PHH 10-K 28 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		53,599,433
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float (in shares)			$ 709

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Origination and other loan fees	$ 280	$ 284	$ 231
Gain on loans held for sale, net	262	298	264
Net loan servicing income:
Loan servicing income	353	394	448
Change in fair value of mortgage servicing rights	(238)	(187)	(320)
Net derivative gain related to mortgage servicing rights	10	29	82
Net loan servicing income	125	236	210
Net interest expense:
Interest income	43	44	42
Secured interest expense	(33)	(35)	(35)
Unsecured interest expense	(42)	(55)	(95)
Net interest expense	(32)	(46)	(88)
Other (loss) income	(13)	18	22
Net revenues	622	790	639
EXPENSES
Salaries and related expenses	345	323	358
Commissions	64	79	78
Loan origination expenses	64	91	85
Foreclosure and repossession expenses	35	51	56
Professional and third-party service fees	156	171	127
Technology equipment and software expenses	42	37	37
Occupancy and other office expenses	47	50	51
Depreciation and amortization	16	18	23
Exit and disposal costs	41	0	0
Other operating expenses	116	183	108
Total expenses	926	1,003	923
Loss from continuing operations before income taxes	(304)	(213)	(284)
Income tax benefit	(111)	(82)	(99)
Loss from continuing operations, net of tax	(193)	(131)	(185)
Income from discontinued operations, net of tax	0	0	272
Net (loss) income	(193)	(131)	87
Less: net income attributable to noncontrolling interest	9	14	6
Net (loss) income attributable to PHH Corporation	$ (202)	$ (145)	$ 81
Basic and Diluted (loss) earnings per share:
From continuing operations (in dollars per share)	$ (3.77)	$ (2.62)	$ (3.47)
From discontinued operations (in dollars per share)	0	0	4.94
Total attributable to PHH Corporation (in dollars per share)	$ (3.77)	$ (2.62)	$ 1.47

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (193)	$ (131)	$ 87
Other comprehensive income (loss), net of tax:
Currency translation adjustment	0	0	(22)
Change in unfunded pension liability, net	0	1	(5)
Total other comprehensive income (loss), net of tax	0	1	(27)
Total comprehensive (loss) income	(193)	(130)	60
Less: comprehensive income attributable to noncontrolling interest	9	14	6
Comprehensive (loss) income attributable to PHH Corporation	$ (202)	$ (144)	$ 54

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 906	$ 906
Restricted cash		57	47
Mortgage loans held for sale		683	743
Accounts receivable, net		66	81
Servicing advances, net		628	691
Mortgage servicing rights		690	880
Property and equipment, net		36	47
Other assets		109	247
Total assets	[1]	3,175	3,642
LIABILITIES
Accounts payable and accrued expenses		193	251
Subservicing advance liabilities		290	314
Debt, net		1,262	1,348
Deferred taxes, net		101	182
Loan repurchase and indemnification liability		49	62
Other liabilities		157	137
Total liabilities	[1]	2,052	2,294
Commitments and contingencies (Note 15)
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; 53,599,433 shares issued and outstanding at December 31, 2016; 55,007,983 shares issued and outstanding at December 31, 2015		1	1
Additional paid-in capital		887	911
Retained earnings		214	416
Accumulated other comprehensive loss	[2]	(10)	(10)
Total PHH Corporation stockholders’ equity		1,092	1,318
Noncontrolling interest		31	30
Total equity		1,123	1,348
Total liabilities and equity		3,175	3,642
Variable Interest Entity
ASSETS
Cash and cash equivalents		67	80
Restricted cash		24	18
Mortgage loans held for sale		350	389
Accounts receivable, net		9	5
Servicing advances, net		150	157
Property and equipment, net		1	1
Other assets		12	12
Total assets		613	662
LIABILITIES
Accounts payable and accrued expenses		11	14
Debt, net		399	456
Other liabilities		5	6
Total liabilities		$ 415	$ 476
[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, 2016 2015ASSETS Cash and cash equivalents$67 $80Restricted cash24 18Mortgage loans held for sale350 389Accounts receivable, net9 5Servicing advances, net150 157Property and equipment, net1 1Other assets12 12Total assets$613 $662 LIABILITIES Accounts payable and accrued expenses$11 $14Debt399 456Other liabilities5 6Total liabilities$415 $476
[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, 2016 and 2015. During the years ended December 31, 2016 and 2015, there were no amounts reclassified out of Accumulated other comprehensive loss.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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)	53,599,433	55,007,983
Common stock, shares outstanding (in shares)	53,599,433	55,007,983
Benefit pension plan, net of income tax benefits	$ 6,000,000	$ 6,000,000
Amounts reclassified out of Accumulated other comprehensive loss	$ 0	$ 0

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, 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 (loss) income	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 and retirement of Common stock	(200)	$ 0	(178)	(22)
Repurchase and retirement 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
Increase (Decrease) in Stockholders' Equity
Total comprehensive (loss) income	(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 and retirement of Common stock	(78)	$ (1)	(72)	(5)
Repurchase and retirement of common stock (in shares)		(6,415,519)
Conversion of Convertible notes	(18)	$ 1	(19)
Conversion of Convertible notes (in shares)		10,075,653
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
Increase (Decrease) in Stockholders' Equity
Total comprehensive (loss) income	$ (193)			(202)	0	9
Distributions to noncontrolling interest	(8)					(8)
Stock compensation expense	8		8
Stock issued under share-based payment plans	(9)		(9)
Stock issued under share-based payment plans (in shares)		100,222
Repurchase and retirement of Common stock	(23)	$ 0	(23)	0
Repurchase and retirement of common stock (in shares)		(1,508,772)
Balance at Dec. 31, 2016	$ 1,123	$ 1	$ 887	$ 214	$ (10)	$ 31
Balance (in shares) at Dec. 31, 2016	53,599,433	53,599,433

CONSOLIDATED STATEMENTS OF CHA7

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - Additional Paid-In Capital - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Stock issued under share-based payment plans, excess tax benefit		$ 6
Stock issued under share-based payment plans, benefit of excess tax shortfall	$ 9

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net (loss) income	$ (193)	$ (131)	$ 87
Adjustments to reconcile Net (loss) income to net cash provided by (used in) operating activities:
Net gain on sale of business	0	0	(241)
Capitalization of originated mortgage servicing rights	(60)	(101)	(97)
Net loss on mortgage servicing rights and related derivatives	228	158	238
Vehicle depreciation	0	0	596
Depreciation and amortization	16	18	28
Loss on early extinguishment of debt	0	30	24
Origination of mortgage loans held for sale	(10,513)	(13,512)	(12,612)
Proceeds on sale of and payments from mortgage loans held for sale	10,838	13,965	12,784
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(266)	(297)	(230)
Deferred income tax benefit	(91)	(70)	(96)
Asset impairments	38	0	0
Other adjustments and changes in other assets and liabilities, net	76	61	(492)
Net cash provided by (used in) operating activities	73	121	(11)
Cash flows from investing activities:
Net cash received on derivatives related to mortgage servicing rights	60	35	70
Proceeds on sale of mortgage servicing rights	12	47	67
Purchases of property and equipment	(17)	(31)	(15)
(Increase) decrease in restricted cash	(10)	9	(87)
Proceeds from sale of business, net of cash transferred and transaction costs	0	0	1,096
Purchases of certificates of deposit	0	0	(250)
Proceeds from maturities of certificates of deposit	0	0	250
Investment in vehicles	0	0	(850)
Proceeds on sale of investment vehicles	0	0	201
Other, net	5	2	7
Net cash provided by investing activities	50	62	489
Cash flows from financing activities:
Proceeds from secured borrowings	12,306	17,213	18,254
Principal payments on secured borrowings	(12,394)	(17,378)	(18,065)
Principal payments on unsecured borrowings	0	(245)	(435)
Cash tender premiums for convertible debt	0	(30)	0
Issuances of Common stock	0	2	10
Repurchase of Common stock	(23)	(77)	(200)
Cash paid for debt issuance costs	(4)	(7)	(21)
Distributions to noncontrolling interest	(8)	(10)	(4)
Other, net	0	(4)	(3)
Net cash used in financing activities	(123)	(536)	(464)
Net increase (decrease) in Cash and cash equivalents	0	(353)	14
Cash and cash equivalents at beginning of period	906	1,259	1,245
Cash and cash equivalents at end of period	906	906	1,259
Supplemental Disclosure of Cash Flows Information:
Interest payments	66	72	125
Income tax (refunds) payments, net	(29)	9	543
Payments for debt retirement premiums	$ 0	$ 0	$ 22

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Organization PHH Corporation and subsidiaries (collectively, “PHH” or 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 subservicer. 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 the ownership interest of Realogy Services Venture Partner LLC, a subsidiary of Realogy Holdings Corp. ("Realogy") 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, 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 3, '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 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 Company adopted this guidance prospectively as of January 1, 2016, and there was no impact to the Company's financial statements. 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. This guidance was adopted retrospectively as of January 1, 2016, and the Company updated its consolidation analyses for relevant entities. The adoption of this update did not change any consolidation conclusions, and there was no impact to the Company's financial statements or disclosures. 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 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 Company adopted this guidance retrospectively as of January 1, 2016, which resulted in a $10 million decrease to both Other assets and Debt in the Consolidated Balance Sheets as of December 31, 2015. The Company elected not to reclassify debt issuance costs related to line-of-credit and mortgage warehouse arrangements, which continue to be presented in Other assets for all periods. The adoption of this standard did 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 Company adopted this guidance prospectively to all arrangements entered into or materially modified after January 1, 2016. The adoption of this standard did not have an impact to the Company's 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 management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide footnote disclosures in certain circumstances. Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued. The Company adopted this guidance during the fourth quarter of 2016 and it did not have an impact to the Company's financial statements or disclosures. 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. The FASB has issued several amendments to the new revenue standard ASU 2014-09, including: • ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross versus Net).” The amendments to this update were issued in March 2016 and are intended to improve the implementation guidance on principal versus agent considerations in ASU 2014-09 by clarifying how an entity should identify the unit of accounting (i.e. the specified good or service) and how an entity should apply the control principle to certain types of arrangements. • ASU 2016-10, “Identifying Performance Obligations and Licensing.” The amendments to this update were issued in April 2016 and are intended to improve the implementation guidance on identifying performance obligations by reducing the cost and complexity of identifying promised goods or services and improving the guidance for determining whether promises are separately identifiable. The amendments also provide implementation guidance on accounting for licenses of intellectual property. • ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients." The amendments to this update were issued in May 2016 and clarify certain core recognition principles and provide practical expedients available at transition. The improvements address collectability, sales tax presentation, non-cash consideration, contract modifications and completed contracts at transition. • ASU 2016-20, "Technical Corrections and Improvements to Topic 606." This update was issued in December 2016 to increase stakeholders' awareness of the proposals and to expedite improvements to ASU 2014-09 and amends or clarifies thirteen narrow aspects of the revenue recognition guidance. The revenue standards and subsequent updates are to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and are effective 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 does not expect to early adopt the revenue standard. The Company has reviewed the scope of the guidance and monitored the determinations of the FASB Transition Resource Group and determined that certain revenue streams are not within the scope of the standard and that those current accounting policies will not change. However, the Company continues to evaluate certain select revenue streams, including subservicing fees, and the impact that this guidance will have on its financial statements and disclosures. The Company has not yet selected a transition method of adoption. 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. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard is applicable to financial instruments not accounted for at fair value, including but not limited to, trade receivables and off-balance sheet credit exposures. This update is effective for the first interim and annual periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. At adoption, this update will be applied using a modified retrospective approach. 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. Derivatives and Hedging. In March 2016, the FASB issued ASU 2016-06, “Contingent Put and Call Options in Debt Instruments.” This update clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only a specific four-step decision sequence. An entity is no longer required to assess whether the contingency for exercising the option is indexed to interest rate or credit risk. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied 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. Share-Based Payments. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting." This update is intended to simplify several aspects of the accounting for share-based payment transactions, including accounting for income taxes, the classification of awards as either equity or liabilities and the classification of excess tax benefits and payments for tax withholdings on the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied either prospectively, retrospectively or by using a modified retrospective approach, depending on the area of change. Certain aspects will require reclassification of prior period amounts; however, the Company does not expect the adoption of this new standard to have a significant impact on its financial statements or disclosures. Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This update addresses a number of specific cash flow issues and is intended to reduce diversity in practice in how entities present and classify certain cash receipts and cash payments in the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. For issues that are impracticable to apply retrospectively, the amendments may be applied prospectively from the earliest date practicable. The Company is currently evaluating the impact of adopting this new standard. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." This update requires restricted cash to be included in the beginning and end-of-period total amounts shown on the statement of cash flows, and also requires certain disclosures for significant balances of restricted cash. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. The Company is currently evaluating the impact of adopting this guidance. Consolidation. In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control." This update requires an entity to include indirect interest held through related parties that are under common control on a proportionate basis when evaluating if a reporting entity is the primary beneficiary of a variable interest entity. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied retrospectively. The Company does not expect the adoption of this update to change any consolidation conclusions, or have a significant impact on its financial statements or disclosures. Business Combinations. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. Other Income. In February 2017, the FASB issued ASU 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." This update defines what constitutes an “in substance nonfinancial asset”, requires that all entities account for the derecognition of a business in accordance with ASC 810 and clarifies that an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. This update may be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and is effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance. 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 purchased 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 related to 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, during 2016, the Company has entered into agreements to sell substantially all of its existing Mortgage servicing rights (“MSRs”). See Note 5, 'Transfers and Servicing of Mortgage Loans' for additional information. 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 collect and hold for use in 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 both December 31, 2016 and 2015 , the recorded reserve for uncollectible servicing advances was $5 million . 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. 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. 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. The Company estimates its obligation for representations and warranties using a model that incorporates historical repurchase and indemnification experience, servicing portfolio performance and other market-based information. The model considers borrower performance (both actual and estimated future defa

