland plc. PSART issues variable funding notes that have a revolving period, during which time the monthly collection of advances are applied to pay down the notes and create additional availability to fund advances. The Series 2015-1 Notes have a revolving period through June 15, 2016 and the final maturity of the notes is June 15, 2017. The notes bear interest, payable monthly, based on LIBOR plus an agreed-upon margin. Upon expiration of the revolving period, the notes enter a repayment period, whereby the noteholders’ commitment to fund new advances (through the purchase of additional notes) expires and PSART is required to repay the outstanding balance through advance collections or additional payments on or before final maturity. Unsecured Debt As of December 31, 2015, the Company’s unsecured debt obligations include series of Term notes which are senior unsecured and unsubordinated obligations that rank equally with all existing and future senior unsecured debt. 2017 Convertible Notes. In June 2015, the Company completed an exchange of $243 million aggregate principal of its 6.0% Convertible notes due in 2017 for cash and, for the conversion value in excess of principal, shares of the Company’s Common stock. The exchange offer included cash consideration of $1,125 and 41.4611 shares of Common stock for each $1,000 principal amount of the notes, plus accrued and unpaid interest. The Company retired the notes in exchange for $274 million of cash, plus 10.076 million shares of Common stock. The total value of the consideration of the exchange offer was allocated between the liability and equity components of the original instrument. The portion allocated to the extinguishment of the liability component was equal to the fair value of that component immediately prior to extinguishment, with the difference between this allocation and the net carrying amount of the debt recognized as a loss on early extinguishment of debt. The remaining settlement consideration was allocated to the reacquisition of the equity component and was recognized as a reduction of additional paid-in capital. In connection with the exchange offer, the Company recognized a loss of $30 million during the year ended December 31, 2015 in Other operating expenses in the Consolidated Statements of Operations. In July 2015, the Company retired substantially all of the remaining notes for $4 million of cash, including an exchange premium and accrued and unpaid interest. Senior notes due 2019. The 7.375% 2019 Senior note series has $275 million of principal due September 1, 2019. Senior notes due 2019 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The notes are redeemable by the Company upon payment of a make-whole premium, in accordance with the optional redemption clause in the indenture. Senior notes due 2021. The 6.375% 2021 Senior note series has $340 million of principal due August 15, 2021. Senior notes due 2021 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The notes are redeemable by the Company at any time after August 15, 2017 and in accordance with the optional redemption clause in the indenture. Debt Covenants Certain debt arrangements require the maintenance of certain financial ratios and contain other affirmative and negative covenants, termination events, conditions precedent to borrowing, and other restrictions, including, but not limited to, covenants relating to material adverse changes, consolidated net worth, leverage, liquidity, profitability, available committed mortgage warehouse borrowing capacity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, and restrictions on certain types of payments, including dividends and stock repurchases. Certain other debt arrangements, including the Fannie Mae committed facility, contain provisions that permit the Company or the counterparty to terminate the arrangement upon the occurrence of certain events including those described below. Among other covenants, certain mortgage repurchase facilities require that the Company maintain: (i) on the last day of each fiscal quarter, net worth of at least $1.0 billion ; (ii) a ratio of indebtedness to tangible net worth no greater than 4.50 to 1; and (iii) a minimum of $750 million in committed mortgage warehouse financing capacity excluding any mortgage warehouse capacity provided by GSEs. These covenants represent the most restrictive net worth, liquidity, and debt to equity covenants; however, certain other outstanding debt agreements contain liquidity and debt to equity covenants that are less restrictive. As of December 31, 2015 , the Company was in compliance with all financial covenants related to its debt arrangements. Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the operative documents and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If the Company does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of certain debt agreements could be accelerated and the ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of the Company’s other agreements and instruments. See Note 15, 'Stock-Related Matters' for information regarding restrictions on the Company’s ability to pay dividends pursuant to certain debt arrangements.

Pension and Other Post Employme

Pension and Other Post Employment Benefits	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Pension and Other Post Employment Benefits	11. Pension and Other Post-Employment Benefits Defined Contribution Savings Plans. The Company and PHH Home Loans sponsor separate defined contribution savings plans that provide certain eligible employees an opportunity to accumulate funds for retirement and contributions of participating employees are matched on the basis specified by these plans. The costs for the matching contributions are included in Salaries and related expenses in the Consolidated Statements of Operations except for contributions in 2014 and 2013 related to employees of the Fleet business, which are included in Income from discontinued operations, net of tax. Salaries and related expenses included contributions of $8 million , $8 million and $9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Defined Benefit Pension Plan and Other Employee Benefit Plan . The Company sponsors a domestic non-contributory defined benefit pension plan, which covers certain current and former eligible employees. Benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. In addition, a post-employment benefits plan is maintained for retiree health and welfare costs of certain eligible employees. Both the defined benefit pension plan and the other post-employment benefits plan are frozen, wherein the plans only accrue additional benefits for a very limited number of employees. The following table shows the change in the benefit obligation, plan assets and funded status for the defined benefit pension plans: Pension Benefits Other Post-Employment Benefits 2015 2014 2015 2014 (In millions) Benefit obligation $ 47 $ 50 $ 1 $ 1 Fair value of plan assets 37 40 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 16 $ 17 $ — $ — During the year ended December 31, 2015 , the benefit obligation of the defined benefit pension plan decreased by $3 million which related to changes in actuarial assumptions, including mortality rates, as well as benefits paid to retirees. The net periodic benefit costs related to the defined benefit pension plan and the other post-employment benefit plan were not significant for both years ended December 31, 2015 and 2014 . As of December 31, 2015 , future expected benefit payments to be made from the defined benefit pension plan’s assets, which reflect expected future service, are $2 million in each of the years ending December 31, 2016 through 2020 and $14 million for the subsequent five years ending December 31, 2025. The Company’s policy is to contribute amounts to the defined benefit pension plan sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts at the discretion of the Company. Contributions made to the plan were not significant for the year ended December 31, 2015 , and the contribution was $1 million for the year ended December 31, 2014 . For the year ended December 31, 2016, contributions to the defined benefit pension plan are not expected to be significant.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income Tax Provision The following table summarizes Income tax (benefit) expense: Year Ended December 31, 2015 2014 2013 (In millions) Current: Federal $ — $ (461 ) $ — State (1 ) (31 ) (5 ) Income tax contingencies: Change in income tax contingencies — 6 — Interest and penalties — 1 — Total current income tax benefit (1 ) (485 ) (5 ) Deferred: Federal (79 ) 373 40 State (2 ) 13 7 Total deferred income tax (benefit) expense (81 ) 386 47 Income tax (benefit) expense $ (82 ) $ (99 ) $ 42 Deferred Taxes Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income-tax returns purposes. The following table summarizes the significant components of deferred tax assets and liabilities: December 31, 2015 2014 (In millions) Deferred tax assets: Accrued liabilities, provisions for losses and deferred income $ 102 $ 72 Federal loss carryforwards and credits 24 — State loss carryforwards and credits 39 32 Other — 5 Gross deferred tax assets 165 109 Valuation allowance (46 ) (35 ) Deferred tax assets, net of valuation allowance 119 74 Deferred tax liabilities: Mortgage servicing rights 297 336 Other 4 — Deferred tax liabilities 301 336 Net deferred tax liability $ 182 $ 262 The deferred tax assets valuation allowance relates to state loss carryforwards and non-loss deferred tax assets. The valuation allowance will be reduced when and if it is determined that it is more likely than not that all or a portion of the deferred tax assets will be realized. The state loss carryforwards will expire from 2015 to 2036. The deferred tax liabilities represent the future tax liability generated upon reversal of the differences between the tax basis and book basis of certain of our assets. Deferred liabilities related to our mortgage servicing rights arise due to differences in the timing of income recognition for accounting and tax purposes for certain servicing rights, which generate an associated basis difference between book and tax. Effective Tax Rate Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows: Year Ended December 31, 2015 2014 2013 (In millions) (Loss) income from continuing operations before income taxes $ (213 ) $ (284 ) $ 140 Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (75 ) $ (99 ) $ 49 State and local income taxes, net of federal tax benefits (14 ) (12 ) 7 Liabilities for income tax contingencies — 7 — Changes in rate and apportionment factors 3 1 (5 ) Changes in valuation allowance 10 5 2 Nondeductible expenses 6 — 1 Noncontrolling interest (5 ) (2 ) (11 ) Other (7 ) 1 (1 ) Income tax (benefit) expense $ (82 ) $ (99 ) $ 42 Effective tax rate (38.4 )% (35.1 )% 29.8 % State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income or loss from the operations by entity and state income tax jurisdiction. The effective state tax rate for the year ended December 31, 2015 was higher compared to 2014 . For the year ended December 31, 2015, the effective state tax rate is higher due to the Company’s loss from its operations in multiple jurisdictions that are taxed at a higher apportionments and a higher state income tax rate. Liabilities for income tax contingencies. Represents the impact to the effective tax rate from changes in the liabilities for income tax contingencies associated with new uncertain tax positions taken during the period or the resolution and settlement of prior uncertain tax positions with various taxing authorities. During the year ended December 31, 2014, the change was primarily driven by state tax filing positions expected to be taken related to the sale of the Fleet business. Changes in rate and apportionment factors. Represents the impact to the effective tax rate from deferred tax items for changes in apportionment factors and tax rate. For the year ended December 31, 2015 , the amount represents the impact of applying statutory changes to apportionment weight, apportionment sourcing and corporate income tax rates that were enacted by various states. Changes in valuation allowance. Represents the impact to the effective tax rate from state loss carryforwards generated during the year and certain cumulative non net operating loss deferred tax assets for which the Company believes it is more likely than not that the amounts will not be realized. For the year ended December 31, 2015 , the amount was primarily driven by state tax losses generated and an increase in the non net operating loss deferred tax assets for which a valuation allowance is warranted. For the year ended December 31, 2014 , the amount was driven by items impacted by the change in composition of the subsidiaries included in state returns from the sale of the Fleet business and state tax losses generated by the mortgage business. Nondeductible expenses. Represents the impact to the effective tax rate from nondeductible expenses primarily related to legal and regulatory matters and premiums paid to exchange the Convertible notes due in 2017. Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans. The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members. Accordingly, the Company’s Income tax expense or benefit includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans. Other. For the year ended December 31, 2015, the amount was primarily driven by adjustments to deferred tax items related to the sale of the Fleet business, and adjustments resulting from the comparison of items included in the prior year provision to the final income tax returns. Unrecognized Income Tax Benefits Unrecognized income tax benefits are recognized related to tax positions included in: (i) previously filed income tax returns and (ii) financial results expected to be included in income tax returns to be filed for periods through the date of the Consolidated Financial Statements. The Company recognizes tax benefits from uncertain income tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authority based on the technical merits of the position. An uncertain income tax position that meets the “more likely than not” recognition threshold is then measured to determine the amount of the benefit to recognize. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, is presented in the Consolidated Balance Sheets within Other liabilities to the extent a net operating loss carryforward is not available at the reporting date to settle any additional income taxes resulting from the tax position. In other instances where a net operating loss carryforward is available, the amounts are recorded as a reduction to the Company’s Deferred tax assets in the Consolidated Balance Sheets. Activity related to the Company's unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 11 $ 4 $ 4 Activity related to tax positions taken during the current year — 7 — Activity related to tax positions taken during prior years — — — Balance, end of period $ 11 $ 11 $ 4 The estimated liability for the potential payment of interest and penalties included in the liability for unrecognized income tax benefits was $2 million and $1 million as of December 31, 2015 and 2014 , respectively. The amount of unrecognized income tax benefits may change in the next twelve months primarily due to activity in future reporting periods related to income tax positions taken during prior years. This change may be material; however, the impact of these unrecognized income tax benefits cannot be projected on the results of operations or financial position for future reporting periods due to the volatility of market and other factors. The effective income tax rate would be positively impacted by $11 million in the event of a favorable resolution of income tax contingencies or reductions in valuation allowances as of both December 31, 2015 and 2014 and $4 million as of December 31, 2013 . The Company and its subsidiaries remain subject to examination by the IRS for the tax years ended December 31, 2012 through 2015. As of December 31, 2015 , foreign and state income tax filings were subject to examination for periods including and subsequent to 2007, dependent upon jurisdiction.