Exit Costs

Exit Costs	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Exit Costs	2. Exit Costs PLS Exit On November 8, 2016, the Company announced its plan to exit the private label solutions ("PLS") business within the Mortgage Production segment. This business channel provides end-to-end origination services to financial institution clients, and represented 79% of the Company's total mortgage production volume (based on dollars) for the year ended December 31, 2016 . Due to elevated operating losses, increasing regulatory and client customization costs and a shrinking market for financial institution origination services, the Company determined the exit of the business was necessary. The Company expects that it will be in a position to substantially exit this channel by the first quarter of 2018, subject to transition support requirements. The following is a summary of expenses incurred to date for the PLS exit program within Exit and disposal costs in the Consolidated Statement of Operations, including our estimate of remaining and total program costs: Year Ended December 31, 2016 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Asset Impairment Total (In millions) Costs incurred this period $ 22 $ — $ 4 $ 15 $ 41 Cumulative costs recognized in prior periods — — — — — Estimate of remaining costs 20 25 29 — 74 Total $ 42 $ 25 $ 33 $ 15 115 Asset impairment represents a non-cash expense of $15 million for the year ended December 31, 2016 . The Company assesses potential impairment of its assets by comparing the asset fair value to the expected value recoverable based on the present value of estimated future cash flow of the related business unit. In the fourth quarter of 2016, property and equipment associated with the PLS business, within the Mortgage Production Segment, and certain shared services assets used in supporting the PLS business within Other, was determined to be impaired. The following is a summary of the program costs by segment for the year ended December 31, 2016 : Mortgage Production Segment Other Total (In millions) Costs incurred this period $ 33 $ 8 $ 41 Cumulative costs recognized in prior periods — — — Estimate of remaining costs 64 10 74 Total $ 97 $ 18 $ 115 The Company's Exit cost liability is included in Accounts payable and accrued expenses within the Consolidated Balance Sheets. A summary of the activity is as follows: Year Ended December 31, 2016 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ — $ — $ — $ — Charges 22 — 4 26 Paid — — (1 ) (1 ) Balance, end of period $ 22 $ — $ 3 $ 25 Reorganization On February 15, 2017, as an outcome of its strategic review, the Company announced its intention to operate as a smaller business that is focused on subservicing and portfolio retention services. To execute this reorganization and change the focus of its operations, the Company estimates that it will incur pre-tax costs of $30 million to $40 million , which are in addition to the PLS exit program. Costs estimated for this program include severance, acceleration of existing retention and incentive awards and other costs. The Company expects it will execute on these plans by the second quarter of 2018. The Company did not recognize any amounts in the December 31, 2016 financial statements related to these plans, as decisions were not completed until the first quarter of 2017.

Discontinued Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	3. 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 (In millions) Net revenues (1) $ 820 Total expenses (1) 774 Income before income taxes (1) 46 Income tax expense (1) 15 Gain from sale of discontinued operations, net of tax 241 Income from discontinued operations, net of tax $ 272 __________________ (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. 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, 2016, services covered under the agreement are complete. For the years ended December 31, 2014 and 2015, 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, 2016
Earnings Per Share [Abstract]
Earnings Per Share	4. 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 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 by the weighted-average number of shares outstanding during the period, assuming all potentially dilutive common shares were issued. Share repurchases or issuances are included in the outstanding shares as of each settlement date. See further discussions of share activity in Note 16, 'Stock-Related Matters' . 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 excludes the effect of securities that would be anti-dilutive. Anti-dilutive securities may include: (i) outstanding stock-based compensation awards representing shares from restricted stock units and stock options and (ii) 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. Weighted-average common shares outstanding includes the following activity: Year ended December 31, 2016 : • the repurchase of 1,508,772 shares during January 2016 under an open market repurchase program. Year ended December 31, 2015 : • the repurchase of 4,841,267 shares during November 2015 and December 2015 under an open market repurchase program; • the issuance of 10,075,653 shares during June 2015 which represented the amount by which the conversion value exceeded the note principal under an exchange offer of certain convertible debt; and • the receipt and retirement of 1,574,252 shares during March 2015 which represented the final delivery of shares under accelerated repurchase agreements. Year ended December 31, 2014 : • the initial receipt and retirement of 6,962,695 shares during August 2014 related to two separate accelerated share repurchase agreements. 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, 2016 2015 2014 (In millions, except share and per share data) Loss from continuing operations, net of tax $ (193 ) $ (131 ) $ (185 ) Less: net income attributable to noncontrolling interest 9 14 6 Net loss from continuing operations attributable to PHH Corporation (202 ) (145 ) (191 ) Income from discontinued operations, net of tax — — 272 Net (loss) income attributable to PHH Corporation $ (202 ) $ (145 ) $ 81 Weighted-average common shares outstanding — basic and diluted (1) 53,627,170 55,201,713 55,001,300 Basic and Diluted (loss) earnings per share: From continuing operations $ (3.77 ) $ (2.62 ) $ (3.47 ) From discontinued operations — — 4.94 Total attributable to PHH Corporation $ (3.77 ) $ (2.62 ) $ 1.47 __________________ (1) 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, 2016 2015 2014 Outstanding stock-based compensation awards (1) 1,980,240 1,386,775 1,584,373 Assumed conversion of debt securities — 4,341,369 8,997,305 ______________ (1) For the year ended December 31, 2016 , excludes 353,265 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, 2016
Transfers and Servicing [Abstract]
Transfers and Servicing of Mortgage Loans	5. 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, 2016 , 52% of mortgage loan sales were to, or pursuant to programs sponsored by, the GSEs and the remaining 48% 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, 2016 and 2015 , the Company did not retain any interests from sales or securitizations other than Mortgage servicing rights ("MSRs"). During the year ended December 31, 2016 , MSRs were initially retained on 56% 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 Veterans 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 14, '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 $174.6 billion and $226.3 billion , as of December 31, 2016 and 2015 , respectively. MSRs recorded in the Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created primarily through sales of originated loans on a servicing-retained basis or through the direct purchase of servicing from a third party. Pending MSR Transactions While the Company has historically retained MSRs on its Balance sheet from the majority of its loan sales, the Company has announced its intentions to sell its existing MSR assets in a series of transactions as part of the conclusions reached from the strategic review process, as discussed further below. If the sales of substantially all of the MSRs are completed, the Company does not anticipate retaining a significant amount of capitalized MSRs in the future. The final proceeds the Company may receive from each MSR sale are dependent on the portfolio composition and market conditions at each transfer date and also dependent upon the extent to which consent is received from the GSEs, private loan investors, PLS clients and other origination sources. The following table summarizes the Company's MSRs committed under sale agreements, based on the portfolio as of December 31, 2016 : December 31, 2016 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 69,937 $ 579 Lakeview Loan Servicing, LLC 13,369 97 Other counterparties 158 2 Non-committed 1,193 12 Total MSRs $ 84,657 $ 690 In addition, the Company has commitments to transfer approximately $300 million of Servicing advances to the counterparties of these agreements (based on the December 31, 2016 portfolio). Lakeview/GNMA Portfolio. On November 8, 2016, the Company entered into an agreement to sell substantially all of its Ginnie Mae ("GNMA") MSRs and related advances to Lakeview Loan Servicing, LLC ("Lakeview"). On February 2, 2017, the initial sale of GNMA MSRs under this agreement was completed, representing $10.3 billion of unpaid principal balance, $77 million of MSR fair value, and $11 million of Servicing advances. The Company expects to receive total proceeds of $88 million from the initial transfer. The sale of the remaining population of MSRs committed under this agreement continues to be subject to approvals of clients who were the origination source of the MSRs. New Residential. On December 28, 2016, the Company entered into an agreement to sell substantially all of its portfolio of MSRs and related advances, excluding the GNMA MSRs pending sale to Lakeview, to New Residential Mortgage LLC ("New Residential"), a wholly-owned subsidiary of New Residential Investment Corporation. The consummation of the transactions contemplated by this MSR sale agreement is subject to the approvals of PHH Corporation shareholders, the GSEs and private investors, as well as other customary closing requirements. Further, the sale of 33% of the MSRs underlying this agreement continues to be subject to the approval of clients who were the origination source of the MSRs. The agreement is also contingent upon the execution of a portfolio recapture and retention agreement with New Residential, and other customary closing conditions. In connection with this transfer, the Company entered into a subservicing agreement with New Residential, pursuant to which the Company would subservice the loans sold in this transaction for an initial period of three years, subject to certain transfer and termination provisions (units based on the December 31, 2016 portfolio). Other counterparties. The Company has agreements to sell a portion of its newly-created MSRs to third parties through flow-sale agreements, where it will have continuing involvement as a subservicer, as outlined in the preceding table. In addition, as of December 31, 2016 , the Company had commitments to sell MSRs through third-party flow sales related to $43 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. Mortgage Servicing Rights The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of: Year Ended December 31, 2016 2015 2014 (In millions) Balance, beginning of period $ 98,990 $ 112,686 $ 129,145 Additions 5,874 8,841 8,933 Payoffs and curtailments (19,211 ) (19,092 ) (18,463 ) Sales (996 ) (3,445 ) (6,929 ) Balance, end of period $ 84,657 $ 98,990 $ 112,686 The activity in capitalized MSRs consisted of: Year Ended December 31, 2016 2015 2014 (In millions) Balance, beginning of period $ 880 $ 1,005 $ 1,279 Additions 60 101 97 Sales (12 ) (39 ) (51 ) Changes in fair value due to: Realization of expected cash flows (138 ) (169 ) (155 ) Changes in market inputs or assumptions used in the valuation model (100 ) (18 ) (165 ) Balance, end of period $ 690 $ 880 $ 1,005 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, 2016 2015 2014 (In millions) Servicing fees from capitalized portfolio $ 266 $ 304 $ 357 Late fees 15 15 17 Other ancillary servicing revenue 21 20 30 As of December 31, 2016 and 2015 , the MSRs had a weighted-average life of 6.3 and 6.4 years , respectively. See Note 18, '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, 2016 2015 2014 (In millions) Proceeds from new loan sales or securitizations $ 6,071 $ 9,075 $ 9,226 Servicing fees from capitalized portfolio (1) 266 304 357 Purchases of previously sold loans (2) (295 ) (128 ) (64 ) Servicing advances (3) (1,584 ) (2,083 ) (1,963 ) Repayment of servicing advances (3) 1,647 2,086 1,935 ______________ (1) Excludes late fees and other ancillary servicing revenue. (2) Includes purchases of repurchase eligible loans and excludes indemnification payments to investors and insurers of the related mortgage loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to mortgage loans in foreclosure or real estate owned, which are included in Other assets. During the years ended December 31, 2016 , 2015 and 2014 , pre-tax gains of $266 million , $300 million and $276 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, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	6. 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. In the fourth quarter of 2016, the Company significantly reduced its MSR-related derivative hedge coverage as a result of its MSR sale agreements that fix the prices the Company expects to realize at future transfer dates. For further discussion of those agreements, and discussions of required shareholder approvals and other requirements that must be met to complete such sales, see Note 5, 'Transfers and Servicing of Mortgage Loans' in the accompanying Notes to Consolidated Financial Statements . See Note 18, 'Fair Value Measurements' for further discussion regarding the measurements of derivative instruments. The following table summarizes the gross notional amount of derivatives: December 31, 2016 2015 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 862 $ 1,048 Forward delivery commitments 2,104 2,468 MSR-related agreements 260 3,945 Option contracts 120 125 The Company is exposed to risk in the event of non-performance by counterparties in its 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, 2016 Gross Assets Offsetting Payables Cash Collateral Paid Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 13 $ (43 ) $ 31 $ 1 MSR-related agreements 19 (22 ) 4 1 Option contracts 1 (1 ) — — Derivative assets subject to netting 33 (66 ) 35 2 Not subject to master netting arrangements: Interest rate lock commitments 18 — — 18 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 19 — — 19 Total derivative assets $ 52 $ (66 ) $ 35 $ 21 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 4 $ (10 ) $ 11 $ 5 MSR-related agreements 65 (55 ) 2 12 Option contracts — (1 ) 2 1 Derivative assets subject to netting 69 (66 ) 15 18 Total derivative liabilities $ 69 $ (66 ) $ 15 $ 18 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 The following table summarizes the gains (losses) recorded in the Consolidated Statements of Operations for derivative instruments: Year Ended December 31, 2016 2015 2014 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 315 $ 261 $ 309 Forward delivery commitments (1 ) (7 ) (89 ) Option contracts — (2 ) (4 ) Net derivative gain related to mortgage servicing rights: MSR-related agreements 10 29 82