Credit Risk

Credit Risk	12 Months Ended
	Dec. 31, 2015
Credit Risk
Credit Risk	13. Credit Risk The Company is subject to the following forms of credit risk: • Consumer credit risk —through mortgage banking activities as a result of originating and servicing residential mortgage loans • Counterparty credit risk —through derivative transactions, sales agreements and various mortgage loan origination and servicing agreements Consumer Credit Risk The Company is not subject to the majority of the risks inherent in maintaining a mortgage loan portfolio because loans are not held for investment purposes and are generally sold to investors within 30 days of origination. The majority of mortgage loan sales are on a non-recourse basis and if the loans were originated in accordance with applicable underwriting standards, the Company may not have exposure to future risk of loss; however, in its capacity as a loan originator and servicer, the Company has exposure to loan repurchases and indemnifications through representation and warranty provisions and government servicing contracts. The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others: December 31, 2015 2014 (In millions) Loan Servicing Portfolio Composition Owned $ 99,869 $ 113,849 Subserviced 126,390 113,423 Total $ 226,259 $ 227,272 Conventional loans $ 197,971 $ 195,184 Government loans 24,087 27,720 Home equity lines of credit 4,201 4,368 Total $ 226,259 $ 227,272 Weighted-average interest rate 3.8 % 3.9 % December 31, 2015 2014 Number of Loans Unpaid Balance Number of Loans Unpaid Balance Portfolio Delinquency (1) 30 days 2.22 % 1.55 % 2.43 % 1.75 % 60 days 0.44 0.30 0.58 0.41 90 or more days 0.82 0.62 1.13 0.85 Total 3.48 % 2.47 % 4.14 % 3.01 % Foreclosure/real estate owned (2) 1.74 % 1.51 % 2.22 % 2.04 % _____________ (1) Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio. (2) As of December 31, 2015 and 2014 , the total servicing portfolio included 15,487 and 21,456 of loans in foreclosure with an unpaid principal balance of $3.0 billion and $4.1 billion , respectively. Repurchase and Foreclosure-Related Reserves Representations and warranties are provided to investors and insurers on a significant portion of loans sold, and are also assumed on purchased mortgage servicing rights for loans that are owned by the Agencies or included in Agency-guaranteed securities. In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss. For conventional loans, if there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss. The Company has limited exposure related to VA and FHA insured loans. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator. Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned. A summary of the activity in repurchase and foreclosure-related reserves is as follows: Year Ended December 31, 2015 2014 (1) (In millions) Balance, beginning of period $ 93 $ 142 Realized losses (19 ) (65 ) Increase in reserves due to: Changes in assumptions 6 6 New loan sales 9 10 Balance, end of period $ 89 $ 93 ______________ (1) Realized losses includes $12 million that was paid to Fannie Mae related to a resolution agreement and Changes in assumptions includes an $8 million provision for estimated losses related to the sale of MSRs for certain highly delinquent government insured loans. Repurchase and foreclosure-related reserves consist of the following: Loan Repurchases and Indemnifications As of December 31, 2015 and 2014 , liabilities for probable losses related to repurchase and indemnification obligations of $62 million and $63 million , respectively, are presented in the Consolidated Balance Sheets. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions. During the third quarter of 2015, in response to changes in the repurchase criteria of the Agencies, the Company refined the methodology used to estimate obligations under representations and warranties to incorporate more predictive assumptions. These assumptions include borrower performance, investor demand patterns, expected relief from the expiration of repurchase obligations, the expected success rate in defending against requests and estimated loss severities (adjusted for home price forecasts). There was not a material impact to the required reserve resulting from this update. Given the inherent uncertainties involved in estimating losses associated with future repurchase and indemnification requests, there is a reasonable possibility that future losses may be in excess of the recorded liability. As of December 31, 2015 , the estimated amount of reasonably possible losses in excess of the recorded liability was $30 million which primarily relates to the Company’s estimate of repurchase and foreclosure-related charges that may not be reimbursed pursuant to government mortgage insurance programs or in the event we do not file insurance claims. The estimate is based on an expectation of future defaults and the historical defect rate for government insured loans and is based upon significant judgments and assumptions which can be influenced by many factors, including: (i) home prices and the levels of home equity; (ii) the quality of underwriting procedures; (iii) borrower delinquency and default patterns; and (iv) general economic conditions. The liability from loan repurchases and indemnification requests does not reflect losses from litigation or governmental and regulatory examinations, investigations or inquiries. The maximum liability for future repurchase and indemnification requests, or the ranges of reasonably possible losses, cannot be estimated for the entire exposure for reasons including, but not limited to, the following: • the Company does not service all of the loans for which it has provided representations and warranties; • uncertainty related to loss exposure to loans from origination years where the Agencies have substantially completed or resolved their file reviews; and • uncertainty related to losses associated with loans with defects that were excluded from the resolution agreement with Fannie Mae (includes loans with certain title defects or violations of law that were originated and delivered prior to July 1, 2012). As of December 31, 2015 , $174 million of loans have been identified in which the Company has full risk of loss or has identified a breach of representation and warranty provisions; of which 9% were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans). Mortgage Loans in Foreclosure and Real Estate Owned Mortgage loans in foreclosure and Real estate owned include loans that have been repurchased for breaches in representation and warranty obligations. As loans are repurchased, the Company reduces the estimated losses related to repurchase and indemnification obligations and records reserves for on-balance sheet loans in foreclosure and adjustments to value for real estate owned based on the expected amount which will likely not be recoverable from guarantors, insurers or investors. Mortgage loans in foreclosure represent the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances made on those loans. These amounts are recorded net of an allowance for probable losses on such mortgage loans and related advances. Real estate owned, which are acquired from mortgagors in default, plus recoverable advances made on those loans, are recorded at the lower of: (i) the adjusted carrying amount at the time the property is acquired; or (ii) fair value based upon the estimated net realizable value of the underlying collateral less the estimated costs to sell. The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Consolidated Balance Sheets as follows: December 31, 2015 2014 (In millions) Mortgage loans in foreclosure and related advances $ 34 $ 46 Allowance for probable foreclosure losses (10 ) (14 ) Mortgage loans in foreclosure, net $ 24 $ 32 Real estate owned and related advances $ 38 $ 37 Adjustment to value for real estate owned (17 ) (16 ) Real estate owned, net $ 21 $ 21 Counterparty Credit Risk Counterparty credit risk exposure includes risk of non-performance by counterparties to various agreements and sales transactions. Such risk is managed by evaluating the financial position and creditworthiness of such counterparties and/or requiring collateral, typically cash, in derivative and financing transactions. The Company attempts to mitigate counterparty credit risk associated with derivative contracts by monitoring the amount for which it is at risk with each counterparty to such contracts, requiring collateral posting, typically cash, above established credit limits, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing the risk among multiple counterparties. As of December 31, 2015 , there were no significant concentrations of credit risk with any individual counterparty or a group of counterparties with respect to derivative transactions. During the year ended December 31, 2015 , 26% of mortgage loan originations were derived from our relationship with Merrill Lynch Home Loans, a division of Bank of America, National Association, 21% from Realogy and its affiliates, 20% from Morgan Stanley Private Bank, N.A. and 11% from HSBC Bank USA.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies Legal Contingencies The Company and its subsidiaries are routinely and currently defendants in various legal proceedings that arise in the ordinary course of our business, including class actions and other private and civil litigation. These proceedings are generally based on alleged violations of consumer protection laws (including the Real Estate Settlement Procedures Act ("RESPA")), employment laws and contractual obligations. Similar to other mortgage loan originators and servicers, the Company and its subsidiaries are also routinely, and currently, subject to government and regulatory examinations, investigations and inquiries or other requests for information. The resolution of these various legal and regulatory matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In particular, legal proceedings brought under RESPA and other federal or state consumer protection laws that are ongoing, or may arise from time to time, may include the award of treble and other damages substantially in excess of actual losses, attorneys' fees, costs and disbursements, and other consumer and injunctive relief. These proceedings and matters are at varying procedural stages and the Company may engage in settlement discussions on certain matters in order to avoid the additional costs of engaging in litigation. The outcome of legal and regulatory matters is difficult to predict or estimate and the ultimate time to resolve these matters may be protracted. In addition, the outcome of any legal proceeding or governmental and regulatory matter (including the Company's ongoing proceeding with the Bureau of Consumer Financial Protection (the “CFPB”) described below) may affect the outcome of other pending legal proceedings or governmental and regulatory matters. An accrual is established for legal and regulatory contingencies when it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated. In light of the inherent uncertainties involved in litigation, legal proceedings and other governmental and regulatory matters, it is not always possible to determine a reasonable estimate of the amount of a probable loss, and the Company may estimate a range of possible loss for consideration in its estimates. The estimates are based upon currently available information and involve significant judgment taking into account the varying stages and inherent uncertainties of such matters. Accordingly, the Company’s estimates may change from time to time and such changes may be material to the consolidated financial results. As of December 31, 2015 , the Company’s recorded accrual associated with legal and regulatory contingencies was $105 million and is presented in Other liabilities in the Consolidated Balance Sheets. Given the inherent uncertainties and status of the Company’s outstanding legal and regulatory matters, the range of reasonably possible losses cannot be estimated for all matters. For matters where the Company can estimate the range, the aggregate estimated amount of reasonably possible losses in excess of the recorded liability was $150 million as of December 31, 2015 . There can be no assurance that the ultimate resolution of these matters will not result in losses in excess of the Company’s recorded accrual, or in excess of the estimate of reasonably possible losses. As a result, the ultimate resolution of any particular legal matter, or matters, could be material to the Company’s results of operations or cash flows for the period in which such matter is resolved. The following are descriptions of the Company’s significant legal and regulatory matters. CFPB Enforcement Action. In January 2014, the CFPB initiated an administrative proceeding alleging that the Company’s reinsurance activities, including its mortgage insurance premium ceding practices, have violated certain provisions of RESPA and other laws enforced by the CFPB. Through its reinsurance subsidiaries, the Company assumed risk in exchange for premiums ceded from primary mortgage insurance companies. In November 2014, the Company received a recommended decision from the administrative law judge for the payment of $6.4 million to the CFPB. The Company and the CFPB’s enforcement counsel both appealed the recommended decision to the Director of the CFPB. In June 2015, the Director of the CFPB issued a final order upholding in part, and reversing in part, the recommended decision. The final order required the Company to pay $109 million , which is based upon the gross reinsurance premiums the Company received on or after July 21, 2008. In August 2015, the United States Court of Appeals for the District of Columbia Circuit (the "Court of Appeals") stayed the CFPB's order pending the appeal, and as a result, the Company was not required to post the judgment amount in escrow or comply with injunctive relief provided for in the order. Subsequently, the Company filed an appeal to the Court of Appeals. The Company continues to believe that it has complied with RESPA and other laws applicable to its former mortgage reinsurance activities, and continues to vigorously defend against the CFPB’s allegations and the Director’s final order through the appellate process. A hearing on the merits of the appeal is currently scheduled before the Court of Appeals on April 12, 2016. There can be no assurances as to the final outcome of any such appeal. As of December 31, 2015 , the Company has included an estimate of probable losses in connection with this matter in the recorded accrual. MMC and NYDFS Examination. The Company has undergone a regulatory examination by a multistate coalition of certain mortgage banking regulators (the “MMC”) and such regulators have alleged various violations of federal and state consumer protection and other laws related to the Company’s legacy mortgage servicing practices. In July 2015, the Company received a settlement proposal from the MMC, proposing payments to certain borrowers nationwide where foreclosure proceedings were either referred to a foreclosure attorney or completed during 2009 through 2012, as well as other consumer relief and administrative penalties. In addition, the proposal would require that the Company comply with national servicing standards, submit its servicing activities to monitoring for compliance, and other injunctive relief. The Company continues to engage in substantive discussions with the MMC regarding the proposal. The Company believes it has meritorious explanations and defenses to the findings. In the second quarter of 2015, the New York Department of Financial Services ("NYDFS") clarified that it intends to propose that the Company enter into a consent order to close out pending examination report findings, including New York findings stemming from the MMC examination. The Company continues to engage in discussions with and correspond with NYDFS regarding the findings. While the Company believes it has meritorious explanations and defenses to the findings and has provided responses to these findings, any consent order may include fines and penalties, as well as other consumer relief or injunctive relief. As of December 31, 2015 , the Company included an estimate of probable losses in connection with the MMC and NYDFS matters in the recorded accrual. HUD Subpoenas. The Company has received document subpoenas from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting production of certain documents related to, among other things, the Company’s origination and underwriting process for loans insured by the Federal Housing Administration (“FHA”) during the period between January 1, 2006 and December 31, 2011. As part of the investigation, HUD has also requested documents related to a small sample of loans originated during this period. This investigation could lead to a demand or claim under the False Claims Act, which allows for civil penalties and treble damages substantially in excess of actual losses. Several large mortgage originators that participate in FHA lending programs have been subject to similar investigations, which have resulted in settlement agreements that included the payment of substantial fines and penalties. The Company has been cooperating in this investigation since its receipt of the subpoenas in 2013, and certain current and former employees of the Company have been deposed in connection with this matter. In October 2015, the Company met with HUD and discussed the ongoing investigation. As of December 31, 2015 , the Company included an estimate of probable losses in connection with this matter in the recorded accrual. Lender-Placed Insurance. The Company is currently subject to pending litigation alleging that its servicing practices around lender-placed insurance were not in compliance with applicable laws. Through its mortgage subsidiary, the Company did have certain outsourcing arrangements for the purchase of lender-placed hazard insurance for borrowers whose coverage had lapsed. The Company believes that it has meritorious defenses to these allegations; however, the resolution of such matter may result in adverse judgments and other relief against the Company, as well as monetary payments or other agreements and obligations. Given the nature of this litigation and the related allegations, the Company cannot estimate the amount of loss or a range of possible losses, if any, associated with this matter. Other Subpoenas and Investigations. The Company has received document subpoenas from the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York. The subpoenas requested production of certain documents related to, among other things: (i) foreclosure expenses that we incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac and (ii) the origination and underwriting of loans sold pursuant to programs sponsored by Fannie Mae, Freddie Mac or Ginnie Mae. There can be no assurance that claims or litigation will not arise from these inquiries, or that fines and penalties, as well as other consumer or injunctive relief, will not be incurred in connection with any of these matters. In addition, in October 2014 the Company received a document subpoena from the Office of the Inspector General of the Federal Housing Financing Agency (the “FHFA”) requesting production of certain documents related to, among other things, our origination, underwriting and quality control processes for loans sold to Fannie Mae and Freddie Mac. While the FHFA, as regulatory and conservator for Fannie Mae and Freddie Mac, does not have regulatory authority over the Company or its subsidiaries, there can be no assurance that Fannie Mae and/or Freddie Mac will not assert additional claims as a result of this inquiry. Net Worth Requirements In addition to the capital requirements of the Company as outlined in Note 10, 'Debt and Borrowing Arrangements' , certain subsidiaries of the Company are subject to various regulatory capital requirements as a result of their mortgage origination and servicing activities. The Company’s wholly owned subsidiary, PHH Mortgage Corporation (“PHH Mortgage”), is subject to various regulatory capital requirements administered by the Department of Housing and Urban Development (“HUD”), which governs non-supervised, direct endorsement mortgagees, and Ginnie Mae, Fannie Mae and Freddie Mac, which sponsor programs that govern a significant portion of our mortgage loans sold and servicing activities. Additionally, PHH Mortgage is required to maintain minimum net worth requirements for many of the states in which it sells and services loans. Each state has its own minimum net worth requirement; however, none of the state requirements are material to our financial statements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary remedial actions by regulators that, if undertaken, could: (i) remove the PHH Mortgage’s ability to sell and service loans to or on behalf of the Agencies; and (ii) have a direct material effect on the Company’s financial statements, results of operations and cash flows. In accordance with the regulatory capital guidelines, PHH Mortgage must meet specific quantitative measures of cash, assets, liabilities, profitability and certain off-balance sheet items calculated under regulatory accounting practices. Further, changes in regulatory and accounting standards, as well as the impact of future events on PHH Mortgage’s results, may significantly affect the Company’s net worth adequacy. Among PHH Mortgage’s various capital requirements related to its outstanding mortgage origination and servicing agreements and other third-party agreements, including debt covenants, the most restrictive of these requires PHH Mortgage to maintain a minimum net worth balance of $700 million . As of December 31, 2015 , PHH Mortgage’s actual net worth was $850 million and the entity was in compliance with the requirements. Lease and Purchase Commitments The Company is committed to making rental payments under noncancelable operating related to various facilities and equipment. As of December 31, 2015 , the Company did not have any significant capital lease obligations. In addition, during the normal course of business, various commitments are made to purchase goods or services from specific suppliers, including those related to capital expenditures. During the years ended December 31, 2015 , 2014 , and 2013 , rental expense of $22 million , $20 million , and $20 million , respectively, was recorded in Occupancy and other office expenses in the Consolidated Statements of Operations. The following table summarizes the Company’s commitments as of December 31, 2015 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2016 $ 18 $ 34 2017 17 2 2018 15 — 2019 13 — 2020 13 — Thereafter 24 — Total $ 100 $ 36 ________________ (1) Excludes $10 million of minimum sublease income due in the future under noncancelable subleases. Off-Balance Sheet Arrangements and Guarantees In the ordinary course of business, numerous agreements are entered into that contain guarantees and indemnities where a third-party is indemnified for breaches of representations and warranties. Such guarantees or indemnifications are granted under various agreements, including those governing leases of real estate, access to credit facilities, use of derivatives and issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the buyers in sale agreements and sellers in purchase agreements, landlords in lease contracts, financial institutions in credit facility arrangements and derivative contracts and underwriters in debt or equity security issuances. While some guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, and the maximum potential amount of future payments cannot be estimated. With respect to certain guarantees, such as indemnifications of landlords against third-party claims, insurance coverage is maintained that mitigates any potential payments. Representations and Warranties. See Note 13, 'Credit Risk' for a discussion of the representations and warranties that are provided to purchasers and insurers on a significant portion of loans sold and those that are assumed on purchased mortgage servicing rights. Guarantees related to Mortgage Warehouse Debt. In connection with certain Mortgage warehouse borrowing arrangements, the Company has entered into agreements to unconditionally and irrevocably guarantee payment on the obligations of our subsidiaries. Indemnification from Sale of Business. In connection with the sale of the Fleet business, which became effective on July 1, 2014, the Company has indemnified Element Financial Corporation against certain liabilities that may arise in connection with the transaction and business activities prior to the completion of the transaction. The term of these indemnifications, which generally pertain to breaches by the Company of representations and warranties or covenants under the purchase agreement, is generally through March 31, 2016, except that the term of the indemnifications for breaches of certain fundamental representations and warranties and excluded liabilities is generally through the expiration of the applicable statute of limitations and, with respect to post-closing covenants, the date performance is completed. Due to the nature of indemnified items, it is not possible to make a reasonable estimate of the maximum potential loss or range of loss, and no specific recourse provisions exist.

Stock-Related Matters

Stock-Related Matters	12 Months Ended
	Dec. 31, 2015
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Stock-Related Matters	15. Stock-Related Matters Share Repurchase Programs The Company’s Board of Directors authorized up to $450 million in share repurchases, including $200 million in Accelerated Share Repurchases (“ASR”) and up to $250 million in open market purchases through December 31, 2016. All shares received under the share repurchase programs are retired upon receipt and are reported as a reduction of shares issued and outstanding. The cash paid was recorded as a reduction of stockholders’ equity in the Consolidated Balance Sheets. Accelerated Share Repurchase Programs. In 2014, the Company entered into two separate ASR agreements to repurchase an aggregate of $200 million of PHH’s Common stock pursuant to a Collared ASR agreement and an Uncollared ASR agreement. In 2014, the Company received 6,962,695 shares upfront based upon the minimum share delivery under the Collared agreement and 80% share delivery under the Uncollared agreement based upon the stock price at inception. In March 2015, the Company received 1,574,252 shares at the completion of the ASR programs. Open Market Purchases. In November 2015, the Company commenced a $100 million open market share repurchase program and for the year ended December 31, 2015 , the Company paid $77 million to retire 4,841,267 shares under the program. In January 2016, the Company paid $23 million to retire 1,508,772 additional shares to complete the $100 million open market program. Restrictions on Share-Related Payments As of December 31, 2015 , the Company is not restricted in its ability to make share-related payments including the declaration and payment of dividends, the repurchase of Common stock, or making any distribution on account of our Common stock. The provisions of the Company's debt arrangements, capital requirements of our operating subsidiaries and other legal requirements and regulatory constraints may restrict the Company from making such share-related payments. The Company has not declared or paid cash dividends on its Common stock since it began operating as an independent, publicly traded company in 2005. The limitations and restrictions on the Company’s ability to make share-related payments include but are not limited to: a) Restrictions under the Company’s senior note indentures from making a share-related payment if, after giving effect to the payment, the debt to tangible equity ratio calculated as of the most recently completed month end exceeds 6 to 1; however, even if such ratio is exceeded, the Company may declare or pay any dividend or make a share-related payment so long as the Company’s corporate ratings are equal to or better than: Baa3 from Moody’s Investors Service and BBB- from Standard & Poor’s (in each case on stable outlook or better); and b) Limitations in the amount of share-related payments that can be distributed by the Company due to maintaining compliance with the financial covenants contained in certain subsidiaries’ mortgage warehouse funding agreements, including but not limited to: (i) the maintenance of net worth of at least $1.0 billion on the last day of each fiscal quarter; and (ii) a ratio of indebtedness to tangible net worth of no greater than 4.5 to 1. In addition, the Company is limited in the amount of share-related payments that can be distributed due to capital that is required to be maintained at subsidiaries. The amount of intercompany dividends, share-related payments and other fund transfers that certain of the Company’s subsidiaries can declare or distribute to the Company or to other consolidated subsidiaries (and ultimately to the Company) is limited due to provisions of their debt arrangements, capital requirements, and other legal requirements and regulatory constraints. The aggregate restricted net assets of these subsidiaries totaled $762 million as of December 31, 2015 .