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	7. Property and Equipment, Net Property and equipment, net consisted of: December 31, 2016 2015 (In millions) Capitalized software $ 130 $ 131 Furniture, fixtures and equipment 33 32 Capital leases 9 9 Leasehold improvements 25 24 197 196 Less: Accumulated depreciation and amortization (161 ) (149 ) Total $ 36 $ 47 During 2016, the Company recorded impairment charges of $8 million in leasehold improvements and $7 million in capitalized software, resulting from the announced plan to exit the PLS business. See Note 2, 'Exit Costs' for a discussion of the impairment analysis.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	8. Other Assets Other assets consisted of: December 31, 2016 2015 (In millions) Derivatives $ 21 $ 26 Mortgage loans in foreclosure, net (1) 21 24 Real estate owned, net (2) 16 21 Income taxes receivable 14 23 Repurchase eligible loans (3) 13 104 Equity method investments (4) 10 32 Deferred financing costs 1 3 Other 13 14 Total $ 109 $ 247 (1) As of both December 31, 2016 and 2015 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $10 million . (2) As of December 31, 2016 and 2015 , Real estate owned is net of Adjustment to value for real estate owned of $14 million and $17 million , respectively. (3) As of December 31, 2015, Repurchase eligible loans included a portfolio of GNMA loans that were part of a pending repurchase transaction that settled in January 2016. There were no similar buyout transactions pending as of December 31, 2016. 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. (4) See Note 18, 'Fair Value Measurements' for a discussion of the 2016 impairment of this asset.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Expenses	9. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of: December 31, 2016 2015 (In millions) Accounts payable $ 77 $ 76 Accrued payroll and benefits 50 38 Exit cost liability (Note 2) 25 — Accrued interest 16 16 Repurchase eligible loans (Note 8) 13 104 Accrued servicing related expenses 12 17 Total $ 193 $ 251

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Liabilities	10. Other Liabilities Other liabilities consisted of: December 31, 2016 2015 (In millions) Legal and regulatory matters (Note 15) $ 114 $ 105 Derivatives 18 2 Pension and other post-employment benefits 11 11 Income tax contingencies 8 9 Other 6 10 Total $ 157 $ 137

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	11. Debt and Borrowing Arrangements The following table summarizes the components of Debt: December 31, 2016 December 31, 2015 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 556 2.9 % $ 494 $ 632 Uncommitted warehouse facilities — — 1,950 — Servicing advance facility 99 2.7 % 56 111 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 — — 3 — Unsecured debt, face value 615 615 Debt issuance costs (3) (8 ) (10 ) Unsecured debt, net 607 605 Total $ 1,262 $ 1,348 (1) Interest rate shown represents the stated interest rate of outstanding borrowings, 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) Deferred issuance costs were reclassified from the prior year presentation in Other assets to a reduction in Unsecured debt. Assets held as collateral that are not available to pay the Company’s general obligations as of December 31, 2016 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 9 $ 19 Servicing advances — 150 Mortgage loans held for sale (unpaid principal balance) 584 — Total $ 593 $ 169 The following table provides the contractual debt maturities as of December 31, 2016 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 556 $ 99 $ — $ 655 Between one and two years — — — — Between two and three years — — 275 275 Between three and four years — — — — Between four and five years — — 340 340 Thereafter — — — — $ 556 $ 99 $ 615 $ 1,270 (1) Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables. See Note 18, '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 its 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 have up to a 364 -day term. However, in 2016, the Company entered into shorter term facilities with certain of its lenders to allow both the Company and the lender to evaluate facility needs and agreement terms following the conclusion of the Company’s strategic review process. As of December 31, 2016 , the Company has outstanding committed mortgage repurchase facilities with Barclays Bank PLC, Fannie Mae, Bank of America, N.A., and Wells Fargo Bank, N.A., and the range of maturity dates is March 28, 2017 to April 2, 2017. Upon expiration of these existing agreements, the Company expects to negotiate terms for repurchase facility commitments to meet its forecasted capacity needs. On March 29, 2016 , the Company entered into a new committed mortgage repurchase facility of $100 million and an uncommitted mortgage repurchase facility of $100 million with Barclays Bank PLC. The expiration date of the committed facility is March 28, 2017. On March 31, 2016 , the committed mortgage repurchase facilities with Wells Fargo Bank were extended to April 2, 2017. On June 22, 2016, the facilities were returned to a $450 million capacity, after having been downsized in the March amendment. On December 14, 2016 , at the Company's request, the committed repurchase facilities with Fannie Mae were reduced to $150 million , the facility was extended to March 31, 2017, and the uncommitted repurchase facility was reduced to $1.85 billion . The total combined committed and uncommitted facilities with Fannie Mae are $2 billion . On June 17, 2016 , the $250 million committed and $325 million uncommitted mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC expired and were not renewed. On December 22, 2016 , the committed repurchase facility with Bank of America was reduced by $50 million to $350 million at the Company's request, and the facility was extended to March 31, 2017. Uncommitted Facilities As of December 31, 2016 , the Company has $1.85 billion and $100 million of uncommitted mortgage repurchase facilities with Fannie Mae and Barclays Bank PLC, 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, as discussed in Note 19, 'Variable Interest Entities' . On June 15, 2016, PSART extended the Note Purchase Agreement with Wells Fargo for the Series 2015-1 variable funding notes with an aggregate maximum principal amount of $155 million . 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, 2017 and the final maturity of the notes is June 15, 2018. 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, 2016, 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. 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 $750 million ; (ii) a ratio of indebtedness to tangible net worth no greater than 4.50 to 1; (iii) a minimum of $750 million in committed mortgage warehouse financing capacity excluding any mortgage warehouse capacity provided by GSEs; (iv) a ratio of unsecured indebtedness to tangible net worth of not more than 1.25 to 1; and (v) maintenance of $150 million of cash and cash equivalents in excess of its liability for legal and regulatory matters. 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. 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. As of December 31, 2016 , the Company was in compliance with all financial covenants related to its debt arrangements. See Note 16, '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, 2016
Compensation and Retirement Disclosure [Abstract]
Pension and Other Post Employment Benefits	12. 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 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 $7 million , $8 million and $8 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Defined Benefit Pension Plan and Other Post-Employment Benefits 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 2016 2015 2016 2015 (In millions) Benefit obligation $ 48 $ 47 $ 1 $ 1 Fair value of plan assets 38 37 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 16 $ 16 $ — $ — The net periodic benefit cost related to the defined benefit pension plan was $1 million for the year ended December 31, 2016 and was included in Salaries and related expenses. The amount was not significant for each of the years ended December 31, 2015 and 2014. The net periodic benefit costs related to the other post-employment benefit plan were not significant for each of the years ended December 31, 2016 , 2015 , and 2014. As of December 31, 2016 , 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, 2017 through 2020, $3 million for the year ending December 31, 2021, and $14 million for the subsequent five years ending December 31, 2026. 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. There were no contributions made to the plan for the years ended December 31, 2016 and 2015 , and contributions are not expected to be significant for the year ended December 31, 2017.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	13. Income Taxes Income Tax Provision The following table summarizes Income tax benefit: Year Ended December 31, 2016 2015 2014 (In millions) Current: Federal $ — $ — $ (461 ) State — (1 ) (31 ) Income tax contingencies: Change in income tax contingencies (2 ) — 6 Interest and penalties — — 1 Total current income tax benefit (2 ) (1 ) (485 ) Deferred: Federal (100 ) (79 ) 373 State (9 ) (2 ) 13 Total deferred income tax (benefit) expense (109 ) (81 ) 386 Income tax benefit $ (111 ) $ (82 ) $ (99 ) 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, 2016 2015 (In millions) Deferred tax assets: Federal loss carryforwards $ 23 $ 24 State loss carryforwards and credits 39 39 Accrued legal and regulatory matters 46 37 Reserves and allowances 36 45 Other accrued liabilities 34 20 Gross deferred tax assets 178 165 Valuation allowance (44 ) (46 ) Deferred tax assets, net of valuation allowance 134 119 Deferred tax liabilities: Mortgage servicing rights 234 297 Other 1 4 Deferred tax liabilities 235 301 Net deferred tax liability $ 101 $ 182 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 federal loss carryforwards will expire in 2036. The state loss carryforwards will expire from 2016 to 2037. 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 the Company's assets. Deferred liabilities related to the Company's 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, 2016 2015 2014 (In millions) Loss from continuing operations before income taxes $ (304 ) $ (213 ) $ (284 ) Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (106 ) $ (75 ) $ (99 ) State and local income taxes, net of federal tax benefits (15 ) (14 ) (12 ) Liabilities for income tax contingencies (2 ) — 7 Changes in rate and apportionment factors 1 3 1 Changes in valuation allowance 5 10 5 Nondeductible expenses 6 6 — Noncontrolling interest (3 ) (5 ) (2 ) Other 3 (7 ) 1 Income tax benefit $ (111 ) $ (82 ) $ (99 ) Effective tax rate (36.7 )% (38.4 )% (35.1 )% 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. For the year ended December 31, 2016 as compared to 2015 , the effective state tax rate is lower due to the Company’s loss from its operations in multiple jurisdictions that are taxed at a lower apportionments and a lower 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. For the year ended December 31, 2016 , the change was driven by the expiration of statute of limitations related to tax positions taken in prior years. For 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 state tax rate and reflect 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 years ended December 31, 2016 and 2015, state tax losses generated were $4 million and $5 million , respectively, and the remaining changes were from 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. For the years ended December 31, 2016 and 2015 , the amount represents the impact to the effective tax rate from nondeductible expenses primarily related to legal and regulatory matters of $6 million and $4 million , respectively. Additionally for 2015, premiums of $1 million were 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 years ended December 31, 2016 and 2015, the amount was driven from adjustments resulting from the comparison of items included in the prior year provision to the final income tax returns. For the year ended December 31, 2015, the amount was also impacted by adjustments to deferred tax items related to the sale of the Fleet business. 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, 2016 2015 2014 (In millions) Balance, beginning of period $ 11 $ 11 $ 4 Activity related to tax positions taken during the current year — — 7 Activity related to tax positions taken during prior years (3 ) — — Balance, end of period $ 8 $ 11 $ 11 The estimated liability for the potential payment of interest and penalties included in the liability for unrecognized income tax benefits was $2 million as of both December 31, 2016 and 2015 , 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 $8 million as of December 31, 2016 in the event of a favorable resolution of income tax contingencies or reductions in valuation allowances and $11 million as of both December 31, 2015 and 2014 . The Company and its subsidiaries remain subject to examination by the IRS for the tax years ended December 31, 2013 through 2016. As of December 31, 2016 , foreign and state income tax filings were subject to examination for periods including and subsequent to 2008, dependent upon jurisdiction.

Credit Risk

Credit Risk	12 Months Ended
	Dec. 31, 2016
Credit Risk
Credit Risk	14. 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, 2016 2015 (In millions) Loan Servicing Portfolio Composition Owned $ 85,472 $ 99,869 Subserviced 89,170 126,390 Total $ 174,642 $ 226,259 Conventional loans $ 151,004 $ 197,971 Government loans 21,801 24,087 Home equity lines of credit 1,837 4,201 Total $ 174,642 $ 226,259 Weighted-average interest rate 3.8 % 3.8 % December 31, 2016 2015 Number of Loans Unpaid Balance Number of Loans Unpaid Balance Portfolio Delinquency (1) 30 days 2.23 % 1.58 % 2.22 % 1.55 % 60 days 0.60 0.41 0.44 0.30 90 or more days 0.76 0.57 0.82 0.62 Total 3.59 % 2.56 % 3.48 % 2.47 % Foreclosure/real estate owned (2) 1.80 % 1.54 % 1.74 % 1.51 % _____________ (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, 2016 and 2015 , the total servicing portfolio included 11,539 and 15,487 of loans in foreclosure with an unpaid principal balance of $2.3 billion and $3.0 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, 2016 2015 (In millions) Balance, beginning of period $ 89 $ 93 Realized losses (42 ) (19 ) Increase in reserves due to: Changes in assumptions 19 6 New loan sales 7 9 Balance, end of period $ 73 $ 89 Repurchase and foreclosure-related reserves consist of the following: December 31, 2016 2015 (In millions) Loan repurchase and indemnification liability $ 49 $ 62 Adjustment to value for real estate owned 14 17 Allowance for probable foreclosure losses 10 10 Total $ 73 $ 89 Loan Repurchases and Indemnifications As of December 31, 2016 and 2015 , liabilities for probable losses related to repurchase and indemnification obligations of $49 million and $62 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 including 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). In December 2016, the Company entered into resolution agreements with Fannie Mae and Freddie Mac to resolve substantially all representation and warranty exposure related to the sale of mortgage loans that were originated and delivered prior to September 30, 2016 and November 30, 2016, respectively. The resolution agreements do not cover loans with certain defects, which include but are not limited to, loans with certain title issues or with violations of law. The settlement amounts did not significantly exceed the Company's recorded reserves. After executing the resolution agreements, the Company's remaining exposure to repurchase and indemnification claims consists primarily of estimates for claims from private investors, losses for specific non-performing loans where the Company believes it will be required to indemnify the investor and losses from government mortgage insurance programs. Given the inherent uncertainties involved in estimating losses associated with loan repurchase and indemnification requests and government insurance programs, there is a reasonable possibility that future losses may be in excess of the recorded liability. As of December 31, 2016 , the estimated amount of reasonably possible losses in excess of the recorded liability was $20 million . The maximum amount of losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties. As of December 31, 2016 , $75 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; 24% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans). 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, 2016 , 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, 2016 , the Company's mortgage loan originations were derived from the following PLS relationships: 25% from Merrill Lynch Home Loans, a division of Bank of America, National Association, 21% from Morgan Stanley Private Bank, N.A. and 10% from HSBC Bank USA. In November 2016, as an outcome of the strategic review process, the Company announced its intentions to exit the PLS business and these client relationships, which represented 79% of total closing volume (based on dollars) for the year ended December 31, 2016 . During the year ended December 31, 2016 , 20% of mortgage loan originations were derived from the Company's relationship with Realogy and its affiliates, substantially all of which was originated by PHH Home Loans. In February 2017, the Company announced it has entered into agreements to sell certain assets of PHH Home Loans and its subsidiaries, including its mortgage origination and processing centers and the majority of its employees. See Note 23, 'Subsequent Events' for further information. The Company's Mortgage Servicing segment also has exposure to concentration risk and client retention risk with respect to its subservicing agreements. As of December 31, 2016 , the subservicing portfolio (by units) related to the following client relationships: 42% from Pingora Loan Servicing, LLC, 22% from HSBC Bank USA and 14% from Morgan Stanley Private Bank, N.A. A substantial portion of the Company's subservicing agreements allow the owners of the servicing to terminate the subservicing agreement without cause with respect to some or all of the subserviced loans and, in some cases, without payment of any termination fee.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	15. 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 PHH's 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 may affect the outcome of other pending legal proceedings or governmental and regulatory matters. A liability 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, 2016 , the Company’s recorded liability associated with legal and regulatory contingencies was $114 million and is presented in Other liabilities in the Consolidated Balance Sheets. Given the inherent uncertainties and status of the Company’s outstanding legal proceedings, the range of reasonably possible losses cannot be estimated for all matters. For matters where the Company can estimate the range, the Company believes reasonably possible losses in excess of recorded liability may be up to $85 million in aggregate as of December 31, 2016 . There can be no assurance that the ultimate resolution of these matters will not result in losses in excess of the Company’s recorded liability, 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 Bureau of Consumer Financial Protection (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 June 2015, the Director of the CFPB issued a final order requiring the Company to pay $109 million , based upon the gross reinsurance premiums the Company received on or after July 21, 2008. Subsequently, the Company filed an appeal to the United States Court of Appeals for the District of Columbia Circuit (the "Court of Appeals"). In October 2016, the Court of Appeals issued its decision, vacating the decision of the Director of the CFPB, and finding in favor of the Company’s arguments, among others, around the correct interpretations of Section 8 of RESPA, the applicability of prior HUD interpretations around captive re-insurance and the applicability of statute of limitations to administrative enforcement proceedings at the CFPB. The Court of Appeals remanded the case to the CFPB to determine the Company's compliance with provisions of RESPA specific to whether any mortgage insurers paid more than reasonable market value to the Company for reinsurance. In February 2017, the Court of Appeals granted the CFPB's request to rehear the case en banc. Arguments in the appeal are currently scheduled for May 2017. The Company continues to believe that it has complied with RESPA and other laws applicable to its former mortgage reinsurance activities. Given the nature of this matter and the current status, the Company cannot estimate the amount of loss, or a range of possible losses, if any, in connection with this matter. 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. As of December 31, 2016 , the Company included an estimate of probable losses in connection with the MMC matter in the recorded liability. In the fourth quarter of 2016, the Company entered into a consent order with the New York Department of Financial Services (the "NYDFS") to close out pending examination report findings, including New York findings stemming from the MMC examination. Under the terms of the order, the Company paid a civil monetary penalty of $28 million in the fourth quarter of 2016, will engage an independent third-party auditor for a period of 12 months, and will conduct a review of a sample of loans originated from 2008 to 2014 to review certain origination practices and disclosures. 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. The Company is continuing its discussions with HUD about the ongoing investigation. As of December 31, 2016 , the Company included an estimate of probable losses in connection with this matter in the recorded liability. 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, in January 2017, the Company entered into an agreement to settle outstanding litigation relating to this matter. The settlement is subject to court approval. The Company’s recorded estimate of probable losses as of December 31, 2016 for this matter was not materially different than the losses it expects to incur in connection with the resolution. 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 the Company 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. In July 2016, the U.S. Attorney’s Office for the Eastern District of New York requested production of additional documents responsive to the subpoenas. 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, its origination, underwriting and quality control processes for loans sold to Fannie Mae and Freddie Mac. While the FHFA, as regulator 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 11, '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 PHH Mortgage's 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 its 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 $670 million as of December 31, 2016 . As of December 31, 2016 , PHH Mortgage’s actual net worth was $672 million and the Company was in compliance with the requirements. The Company intends to negotiate revised required capital levels as part of its first quarter 2017 facility renewals. 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, 2016 , 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, 2016 , 2015 , and 2014 , rental expense of $22 million , $22 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, 2016 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2017 $ 18 $ 29 2018 16 1 2019 13 1 2020 12 — 2021 11 — Thereafter 12 — Total $ 82 $ 31 ________________ (1) Excludes $7 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 14, '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 its subsidiaries.

Stock-Related Matters

Stock-Related Matters	12 Months Ended
	Dec. 31, 2016
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Stock-Related Matters	16. 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. The Company completed both ASR programs after the Company received the final 1,574,252 shares in March 2015. 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. There was no additional share repurchase activity for the year ended December 31, 2016 . The Board of Directors' authorization for open market share repurchases expired on December 31, 2016 , and there are no remaining authorizations. Restrictions on Share-Related Payments As of December 31, 2016 , the Company is not prohibited 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 its Common stock. The provisions of the Company's debt arrangements, capital requirements of the Company's 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. 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 $750 million on the last day of each fiscal quarter; and (ii) a ratio of unsecured indebtedness to tangible net worth of no greater than 1.25 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 its 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 $772 million as of December 31, 2016 .