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	16. Stock-Based Compensation The PHH Corporation 2014 Equity and Incentive Plan (the “Plan”) governs awards of share based compensation. The plan allows awards in the form of stock options, stock appreciation rights, and other stock- or cash-based awards. The Company has outstanding stock options and service-based, performance-based and market-based restricted stock units (“RSUs”) to purchase shares of Common stock and service-based, performance-based and market-based restricted cash units ("RCUs") to be settled in cash under the Plan. RSUs granted entitle employees to receive one share of the Company's Common stock upon the vesting of each RSU. RCUs granted entitle employees to receive a cash payout equal to the closing price of one share of common stock for each unit granted. The aggregate number of shares of PHH Common stock available to be issued under the Plan is 8,667,655 . The following table summarizes expense recognized in Salaries and related expenses in the Consolidated Statements of Operations related to stock-based compensation arrangements: Year Ended December 31, 2015 2014 2013 (In millions) Stock-based compensation expense for equity awards $ 9 $ 8 $ 9 Stock-based compensation expense for liability awards 2 4 — Income tax benefit related to stock-based compensation expense (4 ) (5 ) (4 ) Stock-based compensation expense, net of income taxes $ 7 $ 7 $ 5 As of December 31, 2015 , there was $11 million of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest and be recognized over a weighted-average period of 1.63 years. Equity Awards Awards granted by the Company under the Plan that are expected to be settled in shares of its Common stock include Stock Options or Performance, Market and Service-based RSUs. All outstanding and unvested stock options and RSUs have vesting conditions pursuant to a change in control. In addition, RSUs are granted to non-employee Directors as part of their compensation for services rendered as members of the Company’s Board of Directors. New shares of Common stock are issued to employees and Directors to satisfy the stock option exercise and RSU conversion obligations. Stock Options Generally, options are granted with exercise prices at the fair market value of the Company’s shares of Common stock, which is considered equal to the closing share price on the date of grant. Stock option awards have a maximum contractual term of ten years from the grant date. The following table summarizes stock option activity for the year ended December 31, 2015 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at January 1, 2015 1,297,181 $ 18.16 Exercised (127,508 ) 19.44 Forfeited or expired (91,797 ) 20.74 Outstanding at December 31, 2015 1,077,876 $ 17.79 6.5 $ 1 Exercisable at December 31, 2015 869,202 $ 16.79 6.4 $ 1 Stock options vested and expected to vest 1,077,686 $ 17.79 7.2 $ — There were no options granted during the years ended December 31, 2015 or 2014 . The weighted-average grant-date fair value per stock option for awards granted during the year ended December 31, 2013 was $11.27 and was estimated using the Black-Scholes option valuation model with the following assumptions: Year Ended December 31, 2013 Expected life (in years) 6.5 Risk-free interest rate 1.14% Expected volatility 52.3% Dividend yield — The expected life of each stock option is estimated based on their vesting and contractual terms. The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the stock options. The expected volatility was based on the historical volatility of the Company’s Common stock. The intrinsic value of options exercised was $1 million , $2 million and $1 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Restricted Stock Units RSUs are granted with vesting conditions based on fulfillment of a service condition (generally up to three years from the grant date), and may also require achievement of certain operating performance criteria or achievement of certain market-based targets associated with the Company's stock price. Expense for equity-based awards with market or service conditions is recognized over the service period based on the grant-date fair value of the award, net of estimated forfeitures, whereas expense for awards with performance conditions is recognized over the service period based on the expected achievement of the performance conditions. The following tables summarize restricted stock unit activity for the year ended December 31, 2015 : Number of RSUs Weighted- Average Grant-Date Fair Value Performance-based & market-based RSUs (1) Outstanding at January 1, 2015 (2) 742,246 $ 8.41 Granted 166,541 18.67 Forfeited (30,542 ) 9.36 Converted (28,136 ) 7.28 Cancelled due to non-achievement of performance or market condition (420,965 ) 6.73 Outstanding at December 31, 2015 429,144 $ 14.04 RSUs expected to be converted into shares of Common stock 429,048 $ 14.04 Service-based RSUs Outstanding at January 1, 2015 (2) 300,488 $ 22.76 Granted (3) 126,156 21.61 Converted (78,772 ) 22.84 Outstanding at December 31, 2015 347,872 $ 22.33 RSUs expected to be converted into shares of Common stock 341,890 $ 22.32 ____________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance-based awards represents the expected number to be earned. (2) The prior year presentation included 148,023 unvested Performance and market-based RSUs and 284,370 unvested Service-based RSUs, which were originally to be paid in PHH Common stock that, as a result of the sale of Fleet business, will be settled in cash pursuant to certain provisions of the original settlement terms of the agreements. These awards were reclassified out of the opening balances and are in the Liability awards section below. (3) Includes 42,890 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors. In 2015 , 2014 and 2013 , certain executives were awarded RSUs with market-based vesting conditions with weighted-average grant-date fair value of $18.67 , $11.32 and $12.47 , respectively. The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions: Year Ended December 31, 2015 2014 2013 Grant date stock price $ 24.24 $ 22.93 $ 22.28 Risk-free interest rate 0.94 % 0.94 % 0.42 % Expected volatility 30.2 % 35.3 % 38.6 % Dividend yield — — — The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the RSUs. The expected volatility was based on historical volatility of the Company’s Common stock. The total fair value of RSUs converted into shares of Common stock was $2 million , $2 million , and $5 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Liability Awards Awards granted by the Company under the Plan that are expected to be settled in cash, including Performance, Market and Service-based Restricted Cash Units, are recorded as liabilities within Accounts payable and accrued expenses in the Consolidated Balance Sheets. RCUs are settled with a cash payment for each unit vested based on the closing share price on the vesting date and generally vest over three years beginning on the first anniversary of the date of grant. Expense for liability awards is recognized based on a re-measurement of the fair value of the awards at the end of each reporting period, including an estimate of the expected achievement of performance conditions, if any. As of December 31, 2015 and 2014 , $5 million and $8 million , respectively, is accrued related to the expected payout for liability awards within Accounts payable and accrued expenses in the Consolidated Balance Sheets. This amount includes the items noted in the tables above that changed classification to cash-based awards as a result of the sale of the Fleet business. The total amount of cash paid for share-based liability awards was $4 million for the year ended December 31, 2015 and the amount was not significant for year ended December 31, 2014 .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	17. Fair Value Measurements Fair value is based on quoted market prices, where available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability. These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available. A three-level valuation hierarchy is used to classify inputs into the measurement of assets and liabilities at fair value. The valuation hierarchy is based upon the relative reliability and availability to market participants of inputs for the valuation of an asset or liability as of the measurement date. Level one represents the highest level based upon unadjusted quoted prices to Level three which are based upon unobservable inputs that reflect the assumptions a market participant would use in pricing the asset or liability. When the valuation technique used in determining fair value of an asset or liability utilizes inputs from different levels of the hierarchy, the level in which the asset or liability its entirety is categorized is based upon the lowest level input that is significant to the measurement. The Company updates the valuation of each instrument recorded at fair value on a quarterly basis, evaluating all available observable information, which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data. The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants. If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate. Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs. There have been no changes in valuation methodologies and classification pursuant to the valuation hierarchy during the years ended December 31, 2015 or 2014 . The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of December 31, 2015 or 2014 . Recurring Fair Value Measurements The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: December 31, 2015 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 704 $ 39 $ — $ 743 Mortgage servicing rights — — 880 — 880 Other assets—Derivative assets: Interest rate lock commitments — — 21 — 21 Forward delivery commitments — 3 — (2 ) 1 MSR-related agreements — 27 — (23 ) 4 LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 2 $ — $ — $ 2 December 31, 2014 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 873 $ 42 $ — $ 915 Mortgage servicing rights — — 1,005 — 1,005 Other assets—Derivative assets: Interest rate lock commitments — — 22 — 22 Forward delivery commitments — 5 — (2 ) 3 MSR-related agreements — 66 — (58 ) 8 LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 14 $ — $ (7 ) $ 7 Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows: Mortgage Loans Held for Sale. The Company elected to record Mortgage loans held for sale (“MLHS”) at fair value. This election is intended to both better reflect the underlying economics and eliminate the operational complexities of risk management activities related to MLHS and hedge accounting requirements. For Level Two MLHS, fair value is estimated through a market approach by using either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan including the value attributable to servicing rights and credit risk; or (ii) current commitments to purchase loans. The Agency mortgage-backed security market is a highly liquid and active secondary market for conforming conventional loans whereby quoted prices are published on a regular basis and exist for securities at the pass-through level. The Company has the ability to access this market, and this is the market into which conforming mortgage loans are typically sold. Level Three MLHS include second lien and Scratch and Dent loans, and are valued based upon a discounted cash flow model or a collateral-based valuation model, respectively. Scratch and Dent loans represent mortgage loans with origination flaws or performance issues. The following table reflects the difference between the carrying amounts of MLHS measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity: December 31, 2015 December 31, 2014 Total Loans 90 days or more past due and on non-accrual status Total Loans 90 days or more past due and on non-accrual status (In millions) Carrying amount $ 743 $ 9 $ 915 $ 13 Aggregate unpaid principal balance 738 11 903 17 Difference $ 5 $ (2 ) $ 12 $ (4 ) The following table summarizes the components of Mortgage loans held for sale: December 31, 2015 2014 (In millions) First mortgages: Conforming $ 616 $ 761 Non-conforming 88 111 Total first mortgages 704 872 Second lien 4 5 Scratch and Dent 35 37 Other — 1 Total $ 743 $ 915 Mortgage Servicing Rights . Mortgage servicing rights (“MSRs”) are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates (developed using a model described below), the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. A probability weighted option adjusted spread (“OAS”) model generates and discounts cash flows for the MSR valuation. The OAS model generates numerous interest rate paths, then calculates the MSR cash flow at each monthly point for each path and discounts those cash flows back to the current period. The MSR value is determined by averaging the discounted cash flows from each of the interest rate paths. The interest rate paths are generated with a random distribution centered around implied forward interest rates, which are determined from the interest rate yield curve at any given point of time. A key assumption in the estimate of the fair value of MSRs is forecasted prepayments. A third-party model is used as a basis to forecast prepayment rates at each monthly point for each interest rate path in the OAS model. Prepayment rates used in the development of expected future cash flows are based on historical observations of prepayment behavior in similar periods, comparing current mortgage interest rates to the mortgage interest rates in the servicing portfolio. The rates incorporate loan characteristics (e.g., loan type and note rate) and factors such as recent prepayment experience, the relative sensitivity of the capitalized loan servicing portfolio to refinance if interest rates decline and estimated levels of home equity. On a quarterly basis, assumptions used in estimating fair value are validated against a number of third-party sources, which may include peer surveys, MSR broker surveys, third-party valuations and other market-based sources. The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs: Year Ended December 31, 2015 2014 Initial capitalization rate of additions to MSRs 1.14 % 1.09 % December 31, 2015 2014 Capitalization servicing rate 0.89 % 0.89 % Capitalization servicing multiple 3.1 3.1 Weighted-average servicing fee (in basis points) 29 29 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): December 31, 2015 2014 Weighted-average prepayment speed (CPR) 9.1 % 11.5 % Option adjusted spread, in basis points (OAS) 977 865 Weighted-average delinquency rate 5.3 % 5.0 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: December 31, 2015 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (33 ) $ (41 ) $ (21 ) Impact on fair value of 20% adverse change (64 ) (78 ) (43 ) These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations. The effect of a variation in a particular assumption is calculated without changing any other assumption and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others. The modeled prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity. These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics. The OAS is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset. The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns. Derivative Instruments . Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy. See Note 5, 'Derivatives' for additional information regarding derivative instruments. Interest Rate Lock Commitments (“IRLCs”) are classified within Level Three of the valuation hierarchy. IRLCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected net future cash flows related to servicing the mortgage loan, adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (or “pullthrough”). The average pullthrough percentage used in measuring the fair value of IRLCs as of December 31, 2015 and 2014 was 74% . The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data. Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price. Forward Delivery Commitments are classified within Level Two of the valuation hierarchy. Forward delivery commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best effort sales commitments are also executed for certain loans at the time the borrower commitment is made. These best effort sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale. Option Contracts are classified within Level Two of the valuation hierarchy. Option contracts represent the right to buy or sell mortgage-backed securities at specified prices in the future. The fair value of option contracts is based upon the underlying current to be announced pricing of the agency mortgage-backed security market, and a market-based volatility. MSR-Related Agreements are classified within Level Two of the valuation hierarchy. MSR-related agreements represent a combination of derivatives used to offset possible adverse changes in the fair value of MSRs, which include options on swap contracts, to-be-announced securities and interest rate swap contracts, among other instruments. The fair value of MSR-related agreements is determined using quoted prices for similar instruments. Level Three Measurements Instruments classified within Level Three of the fair value hierarchy contain significant inputs to the valuation that are based upon unobservable inputs that reflect the Company’s assessment of the assumptions a market participant would use in pricing the asset or liability. The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors. Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Year Ended December 31, 2015 2014 MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 42 $ 1,005 $ 22 $ 49 $ 1,279 $ 22 Realized and unrealized gains (losses) 6 (187 ) 261 (3 ) (320 ) 309 Purchases 28 — — 50 — — Issuances 5 101 — 3 97 — Settlements (43 ) (39 ) (262 ) (53 ) (51 ) (309 ) Transfers into Level Three 38 — — 32 — — Transfers out of Level Three (37 ) — — (36 ) — — Balance, end of period $ 39 $ 880 $ 21 $ 42 $ 1,005 $ 22 Transfers into Level Three generally represent mortgage loans held for sale with performance issues, origination flaws, or other characteristics that impact their salability in active secondary market transactions. Transfers out of Level Three represent Scratch and Dent loans that were foreclosed upon and loans that have been cured. Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Consolidated Statements of Operations as follows: Year Ended December 31, 2015 2014 (in millions) Gain on loans held for sale, net: Mortgage loans held for sale $ 1 $ (8 ) Interest rate lock commitments 261 309 Change in fair value of mortgage servicing rights: Mortgage servicing rights (187 ) (320 ) Interest income: Mortgage loans held for sale 5 5 Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows: Year Ended December 31, 2015 2014 (in millions) Gain on loans held for sale, net $ 17 $ 17 Change in fair value of mortgage servicing rights (18 ) (165 ) Fair Value of Other Financial Instruments As of December 31, 2015 and 2014 , all financial instruments were either recorded at fair value or the carrying value approximated fair value, with the exception of Debt and derivative instruments included in Total PHH Corporation stockholders’ equity. For financial instruments that were not recorded at fair value, such as Cash and cash equivalents, Accounts receivable, Restricted cash and Servicing advance receivables, the carrying value approximates fair value due to the short-term nature of such instruments. Debt. As of December 31, 2015 and 2014 , the total fair value of Debt was $1.3 billion and $2.0 billion , respectively, and is measured using Level Two inputs. As of December 31, 2015 , the fair value of Level Two Debt was estimated using the following valuation techniques: (i) $743 million was measured using a market based approach, considering the current market pricing of recent trades for similar instruments or the current expected ask price for the Company’s debt instruments; and (ii) $583 million was measured using observable spreads and terms for recent pricing of similar instruments. Non-Recurring Fair Value Measurements Other Assets — Equity method investments. Fair value of equity method investments is determined by discounting cash flows of the projected financial results of the investment and the use of a market valuation approach. There was no impairment charge recorded during the years ended December 31, 2015 and 2014 . Other Assets — Mortgage loans in foreclosure and Real estate owned. The evaluation of impairment reflects an estimate of losses currently incurred at the balance sheet date, which will likely not be recoverable from guarantors, insurers or investors. Mortgage loans in foreclosure represent loans for which foreclosure proceedings have been initiated and Real estate owned (“REO”) includes properties acquired from mortgagors in default. Fair value is based on the market value of the underlying collateral, determined on a loan or property level basis, less estimated costs to sell. The market value of the collateral is estimated by considering appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions. Mortgage loans in foreclosure are measured at fair value whereas REO is recorded at the lower of adjusted carrying amount at the time the property is acquired or fair value. The non-recurring fair value measurements associated with mortgage loans in foreclosure and REO are based upon assumptions from Level Three of the valuation hierarchy. During the years ended December 31, 2015 and 2014 , Repurchase and foreclosure-related charges totaled a provision of $6 million and a benefit of $2 million , respectively. These amounts were recorded in Other operating expenses, and include changes in the estimate of losses related to off-balance sheet exposure to loan repurchases and indemnifications in addition to the provision for or benefit from valuation adjustments for mortgage loans in foreclosure and REO. See Note 13, 'Credit Risk' for further discussion regarding the balances of mortgage loans in foreclosure, REO, and the off-balance sheet exposure to loan repurchases and indemnifications.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Variable Interest Entities	18. Variable Interest Entities The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements. The Company’s involvement in variable interest entities primarily relate to PHH Home Loans, a joint venture with Realogy Corporation, and a special purpose bankruptcy remote trust that issues asset-backed notes secured by servicing advance receivables. The activities of significant variable interest entities are more fully described below. Assets and liabilities of significant variable interest entities are included in the Consolidated Balance Sheets as follows: December 31, 2015 December 31, 2014 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 80 $ — $ 82 $ — Restricted cash 5 13 3 20 Mortgage loans held for sale 389 — 378 — Accounts receivable, net 5 — 8 — Servicing advances, net — 157 — 155 Property and equipment, net 1 — 1 — Other assets 11 1 8 — Total assets $ 491 $ 171 $ 480 $ 175 Assets held as collateral (1) $ 361 $ 170 $ 353 $ 175 LIABILITIES Accounts payable and accrued expenses $ 14 $ — $ 16 $ — Debt 345 111 335 108 Other liabilities 6 — 10 — Total liabilities (2) $ 365 $ 111 $ 361 $ 108 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 10, “Debt and Borrowing Arrangements” for further information. (2) Excludes intercompany payables. In addition to the assets and liabilities of significant variable interest entities that were consolidated as outlined above, the Company had the following involvement with these entities as of and for the years ended December 31: Net income (loss) (1) 2015 2014 2013 (In millions) PHH Home Loans $ 28 $ 16 $ 43 Servicing Advance Receivables Trust (5 ) (5 ) — PHH Corporation Investment (2) Intercompany receivable (2) 2015 2014 2015 2014 (In millions) PHH Home Loans $ 57 $ 57 $ 14 $ 14 Servicing Advance Receivables Trust 69 72 — — _________________ (1) Includes adjustments for the elimination of intercompany transactions. (2) Amounts are eliminated in the Consolidated Balance Sheets. PHH Home Loans Purpose and Structure. The Company owns 50.1% of PHH Home Loans and Realogy Corporation owns the remaining 49.9% . The operations of PHH Home Loans are governed by the PHH Home Loans Operating Agreement. PHH Home Loans was formed for the purpose of originating and selling mortgage loans primarily sourced through Realogy’s owned real estate brokerage business, NRT, and corporate relocation business, Cartus. All loans originated by PHH Home Loans are sold to unaffiliated third-party investors or PHH Mortgage, in all cases at arm’s-length terms. The PHH Home Loans Operating Agreement provides that at least 15% of the total loans originated by PHH Home Loans are sold to unaffiliated third party investors. PHH Home Loans does not hold any mortgage loans for investment purposes or retain mortgage servicing rights. During the years ended December 31, 2015 , 2014 and 2013 , PHH Home Loans originated residential mortgage loans of $7.9 billion , $7.4 billion and $9.3 billion , respectively, and PHH Home Loans brokered or sold $2.7 billion , $3.3 billion and $5.0 billion , respectively, of mortgage loans to the Company under the terms of a loan purchase agreement. For the year ended December 31, 2015 , 21% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which 91% were originated by PHH Home Loans. As of December 31, 2015 , the Company had outstanding commitments to purchase or fund $207 million of mortgage loans and lock commitments expected to result in closed mortgage loans from PHH Home Loans. The Company manages PHH Home Loans through its subsidiary, PHH Broker Partner, with the exception of certain specified actions that are subject to approval through PHH Home Loans’ board of advisors, which consists of representatives of Realogy and the Company. The board of advisors has no managerial authority, and its primary purpose is to provide a means for Realogy to exercise its approval rights over those specified actions of PHH Home Loans for which Realogy’s approval is required. PHH Mortgage operates under a Management Services Agreement with PHH Home Loans, pursuant to which PHH Mortgage provides certain mortgage origination processing and administrative services for PHH Home Loans. In exchange for such services, PHH Home Loans pays PHH Mortgage a fee per service and a fee per loan, subject to a minimum amount. Realogy’s ownership interest is presented in the Consolidated Financial Statements as a noncontrolling interest. The Company’s determination of the primary beneficiary was based on both quantitative and qualitative factors, which indicated that its variable interests will absorb a majority of the expected losses and receive a majority of the expected residual returns of PHH Home Loans. The Company has maintained the most significant variable interests in the entity, which include the majority ownership of common equity interests, the outstanding Intercompany Line of Credit, PHH Home Loans Loan Purchase and Sale Agreement, and the Management Services Agreement. The Company has been the primary beneficiary of PHH Home Loans since its inception, and there have been no current period events that would change the decision regarding whether or not to consolidate PHH Home Loans. Contributions and Distributions. PHH Home Loans is financed through equity contributions, sales of mortgage loans to PHH Mortgage and other investors, and secured and unsecured subordinated indebtedness. The Company did not make any capital contributions to support the operations of PHH Home Loans during the years ended December 31, 2015 , 2014 and 2013 . The Company is not solely obligated to provide additional financial support to PHH Home Loans. Subject to certain regulatory and financial covenant requirements, net income generated by PHH Home Loans may be distributed quarterly to its members pro rata based upon their respective ownership interests. PHH Home Loans may also require additional capital contributions from the Company and Realogy under the terms of the Operating Agreement if it is required to meet minimum regulatory capital and reserve requirements imposed by any governmental authority or any creditor of PHH Home Loans or its subsidiaries. Distributions received from PHH Home Loans were $10 million , $4 million and $40 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. Other Support. The Company maintains an unsecured subordinated Intercompany Line of Credit with PHH Home Loans with $60 million in available capacity as of December 31, 2015 . This indebtedness is not collateralized by the assets of PHH Home Loans. The Company has extended the subordinated financing to increase PHH Home Loans’ capacity to fund mortgage loans and to support certain covenants of the entity. There were no borrowings under this Intercompany Line of Credit during the years ended December 31, 2015 and 2014 . Realogy Agreements. Unless terminated earlier, our relationship with Realogy continues until January 31, 2055. However, beginning on February 1, 2015 under the PHH Home Loans Operating Agreement, Realogy has the right at any time to give us two years notice of their intent to terminate their interest in PHH Home Loans. In addition, the Strategic Relationship Agreement and the PHH Home Loans Operating Agreement outline certain terms and events that give Realogy the right to terminate the joint venture for cause. Upon Realogy’s termination of the joint venture, whether for cause or upon two years ’ notice without cause, Realogy will have the right either: (i) to require that the Company purchase their interest in PHH Home Loans at fair value, plus, in certain cases, liquidated damages; or (ii) to cause the Company to sell its interest in PHH Home Loans to an unaffiliated third party designated by Realogy at fair value plus, in certain cases, liquidated damages. In the case of a termination by Realogy following a change in control of PHH, the Company may be required to make a cash payment to Realogy in an amount equal to PHH Home Loans’ trailing 12 months net income multiplied by 2 years. The Company has the right to terminate the Operating Agreement upon, among other things, a material breach by Realogy of a material provision of the agreement, in which case the Company has the right to purchase Realogy’s interest in PHH Home Loans at a price derived from an agreed-upon formula based upon fair market value (which is determined with reference to that trailing 12 months EBITDA) for PHH Home Loans and the average market EBITDA multiple for mortgage banking companies. Upon termination, all of PHH Home Loans agreements will terminate automatically (excluding certain privacy, non-competition, venture-related transition provisions and other general provisions), and Realogy will be released from any restrictions under the PHH Home Loans agreements that may restrict its ability to pursue a partnership, joint venture or another arrangement with any third-party mortgage operation. The termination of this joint venture and other Realogy agreements would have a significant impact on our volumes of mortgage loan originations and related Net revenues. Servicing Advance Receivables Trust In 2014, PHH Servicer Advance Receivables Trust (“PSART”) and PHH Servicer Advance Funding Depositor, LLC (the “Depositor”) (collectively the “Servicing Advance Receivables Trust”) were formed. PSART is a special purpose bankruptcy remote trust and was formed for the purpose of issuing asset-backed notes secured by servicing advance receivables. The Company, the Depositor and PSART entered into a Receivables Purchase and Contribution Agreement under which the Company has conveyed (and may in the future convey) to the Depositor the contractual right to reimbursement of certain mortgage loan servicing advances made by the Company related to its servicing activities. The Depositor in turn sells the servicing advances to PSART. The Company has been the primary beneficiary of PSART and the Depositor since its inception, based on their nature and purpose, and there have been no current period events that would change that conclusion. PSART has entered into an agreement to issue asset-backed notes as further discussed in Note 10, 'Debt and Borrowing Arrangements' . Certain capital transactions are executed between the Company and the Depositor whereby subsidiaries of the Company contribute receivables to the Depositor and receive distributions upon the issuance of notes or leveraging of note series. During the year ended December 31, 2015 , the Company and its subsidiaries contributed Accounts receivable of $758 million to the Depositor, and received distributions of $760 million .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	19. Related Party Transactions Thomas P. (Todd) Gibbons, one of the Company’s Directors, is Vice Chairman and Chief Financial Officer of the Bank of New York Mellon Corporation, the Bank of New York Mellon, and BNY Mellon, N.A. (collectively “BNY Mellon”). The Company has certain relationships with BNY Mellon, including financial services, commercial banking and other transactions. BNY Mellon functions as the custodian for loan files, and functions as the indenture trustee on the Senior notes due in 2019 and 2021, and the Servicing advance facility. The Company also executes forward loan sales agreements and certain MSR-related derivative agreements with BNY Mellon. These transactions were entered into in the ordinary course of business upon terms, including interest rate and collateral, substantially the same as those prevailing at the time. The fees paid to BNY Mellon, including interest expense, during the years ended December 31, 2015 , 2014 and 2013 were not significant.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Segment Information	20. Segment Information Operations are conducted through the following two reportable segments: ▪ Mortgage Production — provides mortgage loan origination services and sells mortgage loans. ▪ Mortgage Servicing — performs servicing activities for loans originated by PHH Mortgage and mortgage servicing rights purchased from others, and acts as a subservicer for certain clients that own the underlying mortgage servicing rights. The Company’s continuing operations are located in the U.S. The results of the Fleet business have been excluded from continuing operations and segment results for all periods presented. See Note 2, 'Discontinued Operations' for additional information. The heading Other includes expenses that are not allocated back to the two reportable segments and, for 2014 and 2013, includes certain general corporate overhead expenses that were previously allocated to the Fleet business. Management evaluates the operating results of each of the reportable segments based upon Net revenues and Segment profit or loss, which is presented as the Income or loss from continuing operations before income tax expense or benefit and after Net income or loss attributable to noncontrolling interest. The Mortgage Production segment profit or loss excludes Realogy Corporation’s noncontrolling interest in the profit or loss of PHH Home Loans. Segment results as of and for the year ended December 31 were as follows: Total Assets 2015 2014 (In millions) Mortgage Production segment $ 1,036 $ 1,209 Mortgage Servicing segment 1,802 1,924 Other 814 1,163 Total $ 3,652 $ 4,296 Net Revenues Segment Profit (Loss) (2) 2015 2014 2013 2015 2014 2013 (In millions) Mortgage Production segment $ 586 $ 465 $ 821 $ (47 ) $ (141 ) $ 22 Mortgage Servicing segment 198 163 379 (131 ) (103 ) 155 Other (1) 6 11 — (49 ) (46 ) (66 ) Total $ 790 $ 639 $ 1,200 $ (227 ) $ (290 ) $ 111 ______________ (1) Net results for Other includes the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments which totaled $30 million , $24 million and $54 million for 2015 , 2014 and 2013 , respectively. (2) The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2015 2014 2013 (In millions) (Loss) income from continuing operations before income taxes $ (213 ) $ (284 ) $ 140 Less: net income attributable to noncontrolling interest 14 6 29 Segment (loss) profit $ (227 ) $ (290 ) $ 111 Interest Income Interest Expense 2015 2014 2013 2015 2014 2013 (In millions) Mortgage Production segment $ 40 $ 38 $ 63 $ 45 $ 77 $ 127 Mortgage Servicing segment 4 4 7 45 53 58 Total $ 44 $ 42 $ 70 $ 90 $ 130 $ 185