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	17. 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, restricted stock units and other stock- or cash-based awards. The aggregate number of shares of PHH Common stock available to be issued under the Plan is 8,567,433 , of which 5,814,648 were still available for grant as of December 31, 2016. The Company's outstanding awards consist of the following: • Stock 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. • Restricted stock units (“RSUs”) are classified as equity awards and include service-based, performance-based and market-based restricted stock units to purchase shares of Common stock. RSUs entitle employees to receive one share of the Company's Common stock upon the vesting of each RSU. • Restricted cash units (“RCUs”) are classified as liability awards and include service-based, performance-based and market-based restricted cash units to be settled in cash under the Plan. RCUs entitle employees to receive a cash payout equal to the closing share price (on the vesting date) of one share of common stock for each unit granted. 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, 2016 2015 2014 (In millions) Stock-based compensation expense for equity awards $ 9 $ 9 $ 8 Stock-based compensation expense for liability awards 1 2 4 Income tax benefit related to stock-based compensation expense (4 ) (4 ) (5 ) Stock-based compensation expense, net of income taxes $ 6 $ 7 $ 7 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 and 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 There were no options granted during the years ended December 31, 2016 , 2015 or 2014 . The following table summarizes stock option activity for the year ended December 31, 2016 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at January 1, 2016 1,077,876 $ 17.79 Forfeited or expired (176,566 ) 17.49 Outstanding at December 31, 2016 901,310 $ 17.85 5.5 $ — Exercisable at December 31, 2016 (1) 901,310 $ 17.85 5.5 $ — _____________________ (1) Option awards became fully-vested during 2016 and there is no amount of unrecognized compensation cost related to outstanding stock options as of December 31, 2016 . There were no options exercised during the year ended December 31, 2016 . The intrinsic value of options exercised during the years ended December 31, 2015 and 2014 was $1 million and $2 million , 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. As of December 31, 2016 , there was $14 million of unrecognized compensation cost related to outstanding and unvested equity-based RSUs expected to be recognized over a weighted-average period of 2.1 years. The following tables summarize restricted stock unit activity for the year ended December 31, 2016 : Number of RSUs Weighted- Average Grant-Date Fair Value Performance-based & Market-based RSUs Outstanding at January 1, 2016 429,144 $ 14.04 Granted 394,952 13.01 Forfeited (1,799 ) 18.67 Canceled due to non-achievement of performance or market condition (196,989 ) 13.17 Outstanding at December 31, 2016 625,308 $ 13.65 RSUs expected to be converted into shares of Common stock (1) 272,043 $ 13.01 Service-based RSUs Outstanding at January 1, 2016 347,872 $ 22.33 Granted (2) 684,679 13.49 Forfeited (1,760 ) 24.24 Converted (145,674 ) 22.36 Outstanding at December 31, 2016 885,117 $ 15.48 RSUs expected to be converted into shares of Common stock 884,240 $ 15.47 _____________________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance and market-based awards represents the expected number to be earned based upon if the contingency was met as of December 31, 2016. (2) Includes 50,522 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors. In 2016 , 2015 and 2014 , certain executives were awarded RSUs with market-based vesting conditions with weighted-average grant-date fair value of $13.01 , $18.67 and $11.32 , 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, 2016 2015 2014 Grant date stock price $ 13.00 $ 24.24 $ 22.93 Risk-free interest rate 1.09 % 0.94 % 0.94 % Expected volatility 45.7 % 30.2 % 35.3 % 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 for each of the years ended December 31, 2016 , 2015 and 2014 . Liability Awards RCU awards granted by the Company under the Plan that are expected to be settled in cash 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 market or performance conditions, if any. As of December 31, 2016 , there was an insignificant amount of unrecognized compensation cost related to outstanding and unvested liability-based RCUs that are expected to vest and be recognized over a weighted-average period of 1.2 years. As of December 31, 2016 and 2015 , $1 million and $5 million , respectively, is accrued related to the expected payout for liability awards within Accounts payable and accrued expenses in the Consolidated Balance Sheets. The total amount of cash paid for share-based liability awards was $3 million and $4 million for the years ended December 31, 2016 and 2015 , respectively.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	18. 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, 2016 or 2015 . 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, 2016 or 2015 . Recurring Fair Value Measurements The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: December 31, 2016 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 636 $ 47 $ — $ 683 Mortgage servicing rights — — 690 — 690 Other assets—Derivative assets: Interest rate lock commitments — — 18 — 18 Forward delivery commitments — 14 — (12 ) 2 MSR-related agreements — 19 — (18 ) 1 Option contracts — 1 — (1 ) — LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 4 $ — $ 1 $ 5 MSR-related agreements — 65 — (53 ) 12 Option contracts — — — 1 1 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 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, 2016 December 31, 2015 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 $ 683 $ 7 $ 743 $ 9 Aggregate unpaid principal balance 687 10 738 11 Difference $ (4 ) $ (3 ) $ 5 $ (2 ) The following table summarizes the components of Mortgage loans held for sale: December 31, 2016 2015 (In millions) First mortgages: Conforming $ 531 $ 616 Non-conforming 105 88 Total first mortgages 636 704 Second lien 3 4 Scratch and Dent 44 35 Total $ 683 $ 743 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 December 31, 2016 determination of fair value includes calibration of our valuation model considering the pricing associated with the MSR agreements executed in the fourth quarter of 2016. See Note 5, 'Transfers and Servicing of Mortgage Loans' for further discussion of the MSR sale commitments. The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs: Year Ended December 31, 2016 2015 Initial capitalization rate of additions to MSRs 1.02 % 1.14 % December 31, 2016 2015 Capitalization servicing rate 0.82 % 0.89 % Capitalization servicing multiple 2.9 3.1 Weighted-average servicing fee (in basis points) 28 29 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): December 31, 2016 2015 Weighted-average prepayment speed (CPR) 9.2 % 9.1 % Option adjusted spread, in basis points (OAS) 1,430 977 Weighted-average delinquency rate 5.1 % 5.3 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: December 31, 2016 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (20 ) $ (32 ) $ (11 ) Impact on fair value of 20% adverse change (38 ) (57 ) (22 ) 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 or from the MSR sale commitments discussed in the preceding section. 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 6, '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, 2016 and 2015 was 77% and 74% , respectively. 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. 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. 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. 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, 2016 2015 MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 39 $ 880 $ 21 $ 42 $ 1,005 $ 22 Purchases, Issuances, Sales and Settlements: Purchases 13 — — 28 — — Issuances 6 60 — 5 101 — Sales (24 ) (12 ) — (33 ) (39 ) — Settlements (11 ) — (318 ) (10 ) — (262 ) (16 ) 48 (318 ) (10 ) 62 (262 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net (1 ) — 315 1 — 261 Change in fair value of MSRs — (238 ) — — (187 ) — Interest income 3 — — 5 — — 2 (238 ) 315 6 (187 ) 261 Transfers into Level Three 42 — — 38 — — Transfers out of Level Three (20 ) — — (37 ) — — Balance, end of period $ 47 $ 690 $ 18 $ 39 $ 880 $ 21 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. 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, 2016 2015 (In millions) Gain on loans held for sale, net $ 11 $ 17 Change in fair value of mortgage servicing rights (100 ) (18 ) Fair Value of Other Financial Instruments As of December 31, 2016 and 2015 , all financial instruments were either recorded at fair value or the carrying value approximated fair value, with the exception of Debt. 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 both December 31, 2016 and 2015 , the total fair value of Debt was $1.3 billion , and is measured using Level Two inputs. As of December 31, 2016 , the fair value was estimated using the following valuation techniques: (i) $623 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) $655 million was measured using observable spreads and terms for recent pricing of similar instruments. Non-Recurring Fair Value Measurements Other Assets — Equity method investments. In the fourth quarter of 2016, the Company evaluated its equity method investment of Speedy Title and Appraisal Review Services LLC ("STARS") for impairment as a result of the negative impact the PLS exit will have on STARS operating results. The exit of the PLS channel will significantly reduce STARS appraisal volume and its projected cash flows. Due to the uncertainty of the cash flows associated with an income approach, the Company performed the assessment of fair value based on an orderly liquidation of the entity. This assessment resulted in an impairment charge of $23 million , which was recorded in Other (loss) income during the year ended December 31, 2016. There was no impairment charge recorded during the year ended December 31, 2015 . 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, 2016 and 2015 , Repurchase and foreclosure-related charges totaled $19 million and $6 million , respectively. These amounts were recorded in Other operating expenses and include changes in the estimate of losses related 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 14, 'Credit Risk' and Note 8, 'Other Assets' for further information regarding the balances of mortgage loans in foreclosure, REO, and exposures to loan repurchases and indemnifications.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities
Variable Interest Entities	19. 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, 2016 December 31, 2015 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 67 $ — $ 80 $ — Restricted cash 5 19 5 13 Mortgage loans held for sale 350 — 389 — Accounts receivable, net 9 — 5 — Servicing advances, net — 150 — 157 Property and equipment, net 1 — 1 — Other assets 11 1 11 1 Total assets $ 443 $ 170 $ 491 $ 171 Assets held as collateral (1) $ 320 $ 169 $ 361 $ 170 LIABILITIES Accounts payable and accrued expenses $ 11 $ — $ 14 $ — Debt 300 99 345 111 Other liabilities 5 — 6 — Total liabilities (2) $ 316 $ 99 $ 365 $ 111 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 11, '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) 2016 2015 2014 (In millions) PHH Home Loans $ 16 $ 28 $ 16 Servicing Advance Receivables Trust (4 ) (5 ) (5 ) PHH Corporation Investment (2) Intercompany receivable (2) 2016 2015 2016 2015 (In millions) PHH Home Loans $ 57 $ 57 $ 13 $ 14 Servicing Advance Receivables Trust 83 69 — — _________________ (1) Includes adjustments for the elimination of intercompany transactions. (2) Amounts are eliminated in the Consolidated Balance Sheets. PHH Home Loans See Note 23, 'Subsequent Events' for information on agreements related to PHH Home Loans that were executed in February 2017, specific to the Company's plans to sell certain assets of PHH Home Loans and exit the existing joint venture relationship. 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, 2016 , 2015 and 2014 , PHH Home Loans originated residential mortgage loans of $7.1 billion , $7.9 billion and $7.4 billion , respectively, and PHH Home Loans brokered or sold $2.0 billion , $2.7 billion and $3.3 billion , respectively, of mortgage loans to the Company under the terms of a loan purchase agreement. For the year ended December 31, 2016 , 20% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which 96% were originated by PHH Home Loans. As of December 31, 2016 , the Company had outstanding commitments to purchase or fund $97 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, 2016 , 2015 and 2014 . 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 $8 million , $10 million and $4 million during the years ended December 31, 2016 , 2015 and 2014 , 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, 2016 . 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, 2016 and 2015 . Realogy Agreements. Unless terminated earlier, the Company's 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 the 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 11, 'Debt and Borrowing Arrangements' . Certain capital transactions are executed between the Company and the Depositor whereby PHH Mortgage contributes receivables to the Depositor and receives distributions upon the issuance of notes or the leveraging of note series. During the year ended December 31, 2016 , PHH Mortgage contributed Accounts receivable of $575 million to the Depositor, and received distributions of $560 million .

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions	20. Related Party Transactions Thomas P. 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, 2016 , 2015 and 2014 were not significant.

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segment Information	21. 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 the Company 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 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 3, 'Discontinued Operations' for additional information. The heading Other includes expenses that are not allocated back to the two reportable segments and for 2014, 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 years ended December 31 were as follows: Total Assets 2016 2015 (In millions) Mortgage Production segment $ 913 $ 1,036 Mortgage Servicing segment 1,428 1,802 Other 834 804 Total $ 3,175 $ 3,642 Net Revenues Segment (Loss) (1) 2016 2015 2014 2016 2015 2014 (In millions) Mortgage Production segment $ 539 $ 586 $ 465 $ (53 ) $ (47 ) $ (141 ) Mortgage Servicing segment 83 198 163 (223 ) (131 ) (103 ) Other — 6 11 (37 ) (49 ) (46 ) Total $ 622 $ 790 $ 639 $ (313 ) $ (227 ) $ (290 ) ______________ (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, 2016 2015 2014 (In millions) Loss before income taxes $ (304 ) $ (213 ) $ (284 ) Less: net income attributable to noncontrolling interest 9 14 6 Segment loss $ (313 ) $ (227 ) $ (290 ) Interest Income Interest Expense 2016 2015 2014 2016 2015 2014 (In millions) Mortgage Production segment $ 32 $ 40 $ 38 $ 22 $ 45 $ 77 Mortgage Servicing segment 11 4 4 53 45 53 Total $ 43 $ 44 $ 42 $ 75 $ 90 $ 130

Selected Quarterly Financial Da

Selected Quarterly Financial Data-(unaudited)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data-(unaudited)	22. 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 $ 157 $ 196 $ 197 $ 72 Loss before income taxes (49 ) (20 ) (29 ) (206 ) Net loss (30 ) (9 ) (21 ) (133 ) Net loss attributable to PHH Corporation (30 ) (12 ) (27 ) (133 ) Basic and Diluted loss per share attributable to PHH Corporation $ (0.56 ) $ (0.22 ) $ (0.50 ) $ (2.49 ) Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 261 $ 237 $ 169 $ 123 Income (loss) 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 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	23. Subsequent Events PHH Home Loans Transactions In February 2017, the Company announced it has entered into agreements to sell certain assets of PHH Home Loans and its subsidiaries, including its mortgage origination and processing centers and the majority of its employees. PHH Home Loans is a joint venture between the Company and Realogy Corporation, which provides mortgage origination services for brokers associated with brokerages owned or franchised by Realogy Corporation, and represented substantially all of our Real Estate channel, and 20% of the Company’s total mortgage production volume (based on dollars) for the year ended December 31, 2016 . The execution of these transactions is subject to closing conditions as set forth in the agreements, including PHH shareholder approval, the execution of a portion of the New Residential MSR sales, the receipt of agency approvals and the acceptance by a specified percentage of PHH Home Loans employees (including loan originators) of employment offers from the buyer, among other conditions. After the completion of these transactions, the Company would no longer operate through its Real Estate channel. Agreements related to these intended transactions include: Asset sale transactions. On February 15, 2017, the Company entered into an agreement to sell certain assets of our PHH Home Loans joint venture to Guaranteed Rate Affinity, LLC, which is a newly formed joint venture formed by subsidiaries of Realogy Holdings Corp. and Guaranteed Rate, Inc. JV Interests Purchase. In connection with the asset sale agreements, PHH entered into an agreement to purchase Realogy's 49.9% ownership interests in the PHH Home Loans joint venture, for an amount equal to their interest in the residual equity of PHH Home Loans after the final closing of the Asset sale transactions. At the completion of the above described transactions, the Company expects to receive or pay amounts to resolve the remaining assets and liabilities of the PHH Home Loans legal entity. If consummated, the Company would expect to close this transaction by the end of 2017 and estimates that it will receive proceeds of $92 million in connection with these transactions. The Company did not recognize any amounts in the December 31, 2016 financial statements related to the PHH Home Loans transactions. Refer to Note 19, 'Variable Interest Entities' for further information about PHH Home Loans' structure and relationship with Realogy. Other See Note 2, 'Exit Costs' for information regarding exit costs of the Company's reorganization plans that were announced in February 2017. See Note 5, 'Transfers and Servicing of Mortgage Loans' for information regarding the initial sale of GNMA MSRs under the Lakeview agreement that closed in February 2017.