Selected Quarterly Financial Da

Selected Quarterly Financial Data-(unaudited)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data-(unaudited)	21. Selected Quarterly Financial Data—(unaudited) The following tables present selected unaudited quarterly financial data: Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 261 $ 237 $ 169 $ 123 Income (loss) from continuing operations before income taxes 31 (74 ) (87 ) (83 ) Net income (loss) 23 (56 ) (47 ) (51 ) Net income (loss) attributable to PHH Corporation 21 (62 ) (50 ) (54 ) Earnings (loss) per share attributable to PHH Corporation: Basic $ 0.40 $ (1.20 ) $ (0.84 ) $ (0.92 ) Diluted $ 0.34 $ (1.20 ) $ (0.84 ) $ (0.92 ) Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 111 $ 196 $ 152 $ 180 Loss from continuing operations before income taxes (93 ) (21 ) (129 ) (41 ) Net (loss) income (44 ) (55 ) 218 (32 ) Net (loss) income attributable to PHH Corporation (42 ) (59 ) 215 (33 ) Basic (loss) earnings per share: From continuing operations $ (1.01 ) $ (0.23 ) $ (1.64 ) $ (0.62 ) From discontinued operations 0.28 (0.79 ) 5.64 (0.04 ) Total attributable to PHH Corporation $ (0.73 ) $ (1.02 ) $ 4.00 $ (0.66 ) Diluted (loss) earnings per share: From continuing operations $ (1.01 ) $ (0.23 ) $ (1.64 ) $ (0.62 ) From discontinued operations 0.28 (0.79 ) 5.64 (0.04 ) Total attributable to PHH Corporation $ (0.73 ) $ (1.02 ) $ 4.00 $ (0.66 )

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2015
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT PHH CORPORATION CONDENSED STATEMENTS OF OPERATIONS (In millions) Year Ended December 31, 2015 2014 2013 REVENUES Other income $ 6 $ 11 $ — Interest income 3 — — Net revenues 9 11 — EXPENSES Salaries and related expenses 54 67 55 Interest expense 58 95 126 Depreciation and amortization 5 9 9 Professional and third-party service fees 109 62 48 Technology equipment and software expenses 18 18 15 Other operating expenses 44 32 64 Total expenses before allocations 288 283 317 Corporate overhead allocations to subsidiaries (175 ) (131 ) (125 ) Unsecured interest expense allocation to subsidiaries (55 ) (95 ) (126 ) Total expenses 58 57 66 Loss before income taxes and equity in (loss) earnings of subsidiaries (49 ) (46 ) (66 ) Income tax benefit (23 ) (13 ) (25 ) Loss before equity in (loss) earnings of subsidiaries (26 ) (33 ) (41 ) Equity in (loss) earnings of subsidiaries, excluding discontinued operations (119 ) (158 ) 110 (Loss) income from continuing operations, net of tax (145 ) (191 ) 69 Income from discontinued operations, net of tax — 272 66 Net (loss) income $ (145 ) $ 81 $ 135 Other comprehensive income (loss), net of tax: Currency translation adjustment — (22 ) (14 ) Change in unfunded pension liability, net 1 (5 ) 5 Change in unrealized gains on available-for-sale securities, net — — (1 ) Total other comprehensive income (loss), net of tax 1 (27 ) (10 ) Total comprehensive (loss) income $ (144 ) $ 54 $ 125 PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT PHH CORPORATION CONDENSED BALANCE SHEETS (In millions) December 31, 2015 2014 ASSETS Cash and cash equivalents $ 745 $ 1,115 Restricted cash 10 9 Accounts receivable, net 5 5 Due from subsidiaries 273 248 Investment in subsidiaries 881 1,000 Property and equipment, net 12 10 Other assets 76 74 Total assets $ 2,002 $ 2,461 LIABILITIES Accounts payable and accrued expenses $ 50 $ 65 Debt 615 831 Other liabilities 19 20 Total liabilities 684 916 Commitments and contingencies EQUITY Preferred stock — — Common stock 1 1 Additional paid-in capital 911 989 Retained earnings 416 566 Accumulated other comprehensive loss (10 ) (11 ) Total PHH Corporation stockholders’ equity 1,318 1,545 Total liabilities and equity $ 2,002 $ 2,461 PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT PHH CORPORATION CONDENSED STATEMENTS OF CASH FLOWS (In millions) Year Ended December 31, 2015 2014 2013 Net cash used in operating activities $ (19 ) $ (522 ) $ (6 ) Cash flows from investing activities: Net decrease (increase) in amounts due from subsidiaries 10 — — Purchases of property and equipment (8 ) (5 ) (4 ) Decrease (increase) in restricted cash (1 ) 1 13 Proceeds from sale of business, net of transaction costs — 1,369 — Purchases of certificates of deposit — (250 ) — Proceeds from maturities of certificates of deposit — 250 — Dividends from consolidated subsidiaries — — 106 Net cash provided by investing activities 1 1,365 115 Cash flows from financing activities: Net cash (used in) provided by consolidated subsidiaries — (69 ) 175 Proceeds from unsecured borrowings — — 350 Principal payments on unsecured borrowings (245 ) (435 ) (288 ) Cash tender premiums for convertible debt (30 ) — — Issuances of Common stock 2 10 3 Repurchase of Common stock (77 ) (200 ) — Cash paid for debt issuance costs — — (9 ) Other, net (2 ) (3 ) (5 ) Net cash (used in) provided by financing activities (352 ) (697 ) 226 Net (decrease) increase in Cash and cash equivalents (370 ) 146 335 Cash and cash equivalents at beginning of period 1,115 969 634 Cash and cash equivalents at end of period $ 745 $ 1,115 $ 969 Supplemental Disclosure of Cash Flows Information: Payments for debt retirement premiums $ — $ 22 $ 50 Interest payments 49 83 89 Income tax payments, net 9 534 4

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2015
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS PHH Corporation and Subsidiaries PHH Corporation 2015 2014 2013 2015 2014 2013 (In millions) Deferred tax valuation allowance: Balance, beginning of period $ 35 $ 26 $ 30 $ 5 $ 5 $ 6 Additions: Charged to costs and expenses 10 5 2 6 2 — Charged to other accounts 1 4 — — — — Reductions — — (6 ) — (2 ) (1 ) Balance, end of period $ 46 $ 35 $ 26 $ 11 $ 5 $ 5

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
Discontinued Operations	Effective on July 1, 2014, the Company sold its Fleet Management Services business and related fleet entities (collectively the “Fleet business”) to certain wholly owned subsidiaries of Element Financial Corporation. The results of the Fleet business are presented as discontinued operations in the Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented. The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented. Amounts related to the Fleet business are excluded from the Notes to Consolidated Financial Statements unless otherwise noted. See Note 2, 'Discontinued Operations' for additional information.
Changes In Accounting Policies and Recently Issued Accounting Pronouncements	Changes in Accounting Policies Presentation of Financial Statements. In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.” Under the new guidance, only disposals of a component of an entity that represent a major strategic shift on an entity’s operations and financial results shall be reported in discontinued operations. The guidance also requires the presentation as discontinued operations for an entity that, on acquisition, meets the criteria to be classified as held for sale. In addition, the update expands disclosures for discontinued operations, requires new disclosures regarding disposals of an individually significant component of an entity that does not qualify for discontinued operations presentation and expands disclosures about an entity’s significant continuing involvement with a discontinued operation. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards. The Company adopted this guidance as of January 1, 2015, and there was no impact to the Company’s financial statements or disclosures. Transfers of Financial Assets. In June 2014, the FASB issued limited amendments to ASC 860, “Transfers and Servicing” through the issuance of ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” The update requires entities to account for repurchase-to-maturity transactions as secured borrowings, and eliminates the accounting guidance on linked repurchase financing transactions. In addition, the update expands disclosure requirements related to certain transfers of financial assets accounted for as financings and accounted for as sales. The Company adopted this guidance as of January 1, 2015 and there was no impact to the Company’s financial statements. Recently Issued Accounting Pronouncements Revenue Recognition. In May 2014, the FASB issued ASU 2014-9, “Revenue from Contracts with Customers.” The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS. The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers - Deferral of the Effective Date,” which defers the effective date for ASU 2014-09, “Revenue from Contracts with Customers.” The update defers the effective date of the new revenue recognition guidance for one year; therefore the guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2017. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that period. The Company is not expecting to early adopt this guidance and is currently evaluating the impact of adopting this new standard. Share-Based Payments. In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, rather than being reflected in estimating the grant-date fair value of the award. The amendments are effective for interim and annual periods beginning after December 15, 2015 and will be adopted prospectively. The Company does not expect the adoption of this new standard to have an impact on its financial statements. Presentation of Financial Statements. In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which requires an entity’s management, at each annual and interim reporting period, to evaluate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide enhanced footnote disclosures surrounding any uncertainties and management’s evaluation of the uncertainties. Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued. The amendments in this Update are effective for the first interim and annual periods beginning after December 15, 2016 with early adoption permitted. This new standard enhances disclosure requirements but will not impact the Company’s financial position, results of operations or cash flows. Consolidation. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.” The update impacts an entity’s consolidation analysis of its variable interest entities, particularly those that have fee arrangements and related party relationships. The update eliminates certain conditions for evaluating whether a fee paid to a decision maker or a service provider represents a variable interest, and places more emphasis in the evaluation of variable interests other than fee arrangements. Additionally, the amendments reduce the extent to which related party arrangements cause an entity to be considered a primary beneficiary. The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 and can be applied retrospectively or by using a modified retrospective approach. The Company does not expect the adoption of this new standard to have a significant impact on its financial statements. Interest. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the Balance Sheets as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issue Costs Associated with Line-of-Credit Arrangements” which states that due to the lack of authoritative guidance within ASU 2015-03 for debt issuance costs related to line-of-credit arrangements, the SEC staff would not object to an entity deferring and presenting debt issuance costs as an asset and subsequently amortizing the deferred debt issuance costs ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. The amendments in these updates are effective for the first interim and annual periods beginning after December 15, 2015 and will be applied retrospectively. The adoption will impact the Company's balance sheet presentation, and will result in a reclassification of an insignificant balance of deferred costs from Other assets to Debt, but will not impact the Company’s results of operations or cash flows. Intangibles-Goodwill and Other-Internal-Use Software. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.” This update clarifies whether a cloud computing arrangement should be accounted for as a software license or as a service contract by the customer, depending on the terms of the arrangement. In addition, the guidance requires all software licenses within the scope of the internal use software subtopic to be accounted for consistent with other licenses of intangible assets. The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 and will be adopted prospectively to all arrangements entered into or materially modified after the effective date. The Company does not expect the adoption of this new standard to have an impact on its financial statements. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update revises an entity's accounting related to the classification and measurement of investments in equity securities (except those accounted for under the equity method of accounting or those that result in consolidation of the investee), changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. This update is effective for the first interim and annual periods beginning after December 15, 2017 with early adoption permitted for certain provisions of the update. The Company is currently evaluating the impact of adopting this new standard. Leases. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update revises an entity’s accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the statement of financial position. The distinction between finance and operating leases has not changed and the update does not significantly change the effect of finance and operating leases on the statement of comprehensive income and the statement of cash flows. Additionally, this update requires both qualitative and specific quantitative disclosures. This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting this new standard.
Revenue Recognition	Revenue Recognition Mortgage Production. Mortgage production includes the origination and sale of residential mortgage loans, which are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties. Revenues from Mortgage production include: Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on canceled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned. Gain on loans held for sale. Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives. Interest income. Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days . Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing. Mortgage servicing involves the servicing of residential mortgage loans on behalf of an investor. Revenues from Mortgage servicing include: Loan servicing income–Capitalized servicing portfolio . Loan servicing income from the capitalized servicing portfolio represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. Loan servicing income—Subserviced portfolio . Loan servicing income related to the subserviced portfolio includes fee income related to loans that are subserviced for clients that own the underlying servicing rights. Contractual subservicing fees are generally based on a stated amount per loan and vary depending on the delinquency status of the loan and the terms of each subservicing agreement. Fees related to the subserviced portfolio are accrued in the period the services are performed.
Sale of Financial Assets	Sales of Financial Assets Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Additionally, the Company has entered into agreements to sell a portion of newly-created Mortgage servicing rights (“MSRs”) and may complete other sales of existing MSRs. Each type of loan sale agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions. Each MSR sale agreement is evaluated for sales treatment through a review that includes an analysis of the approvals required by the investor and the purchaser, as well as a review of any seller financing or interim servicing provisions. MSR sales are further evaluated to determine that both title to the MSRs and substantially all risks and rewards have been transferred to the purchaser prior to recognizing a transfer of MSRs as a sale. To the extent the transfer of loan or MSR assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing. For MSR sale agreements where the Company has continuing involvement through an ongoing subservicing arrangement, to the extent the transfer of MSRs qualifies as a sale, any loss is recorded on the sale date and any gain amount is recognized over the life of the subservicing agreement.
Income Taxes	Income Taxes Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Deferred income taxes are determined using the balance sheet method. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes using the current enacted tax rates. Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized. The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local jurisdictions. A consolidated federal income tax return is filed. Depending upon the jurisdiction, the Company files consolidated or separate legal entity state income tax returns. With respect to the Company’s operations prior to the sale of the Fleet business in 2014, the Company was also subject to income tax laws of Canada.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include marketable securities with original maturities of three months or less.
Restricted Cash	Restricted Cash Restricted cash includes amounts specifically designated to repay debt, to provide over-collateralization within warehouse facilities and the servicing advance facility, to support letters of credit, and to fund collected and held for pending mortgage closings.
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Servicing rights may be retained upon sale of mortgage loans in the secondary market. Mortgage loans held for sale are measured at fair value on a recurring basis and are recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.
Servicing Advances, net	Servicing Advances, net The Company is required under most of its mortgage servicing agreements to advance funds to meet contractual principal and interest payments to investors and to pay tax, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Advances are recovered either from the borrower in subsequent payments, from liquidation proceeds or from insurance claims following foreclosure or liquidation. The Company is exposed to losses only to the extent that the respective servicing guidelines are not followed and records a reserve against the advances when it is probable that the servicing advance will be uncollectable. As of December 31, 2015 and 2014 , the recorded reserve for uncollectable servicing advances was $5 million and $4 million , respectively. In certain circumstances, the Company may be required to remit funds on a non-recoverable basis, which are expensed as incurred.
Mortgage Servicing Rights	Mortgage Servicing Rights A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities. Mortgage servicing activities consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan with servicing retained. The servicing rights relate to a single class of residential mortgage loans, which are measured at fair value on a recurring basis. The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on loans held for sale, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations. Subsequent measurements including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows are recorded in Change in fair value of mortgage servicing rights.
Property and Equipment	Property and Equipment Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives: Capitalized software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Capital leases Lesser of the remaining lease term or 5 years Leasehold improvements Lesser of the remaining lease term or 20 years Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
Derivative Instruments	Derivative Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments.
Subservicing Advance Liabilities	Subservicing Advance Liabilities Under the terms of certain subservicing arrangements, the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables.
Loan Repurchase and Indemnification Liability	Loan Repurchase and Indemnification Liability The Company has established a Loan repurchase and indemnification liability for various representation and warranties that are provided in connection with its capacity as a loan originator and servicer. The liability for probable losses includes estimates associated with: (i) losses for loans where a repurchase or indemnification obligation could exist from breaches of representation and warranties, (ii) losses for specific non-performing loans where the Company believes it will be required to indemnify the investor and (iii) losses for government loans that may not be reimbursed pursuant to mortgage insurance programs. We estimate our obligation for representations and warranties using a model that incorporates the Company's historical repurchase and indemnification experience, servicing portfolio performance and other market-based information. The model considers borrower performance (both actual and estimated future defaults), estimated future repurchase and indemnification requests (impacted by current and expected loan file requests, investor demand patterns, expected relief from the expiration of repurchase obligations and levels of origination defects), success rates in appealing repurchase requests (or the ability to cure the origination defects) and projected loss severity rates upon repurchase of the loan (adjusted for home price forecasts). The liability related to specific non-performing loans is based on a loan-level analysis which considers the delinquency status of the loan and projected loss severity rates. To estimate the liability related to losses for loans that may not be reimbursed pursuant to mortgage insurance programs, the Company considers government loans currently in foreclosure, historical origination defect rates and projected loss severity rates. The Company establishes an initial reserve at fair value for expected losses relating to loan sales at the date the loans are de-recognized from the Balance Sheet which is recorded as a reduction of the transaction gain or loss within Gain on loans held for sale, net in the Consolidated Statement of Operations. Subsequent updates to the recorded liability from changes in assumptions are recorded through Other operating expenses in the Consolidated Statement of Operations.
Custodial Accounts	Custodial Accounts The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.5 billion and $3.4 billion as of December 31, 2015 and 2014 , respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Interest income or as a reduction of Secured interest expense.
Subsequent Events	Subsequent Events Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.
Variable Interest Entities	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements.
Commitments and Contingencies	An accrual is established for legal and regulatory contingencies when it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated. In light of the inherent uncertainties involved in litigation, legal proceedings and other governmental and regulatory matters, it is not always possible to determine a reasonable estimate of the amount of a probable loss, and the Company may estimate a range of possible loss for consideration in its estimates. The estimates are based upon currently available information and involve significant judgment taking into account the varying stages and inherent uncertainties of such matters. Accordingly, the Company’s estimates may change from time to time and such changes may be material to the consolidated financial results.