SCHEDULE I - CONDENSED FINANCIA

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 REVENUES Other income $ — $ 6 $ 11 Interest income 3 3 — Net revenues 3 9 11 EXPENSES Salaries and related expenses 61 54 67 Interest expense 45 58 95 Depreciation and amortization 5 5 9 Professional and third-party service fees 99 109 62 Technology equipment and software expenses 21 18 18 Exit and disposal costs 8 — — Other operating expenses 12 44 32 Total expenses before allocation 251 288 283 Corporate overhead allocation to subsidiaries (169 ) (175 ) (131 ) Unsecured interest expense allocation to subsidiaries (42 ) (55 ) (95 ) Total expenses 40 58 57 Loss before income taxes and equity in loss of subsidiaries (37 ) (49 ) (46 ) Income tax benefit (12 ) (23 ) (13 ) Loss before equity in loss of subsidiaries (25 ) (26 ) (33 ) Equity in loss of subsidiaries, excluding discontinued operations (177 ) (119 ) (158 ) Loss from continuing operations, net of tax (202 ) (145 ) (191 ) Income from discontinued operations, net of tax — — 272 Net (loss) income $ (202 ) $ (145 ) $ 81 Other comprehensive income (loss), net of tax: Currency translation adjustment — — (22 ) Change in unfunded pension liability, net — 1 (5 ) Total other comprehensive income (loss), net of tax — 1 (27 ) Total comprehensive (loss) income $ (202 ) $ (144 ) $ 54 PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT PHH CORPORATION CONDENSED BALANCE SHEETS (In millions) December 31, 2016 2015 ASSETS Cash and cash equivalents $ 783 $ 745 Restricted cash 11 10 Accounts receivable, net 5 5 Due from subsidiaries 212 273 Investment in subsidiaries 721 881 Property and equipment, net 13 12 Other assets 37 76 Total assets $ 1,782 $ 2,002 LIABILITIES Accounts payable and accrued expenses $ 65 $ 50 Debt, net 607 615 Other liabilities 18 19 Total liabilities 690 684 Commitments and contingencies EQUITY Preferred stock — — Common stock 1 1 Additional paid-in capital 887 911 Retained earnings 214 416 Accumulated other comprehensive loss (10 ) (10 ) Total PHH Corporation stockholders’ equity 1,092 1,318 Total liabilities and equity $ 1,782 $ 2,002 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, 2016 2015 2014 Net cash provided by (used in) operating activities $ 22 $ (19 ) $ (522 ) Cash flows from investing activities: Net decrease in amounts due from subsidiaries 47 10 — Purchases of property and equipment (7 ) (8 ) (5 ) (Increase) decrease in restricted cash (1 ) (1 ) 1 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 Net cash provided by investing activities 39 1 1,365 Cash flows from financing activities: Net cash (used in) provided by consolidated subsidiaries — — (69 ) Principal payments on unsecured borrowings — (245 ) (435 ) Cash tender premiums for convertible debt — (30 ) — Issuances of Common stock — 2 10 Repurchase of Common stock (23 ) (77 ) (200 ) Other, net — (2 ) (3 ) Net cash used in financing activities (23 ) (352 ) (697 ) Net increase (decrease) in Cash and cash equivalents 38 (370 ) 146 Cash and cash equivalents at beginning of period 745 1,115 969 Cash and cash equivalents at end of period $ 783 $ 745 $ 1,115 Supplemental Disclosure of Cash Flows Information: Payments for debt retirement premiums $ — $ — $ 22 Interest payments 42 49 83 Income tax (refunds) payments, net (29 ) 9 534

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2016
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 2016 2015 2014 2016 2015 2014 (In millions) Deferred tax valuation allowance: Balance, beginning of period $ 46 $ 35 $ 26 $ 11 $ 5 $ 5 Additions: Charged to costs and expenses 5 10 5 2 6 2 Charged to other accounts (7 ) 1 4 (2 ) — — Reductions — — — — — (2 ) Balance, end of period $ 44 $ 46 $ 35 $ 11 $ 11 $ 5

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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, 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 3, 'Discontinued Operations' for additional information.
Changes In Accounting Policies and Recently Issued Accounting Pronouncements	Changes in Accounting Policies 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 Company adopted this guidance prospectively as of January 1, 2016, and there was no impact to the Company's financial statements. 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. This guidance was adopted retrospectively as of January 1, 2016, and the Company updated its consolidation analyses for relevant entities. The adoption of this update did not change any consolidation conclusions, and there was no impact to the Company's financial statements or disclosures. 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 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 Company adopted this guidance retrospectively as of January 1, 2016, which resulted in a $10 million decrease to both Other assets and Debt in the Consolidated Balance Sheets as of December 31, 2015. The Company elected not to reclassify debt issuance costs related to line-of-credit and mortgage warehouse arrangements, which continue to be presented in Other assets for all periods. The adoption of this standard did 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 Company adopted this guidance prospectively to all arrangements entered into or materially modified after January 1, 2016. The adoption of this standard did not have an impact to the Company's 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 management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide footnote disclosures in certain circumstances. Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued. The Company adopted this guidance during the fourth quarter of 2016 and it did not have an impact to the Company's financial statements or disclosures. 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. The FASB has issued several amendments to the new revenue standard ASU 2014-09, including: • ASU 2016-08, “Principal Versus Agent Considerations (Reporting Revenue Gross versus Net).” The amendments to this update were issued in March 2016 and are intended to improve the implementation guidance on principal versus agent considerations in ASU 2014-09 by clarifying how an entity should identify the unit of accounting (i.e. the specified good or service) and how an entity should apply the control principle to certain types of arrangements. • ASU 2016-10, “Identifying Performance Obligations and Licensing.” The amendments to this update were issued in April 2016 and are intended to improve the implementation guidance on identifying performance obligations by reducing the cost and complexity of identifying promised goods or services and improving the guidance for determining whether promises are separately identifiable. The amendments also provide implementation guidance on accounting for licenses of intellectual property. • ASU 2016-12, "Narrow-Scope Improvements and Practical Expedients." The amendments to this update were issued in May 2016 and clarify certain core recognition principles and provide practical expedients available at transition. The improvements address collectability, sales tax presentation, non-cash consideration, contract modifications and completed contracts at transition. • ASU 2016-20, "Technical Corrections and Improvements to Topic 606." This update was issued in December 2016 to increase stakeholders' awareness of the proposals and to expedite improvements to ASU 2014-09 and amends or clarifies thirteen narrow aspects of the revenue recognition guidance. The revenue standards and subsequent updates are to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and are effective 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 does not expect to early adopt the revenue standard. The Company has reviewed the scope of the guidance and monitored the determinations of the FASB Transition Resource Group and determined that certain revenue streams are not within the scope of the standard and that those current accounting policies will not change. However, the Company continues to evaluate certain select revenue streams, including subservicing fees, and the impact that this guidance will have on its financial statements and disclosures. The Company has not yet selected a transition method of adoption. 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. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard is applicable to financial instruments not accounted for at fair value, including but not limited to, trade receivables and off-balance sheet credit exposures. This update is effective for the first interim and annual periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. At adoption, this update will be applied using a modified retrospective approach. 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. Derivatives and Hedging. In March 2016, the FASB issued ASU 2016-06, “Contingent Put and Call Options in Debt Instruments.” This update clarifies that in assessing whether an embedded contingent put or call option is clearly and closely related to the debt host, an entity is required to perform only a specific four-step decision sequence. An entity is no longer required to assess whether the contingency for exercising the option is indexed to interest rate or credit risk. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied 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. Share-Based Payments. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting." This update is intended to simplify several aspects of the accounting for share-based payment transactions, including accounting for income taxes, the classification of awards as either equity or liabilities and the classification of excess tax benefits and payments for tax withholdings on the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied either prospectively, retrospectively or by using a modified retrospective approach, depending on the area of change. Certain aspects will require reclassification of prior period amounts; however, the Company does not expect the adoption of this new standard to have a significant impact on its financial statements or disclosures. Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This update addresses a number of specific cash flow issues and is intended to reduce diversity in practice in how entities present and classify certain cash receipts and cash payments in the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. For issues that are impracticable to apply retrospectively, the amendments may be applied prospectively from the earliest date practicable. The Company is currently evaluating the impact of adopting this new standard. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." This update requires restricted cash to be included in the beginning and end-of-period total amounts shown on the statement of cash flows, and also requires certain disclosures for significant balances of restricted cash. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. The Company is currently evaluating the impact of adopting this guidance. Consolidation. In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control." This update requires an entity to include indirect interest held through related parties that are under common control on a proportionate basis when evaluating if a reporting entity is the primary beneficiary of a variable interest entity. This update is effective for the first interim and annual periods beginning after December 15, 2016, with early adoption permitted. At adoption, this update will be applied retrospectively. The Company does not expect the adoption of this update to change any consolidation conclusions, or have a significant impact on its financial statements or disclosures. Business Combinations. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company is currently evaluating the impact of adopting this guidance. Other Income. In February 2017, the FASB issued ASU 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." This update defines what constitutes an “in substance nonfinancial asset”, requires that all entities account for the derecognition of a business in accordance with ASC 810 and clarifies that an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. This update may be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and is effective for interim and annual periods beginning after December 15, 2017. The Company is currently evaluating the impact of adopting this guidance.
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 purchased 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 related to 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, during 2016, the Company has entered into agreements to sell substantially all of its existing Mortgage servicing rights (“MSRs”). See Note 5, 'Transfers and Servicing of Mortgage Loans' for additional information. 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 collect and hold for use in 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 both December 31, 2016 and 2015 , the recorded reserve for uncollectible servicing advances was $5 million . 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.
Mortgage Loans in Foreclosure and Real Estate Owned	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.
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. The Company estimates its obligation for representations and warranties using a model that incorporates 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 $3.4 billion and $3.5 billion as of December 31, 2016 and 2015 , 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.
Commitments and Contingencies	A liability 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.
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.

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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

Exit Costs (Tables)

Exit Costs (Tables)	12 Months Ended
	Dec. 31, 2016
Restructuring and Related Activities [Abstract]
Summary of expenses incurred to date and total costs expected to be incurred within PLS exit program	The following is a summary of expenses incurred to date for the PLS exit program within Exit and disposal costs in the Consolidated Statement of Operations, including our estimate of remaining and total program costs: Year Ended December 31, 2016 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Asset Impairment Total (In millions) Costs incurred this period $ 22 $ — $ 4 $ 15 $ 41 Cumulative costs recognized in prior periods — — — — — Estimate of remaining costs 20 25 29 — 74 Total $ 42 $ 25 $ 33 $ 15 115
Summary of exit program costs by segment	The following is a summary of the program costs by segment for the year ended December 31, 2016 : Mortgage Production Segment Other Total (In millions) Costs incurred this period $ 33 $ 8 $ 41 Cumulative costs recognized in prior periods — — — Estimate of remaining costs 64 10 74 Total $ 97 $ 18 $ 115
Schedule of exit cost liability	A summary of the activity is as follows: Year Ended December 31, 2016 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ — $ — $ — $ — Charges 22 — 4 26 Paid — — (1 ) (1 ) Balance, end of period $ 22 $ — $ 3 $ 25

Discontinued Operations (Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2016
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 (In millions) Net revenues (1) $ 820 Total expenses (1) 774 Income before income taxes (1) 46 Income tax expense (1) 15 Gain from sale of discontinued operations, net of tax 241 Income from discontinued operations, net of tax $ 272 __________________ (1) Represents the results of the Fleet business.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 (In millions, except share and per share data) Loss from continuing operations, net of tax $ (193 ) $ (131 ) $ (185 ) Less: net income attributable to noncontrolling interest 9 14 6 Net loss from continuing operations attributable to PHH Corporation (202 ) (145 ) (191 ) Income from discontinued operations, net of tax — — 272 Net (loss) income attributable to PHH Corporation $ (202 ) $ (145 ) $ 81 Weighted-average common shares outstanding — basic and diluted (1) 53,627,170 55,201,713 55,001,300 Basic and Diluted (loss) earnings per share: From continuing operations $ (3.77 ) $ (2.62 ) $ (3.47 ) From discontinued operations — — 4.94 Total attributable to PHH Corporation $ (3.77 ) $ (2.62 ) $ 1.47 __________________ (1) 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, 2016 2015 2014 Outstanding stock-based compensation awards (1) 1,980,240 1,386,775 1,584,373 Assumed conversion of debt securities — 4,341,369 8,997,305 ______________ (1) For the year ended December 31, 2016 , excludes 353,265 shares that are contingently issuable for which the contingency has not been met.