Summary of Significant Accoun33

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of estimated useful life of property and equipment including leasehold improvements	Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives: Capitalized software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Capital leases Lesser of the remaining lease term or 5 years Leasehold improvements Lesser of the remaining lease term or 20 years

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of results of discontinued operations	The results of discontinued operations are summarized below: Year Ended December 31, 2014 2013 (In millions) Net revenues (1) $ 820 $ 1,642 Total expenses (1) 774 1,541 Income before income taxes (1) 46 101 Income tax expense (1) 15 35 Gain from sale of discontinued operations, net of tax 241 — Income from discontinued operations, net of tax $ 272 $ 66 __________________ (1) Represents the results of the Fleet business.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated: Year Ended December 31, 2015 2014 2013 (In millions, except share and per share data) (Loss) income from continuing operations, net of tax $ (131 ) $ (185 ) $ 98 Less: net income attributable to noncontrolling interest 14 6 29 Net (loss) income from continuing operations attributable to PHH Corporation (145 ) (191 ) 69 Income from discontinued operations, net of tax — 272 66 Net (loss) income attributable to PHH Corporation $ (145 ) $ 81 $ 135 Weighted-average common shares outstanding — basic 55,201,713 55,001,300 57,357,339 Effect of potentially dilutive securities: Share-based payment arrangements (1) — — 230,584 Conversion of debt securities — — 8,271,597 Weighted-average common shares outstanding — diluted (2) 55,201,713 55,001,300 65,859,520 Basic (loss) earnings per share: From continuing operations $ (2.62 ) $ (3.47 ) $ 1.21 From discontinued operations — 4.94 1.15 Total attributable to PHH Corporation $ (2.62 ) $ 1.47 $ 2.36 Diluted (loss) earnings per share: From continuing operations $ (2.62 ) $ (3.47 ) $ 1.05 From discontinued operations — 4.94 1.01 Total attributable to PHH Corporation $ (2.62 ) $ 1.47 $ 2.06 __________________ (1) Represents incremental shares from restricted stock units and stock options. (2) For the years ended December 31, 2015 and 2014 , the Company had a net loss from continuing operations attributable to PHH Corporation and, as a result, there were no potentially dilutive securities included in the denominator for computing dilutive earnings per share.
Summary of anti-dilutive securities excluded from the computation of dilutive shares	The following table summarizes anti-dilutive securities excluded from the computation of dilutive shares: Year Ended December 31, 2015 2014 2013 Outstanding stock-based compensation awards (1) 1,386,775 1,584,373 732,186 Assumed conversion of debt securities 4,341,369 8,997,305 — ______________ (1) For the year ended December 31, 2015 , excludes 429,144 shares that are contingently issuable for which the contingency has not been met.

Transfers and Servicing of Mo36

Transfers and Servicing of Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2015
Transfers and Servicing [Abstract]
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 112,686 $ 129,145 $ 140,381 Additions 8,841 8,933 22,132 Payoffs and curtailments (19,092 ) (18,463 ) (33,328 ) Sales (3,445 ) (6,929 ) (40 ) Balance, end of period $ 98,990 $ 112,686 $ 129,145
Schedule of activity in capitalized MSRs	The activity in capitalized MSRs consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 1,005 $ 1,279 $ 1,022 Additions 101 97 244 Sales (39 ) (51 ) — Changes in fair value due to: Realization of expected cash flows (169 ) (155 ) (263 ) Changes in market inputs or assumptions used in the valuation model (18 ) (165 ) 276 Balance, end of period $ 880 $ 1,005 $ 1,279
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows: Year Ended December 31, 2015 2014 2013 (In millions) Servicing fees from capitalized portfolio $ 304 $ 357 $ 395 Late fees 15 17 18 Other ancillary servicing revenue 20 30 39
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Year Ended December 31, 2015 2014 2013 (In millions) Proceeds from new loan sales or securitizations $ 9,075 $ 9,226 $ 22,618 Servicing fees from capitalized portfolio (1) 304 357 395 Repurchases of previously sold loans (2) (128 ) (64 ) (114 ) Servicing advances (3) (2,083 ) (1,963 ) (1,460 ) Repayment of servicing advances (3) 2,086 1,935 1,361 ______________ (1) Excludes late fees and other ancillary servicing revenue. (2) Excludes indemnification payments to investors and insurers of the related mortgage loans and for 2015 includes purchases of repurchase eligible loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of gross notional amount of derivatives	The following table summarizes the gross notional amount of derivatives: December 31, 2015 2014 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 1,048 $ 1,185 Forward delivery commitments 2,468 3,893 Option contracts 125 213 MSR-related agreements 3,945 4,013
Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting	The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting: December 31, 2015 Gross Assets Offsetting Payables Cash Collateral Received Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — MSR-related agreements 27 — (23 ) 4 Derivative assets subject to netting 29 (2 ) (23 ) 4 Not subject to master netting arrangements: Interest rate lock commitments 21 — — 21 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 22 — — 22 Total derivative assets $ 51 $ (2 ) $ (23 ) $ 26 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ 2 $ 2 Total derivative liabilities $ 2 $ (2 ) $ 2 $ 2 December 31, 2014 Gross Assets Offsetting Payables Cash Collateral Received Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — MSR-related agreements 66 (2 ) (56 ) 8 Derivative assets subject to netting 68 (4 ) (56 ) 8 Not subject to master netting arrangements: Interest rate lock commitments 22 — — 22 Forward delivery commitments 3 — — 3 Derivative assets not subject to netting 25 — — 25 Total derivative assets $ 93 $ (4 ) $ (56 ) $ 33 Gross Liabilities Offsetting Receivables Cash Collateral Paid Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 9 $ (4 ) $ (3 ) $ 2 Not subject to master netting arrangements: Forward delivery commitments 5 — — 5 Total derivative liabilities $ 14 $ (4 ) $ (3 ) $ 7
Schedule of gains (losses) recorded in the Consolidated Statements of Operations	The following table summarizes the gains (losses) recorded in the Consolidated Statements of Operations for derivative instruments: Year Ended December 31, 2015 2014 2013 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 261 $ 309 $ 475 Forward delivery commitments (7 ) (89 ) 234 Option contracts (2 ) (4 ) 16 Net derivative gain (loss) related to mortgage servicing rights: MSR-related agreements 29 82 (19 )

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Schedule of components of property and equipment, net	Property and equipment, net consisted of: December 31, 2015 2014 (In millions) Capitalized software $ 131 $ 119 Furniture, fixtures and equipment 32 54 Capital leases 9 23 Leasehold improvements 24 11 196 207 Less: Accumulated depreciation and amortization (149 ) (171 ) Total $ 47 $ 36

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2015
Other Assets [Abstract]
Schedule of other assets	Other assets consisted of: December 31, 2015 2014 (In millions) Repurchase eligible loans (1) $ 104 $ 53 Equity method investments 32 34 Derivatives 26 33 Mortgage loans in foreclosure, net 24 32 Income taxes receivable 23 2 Real estate owned, net 21 21 Deferred financing costs 13 19 Other 14 14 Total $ 257 $ 208 (1) Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent and where it has been determined that there is more than a trivial benefit from exercising the repurchase option. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.

Accounts Payable and Accrued 40

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Summary of components of accounts payable and accrued expenses	Accounts payable and accrued expenses consisted of: December 31, 2015 2014 (In millions) Repurchase eligible loans $ 104 $ 53 Accounts payable 76 69 Accrued payroll and benefits 38 84 Accrued servicing related expenses 17 22 Accrued interest 16 16 Total $ 251 $ 244

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities consisted of: December 31, 2015 2014 (In millions) Accrual for legal and regulatory matters (Note 14) $ 105 $ 29 Pension and other post-employment benefits liability 11 11 Liability for income tax contingencies 9 9 Derivatives 2 7 Other 10 14 Total $ 137 $ 70

Debt and Borrowing Arrangemen42

Debt and Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: December 31, 2015 December 31, 2014 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 632 2.5 % $ 968 $ 800 Uncommitted warehouse facilities — — 2,825 — Servicing advance facility 111 2.3 % 44 108 Convertible notes due in 2017 (3) — 6.0 % n/a 216 Term notes due in 2019 275 7.375 % n/a 275 Term notes due in 2021 340 6.375 % n/a 340 Unsecured credit facilities — — 5 — Unsecured debt 615 831 Total $ 1,358 $ 1,739 (1) Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings. (2) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. (3) As of December 31, 2015, after completion of the exchange offers, an insignificant amount of notes remain. As of December 31, 2014, balance is net of unamortized discount of $29 million .
Schedule of assets held as collateral that are not available to pay the Company's general obligations	Assets held as collateral that are not available to pay the Company’s general obligations as of December 31, 2015 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 7 $ 13 Servicing advances — 157 Mortgage loans held for sale (unpaid principal balance) 661 — Total $ 668 $ 170
Schedule of contractual debt maturities	The following table provides the contractual debt maturities as of December 31, 2015 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 632 $ 111 $ — $ 743 Between one and two years — — — — Between two and three years — — — — Between three and four years — — 275 275 Between four and five years — — — — Thereafter — — 340 340 $ 632 $ 111 $ 615 $ 1,358 (1) Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.

Pension and Other Post Employ43

Pension and Other Post Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
Schedule of changes in the benefit obligations, plan assets and funded status of the plans	The following table shows the change in the benefit obligation, plan assets and funded status for the defined benefit pension plans: Pension Benefits Other Post-Employment Benefits 2015 2014 2015 2014 (In millions) Benefit obligation $ 47 $ 50 $ 1 $ 1 Fair value of plan assets 37 40 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 16 $ 17 $ — $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Summary of income tax (benefit) expense	The following table summarizes Income tax (benefit) expense: Year Ended December 31, 2015 2014 2013 (In millions) Current: Federal $ — $ (461 ) $ — State (1 ) (31 ) (5 ) Income tax contingencies: Change in income tax contingencies — 6 — Interest and penalties — 1 — Total current income tax benefit (1 ) (485 ) (5 ) Deferred: Federal (79 ) 373 40 State (2 ) 13 7 Total deferred income tax (benefit) expense (81 ) 386 47 Income tax (benefit) expense $ (82 ) $ (99 ) $ 42
Summary of components of deferred tax assets and liabilities	The following table summarizes the significant components of deferred tax assets and liabilities: December 31, 2015 2014 (In millions) Deferred tax assets: Accrued liabilities, provisions for losses and deferred income $ 102 $ 72 Federal loss carryforwards and credits 24 — State loss carryforwards and credits 39 32 Other — 5 Gross deferred tax assets 165 109 Valuation allowance (46 ) (35 ) Deferred tax assets, net of valuation allowance 119 74 Deferred tax liabilities: Mortgage servicing rights 297 336 Other 4 — Deferred tax liabilities 301 336 Net deferred tax liability $ 182 $ 262
Schedule of reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate	Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows: Year Ended December 31, 2015 2014 2013 (In millions) (Loss) income from continuing operations before income taxes $ (213 ) $ (284 ) $ 140 Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (75 ) $ (99 ) $ 49 State and local income taxes, net of federal tax benefits (14 ) (12 ) 7 Liabilities for income tax contingencies — 7 — Changes in rate and apportionment factors 3 1 (5 ) Changes in valuation allowance 10 5 2 Nondeductible expenses 6 — 1 Noncontrolling interest (5 ) (2 ) (11 ) Other (7 ) 1 (1 ) Income tax (benefit) expense $ (82 ) $ (99 ) $ 42 Effective tax rate (38.4 )% (35.1 )% 29.8 %
Summary of activity in the liability for unrecognized income tax benefits	Activity related to the Company's unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of: Year Ended December 31, 2015 2014 2013 (In millions) Balance, beginning of period $ 11 $ 4 $ 4 Activity related to tax positions taken during the current year — 7 — Activity related to tax positions taken during prior years — — — Balance, end of period $ 11 $ 11 $ 4

Credit Risk (Tables)

Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2015
Credit Risk
Schedule of information regarding the total loan servicing portfolio	The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others: December 31, 2015 2014 (In millions) Loan Servicing Portfolio Composition Owned $ 99,869 $ 113,849 Subserviced 126,390 113,423 Total $ 226,259 $ 227,272 Conventional loans $ 197,971 $ 195,184 Government loans 24,087 27,720 Home equity lines of credit 4,201 4,368 Total $ 226,259 $ 227,272 Weighted-average interest rate 3.8 % 3.9 %
Schedule of portfolio delinquency	December 31, 2015 2014 Number of Loans Unpaid Balance Number of Loans Unpaid Balance Portfolio Delinquency (1) 30 days 2.22 % 1.55 % 2.43 % 1.75 % 60 days 0.44 0.30 0.58 0.41 90 or more days 0.82 0.62 1.13 0.85 Total 3.48 % 2.47 % 4.14 % 3.01 % Foreclosure/real estate owned (2) 1.74 % 1.51 % 2.22 % 2.04 % _____________ (1) Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio. (2) As of December 31, 2015 and 2014 , the total servicing portfolio included 15,487 and 21,456 of loans in foreclosure with an unpaid principal balance of $3.0 billion and $4.1 billion , respectively.
Summary of the activity in repurchase and foreclosure-related reserves	A summary of the activity in repurchase and foreclosure-related reserves is as follows: Year Ended December 31, 2015 2014 (1) (In millions) Balance, beginning of period $ 93 $ 142 Realized losses (19 ) (65 ) Increase in reserves due to: Changes in assumptions 6 6 New loan sales 9 10 Balance, end of period $ 89 $ 93 ______________ (1) Realized losses includes $12 million that was paid to Fannie Mae related to a resolution agreement and Changes in assumptions includes an $8 million provision for estimated losses related to the sale of MSRs for certain highly delinquent government insured loans.
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned	The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Consolidated Balance Sheets as follows: December 31, 2015 2014 (In millions) Mortgage loans in foreclosure and related advances $ 34 $ 46 Allowance for probable foreclosure losses (10 ) (14 ) Mortgage loans in foreclosure, net $ 24 $ 32 Real estate owned and related advances $ 38 $ 37 Adjustment to value for real estate owned (17 ) (16 ) Real estate owned, net $ 21 $ 21

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's Commitments	The following table summarizes the Company’s commitments as of December 31, 2015 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2016 $ 18 $ 34 2017 17 2 2018 15 — 2019 13 — 2020 13 — Thereafter 24 — Total $ 100 $ 36 ________________ (1) Excludes $10 million of minimum sublease income due in the future under noncancelable subleases.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock-based compensation expense	The following table summarizes expense recognized in Salaries and related expenses in the Consolidated Statements of Operations related to stock-based compensation arrangements: Year Ended December 31, 2015 2014 2013 (In millions) Stock-based compensation expense for equity awards $ 9 $ 8 $ 9 Stock-based compensation expense for liability awards 2 4 — Income tax benefit related to stock-based compensation expense (4 ) (5 ) (4 ) Stock-based compensation expense, net of income taxes $ 7 $ 7 $ 5
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2015 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at January 1, 2015 1,297,181 $ 18.16 Exercised (127,508 ) 19.44 Forfeited or expired (91,797 ) 20.74 Outstanding at December 31, 2015 1,077,876 $ 17.79 6.5 $ 1 Exercisable at December 31, 2015 869,202 $ 16.79 6.4 $ 1 Stock options vested and expected to vest 1,077,686 $ 17.79 7.2 $ —
Schedule of assumptions used for estimating weighted-average grant-date fair value of stock options using the Black-Scholes option valuation model	Year Ended December 31, 2013 Expected life (in years) 6.5 Risk-free interest rate 1.14% Expected volatility 52.3% Dividend yield —
Summary of restricted stock unit activity	The following tables summarize restricted stock unit activity for the year ended December 31, 2015 : Number of RSUs Weighted- Average Grant-Date Fair Value Performance-based & market-based RSUs (1) Outstanding at January 1, 2015 (2) 742,246 $ 8.41 Granted 166,541 18.67 Forfeited (30,542 ) 9.36 Converted (28,136 ) 7.28 Cancelled due to non-achievement of performance or market condition (420,965 ) 6.73 Outstanding at December 31, 2015 429,144 $ 14.04 RSUs expected to be converted into shares of Common stock 429,048 $ 14.04 Service-based RSUs Outstanding at January 1, 2015 (2) 300,488 $ 22.76 Granted (3) 126,156 21.61 Converted (78,772 ) 22.84 Outstanding at December 31, 2015 347,872 $ 22.33 RSUs expected to be converted into shares of Common stock 341,890 $ 22.32 ____________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance-based awards represents the expected number to be earned. (2) The prior year presentation included 148,023 unvested Performance and market-based RSUs and 284,370 unvested Service-based RSUs, which were originally to be paid in PHH Common stock that, as a result of the sale of Fleet business, will be settled in cash pursuant to certain provisions of the original settlement terms of the agreements. These awards were reclassified out of the opening balances and are in the Liability awards section below. (3) Includes 42,890 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
Schedule of assumptions used for estimating weighted-average grant-date fair value of market-based RSUs using a Monte Carlo simulation valuation model	The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions: Year Ended December 31, 2015 2014 2013 Grant date stock price $ 24.24 $ 22.93 $ 22.28 Risk-free interest rate 0.94 % 0.94 % 0.42 % Expected volatility 30.2 % 35.3 % 38.6 % Dividend yield — — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: December 31, 2015 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 704 $ 39 $ — $ 743 Mortgage servicing rights — — 880 — 880 Other assets—Derivative assets: Interest rate lock commitments — — 21 — 21 Forward delivery commitments — 3 — (2 ) 1 MSR-related agreements — 27 — (23 ) 4 LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 2 $ — $ — $ 2 December 31, 2014 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 873 $ 42 $ — $ 915 Mortgage servicing rights — — 1,005 — 1,005 Other assets—Derivative assets: Interest rate lock commitments — — 22 — 22 Forward delivery commitments — 5 — (2 ) 3 MSR-related agreements — 66 — (58 ) 8 LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 14 $ — $ (7 ) $ 7
Schedule of difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity	The following table reflects the difference between the carrying amounts of MLHS measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity: December 31, 2015 December 31, 2014 Total Loans 90 days or more past due and on non-accrual status Total Loans 90 days or more past due and on non-accrual status (In millions) Carrying amount $ 743 $ 9 $ 915 $ 13 Aggregate unpaid principal balance 738 11 903 17 Difference $ 5 $ (2 ) $ 12 $ (4 )
Schedule of components of Mortgage loans held for sale	The following table summarizes the components of Mortgage loans held for sale: December 31, 2015 2014 (In millions) First mortgages: Conforming $ 616 $ 761 Non-conforming 88 111 Total first mortgages 704 872 Second lien 4 5 Scratch and Dent 35 37 Other — 1 Total $ 743 $ 915
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs: Year Ended December 31, 2015 2014 Initial capitalization rate of additions to MSRs 1.14 % 1.09 % December 31, 2015 2014 Capitalization servicing rate 0.89 % 0.89 % Capitalization servicing multiple 3.1 3.1 Weighted-average servicing fee (in basis points) 29 29
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): December 31, 2015 2014 Weighted-average prepayment speed (CPR) 9.1 % 11.5 % Option adjusted spread, in basis points (OAS) 977 865 Weighted-average delinquency rate 5.3 % 5.0 %
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: December 31, 2015 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (33 ) $ (41 ) $ (21 ) Impact on fair value of 20% adverse change (64 ) (78 ) (43 )
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Year Ended December 31, 2015 2014 MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 42 $ 1,005 $ 22 $ 49 $ 1,279 $ 22 Realized and unrealized gains (losses) 6 (187 ) 261 (3 ) (320 ) 309 Purchases 28 — — 50 — — Issuances 5 101 — 3 97 — Settlements (43 ) (39 ) (262 ) (53 ) (51 ) (309 ) Transfers into Level Three 38 — — 32 — — Transfers out of Level Three (37 ) — — (36 ) — — Balance, end of period $ 39 $ 880 $ 21 $ 42 $ 1,005 $ 22
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Consolidated Statements of Operations as follows: Year Ended December 31, 2015 2014 (in millions) Gain on loans held for sale, net: Mortgage loans held for sale $ 1 $ (8 ) Interest rate lock commitments 261 309 Change in fair value of mortgage servicing rights: Mortgage servicing rights (187 ) (320 ) Interest income: Mortgage loans held for sale 5 5
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows: Year Ended December 31, 2015 2014 (in millions) Gain on loans held for sale, net $ 17 $ 17 Change in fair value of mortgage servicing rights (18 ) (165 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2015
Variable Interest Entities
Schedule of Variable Interest Entities	Assets and liabilities of significant variable interest entities are included in the Consolidated Balance Sheets as follows: December 31, 2015 December 31, 2014 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 80 $ — $ 82 $ — Restricted cash 5 13 3 20 Mortgage loans held for sale 389 — 378 — Accounts receivable, net 5 — 8 — Servicing advances, net — 157 — 155 Property and equipment, net 1 — 1 — Other assets 11 1 8 — Total assets $ 491 $ 171 $ 480 $ 175 Assets held as collateral (1) $ 361 $ 170 $ 353 $ 175 LIABILITIES Accounts payable and accrued expenses $ 14 $ — $ 16 $ — Debt 345 111 335 108 Other liabilities 6 — 10 — Total liabilities (2) $ 365 $ 111 $ 361 $ 108 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 10, “Debt and Borrowing Arrangements” for further information. (2) Excludes intercompany payables. Net income (loss) (1) 2015 2014 2013 (In millions) PHH Home Loans $ 28 $ 16 $ 43 Servicing Advance Receivables Trust (5 ) (5 ) — PHH Corporation Investment (2) Intercompany receivable (2) 2015 2014 2015 2014 (In millions) PHH Home Loans $ 57 $ 57 $ 14 $ 14 Servicing Advance Receivables Trust 69 72 — — _________________ (1) Includes adjustments for the elimination of intercompany transactions. (2) Amounts are eliminated in the Consolidated Balance Sheets.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of segment results	Segment results as of and for the year ended December 31 were as follows: Total Assets 2015 2014 (In millions) Mortgage Production segment $ 1,036 $ 1,209 Mortgage Servicing segment 1,802 1,924 Other 814 1,163 Total $ 3,652 $ 4,296 Net Revenues Segment Profit (Loss) (2) 2015 2014 2013 2015 2014 2013 (In millions) Mortgage Production segment $ 586 $ 465 $ 821 $ (47 ) $ (141 ) $ 22 Mortgage Servicing segment 198 163 379 (131 ) (103 ) 155 Other (1) 6 11 — (49 ) (46 ) (66 ) Total $ 790 $ 639 $ 1,200 $ (227 ) $ (290 ) $ 111 ______________ (1) Net results for Other includes the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments which totaled $30 million , $24 million and $54 million for 2015 , 2014 and 2013 , respectively. (2) The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2015 2014 2013 (In millions) (Loss) income from continuing operations before income taxes $ (213 ) $ (284 ) $ 140 Less: net income attributable to noncontrolling interest 14 6 29 Segment (loss) profit $ (227 ) $ (290 ) $ 111 Interest Income Interest Expense 2015 2014 2013 2015 2014 2013 (In millions) Mortgage Production segment $ 40 $ 38 $ 63 $ 45 $ 77 $ 127 Mortgage Servicing segment 4 4 7 45 53 58 Total $ 44 $ 42 $ 70 $ 90 $ 130 $ 185
Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss)	The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2015 2014 2013 (In millions) (Loss) income from continuing operations before income taxes $ (213 ) $ (284 ) $ 140 Less: net income attributable to noncontrolling interest 14 6 29 Segment (loss) profit $ (227 ) $ (290 ) $ 111

Selected Quarterly Financial 51

Selected Quarterly Financial Data-(unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Summary of selected unaudited quarterly financial data	The following tables present selected unaudited quarterly financial data: Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 261 $ 237 $ 169 $ 123 Income (loss) from continuing operations before income taxes 31 (74 ) (87 ) (83 ) Net income (loss) 23 (56 ) (47 ) (51 ) Net income (loss) attributable to PHH Corporation 21 (62 ) (50 ) (54 ) Earnings (loss) per share attributable to PHH Corporation: Basic $ 0.40 $ (1.20 ) $ (0.84 ) $ (0.92 ) Diluted $ 0.34 $ (1.20 ) $ (0.84 ) $ (0.92 ) Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 111 $ 196 $ 152 $ 180 Loss from continuing operations before income taxes (93 ) (21 ) (129 ) (41 ) Net (loss) income (44 ) (55 ) 218 (32 ) Net (loss) income attributable to PHH Corporation (42 ) (59 ) 215 (33 ) Basic (loss) earnings per share: From continuing operations $ (1.01 ) $ (0.23 ) $ (1.64 ) $ (0.62 ) From discontinued operations 0.28 (0.79 ) 5.64 (0.04 ) Total attributable to PHH Corporation $ (0.73 ) $ (1.02 ) $ 4.00 $ (0.66 ) Diluted (loss) earnings per share: From continuing operations $ (1.01 ) $ (0.23 ) $ (1.64 ) $ (0.62 ) From discontinued operations 0.28 (0.79 ) 5.64 (0.04 ) Total attributable to PHH Corporation $ (0.73 ) $ (1.02 ) $ 4.00 $ (0.66 )

Summary of Significant Accoun52

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2015USD ($)segment	Dec. 31, 2014USD ($)
Accounting Policies [Abstract]
Number of reportable segments | segment	2
Period of origination of loans within which they are sold to investors	30 days
Days past due for loans to be placed on non-accrual status	90 days
Allowance for doubtful accounts	$ 5	$ 4
Custodial Accounts
Customer escrow funds and custodial funds due to investors	$ 3,500	$ 3,400
Capitalized software | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	3 years
Capitalized software | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	5 years
Capital leases | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	5 years
Furniture, fixtures and equipment | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	3 years
Furniture, fixtures and equipment | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	7 years
Leasehold improvements | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	20 years

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions		Jul. 01, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Results of discontinued operations
Gain from sale of discontinued operations, net of tax			$ 0	$ 241	$ 0
Income from discontinued operations, net of tax			$ 0	272	66
Gain from reclassification of currency translation adjustments				22
Fleet business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price		$ 1,400
Results of discontinued operations
Net revenues(1)	[1]			820	1,642
Total expenses(1)	[1]			774	1,541
Income before income taxes	[1]			46	101
Income tax expense	[1]			15	35
Gain from sale of discontinued operations, net of tax				241	0
Income from discontinued operations, net of tax				272	$ 66
Gain from reclassification of currency translation adjustments				22
Income tax expense related to gain on sale of discontinued operations				227
Repatriation of foreign earnings
Results of discontinued operations
Expense associated with the earnings of Canadian subsidiaries				$ 52
[1]	Represents the results of the Fleet business.

Earnings Per Share (Details)

Earnings Per Share (Details)	1 Months Ended	12 Months Ended
	Mar. 31, 2015shares	Dec. 31, 2015shares	Dec. 31, 2014USD ($)agreementshares
Share Repurchases [Line Items]
Aggregate amount of PHH's common stock repurchase | $			$ 450,000,000
Accelerated Stock Repurchase Programs
Share Repurchases [Line Items]
Number of separate ASR agreements to repurchase PHH's common stock | agreement			2
Aggregate amount of PHH's common stock repurchase | $			$ 200,000,000
Repurchase of common stock (in shares) | shares	1,574,252		6,962,695
Open Market Share Repurchase Program
Share Repurchases [Line Items]
Aggregate amount of PHH's common stock repurchase | $			$ 250,000,000
Repurchase of common stock (in shares) | shares		4,841,267
Convertible Notes Due 2017
Convertible Debt [Abstract]
Number of shares issued from conversion of notes (in shares) | shares		10,075,653

Earnings Per Share (Details 2)

Earnings Per Share (Details 2) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Earnings Per Share [Abstract]
(Loss) income from continuing operations, net of tax										$ (131)	$ (185)	$ 98
Less: net income attributable to noncontrolling interest										14	6	29
Net (loss) income from continuing operations attributable to PHH Corporation										(145)	(191)	69
Income from discontinued operations, net of tax										0	272	66
Net (loss) income attributable to PHH Corporation		$ (54)	$ (50)	$ (62)	$ 21	$ (33)	$ 215	$ (59)	$ (42)	$ (145)	$ 81	$ 135
Weighted-average common shares outstanding - basic (in shares)										55,201,713	55,001,300	57,357,339
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	[1]									0	0	230,584
Conversion of debt securities (in shares)										0	0	8,271,597
Weighted-average common shares outstanding - diluted (in shares)	[2]									55,201,713	55,001,300	65,859,520
Basic (loss) earnings per share:
From continuing operations (in dollars per share)						$ (0.62)	$ (1.64)	$ (0.23)	$ (1.01)	$ (2.62)	$ (3.47)	$ 1.21
From discontinued operations (in dollars per share)						(0.04)	5.64	(0.79)	0.28	0	4.94	1.15
Total attributable to PHH Corporation (in dollars per share)		$ (0.92)	$ (0.84)	$ (1.20)	$ 0.40	(0.66)	4	(1.02)	(0.73)	(2.62)	1.47	2.36
Diluted (loss) earnings per share:
From continuing operations (in dollars per share)						(0.62)	(1.64)	(0.23)	(1.01)	(2.62)	(3.47)	1.05
From discontinued operations (in dollars per share)						(0.04)	5.64	(0.79)	0.28	0	4.94	1.01
Total attributable to PHH Corporation (in dollars per share)		$ (0.92)	$ (0.84)	$ (1.20)	$ 0.34	$ (0.66)	$ 4	$ (1.02)	$ (0.73)	$ (2.62)	$ 1.47	$ 2.06
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met										429,144
Stock Compensation Plan [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	[3]									1,386,775	1,584,373	732,186
Convertible Debt Securities [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)										4,341,369	8,997,305	0
[1]	Represents incremental shares from restricted stock units and stock options.
[2]	For the years ended December 31, 2015 and 2014, the Company had a net loss from continuing operations attributable to PHH Corporation and, as a result, there were no potentially dilutive securities included in the denominator for computing dilutive earnings per share.
[3]	For the year ended December 31, 2015, excludes 429,144 shares that are contingently issuable for which the contingency has not been met.

Transfers and Servicing of Mo56

Transfers and Servicing of Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Transfers and Servicing [Abstract]
Percentage of mortgage loans sold to GSEs	62.00%
Percentage of mortgage loans sold to private investors	38.00%
Percentage of mortgage loans sold on which mortgage servicing rights were retained	65.00%
Servicing portfolio	$ 227,272	$ 227,272		$ 226,259
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	227,272
Balance, end of period	226,259	227,272
Capitalized servicing rights
Transfers and Servicing [Abstract]
Servicing portfolio	112,686	129,145	$ 140,381	98,990
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	112,686	129,145	140,381
Additions	8,841	8,933	22,132
Payoffs and curtailments	(19,092)	(18,463)	(33,328)
Sales	(3,445)	(6,929)	(40)
Balance, end of period	$ 98,990	$ 112,686	$ 129,145
Commitment to sell mortgage servicing rights				467
Commitment to sell mortgage servicing rights, fair value				4
Interest rate lock commitments and mortgage loans held for sale
Activity in the loan servicing portfolio associated with capitalized servicing rights
Commitment to sell mortgage servicing rights				$ 175

Transfers and Servicing of Mo57

Transfers and Servicing of Mortgage Loans (Details 2) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Activity in capitalized MSRs
Balance, beginning of period		$ 1,005	$ 1,279	$ 1,022
Additions		101	97	244
Sales		(39)	(51)	0
Changes in fair value due to:
Realization of expected cash flows		(169)	(155)	(263)
Changes in market inputs or assumptions used in the valuation model		(18)	(165)	276
Balance, end of period		880	1,005	1,279
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Servicing fees from capitalized portfolio	[1]	304	357	395
Late fees		15	17	18
Other ancillary servicing revenue		$ 20	$ 30	39
Weighted average life of MSRs		6 years 4 months 24 days	5 years 8 months 12 days
Percent of MSRs associated with the loan servicing portfolio		48.00%	48.00%
Cash flows relating to loan sales in which the Company has continuing involvement
Proceeds from new loan sales or securitizations		$ 9,075	$ 9,226	22,618
Servicing fees from capitalized portfolio	[1]	304	357	395
Repurchases of previously sold loans	[2]	(128)	(64)	(114)
Servicing advances	[3]	(2,083)	(1,963)	(1,460)
Repayment of servicing advances	[3]	2,086	1,935	1,361
Realized Gain Loss on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans		$ 300	$ 276	$ 720
[1]	Excludes late fees and other ancillary servicing revenue.
[2]	Excludes indemnification payments to investors and insurers of the related mortgage loans and for 2015 includes purchases of repurchase eligible loans.
[3]	Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Interest rate lock commitments | Minimum
Derivatives
Loan commitment period	30 days
Interest rate lock commitments | Maximum
Derivatives
Loan commitment period	90 days
Not designated as hedging instruments | Interest rate lock commitments
Notional amount of derivatives
Notional	$ 1,048	$ 1,185
Not designated as hedging instruments | Forward delivery commitments
Notional amount of derivatives
Notional	2,468	3,893
Not designated as hedging instruments | Option contracts
Notional amount of derivatives
Notional	125	213
Not designated as hedging instruments | MSR-related agreements
Notional amount of derivatives
Notional	$ 3,945	$ 4,013

Derivatives (Details 2)

Derivatives (Details 2) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
ASSETS
Net Amount, asset	$ 26	$ 33
LIABILITIES
Gross Liabilities, Not subject to master netting agreements, total	2	7
Not designated as hedging instruments
ASSETS
Gross Assets, Subject to master netting agreements	29	68
Gross Assets, Not subject to master netting agreements	22	25
Gross Assets, Total	51	93
Offsetting Payables	(2)	(4)
Cash Collateral (Received) Paid	(23)	(56)
Derivative Asset, Fair Value, Amount Offset Against Collateral	4	8
Net Amount, asset	26	33
LIABILITIES
Gross Liabilities, Total	2	14
Offsetting Receivables	(2)	(4)
Cash Collateral Received (paid)	2	(3)
Gross Liabilities, Not subject to master netting agreements, total	2	7
Not designated as hedging instruments | Forward delivery commitments
ASSETS
Gross Assets, Subject to master netting agreements	2	2
Gross Assets, Not subject to master netting agreements	1	3
Offsetting Payables	(2)	(2)
Cash Collateral (Received) Paid	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	0	0
LIABILITIES
Gross Liabilities, Subject to master netting agreements	2	9
Gross Liabilities, Not subject to master netting agreements		5
Offsetting Receivables	(2)	(4)
Cash Collateral Received (paid)	2	(3)
Derivative Liability, Fair Value, Amount Offset Against Collateral	2	2
Not designated as hedging instruments | MSR-related agreements
ASSETS
Gross Assets, Subject to master netting agreements	27	66
Offsetting Payables	0	(2)
Cash Collateral (Received) Paid	(23)	(56)
Derivative Asset, Fair Value, Amount Offset Against Collateral	4	8
Not designated as hedging instruments | Interest rate lock commitments
ASSETS
Gross Assets, Not subject to master netting agreements	$ 21	$ 22

Derivatives (Details 3)

Derivatives (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Derivatives
Net derivative gain (loss) related to mortgage servicing rights	$ 29	$ 82	$ (19)
Interest rate lock commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	261	309	475
Forward delivery commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	(7)	(89)	234
Option contracts | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	(2)	(4)	16
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights
Derivatives
Net derivative gain (loss) related to mortgage servicing rights	$ 29	$ 82	$ (19)

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Property and equipment
Property and equipment, gross	$ 196	$ 207
Less: Accumulated depreciation and amortization	(149)	(171)
Property and equipment, net	47	36
Capitalized software
Property and equipment
Property and equipment, gross	131	119
Furniture and Fixtures
Property and equipment
Property and equipment, gross	32	54
Capital leases
Property and equipment
Property and equipment, gross	9	23
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 24	$ 11

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Other Assets [Abstract]
Repurchase eligible loans	[1]	$ 104	$ 53
Equity method investments		32	34
Derivatives		26	33
Mortgage loans in foreclosure, net		24	32
Income taxes receivable		23	2
Real estate owned, net		21	21
Deferred financing costs		13	19
Other		14	14
Total		$ 257	$ 208
Repurchase eligibility, prior number of days delinquent		90 days
[1]	Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent and where it has been determined that there is more than a trivial benefit from exercising the repurchase option. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.

Accounts Payable and Accrued 63

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Accounts Payable and Accrued Liabilities [Abstract]
Repurchase eligible loans	$ 104	$ 53
Accounts payable	76	69
Accrued payroll and benefits	38	84
Accrued servicing related expenses	17	22
Accrued interest	16	16
Total	$ 251	$ 244

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Other Liabilities Disclosure [Abstract]
Accrual for legal and regulatory matters	$ 105	$ 29
Pension and other post-employment benefits liability	11	11
Liability for income tax contingencies	9	9
Derivatives	2	7
Other	10	14
Total	$ 137	$ 70

Debt and Borrowing Arrangemen65

Debt and Borrowing Arrangements (Details) - USD ($) $ in Millions		Dec. 31, 2015	Dec. 31, 2014
Debt and Borrowing Arrangements
Total Debt		$ 1,358	$ 1,739
Asset-backed Securities
Debt and Borrowing Arrangements
Total Debt		$ 111	108
Weighted average interest rate (as a percent)	[1]	2.30%
Available Capacity	[2]	$ 44
Committed warehouse facilities
Debt and Borrowing Arrangements
Total Debt		$ 632	800
Weighted average interest rate (as a percent)	[1]	2.50%
Available Capacity	[2]	$ 968
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Total Debt		$ 0	0
Weighted average interest rate (as a percent)	[1]	0.00%
Available Capacity	[2]	$ 2,825
6.0% Convertible Notes due 2017
Debt and Borrowing Arrangements
Total Debt	[3]	$ 0	216
Interest rate (as a percent)	[1],[3]	6.00%
Unamortized discount			29
7.375% Senior notes due 2019
Debt and Borrowing Arrangements
Total Debt		$ 275	275
Interest rate (as a percent)	[1]	7.375%
6.375% Senior notes due 2021
Debt and Borrowing Arrangements
Total Debt		$ 340	340
Interest rate (as a percent)	[1]	6.375%
Unsecured credit facilities
Debt and Borrowing Arrangements
Total Debt		$ 0	0
Interest rate (as a percent)	[1]	0.00%
Available Capacity	[2]	$ 5
Unsecured debt
Debt and Borrowing Arrangements
Total Debt		$ 615	$ 831
[1]	Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings.
[2]	Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
[3]	As of December 31, 2015, after completion of the exchange offers, an insignificant amount of notes remain. As of December 31, 2014, balance is net of unamortized discount of $29 million.

Debt and Borrowing Arrangemen66

Debt and Borrowing Arrangements (Details 2) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Debt and Borrowing Arrangements
Restricted cash	$ 47	$ 56
Servicing advances, net	691	694
Mortgage loans held for sale (unpaid principal balance)	743	$ 915
Warehouse Agreement Borrowings | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	7
Servicing advances, net	0
Mortgage loans held for sale (unpaid principal balance)	661
Total	668
Asset-backed Securities | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	13
Servicing advances, net	157
Mortgage loans held for sale (unpaid principal balance)	0
Total	$ 170

Debt and Borrowing Arrangemen67

Debt and Borrowing Arrangements (Details 3) $ in Millions	Dec. 31, 2015USD ($)
Contractual debt maturities
Within one year	$ 743
Between one and two years	0
Between two and three years	0
Between three and four years	275
Between four and five years	0
Thereafter	340
Total	1,358
Warehouse Agreement Borrowings
Contractual debt maturities
Within one year	632
Between one and two years	0
Between two and three years	0
Between three and four years	0
Between four and five years	0
Thereafter	0
Total	632
Asset-backed Securities
Contractual debt maturities
Within one year	111	[1]
Between one and two years	0	[1]
Between two and three years	0	[1]
Between three and four years	0	[1]
Between four and five years	0	[1]
Thereafter	0	[1]
Total	111	[1]
Unsecured debt
Contractual debt maturities
Within one year	0
Between one and two years	0
Between two and three years	0
Between three and four years	275
Between four and five years	0
Thereafter	340
Total	$ 615
[1]	Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.

Debt and Borrowing Arrangemen68

Debt and Borrowing Arrangements (Details 4)

Dec. 29, 2015USD ($)

Jul. 31, 2015USD ($)

Jun. 30, 2015USD ($)shares

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 18, 2015USD ($)

Dec. 14, 2015USD ($)

Jun. 11, 2015USD ($)

Apr. 07, 2015USD ($)

Mar. 31, 2015USD ($)

Debt and Borrowing Arrangements

Pre-tax loss on extinguishment of debt

$ 30,000,000

$ 24,000,000

$ 54,000,000

Net worth threshold, base amount

$ 1,000,000,000

Ratio of indebtedness to tangible net worth

4.5

6.375% Senior notes due 2021

Debt and Borrowing Arrangements

Principal amount of notes

$ 340,000,000

Interest rate (as a percent)

[1]

6.375%

Committed warehouse facilities

Debt and Borrowing Arrangements

Commitment period

364 days

Committed warehouse facilities | The Royal Bank of Scotland plc

Debt and Borrowing Arrangements

Terminated borrowing capacity amount

$ 150,000,000

Committed warehouse facilities | Wells Fargo Bank

Debt and Borrowing Arrangements

Borrowing capacity

$ 450,000,000

Committed warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

$ 500,000,000

Committed warehouse facilities | Bank Of America

Debt and Borrowing Arrangements

Borrowing capacity

$ 400,000,000

Committed warehouse facilities | Credit Suisse First Boston Mortgage Capital LLC

Debt and Borrowing Arrangements

Borrowing capacity

$ 250,000,000

Increase (reduction) in aggregate maximum principal

325,000,000

Asset-backed Securities

Debt and Borrowing Arrangements

Borrowing capacity

$ 155,000,000

Uncommitted warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

$ 2,500,000,000

Uncommitted warehouse facilities | Credit Suisse First Boston Mortgage Capital LLC

Debt and Borrowing Arrangements

Borrowing capacity

$ 325,000,000

$ 325,000,000

Unsecured credit facilities

Debt and Borrowing Arrangements

Interest rate (as a percent)

[1]

0.00%

Unsecured credit facilities | Maximum

Debt and Borrowing Arrangements

Ratio of indebtedness to tangible net worth

4.50

Unsecured credit facilities | Minimum

Debt and Borrowing Arrangements

Net worth threshold, base amount

$ 1,000,000,000

Amount to be maintained in committed warehouse mortgage facilities, excluding GSEs

$ 750,000,000

6.0% Convertible Notes due 2017

Debt and Borrowing Arrangements

Interest rate (as a percent)

[1],[2]

6.00%

7.375% Senior notes due 2019

Debt and Borrowing Arrangements

Principal amount of notes

$ 275,000,000

Interest rate (as a percent)

[1]

7.375%

Unsecured debt | 6.0% Convertible Notes due 2017

Debt and Borrowing Arrangements

Principal amount of notes

$ 243,000,000

Cash consideration in exchange

1,125

Repayments of convertible debt

$ 4,000,000

$ 274,000,000

Number of shares issued from conversion of notes (in shares) | shares

10,076,000

Conversation ratio

0.0414611

[1]

Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings.