Transfers and Servicing of Mo39

Transfers and Servicing of Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2016
Transfers and Servicing [Abstract]
Summary of MSRs committed under sale agreements	The following table summarizes the Company's MSRs committed under sale agreements, based on the portfolio as of December 31, 2016 : December 31, 2016 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 69,937 $ 579 Lakeview Loan Servicing, LLC 13,369 97 Other counterparties 158 2 Non-committed 1,193 12 Total MSRs $ 84,657 $ 690
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, 2016 2015 2014 (In millions) Balance, beginning of period $ 98,990 $ 112,686 $ 129,145 Additions 5,874 8,841 8,933 Payoffs and curtailments (19,211 ) (19,092 ) (18,463 ) Sales (996 ) (3,445 ) (6,929 ) Balance, end of period $ 84,657 $ 98,990 $ 112,686
Schedule of activity in capitalized MSRs	The activity in capitalized MSRs consisted of: Year Ended December 31, 2016 2015 2014 (In millions) Balance, beginning of period $ 880 $ 1,005 $ 1,279 Additions 60 101 97 Sales (12 ) (39 ) (51 ) Changes in fair value due to: Realization of expected cash flows (138 ) (169 ) (155 ) Changes in market inputs or assumptions used in the valuation model (100 ) (18 ) (165 ) Balance, end of period $ 690 $ 880 $ 1,005
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, 2016 2015 2014 (In millions) Servicing fees from capitalized portfolio $ 266 $ 304 $ 357 Late fees 15 15 17 Other ancillary servicing revenue 21 20 30
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, 2016 2015 2014 (In millions) Proceeds from new loan sales or securitizations $ 6,071 $ 9,075 $ 9,226 Servicing fees from capitalized portfolio (1) 266 304 357 Purchases of previously sold loans (2) (295 ) (128 ) (64 ) Servicing advances (3) (1,584 ) (2,083 ) (1,963 ) Repayment of servicing advances (3) 1,647 2,086 1,935 ______________ (1) Excludes late fees and other ancillary servicing revenue. (2) Includes purchases of repurchase eligible loans and excludes indemnification payments to investors and insurers of the related mortgage loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to mortgage loans in foreclosure or real estate owned, which are included in Other assets.

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 862 $ 1,048 Forward delivery commitments 2,104 2,468 MSR-related agreements 260 3,945 Option contracts 120 125
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, 2016 Gross Assets Offsetting Payables Cash Collateral Paid Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 13 $ (43 ) $ 31 $ 1 MSR-related agreements 19 (22 ) 4 1 Option contracts 1 (1 ) — — Derivative assets subject to netting 33 (66 ) 35 2 Not subject to master netting arrangements: Interest rate lock commitments 18 — — 18 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 19 — — 19 Total derivative assets $ 52 $ (66 ) $ 35 $ 21 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 4 $ (10 ) $ 11 $ 5 MSR-related agreements 65 (55 ) 2 12 Option contracts — (1 ) 2 1 Derivative assets subject to netting 69 (66 ) 15 18 Total derivative liabilities $ 69 $ (66 ) $ 15 $ 18 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
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, 2016 2015 2014 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 315 $ 261 $ 309 Forward delivery commitments (1 ) (7 ) (89 ) Option contracts — (2 ) (4 ) Net derivative gain related to mortgage servicing rights: MSR-related agreements 10 29 82

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Schedule of components of property and equipment, net	Property and equipment, net consisted of: December 31, 2016 2015 (In millions) Capitalized software $ 130 $ 131 Furniture, fixtures and equipment 33 32 Capital leases 9 9 Leasehold improvements 25 24 197 196 Less: Accumulated depreciation and amortization (161 ) (149 ) Total $ 36 $ 47

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of other assets	Other assets consisted of: December 31, 2016 2015 (In millions) Derivatives $ 21 $ 26 Mortgage loans in foreclosure, net (1) 21 24 Real estate owned, net (2) 16 21 Income taxes receivable 14 23 Repurchase eligible loans (3) 13 104 Equity method investments (4) 10 32 Deferred financing costs 1 3 Other 13 14 Total $ 109 $ 247 (1) As of both December 31, 2016 and 2015 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $10 million . (2) As of December 31, 2016 and 2015 , Real estate owned is net of Adjustment to value for real estate owned of $14 million and $17 million , respectively. (3) As of December 31, 2015, Repurchase eligible loans included a portfolio of GNMA loans that were part of a pending repurchase transaction that settled in January 2016. There were no similar buyout transactions pending as of December 31, 2016. 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. (4) See Note 18, 'Fair Value Measurements' for a discussion of the 2016 impairment of this asset.

Accounts Payable and Accrued 43

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Accounts Payable and Accrued Liabilities [Abstract]
Summary of components of accounts payable and accrued expenses	Accounts payable and accrued expenses consisted of: December 31, 2016 2015 (In millions) Accounts payable $ 77 $ 76 Accrued payroll and benefits 50 38 Exit cost liability (Note 2) 25 — Accrued interest 16 16 Repurchase eligible loans (Note 8) 13 104 Accrued servicing related expenses 12 17 Total $ 193 $ 251

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities consisted of: December 31, 2016 2015 (In millions) Legal and regulatory matters (Note 15) $ 114 $ 105 Derivatives 18 2 Pension and other post-employment benefits 11 11 Income tax contingencies 8 9 Other 6 10 Total $ 157 $ 137

Debt and Borrowing Arrangemen45

Debt and Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: December 31, 2016 December 31, 2015 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 556 2.9 % $ 494 $ 632 Uncommitted warehouse facilities — — 1,950 — Servicing advance facility 99 2.7 % 56 111 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 — — 3 — Unsecured debt, face value 615 615 Debt issuance costs (3) (8 ) (10 ) Unsecured debt, net 607 605 Total $ 1,262 $ 1,348 (1) Interest rate shown represents the stated interest rate of outstanding borrowings, 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) Deferred issuance costs were reclassified from the prior year presentation in Other assets to a reduction in Unsecured debt.
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, 2016 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 9 $ 19 Servicing advances — 150 Mortgage loans held for sale (unpaid principal balance) 584 — Total $ 593 $ 169
Schedule of contractual debt maturities	The following table provides the contractual debt maturities as of December 31, 2016 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 556 $ 99 $ — $ 655 Between one and two years — — — — Between two and three years — — 275 275 Between three and four years — — — — Between four and five years — — 340 340 Thereafter — — — — $ 556 $ 99 $ 615 $ 1,270 (1) Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.

Pension and Other Post Employ46

Pension and Other Post Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2016
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 2016 2015 2016 2015 (In millions) Benefit obligation $ 48 $ 47 $ 1 $ 1 Fair value of plan assets 38 37 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 16 $ 16 $ — $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Summary of income tax (benefit) expense	The following table summarizes Income tax benefit: Year Ended December 31, 2016 2015 2014 (In millions) Current: Federal $ — $ — $ (461 ) State — (1 ) (31 ) Income tax contingencies: Change in income tax contingencies (2 ) — 6 Interest and penalties — — 1 Total current income tax benefit (2 ) (1 ) (485 ) Deferred: Federal (100 ) (79 ) 373 State (9 ) (2 ) 13 Total deferred income tax (benefit) expense (109 ) (81 ) 386 Income tax benefit $ (111 ) $ (82 ) $ (99 )
Summary of components of deferred tax assets and liabilities	The following table summarizes the significant components of deferred tax assets and liabilities: December 31, 2016 2015 (In millions) Deferred tax assets: Federal loss carryforwards $ 23 $ 24 State loss carryforwards and credits 39 39 Accrued legal and regulatory matters 46 37 Reserves and allowances 36 45 Other accrued liabilities 34 20 Gross deferred tax assets 178 165 Valuation allowance (44 ) (46 ) Deferred tax assets, net of valuation allowance 134 119 Deferred tax liabilities: Mortgage servicing rights 234 297 Other 1 4 Deferred tax liabilities 235 301 Net deferred tax liability $ 101 $ 182
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, 2016 2015 2014 (In millions) Loss from continuing operations before income taxes $ (304 ) $ (213 ) $ (284 ) Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (106 ) $ (75 ) $ (99 ) State and local income taxes, net of federal tax benefits (15 ) (14 ) (12 ) Liabilities for income tax contingencies (2 ) — 7 Changes in rate and apportionment factors 1 3 1 Changes in valuation allowance 5 10 5 Nondeductible expenses 6 6 — Noncontrolling interest (3 ) (5 ) (2 ) Other 3 (7 ) 1 Income tax benefit $ (111 ) $ (82 ) $ (99 ) Effective tax rate (36.7 )% (38.4 )% (35.1 )%
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, 2016 2015 2014 (In millions) Balance, beginning of period $ 11 $ 11 $ 4 Activity related to tax positions taken during the current year — — 7 Activity related to tax positions taken during prior years (3 ) — — Balance, end of period $ 8 $ 11 $ 11

Credit Risk (Tables)

Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 (In millions) Loan Servicing Portfolio Composition Owned $ 85,472 $ 99,869 Subserviced 89,170 126,390 Total $ 174,642 $ 226,259 Conventional loans $ 151,004 $ 197,971 Government loans 21,801 24,087 Home equity lines of credit 1,837 4,201 Total $ 174,642 $ 226,259 Weighted-average interest rate 3.8 % 3.8 %
Schedule of portfolio delinquency	December 31, 2016 2015 Number of Loans Unpaid Balance Number of Loans Unpaid Balance Portfolio Delinquency (1) 30 days 2.23 % 1.58 % 2.22 % 1.55 % 60 days 0.60 0.41 0.44 0.30 90 or more days 0.76 0.57 0.82 0.62 Total 3.59 % 2.56 % 3.48 % 2.47 % Foreclosure/real estate owned (2) 1.80 % 1.54 % 1.74 % 1.51 % _____________ (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, 2016 and 2015 , the total servicing portfolio included 11,539 and 15,487 of loans in foreclosure with an unpaid principal balance of $2.3 billion and $3.0 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, 2016 2015 (In millions) Balance, beginning of period $ 89 $ 93 Realized losses (42 ) (19 ) Increase in reserves due to: Changes in assumptions 19 6 New loan sales 7 9 Balance, end of period $ 73 $ 89 Repurchase and foreclosure-related reserves consist of the following: December 31, 2016 2015 (In millions) Loan repurchase and indemnification liability $ 49 $ 62 Adjustment to value for real estate owned 14 17 Allowance for probable foreclosure losses 10 10 Total $ 73 $ 89