[2]

As of December 31, 2015, after completion of the exchange offers, an insignificant amount of notes remain. As of December 31, 2014, balance is net of unamortized discount of $29 million.

Pension and Other Post Employ69

Pension and Other Post Employment Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Defined Contribution Savings Plans
Cost for contributions to defined contribution savings plans	$ 8	$ 8	$ 9
Pension Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	47	50
Fair value of plan assets	37	40
Unfunded status recognized in Other liabilities	(10)	(10)
Amounts recognized in Accumulated other comprehensive income	16	17
Change in benefit obligation	(3)
Future expected benefit payments
Future expected benefit payments in the year ending December 31, 2016	2
Future expected benefit payments in the year ending December 31, 2017	2
Future expected benefit payments in the year ending December 31, 2018	2
Future expected benefit payments in the year ending December 31, 2019	2
Future expected benefit payments in the year ending December 31, 2020	2
Future expected benefit payments for five years ending December 31, 2025	14
Contributions made to the plan		1
Other Post Employment Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	1	1
Fair value of plan assets	0	0
Unfunded status recognized in Other liabilities	(1)	(1)
Amounts recognized in Accumulated other comprehensive income	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Current:
Federal									$ 0	$ (461)	$ 0
State									(1)	(31)	(5)
Income tax contingencies:
Change in income tax contingencies									0	6	0
Interest and penalties									0	1	0
Total current income tax benefit									(1)	(485)	(5)
Deferred:
Federal									(79)	373	40
State									(2)	13	7
Total deferred income tax (benefit) expense									(81)	386	47
Income tax (benefit) expense									(82)	(99)	42
Deferred tax assets:
Accrued liabilities, provisions for losses and deferred income	$ 102				$ 72				102	72
Federal loss carryforwards and credits	24				0				24	0
State loss carryforwards and credits	39				32				39	32
Other	0				5				0	5
Gross deferred tax assets	165				109				165	109
Valuation allowance	(46)				(35)				(46)	(35)
Deferred tax assets, net of valuation allowance	119				74				119	74
Deferred tax liabilities:
Mortgage servicing rights	297				336				297	336
Other	4				0				4	0
Deferred tax liabilities	301				336				301	336
Net deferred tax liability	182				262				182	262
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
Income (loss) from continuing operations before income taxes	(83)	$ (87)	$ (74)	$ 31	(41)	$ (129)	$ (21)	$ (93)	$ (213)	$ (284)	$ 140
Statutory federal income tax rate									35.00%	35.00%	35.00%
Income taxes computed at statutory federal rate									$ (75)	$ (99)	$ 49
State and local income taxes, net of federal tax benefits									(14)	(12)	7
Liabilities for income tax contingencies									0	7	0
Changes in rate and apportionment factors									3	1	(5)
Changes in valuation allowance									10	5	2
Nondeductible expenses									6	0	1
Noncontrolling interest									(5)	(2)	(11)
Other									(7)	1	(1)
Income tax (benefit) expense									$ (82)	$ (99)	$ 42
Effective tax rate (as a percent)									(38.40%)	(35.10%)	29.80%
Unrecognized income tax benefits
Balance, beginning of period				$ 11				$ 4	$ 11	$ 4	$ 4
Activity related to tax positions taken during the current year									0	7	0
Activity related to tax positions taken during prior years									0	0	0
Balance, end of period	11				11				11	11	4
Estimated liability for potential payment of interest and penalties	2				1				2	1
Impact of resolution of income tax contingencies or reductions in valuation allowances on effective income tax rate	$ 11				$ 11				$ 11	$ 11	$ 4

Credit Risk (Details)

Credit Risk (Details) $ in Millions		12 Months Ended
		Dec. 31, 2015USD ($)loan	Dec. 31, 2014USD ($)loan
Credit Risk
Period of origination of loans within which they are sold to investors		30 days
Loan Servicing Portfolio Composition
Total servicing portfolio		$ 226,259	$ 227,272
Weighted-average interest rate (as a percent)		3.80%	3.90%
Portfolio Delinquency
Number of Loans (as a percent)	[1]	3.48%	4.14%
Unpaid Balance (as a percent)	[1]	2.47%	3.01%
Foreclosure/real estate owned
Number of Loans (as a percent)	[1],[2]	1.74%	2.22%
Unpaid Balance (as a percent)	[1],[2]	1.51%	2.04%
Number of loans in foreclosure | loan		15,487	21,456
Unpaid principal balance of loans in foreclosure		$ 3,000	$ 4,100
30 days
Portfolio Delinquency
Number of Loans (as a percent)	[1]	2.22%	2.43%
Unpaid Balance (as a percent)	[1]	1.55%	1.75%
60 days
Portfolio Delinquency
Number of Loans (as a percent)	[1]	0.44%	0.58%
Unpaid Balance (as a percent)	[1]	0.30%	0.41%
90 or more days
Portfolio Delinquency
Number of Loans (as a percent)	[1]	0.82%	1.13%
Unpaid Balance (as a percent)	[1]	0.62%	0.85%
Conventional loans
Loan Servicing Portfolio Composition
Total servicing portfolio		$ 197,971	$ 195,184
Government loans
Loan Servicing Portfolio Composition
Total servicing portfolio		24,087	27,720
Home equity lines of credit
Loan Servicing Portfolio Composition
Total servicing portfolio		4,201	4,368
Owned
Loan Servicing Portfolio Composition
Total servicing portfolio		99,869	113,849
Subserviced
Loan Servicing Portfolio Composition
Total servicing portfolio		$ 126,390	$ 113,423
[1]	Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
[2]	As of December 31, 2015 and 2014, the total servicing portfolio included 15,487 and 21,456 of loans in foreclosure with an unpaid principal balance of $3.0 billion and $4.1 billion, respectively.

Credit Risk (Details 2)

Credit Risk (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 93	$ 142
Realized losses	(19)	(65)	[1]
Increase in reserves due to:
Changes in assumptions	6	6	[1]
New loan sales	9	10
Balance, end of period	89	93
Loss contingencies
Provision for estimated losses related to sale of existing MSRs		8
Liabilities for probable losses related to repurchase and indemnification obligations	62	63
Estimated amount of reasonably possible losses in excess of the recorded liability	150
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	$ 174
Percentage of loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions and are at least 90 days delinquent	9.00%
Recourse obligations
Loss contingencies
Estimated amount of reasonably possible losses in excess of the recorded liability	$ 30
Fannie Mae
Loss contingencies
Realized losses for repurchase and foreclosure-related reserves that were related to the resolution agreement		$ 12
[1]	Realized losses includes $12 million that was paid to Fannie Mae related to a resolution agreement and Changes in assumptions includes an $8 million provision for estimated losses related to the sale of MSRs for certain highly delinquent government insured loans.

Credit Risk (Details 3)

Credit Risk (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Credit Risk
Mortgage loans in foreclosure and related advances	$ 34	$ 46
Allowance for probable foreclosure losses	(10)	(14)
Mortgage loans in foreclosure, net	24	32
Real estate owned and related advances	38	37
Adjustment to value for real estate owned	(17)	(16)
Real estate owned, net	$ 21	$ 21

Credit Risk (Details 4)

Credit Risk (Details 4) - Credit concentration - Mortgage loan originations	12 Months Ended
	Dec. 31, 2015
Merrill Lynch Home Loans
Counterparty credit risk
Percentage derived	26.00%
Realogy and its affiliates
Counterparty credit risk
Percentage derived	21.00%
Morgan Stanley Private Bank, N.A.
Counterparty credit risk
Percentage derived	20.00%
HSBC Bank USA
Counterparty credit risk
Percentage derived	11.00%

Commitments and Contingencies75

Commitments and Contingencies (Details) - USD ($) $ in Millions		Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Nov. 30, 2014
Commitments and Contingencies
Reserves amount associated with legal and regulatory contingencies			$ 105	$ 29
Reasonably possible losses in excess of recorded litigation liability			150
Lease and Purchase Commitments
Rental expense			22	$ 20	$ 20
Future Minimum Operating Lease Payments(1)
2,016	[1]		18
2,017	[1]		17
2,018	[1]		15
2,019	[1]		13
2,020	[1]		13
Thereafter	[1]		24
Total	[1]		100
Purchase Commitments
2,016			34
2,017			2
2,018			0
2,019			0
2,020			0
Thereafter			0
Total			36
Minimum sublease income due			$ 10
Unfavorable Regulatory Action [Member]
Commitments and Contingencies
Received recommended decision from administrative law judge						$ 6.4
Final order amount company must pay		$ 109
[1]	Excludes $10 million of minimum sublease income due in the future under noncancelable subleases.

Commitments and Contingencies76

Commitments and Contingencies (Details 2) - PMC	Dec. 31, 2015USD ($)
Net Worth Requirements
Required	$ 700,000,000
Actual net worth	$ 850,000,000

Stock-Related Matters (Details)

Stock-Related Matters (Details)	1 Months Ended			12 Months Ended
	Jan. 31, 2016USD ($)shares	Nov. 30, 2015USD ($)	Mar. 31, 2015shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)agreementshares
Share Repurchases [Line Items]
Shares authorized for repurchase (in dollars)					$ 450,000,000
Aggregate amount of PHH's common stock repurchase				$ 78,000,000	200,000,000
Minimum ratio of consolidated indebtedness to consolidated EBITDA pursuant to the senior note indenture, restricted from paying dividends				6
Net worth threshold, base amount				$ 1,000,000,000
Ratio of indebtedness to tangible net worth				4.5
Aggregate restricted net assets of subsidiaries				$ 762,000,000
Accelerated Stock Repurchase Programs
Share Repurchases [Line Items]
Shares authorized for repurchase (in dollars)					$ 200,000,000
Number of separate ASR agreements to repurchase PHH's common stock | agreement					2
Repurchase of common stock (in shares) | shares			1,574,252		6,962,695
Uncollared ASR agreement
Share Repurchases [Line Items]
Percentage of shares delivered by financial institution					80.00%
Open Market Share Repurchase Program
Share Repurchases [Line Items]
Shares authorized for repurchase (in dollars)					$ 250,000,000
Aggregate amount of PHH's common stock repurchase				$ 77,000,000
Repurchase of common stock (in shares) | shares				4,841,267
Open market share repurchase program		$ 100,000,000
Subsequent Event | Open Market Share Repurchase Program
Share Repurchases [Line Items]
Aggregate amount of PHH's common stock repurchase	$ 23,000,000
Repurchase of common stock (in shares) | shares	1,508,772
Open market share repurchase program	$ 100,000,000

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Stock-Based Compensation
Aggregate number of shares issuable under the plan (in shares)		8,667,655
Expense recognized related to stock-based compensation arrangements
Income tax benefit related to stock-based compensation expense		$ (4)	$ (5)		$ (4)
Stock-based compensation expense, net of income taxes		7	$ 7		$ 5
Unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest		$ 11
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest		1 year 7 months 17 days
Aggregate Intrinsic Value
Options, grants in period, gross (in shares)		0	0
Market Based R S U
Assumptions used for estimating weighted-average grant-date fair value of stock options
Grant date stock price		$ 24.24	$ 22.93		$ 22.28
Risk-free interest rate		0.94%	0.94%		0.42%
Expected volatility		30.20%	35.30%		38.60%
Dividend yield		0.00%	0.00%		0.00%
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)		$ 18.67	$ 11.32		$ 12.47
Total Stock Options
Number of Options
Outstanding at the beginning of the period (in shares)		1,297,181
Exercised (in shares)		(127,508)
Forfeited or expired (in shares)		(91,797)
Outstanding at the end of the period (in shares)		1,077,876	1,297,181
Exercisable at the end of the period (in shares)		869,202
Stock options vested and expected to vest (in shares)		1,077,686
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)		$ 18.16
Exercised (in dollars per share)		19.44
Forfeited or expired (in dollars per share)		20.74
Outstanding at the end of the period (in dollars per share)		17.79	$ 18.16
Exercisable at the end of the period (in dollars per share)		16.79
Stock options vested and expected to vest (in dollars per share)		$ 17.79
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period		6 years 6 months
Exercisable at the end of the period		6 years 4 months 24 days
Stock options vested and expected to vest		7 years 2 months 12 days
Aggregate Intrinsic Value
Outstanding at the end of the period		$ 1
Exercisable at the end of the period		1
Stock options vested and expected to vest		0
Weighted-average grant-date fair value per stock option for awards granted (in dollars per share)					$ 11.27
Intrinsic value of options exercised (in dollars)		$ 1	$ 2		$ 1
Assumptions used for estimating weighted-average grant-date fair value of stock options
Expected life (in years)					6 years 6 months
Risk-free interest rate					1.14%
Expected volatility					52.30%
Dividend yield					0.00%
Total Stock Options | Maximum
Stock-Based Compensation
Contractual term		10 years
Equity Awards
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense		$ 9	$ 8		$ 9
Performance-Based & Market-Based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	[1],[2]	742,246
Granted (in shares)	[1]	166,541
Forfeited (in shares)	[1]	(30,542)
Converted (in shares)	[1]	(28,136)
Cancelled due to non-achievement of performance or market condition (in shares)	[1]	(420,965)
Outstanding at the end of the period (in shares)	[1]	429,144	742,246	[2]
RSUs expected to be converted into shares of Common stock (in shares)	[1]	429,048
Number of RSUs that will be settled in cash (in shares)			148,023
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	[1],[2]	$ 8.41
Granted (in dollars per share)	[1]	18.67
Forfeited (in dollars per share)	[1]	9.36
Converted (in dollars per share)	[1]	7.28
Cancelled due to non-achievement of performance or market condition (in dollars per share)	[1]	6.73
Outstanding at the end of the period (in dollars per share)	[1]	14.04	$ 8.41	[2]
RSUs expected to be converted into shares of Common stock (in dollars per share)	[1]	$ 14.04
Service-Based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	[2]	300,488
Granted (in shares)	[3]	126,156
Converted (in shares)		(78,772)
Outstanding at the end of the period (in shares)		347,872	300,488	[2]
RSUs expected to be converted into shares of Common stock (in shares)		341,890
Number of RSUs that will be settled in cash (in shares)			284,370
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	[2]	$ 22.76
Granted (in dollars per share)	[3]	21.61
Converted (in dollars per share)		22.84
Outstanding at the end of the period (in dollars per share)		22.33	$ 22.76	[2]
RSUs expected to be converted into shares of Common stock (in dollars per share)		$ 22.32
Service-Based RSUs | Non-employee directors
Number of RSUs
Granted (in shares)		42,890
Total RSUs
Stock-Based Compensation
Number of shares of common stock of the entity that employees are entitled to receive for each RSU granted (in shares)		1
Weighted-Average Grant-Date Fair Value
Total fair value of RSUs converted into shares of Common stock (in dollars)		$ 2	$ 2		5
Total RSUs | Maximum
Stock-Based Compensation
Vesting period		3 years
Liability Awards
Stock-Based Compensation
Award expected to achieve payout		$ 5	8
Fair value amount of units converted		4
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense		$ 2	$ 4		$ 0
Liability Awards | Maximum
Stock-Based Compensation
Vesting period		3 years
[1]	The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance-based awards represents the expected number to be earned.
[2]	ncluded 148,023 unvested Performance and market-based RSUs and 284,370 unvested Service-based RSUs, which were originally to be paid in PHH Common stock that, as a result of the sale of Fleet business, will be settled in cash pursuant to certain provisions of the original settlement terms of the agreements.
[3]	Includes 42,890 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Fair Value Measurements
Mortgage servicing rights	$ 880	$ 1,005	$ 1,279	$ 1,022
Other assets—Derivative assets, Total	26	33
Other liabilities-derivative liabilities, Total	2	7
Recurring basis | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	0	0
Recurring basis | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	(2)	(2)
Other liabilities-derivative liabilities, Cash Collateral and Netting	0	(7)
Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	(23)	(58)
Recurring basis | Level One
Fair Value Measurements
Mortgage loans held for sale	0	0
Mortgage servicing rights	0	0
Recurring basis | Level One | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis | Level One | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Other liabilities-derivative liabilities	0	0
Recurring basis | Level One | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis | Level Two
Fair Value Measurements
Mortgage loans held for sale	704	873
Mortgage servicing rights	0	0
Recurring basis | Level Two | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis | Level Two | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	3	5
Other liabilities-derivative liabilities	2	14
Recurring basis | Level Two | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets	27	66
Recurring basis | Level Three
Fair Value Measurements
Mortgage loans held for sale	39	42
Mortgage servicing rights	880	1,005
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	21	22
Recurring basis | Level Three | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Other liabilities-derivative liabilities	0	0
Recurring basis | Level Three | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets	0	0
Total | Recurring basis
Fair Value Measurements
Mortgage loans held for sale	743	915
Mortgage servicing rights	880	1,005
Total | Recurring basis | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets, Total	21	22
Total | Recurring basis | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets, Total	1	3
Other liabilities-derivative liabilities, Total	2	7
Total | Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Total	$ 4	$ 8

Fair Value Measurements (Deta80

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 743	$ 915
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	743	915
Carrying amount, Loans 90 days or more past due and on non-accrual status	9	13
Aggregate unpaid principal balance, Total	738	903
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	11	17
Difference, Total	5	12
Difference, Loans 90 days or more past due and on non-accrual status	$ (2)	$ (4)

Fair Value Measurements (Deta81

Fair Value Measurements (Details 3) - USD ($) $ in Millions	Dec. 31, 2015	Dec. 31, 2014
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 743	$ 915
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	704	872
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	616	761
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	88	111
Second lien
Components of Mortgage loans held for sale
Mortgage loans held for sale	4	5
Scratch and Dent
Components of Mortgage loans held for sale
Mortgage loans held for sale	35	37
Other
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 0	$ 1

Fair Value Measurements (Deta82

Fair Value Measurements (Details 4)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.14%	1.09%
Capitalization servicing rate (as a percent)	0.89%	0.89%
Capitalization servicing multiple (as a percent)	310.00%	310.00%
Weighted-average servicing fee (as a percent)	0.29%	0.29%
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.10%	11.50%
Option adjusted spread, in basis points (as a percent)	9.77%	8.65%
Weighted-average delinquency rate (as a percent)	5.30%	5.00%

Fair Value Measurements (Deta83

Fair Value Measurements (Details 5) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	74.00%	74.00%
Mortgage servicing rights
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	$ (33)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(64)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(41)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(78)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(21)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	$ (43)

Fair Value Measurements (Deta84

Fair Value Measurements (Details 6) - Level Three - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Interest rate lock commitments
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 22	$ 22
Realized and unrealized gains (losses)	261	309
Purchases	0	0
Issuances	0	0
Settlements	(262)	(309)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	21	22
Mortgage loans held for sale
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	42	49
Realized and unrealized gains (losses)	6	(3)
Purchases	28	50
Issuances	5	3
Settlements	(43)	(53)
Transfers into Level Three	38	32
Transfers out of Level Three	(37)	(36)
Balance, end of period	39	42
Mortgage servicing rights
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	1,005	1,279
Realized and unrealized gains (losses)	(187)	(320)
Purchases	0	0
Issuances	101	97
Settlements	(39)	(51)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	$ 880	$ 1,005

Fair Value Measurements (Deta85

Fair Value Measurements (Details 7) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Non-Recurring Fair Value Measurements
Impairment to equity method investments	$ 0	$ 0
Gain on mortgage loans, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	17	17
Change in fair value of mortgage servicing rights
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	(18)	(165)
Interest rate lock commitments | Gain on mortgage loans, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	261	309
Mortgage loans held for sale | Gain on mortgage loans, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	1	(8)
Mortgage loans held for sale | Mortgage interest income
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	5	5
Mortgage servicing rights | Change in fair value of mortgage servicing rights
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	(187)	(320)
Level Two
Debt
Fair value of debt	1,300	2,000
Level Two | Market based approach
Debt
Fair value of debt	743
Level Two | Observable spreads and terms for recent pricing of similar instruments
Debt
Fair value of debt	583
Non-recurring basis | Level Three
Non-Recurring Fair Value Measurements
Repurchase and foreclosure-related charges	$ 6	$ (2)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($)		3 Months Ended									12 Months Ended
		Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash		$ 906,000,000					$ 1,259,000,000				$ 906,000,000		$ 1,259,000,000	$ 1,126,000,000
Restricted cash		47,000,000					56,000,000				47,000,000		56,000,000
Mortgage loans held for sale		743,000,000					915,000,000				743,000,000		915,000,000
Accounts receivable, net		81,000,000					123,000,000				81,000,000		123,000,000
Servicing advances, net		691,000,000					694,000,000				691,000,000		694,000,000
Property and equipment, net		47,000,000					36,000,000				47,000,000		36,000,000
Other assets		257,000,000					208,000,000				257,000,000		208,000,000
Total assets		3,652,000,000	[1]				4,296,000,000				3,652,000,000	[1]	4,296,000,000
LIABILITIES
Accounts payable and accrued expenses		251,000,000					244,000,000				251,000,000		244,000,000
Debt		1,358,000,000					1,739,000,000				1,358,000,000		1,739,000,000
Other liabilities		137,000,000					70,000,000				137,000,000		70,000,000
Total liabilities		2,304,000,000	[1]				2,725,000,000				2,304,000,000	[1]	2,725,000,000
Company Involvement with Variable Interest Entity
Net income (loss)		(51,000,000)		$ (47,000,000)	$ (56,000,000)	$ 23,000,000	(32,000,000)	$ 218,000,000	$ (55,000,000)	$ (44,000,000)	$ (131,000,000)		87,000,000	164,000,000
Variable Interest Entities
Amount of loans originated from Realogy Corporation's affiliates (as a percent)											21.00%
Variable Interest Entity
ASSETS
Cash		80,000,000					85,000,000				$ 80,000,000		85,000,000
Restricted cash		18,000,000					23,000,000				18,000,000		23,000,000
Mortgage loans held for sale		389,000,000					378,000,000				389,000,000		378,000,000
Accounts receivable, net		5,000,000					8,000,000				5,000,000		8,000,000
Servicing advances, net		157,000,000					155,000,000				157,000,000		155,000,000
Property and equipment, net		1,000,000					1,000,000				1,000,000		1,000,000
Other assets		12,000,000					8,000,000				12,000,000		8,000,000
Total assets		662,000,000					658,000,000				662,000,000		658,000,000
LIABILITIES
Accounts payable and accrued expenses		14,000,000					16,000,000				14,000,000		16,000,000
Debt		456,000,000					443,000,000				456,000,000		443,000,000
Other liabilities		6,000,000					11,000,000				6,000,000		11,000,000
Total liabilities		476,000,000					470,000,000				476,000,000		470,000,000
PHH Home Loans | Variable Interest Entity
ASSETS
Cash		80,000,000					82,000,000				80,000,000		82,000,000
Restricted cash		5,000,000					3,000,000				5,000,000		3,000,000
Mortgage loans held for sale		389,000,000					378,000,000				389,000,000		378,000,000
Accounts receivable, net		5,000,000					8,000,000				5,000,000		8,000,000
Servicing advances, net		0					0				0		0
Property and equipment, net		1,000,000					1,000,000				1,000,000		1,000,000
Other assets		11,000,000					8,000,000				11,000,000		8,000,000
Total assets		491,000,000					480,000,000				491,000,000		480,000,000
Assets held as collateral	[2]	361,000,000					353,000,000				361,000,000		353,000,000
LIABILITIES
Accounts payable and accrued expenses		14,000,000					16,000,000				14,000,000		16,000,000
Debt		345,000,000					335,000,000				345,000,000		335,000,000
Other liabilities		6,000,000					10,000,000				6,000,000		10,000,000
Total liabilities	[3]	365,000,000					361,000,000				365,000,000		361,000,000
Company Involvement with Variable Interest Entity
Net income (loss)	[4]										28,000,000		16,000,000	43,000,000
PHH Corporation investment	[5]	57,000,000					57,000,000				57,000,000		57,000,000
Intercompany receivable	[5]	14,000,000					14,000,000				$ 14,000,000		14,000,000
Variable Interest Entities
Ownership percentage											50.10%
Ownership percentage by Realogy											49.90%
Required amount of Mortgage loans originated sold to unaffiliated third party investors per Agreement (as a percent)											15.00%
Originated residential mortgage loans											$ 7,900,000,000		7,400,000,000	9,300,000,000
Residential mortgage loans brokered or sold											$ 2,700,000,000		3,300,000,000	5,000,000,000
Amount of loans originated from Realogy Corporation's affiliates (as a percent)											91.00%
Outstanding commitments related to residential mortgage loans		207,000,000									$ 207,000,000
Period whose net income is used as multiplier to make cash payment											12 months
Period for which notice is to be given to terminate an operating agreement											2 years
Period of term loan considered to make cash payments											2 years
Period whose EBITDA is used as multiplier to calculate fair value											12 months
Distributions received											$ 10,000,000		4,000,000	40,000,000
PHH Home Loans | Variable Interest Entity | Unsecured subordinated Intercompany Line of Credit
Variable Interest Entities
Borrowing capacity											60,000,000
Intercompany line of credit		0					0				0		0
PSART | Variable Interest Entity
ASSETS
Cash		0					0				0		0
Restricted cash		13,000,000					20,000,000				13,000,000		20,000,000
Mortgage loans held for sale		0					0				0		0
Accounts receivable, net		0					0				0		0
Servicing advances, net		157,000,000					155,000,000				157,000,000		155,000,000
Property and equipment, net		0					0				0		0
Other assets		1,000,000					0				1,000,000		0
Total assets		171,000,000					175,000,000				171,000,000		175,000,000
Assets held as collateral	[2]	170,000,000					175,000,000				170,000,000		175,000,000
LIABILITIES
Accounts payable and accrued expenses		0					0				0		0
Debt		111,000,000					108,000,000				111,000,000		108,000,000
Other liabilities		0					0				0		0
Total liabilities	[3]	111,000,000					108,000,000				111,000,000		108,000,000
Company Involvement with Variable Interest Entity
Net income (loss)	[4]										(5,000,000)		(5,000,000)	$ 0
PHH Corporation investment	[5]	69,000,000					72,000,000				69,000,000		72,000,000
Intercompany receivable	[5]	$ 0					$ 0				0		$ 0
Variable Interest Entities
Distributions received											760,000,000
Contributions of Accounts Receivable											$ 758,000,000
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2015 2014ASSETS Cash and cash equivalents$80 $85Restricted cash18 23Mortgage loans held for sale389 378Accounts receivable, net5 8Servicing advances, net157 155Property and equipment, net1 1Other assets12 8Total assets$662 $658 LIABILITIES Accounts payable and accrued expenses$14 $16Debt456 443Other liabilities6 11Total liabilities$476 $470
[2]	Represents amounts not available to pay the Company’s general obligations. See Note 10, “Debt and Borrowing Arrangements” for further information.
[3]	Excludes intercompany payables.
[4]	Includes adjustments for the elimination of intercompany transactions.
[5]	Amounts are eliminated in the Consolidated Balance Sheets.

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended									12 Months Ended
		Dec. 31, 2015USD ($)		Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Sep. 30, 2014USD ($)	Jun. 30, 2014USD ($)	Mar. 31, 2014USD ($)	Dec. 31, 2015USD ($)segment		Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment											2
Segment Information
Total Assets		$ 3,652	[1]				$ 4,296				$ 3,652	[1]	$ 4,296
Net Revenues		123		$ 169	$ 237	$ 261	180	$ 152	$ 196	$ 111	790		639	$ 1,200
Segment (loss) profit	[2]										(227)		(290)	111
Pre-tax loss on extinguishment of debt											30		24	54
Interest income											44		42	70
Interest expense											90		130	185
Corporate, Non-Segment
Segment Information
Total Assets		814					1,163				814		1,163
Net Revenues	[3]										6		11	0
Segment (loss) profit	[2],[3]										(49)		(46)	(66)
Pre-tax loss on extinguishment of debt											30		24	54
Mortgage Production segment | Operating segment
Segment Information
Total Assets		1,036					1,209				1,036		1,209
Net Revenues											586		465	821
Segment (loss) profit	[2]										(47)		(141)	22
Interest income											40		38	63
Interest expense											45		77	127
Mortgage Servicing segment | Operating segment
Segment Information
Total Assets		$ 1,802					$ 1,924				1,802		1,924
Net Revenues											198		163	379
Segment (loss) profit	[2]										(131)		(103)	155
Interest income											4		4	7
Interest expense											$ 45		$ 53	$ 58
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2015 2014ASSETS Cash and cash equivalents$80 $85Restricted cash18 23Mortgage loans held for sale389 378Accounts receivable, net5 8Servicing advances, net157 155Property and equipment, net1 1Other assets12 8Total assets$662 $658 LIABILITIES Accounts payable and accrued expenses$14 $16Debt456 443Other liabilities6 11Total liabilities$476 $470
[2]	The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2015 2014 2013 (In millions)(Loss) income from continuing operations before income taxes$(213) $(284) $140Less: net income attributable to noncontrolling interest14 6 29Segment (loss) profit$(227) $(290) $111
[3]	Net results for Other includes the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments which totaled $30 million, $24 million and $54 million for 2015, 2014 and 2013, respectively.

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of (Loss) income before income taxes to Segment (loss) profit
Income (loss) from continuing operations before income taxes		$ (83)	$ (87)	$ (74)	$ 31	$ (41)	$ (129)	$ (21)	$ (93)	$ (213)	$ (284)	$ 140
Less: net income attributable to noncontrolling interest										14	6	29
Segment (loss) profit	[1]									$ (227)	$ (290)	$ 111
[1]	The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2015 2014 2013 (In millions)(Loss) income from continuing operations before income taxes$(213) $(284) $140Less: net income attributable to noncontrolling interest14 6 29Segment (loss) profit$(227) $(290) $111

Selected Quarterly Financial 89

Selected Quarterly Financial Data-(unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Selected Quarterly Financial Information [Abstract]
Net revenues	$ 123	$ 169	$ 237	$ 261	$ 180	$ 152	$ 196	$ 111	$ 790	$ 639	$ 1,200
Income (loss) from continuing operations before income taxes	(83)	(87)	(74)	31	(41)	(129)	(21)	(93)	(213)	(284)	140
Net income (loss)	(51)	(47)	(56)	23	(32)	218	(55)	(44)	(131)	87	164
Net income (loss) attributable to PHH Corporation	$ (54)	$ (50)	$ (62)	$ 21	$ (33)	$ 215	$ (59)	$ (42)	$ (145)	$ 81	$ 135
Basic (loss) earnings per share:
From continuing operations (in dollars per share)					$ (0.62)	$ (1.64)	$ (0.23)	$ (1.01)	$ (2.62)	$ (3.47)	$ 1.21
From discontinued operations (in dollars per share)					(0.04)	5.64	(0.79)	0.28	0	4.94	1.15
Total attributable to PHH Corporation (in dollars per share)	$ (0.92)	$ (0.84)	$ (1.20)	$ 0.40	(0.66)	4	(1.02)	(0.73)	(2.62)	1.47	2.36
Diluted (loss) earnings per share:
From continuing operations (in dollars per share)					(0.62)	(1.64)	(0.23)	(1.01)	(2.62)	(3.47)	1.05
From discontinued operations (in dollars per share)					(0.04)	5.64	(0.79)	0.28	0	4.94	1.01
Total attributable to PHH Corporation (in dollars per share)	$ (0.92)	$ (0.84)	$ (1.20)	$ 0.34	$ (0.66)	$ 4	$ (1.02)	$ (0.73)	$ (2.62)	$ 1.47	$ 2.06

SCHEDULE I - CONDENSED FINANC90

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
REVENUES
Other income									$ 18	$ 22	$ 3
Net revenues	$ 123	$ 169	$ 237	$ 261	$ 180	$ 152	$ 196	$ 111	790	639	1,200
EXPENSES
Salaries and related expenses									323	358	425
Interest expense									90	130	185
Depreciation and amortization									18	23	23
Professional and third-party service fees									171	127	111
Technology equipment and software expenses									37	37	33
Other operating expenses									183	108	138
Total expenses									1,003	923	1,060
Income tax benefit									(82)	(99)	42
(Loss) income from continuing operations, net of tax									(131)	(185)	98
Income from discontinued operations, net of tax									0	272	66
Net (loss) income attributable to PHH Corporation	$ (54)	$ (50)	$ (62)	$ 21	$ (33)	$ 215	$ (59)	$ (42)	(145)	81	135
Other comprehensive income (loss), net of tax:
Comprehensive (loss) income attributable to PHH Corporation									(144)	54	125
Parent Company
REVENUES
Other income									6	11	0
Interest income									3	0	0
Net revenues									9	11	0
EXPENSES
Salaries and related expenses									54	67	55
Interest expense									58	95	126
Depreciation and amortization									5	9	9
Professional and third-party service fees									109	62	48
Technology equipment and software expenses									18	18	15
Other operating expenses									44	32	64
Total expenses before allocations									288	283	317
Corporate overhead allocations to subsidiaries									(175)	(131)	(125)
Unsecured interest expense allocation to subsidiaries									(55)	(95)	(126)
Total expenses									58	57	66
Loss before income taxes and equity in (loss) earnings of subsidiaries									(49)	(46)	(66)
Income tax benefit									(23)	(13)	(25)
Loss before equity in (loss) earnings of subsidiaries									(26)	(33)	(41)
Equity in (loss) earnings of subsidiaries, excluding discontinued operations									(119)	(158)	110
(Loss) income from continuing operations, net of tax									(145)	(191)	69
Income from discontinued operations, net of tax									0	272	66
Net (loss) income attributable to PHH Corporation									(145)	81	135
Other comprehensive income (loss), net of tax:
Currency translation adjustment									0	(22)	(14)
Change in unfunded pension liability, net									1	(5)	5
Change in unrealized gains on available-for-sale securities, net									0	0	(1)
Total other comprehensive income (loss), net of tax									1	(27)	(10)
Comprehensive (loss) income attributable to PHH Corporation									$ (144)	$ 54	$ 125

SCHEDULE I - CONDENSED FINANC91

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) - USD ($) $ in Millions		Dec. 31, 2015		Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
ASSETS
Cash and cash equivalents		$ 906		$ 1,259	$ 1,126
Restricted cash		47		56
Accounts receivable, net		81		123
Property and equipment, net		47		36
Other assets		257		208
Total assets		3,652	[1]	4,296
LIABILITIES
Accounts payable and accrued expenses		251		244
Debt		1,358		1,739
Other liabilities		137		70
Total liabilities		$ 2,304	[1]	$ 2,725
Commitments and contingencies
EQUITY
Preferred stock		$ 0		$ 0
Common stock		1		1
Additional paid-in capital		911		989
Retained earnings		416		566
Accumulated other comprehensive loss	[2]	(10)		(11)
Total PHH Corporation stockholders’ equity		1,318		1,545
Total liabilities and equity		3,652		4,296
Parent Company
ASSETS
Cash and cash equivalents		745		1,115	$ 969	$ 634
Restricted cash		10		9
Accounts receivable, net		5		5
Due from subsidiaries		273		248
Investment in subsidiaries		881		1,000
Property and equipment, net		12		10
Other assets		76		74
Total assets		2,002		2,461
LIABILITIES
Accounts payable and accrued expenses		50		65
Debt		615		831
Other liabilities		19		20
Total liabilities		$ 684		$ 916
Commitments and contingencies
EQUITY
Preferred stock		$ 0		$ 0
Common stock		1		1
Additional paid-in capital		911		989
Retained earnings		416		566
Accumulated other comprehensive loss		(10)		(11)
Total PHH Corporation stockholders’ equity		1,318		1,545
Total liabilities and equity		$ 2,002		$ 2,461
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2015 2014ASSETS Cash and cash equivalents$80 $85Restricted cash18 23Mortgage loans held for sale389 378Accounts receivable, net5 8Servicing advances, net157 155Property and equipment, net1 1Other assets12 8Total assets$662 $658 LIABILITIES Accounts payable and accrued expenses$14 $16Debt456 443Other liabilities6 11Total liabilities$476 $470
[2]	Includes amounts recorded related to the Company's defined benefit pension plan, net of income tax benefits of $6 million as of both December 31, 2015 and 2014. During the year ended December 31, 2015, there were no amounts reclassified out of Accumulated other comprehensive loss. During the year ended December 31, 2014, upon the disposition of the Fleet business, the Company realized a $22 million currency translation gain and reclassified the amount to Income from discontinued operations, net of tax.

SCHEDULE I - CONDENSED FINANC92

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 121	$ (11)	$ 2,709
Cash flows from investing activities:
Purchases of property and equipment	(31)	(15)	(32)
Decrease (increase) in restricted cash	9	(87)	67
Purchases of certificates of deposit	0	(250)	0
Proceeds from maturities of certificates of deposit	0	250	0
Net cash provided by (used in) investing activities	62	489	(1,177)
Cash flows from financing activities:
Proceeds from unsecured borrowings	0	0	350
Principal payments on unsecured borrowings	(245)	(435)	(288)
Cash tender premiums for convertible debt	(30)	0	0
Issuances of Common stock	2	10	3
Repurchase of Common stock	(77)	(200)	0
Cash paid for debt issuance costs	(7)	(21)	(29)
Other, net	(4)	(3)	(6)
Net cash used in financing activities	(536)	(464)	(1,112)
Net (decrease) increase in Cash and cash equivalents	(353)	14	416
Cash and cash equivalents at beginning of period	1,259	1,126
Cash and cash equivalents at end of period	906	1,259	1,126
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	0	22	50
Interest payments	72	125	177
Income tax payments, net	9	543	12
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	(19)	(522)	(6)
Cash flows from investing activities:
Net decrease (increase) in amounts due from subsidiaries	10	0	0
Purchases of property and equipment	(8)	(5)	(4)
Decrease (increase) in restricted cash	(1)	1	13
Proceeds from sale of business, net of transaction costs	0	1,369	0
Purchases of certificates of deposit	0	(250)	0
Proceeds from maturities of certificates of deposit	0	250	0
Dividends from consolidated subsidiaries	0	0	106
Net cash provided by (used in) investing activities	1	1,365	115
Cash flows from financing activities:
Net cash (used in) provided by consolidated subsidiaries	0	(69)	175
Proceeds from unsecured borrowings	0	0	350
Principal payments on unsecured borrowings	(245)	(435)	(288)
Cash tender premiums for convertible debt	(30)	0	0
Issuances of Common stock	2	10	3
Repurchase of Common stock	(77)	(200)	0
Cash paid for debt issuance costs	0	0	(9)
Other, net	(2)	(3)	(5)
Net cash used in financing activities	(352)	(697)	226
Net (decrease) increase in Cash and cash equivalents	(370)	146	335
Cash and cash equivalents at beginning of period	1,115	969	634
Cash and cash equivalents at end of period	745	1,115	969
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	0	22	50
Interest payments	49	83	89
Income tax payments, net	$ 9	$ 534	$ 4

SCHEDULE II - VALUATION AND Q93

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	$ 35	$ 26	$ 30
Additions: Charged to costs and expenses	10	5	2
Additions: Charged to other accounts	1	4	0
Reductions	0	0	(6)
Balance, end of period	46	35	26
Parent Company
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	5	5	6
Additions: Charged to costs and expenses	6	2	0
Additions: Charged to other accounts	0	0	0
Reductions	0	(2)	(1)
Balance, end of period	$ 11	$ 5	$ 5