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Summary of the Company's Commitments	The following table summarizes the Company’s commitments as of December 31, 2016 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2017 $ 18 $ 29 2018 16 1 2019 13 1 2020 12 — 2021 11 — Thereafter 12 — Total $ 82 $ 31 ________________ (1) Excludes $7 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, 2016
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, 2016 2015 2014 (In millions) Stock-based compensation expense for equity awards $ 9 $ 9 $ 8 Stock-based compensation expense for liability awards 1 2 4 Income tax benefit related to stock-based compensation expense (4 ) (4 ) (5 ) Stock-based compensation expense, net of income taxes $ 6 $ 7 $ 7
Summary of stock option activity	The following table summarizes stock option activity for the year ended December 31, 2016 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding at January 1, 2016 1,077,876 $ 17.79 Forfeited or expired (176,566 ) 17.49 Outstanding at December 31, 2016 901,310 $ 17.85 5.5 $ — Exercisable at December 31, 2016 (1) 901,310 $ 17.85 5.5 $ — _____________________ (1) Option awards became fully-vested during 2016 and there is no amount of unrecognized compensation cost related to outstanding stock options as of December 31, 2016 .
Summary of restricted stock unit activity	The following tables summarize restricted stock unit activity for the year ended December 31, 2016 : Number of RSUs Weighted- Average Grant-Date Fair Value Performance-based & Market-based RSUs Outstanding at January 1, 2016 429,144 $ 14.04 Granted 394,952 13.01 Forfeited (1,799 ) 18.67 Canceled due to non-achievement of performance or market condition (196,989 ) 13.17 Outstanding at December 31, 2016 625,308 $ 13.65 RSUs expected to be converted into shares of Common stock (1) 272,043 $ 13.01 Service-based RSUs Outstanding at January 1, 2016 347,872 $ 22.33 Granted (2) 684,679 13.49 Forfeited (1,760 ) 24.24 Converted (145,674 ) 22.36 Outstanding at December 31, 2016 885,117 $ 15.48 RSUs expected to be converted into shares of Common stock 884,240 $ 15.47 _____________________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance and market-based awards represents the expected number to be earned based upon if the contingency was met as of December 31, 2016. (2) Includes 50,522 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, 2016 2015 2014 Grant date stock price $ 13.00 $ 24.24 $ 22.93 Risk-free interest rate 1.09 % 0.94 % 0.94 % Expected volatility 45.7 % 30.2 % 35.3 % Dividend yield — — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 636 $ 47 $ — $ 683 Mortgage servicing rights — — 690 — 690 Other assets—Derivative assets: Interest rate lock commitments — — 18 — 18 Forward delivery commitments — 14 — (12 ) 2 MSR-related agreements — 19 — (18 ) 1 Option contracts — 1 — (1 ) — LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 4 $ — $ 1 $ 5 MSR-related agreements — 65 — (53 ) 12 Option contracts — — — 1 1 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
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, 2016 December 31, 2015 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 $ 683 $ 7 $ 743 $ 9 Aggregate unpaid principal balance 687 10 738 11 Difference $ (4 ) $ (3 ) $ 5 $ (2 )
Schedule of components of Mortgage loans held for sale	The following table summarizes the components of Mortgage loans held for sale: December 31, 2016 2015 (In millions) First mortgages: Conforming $ 531 $ 616 Non-conforming 105 88 Total first mortgages 636 704 Second lien 3 4 Scratch and Dent 44 35 Total $ 683 $ 743
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, 2016 2015 Initial capitalization rate of additions to MSRs 1.02 % 1.14 % December 31, 2016 2015 Capitalization servicing rate 0.82 % 0.89 % Capitalization servicing multiple 2.9 3.1 Weighted-average servicing fee (in basis points) 28 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, 2016 2015 Weighted-average prepayment speed (CPR) 9.2 % 9.1 % Option adjusted spread, in basis points (OAS) 1,430 977 Weighted-average delinquency rate 5.1 % 5.3 %
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, 2016 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (20 ) $ (32 ) $ (11 ) Impact on fair value of 20% adverse change (38 ) (57 ) (22 )
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, 2016 2015 MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 39 $ 880 $ 21 $ 42 $ 1,005 $ 22 Purchases, Issuances, Sales and Settlements: Purchases 13 — — 28 — — Issuances 6 60 — 5 101 — Sales (24 ) (12 ) — (33 ) (39 ) — Settlements (11 ) — (318 ) (10 ) — (262 ) (16 ) 48 (318 ) (10 ) 62 (262 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net (1 ) — 315 1 — 261 Change in fair value of MSRs — (238 ) — — (187 ) — Interest income 3 — — 5 — — 2 (238 ) 315 6 (187 ) 261 Transfers into Level Three 42 — — 38 — — Transfers out of Level Three (20 ) — — (37 ) — — Balance, end of period $ 47 $ 690 $ 18 $ 39 $ 880 $ 21
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, 2016 2015 (In millions) Gain on loans held for sale, net $ 11 $ 17 Change in fair value of mortgage servicing rights (100 ) (18 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 December 31, 2015 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 67 $ — $ 80 $ — Restricted cash 5 19 5 13 Mortgage loans held for sale 350 — 389 — Accounts receivable, net 9 — 5 — Servicing advances, net — 150 — 157 Property and equipment, net 1 — 1 — Other assets 11 1 11 1 Total assets $ 443 $ 170 $ 491 $ 171 Assets held as collateral (1) $ 320 $ 169 $ 361 $ 170 LIABILITIES Accounts payable and accrued expenses $ 11 $ — $ 14 $ — Debt 300 99 345 111 Other liabilities 5 — 6 — Total liabilities (2) $ 316 $ 99 $ 365 $ 111 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 11, '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) 2016 2015 2014 (In millions) PHH Home Loans $ 16 $ 28 $ 16 Servicing Advance Receivables Trust (4 ) (5 ) (5 ) PHH Corporation Investment (2) Intercompany receivable (2) 2016 2015 2016 2015 (In millions) PHH Home Loans $ 57 $ 57 $ 13 $ 14 Servicing Advance Receivables Trust 83 69 — — _________________ (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, 2016
Segment Reporting [Abstract]
Schedule of segment results	Segment results as of and for the years ended December 31 were as follows: Total Assets 2016 2015 (In millions) Mortgage Production segment $ 913 $ 1,036 Mortgage Servicing segment 1,428 1,802 Other 834 804 Total $ 3,175 $ 3,642 Net Revenues Segment (Loss) (1) 2016 2015 2014 2016 2015 2014 (In millions) Mortgage Production segment $ 539 $ 586 $ 465 $ (53 ) $ (47 ) $ (141 ) Mortgage Servicing segment 83 198 163 (223 ) (131 ) (103 ) Other — 6 11 (37 ) (49 ) (46 ) Total $ 622 $ 790 $ 639 $ (313 ) $ (227 ) $ (290 ) ______________ (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, 2016 2015 2014 (In millions) Loss before income taxes $ (304 ) $ (213 ) $ (284 ) Less: net income attributable to noncontrolling interest 9 14 6 Segment loss $ (313 ) $ (227 ) $ (290 ) Interest Income Interest Expense 2016 2015 2014 2016 2015 2014 (In millions) Mortgage Production segment $ 32 $ 40 $ 38 $ 22 $ 45 $ 77 Mortgage Servicing segment 11 4 4 53 45 53 Total $ 43 $ 44 $ 42 $ 75 $ 90 $ 130
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, 2016 2015 2014 (In millions) Loss before income taxes $ (304 ) $ (213 ) $ (284 ) Less: net income attributable to noncontrolling interest 9 14 6 Segment loss $ (313 ) $ (227 ) $ (290 )

Selected Quarterly Financial 54

Selected Quarterly Financial Data-(unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
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 $ 157 $ 196 $ 197 $ 72 Loss before income taxes (49 ) (20 ) (29 ) (206 ) Net loss (30 ) (9 ) (21 ) (133 ) Net loss attributable to PHH Corporation (30 ) (12 ) (27 ) (133 ) Basic and Diluted loss per share attributable to PHH Corporation $ (0.56 ) $ (0.22 ) $ (0.50 ) $ (2.49 ) Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 261 $ 237 $ 169 $ 123 Income (loss) 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 )

Summary of Significant Accoun55

Summary of Significant Accounting Policies (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)
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	$ 5
Custodial Accounts
Customer escrow funds and custodial funds due to investors	3,400	3,500
PROPERTY, PLANT AND EQUIPMENT
Debt issuance costs	$ 1	3
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
Other assets | Adjustments for New Accounting Pronouncement
PROPERTY, PLANT AND EQUIPMENT
Debt issuance costs		(10)
Debt | Adjustments for New Accounting Pronouncement
PROPERTY, PLANT AND EQUIPMENT
Debt issuance costs		$ 10

Exit Costs (Details)

Exit Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Feb. 15, 2017
Restructuring Cost and Reserve [Line Items]
Private label solutions, mortgage production volume percentage	79.00%
Costs incurred this period	$ 41	$ 0	$ 0
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Balance, end of period	25	0
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	41
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	74
Program expected cost	115
Asset impairments	15
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Exit and disposal costs	26
Paid	(1)
Balance, end of period	25	0
Severance and Termination Benefits | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	22
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	20
Program expected cost	42
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Exit and disposal costs	22
Paid	0
Balance, end of period	22	0
Facility Exit Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	25
Program expected cost	25
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Exit and disposal costs	0
Paid	0
Balance, end of period	0	0
Contract Termination & Other Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	4
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	29
Program expected cost	33
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Exit and disposal costs	4
Paid	(1)
Balance, end of period	3	$ 0
Asset Impairment | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	15
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	0
Program expected cost	15
Mortgage Production segment | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	33
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	64
Program expected cost	97
Other | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	8
Cumulative costs recognized in prior periods	0
Estimate of remaining costs	10
Program expected cost	$ 18
Subsequent event | Minimum | Company Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Program expected cost				$ 30
Subsequent event | Maximum | Company Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Program expected cost				$ 40

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	Jul. 01, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Results of discontinued operations
Gain from sale of discontinued operations, net of tax		$ 0	$ 0	$ 241
Income from discontinued operations, net of tax		$ 0	$ 0	272
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				820
Total expenses				774
Income before income taxes				46
Income tax expense				15
Gain from sale of discontinued operations, net of tax				241
Income from discontinued operations, net of tax				272
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

Earnings Per Share (Details)

Earnings Per Share (Details)	1 Months Ended				2 Months Ended	12 Months Ended
	Jan. 31, 2016shares	Jun. 30, 2015shares	Mar. 31, 2015shares	Aug. 31, 2014agreementshares	Dec. 31, 2015shares	Dec. 31, 2015shares
Accelerated Stock Repurchase Programs
Share Repurchases [Line Items]
Repurchase of common stock (in shares)			1,574,252	6,962,695
Convertible Debt [Abstract]
Number of separate ASR agreements to repurchase PHH's common stock | agreement				2
Open Market Share Repurchase Program
Share Repurchases [Line Items]
Repurchase of common stock (in shares)	1,508,772				4,841,267	4,841,267
Convertible Notes Due 2017
Convertible Debt [Abstract]
Number of shares issued from conversion of notes (in 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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Loss from continuing operations, net of tax									$ (193)	$ (131)	$ (185)
Less: net income attributable to noncontrolling interest									9	14	6
Net loss from continuing operations attributable to PHH Corporation									(202)	(145)	(191)
Income from discontinued operations, net of tax									0	0	272
Net (loss) income attributable to PHH Corporation	$ (133)	$ (27)	$ (12)	$ (30)	$ (54)	$ (50)	$ (62)	$ 21	$ (202)	$ (145)	$ 81
Weighted-average common shares outstanding — basic and diluted (in shares)									53,627,170	55,201,713	55,001,300
Basic and Diluted (loss) earnings per share:
From continuing operations (in dollars per share)									$ (3.77)	$ (2.62)	$ (3.47)
From discontinued operations (in dollars per share)									0	0	4.94
Earnings Per Share, Basic and Diluted	$ (2.49)	$ (0.50)	$ (0.22)	$ (0.56)					$ (3.77)	$ (2.62)	$ 1.47
Potentially diluted securities (in shares)									0	0	0
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met									353,265
Stock Compensation Plan [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									1,980,240	1,386,775	1,584,373
Convertible Debt Securities [Member]
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									0	4,341,369	8,997,305

Transfers and Servicing of Mo60

Transfers and Servicing of Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Percentage of mortgage loans sold to GSEs	52.00%
Percentage of mortgage loans sold to private investors	48.00%
Percentage of mortgage loans sold on which mortgage servicing rights were retained	56.00%
Total servicing portfolio	$ 174,642	$ 226,259

Transfers and Servicing of Mo61

Transfers and Servicing of Mortgage Loans (Details 2) - USD ($) $ in Millions	Feb. 02, 2017	Dec. 28, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Transfers and Servicing of Mortgage Loans
MSRs, UPB			$ 174,642	$ 226,259
MSRs, Fair Value			690	880	$ 1,005	$ 1,279
Servicing advances, net			$ 628	691
Percent of MSRs associated with the loan servicing portfolio			33.00%
MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			$ 12
Servicing advances commitment
Transfers and Servicing of Mortgage Loans
Servicing advances, net			300
Capitalized servicing rights
Transfers and Servicing of Mortgage Loans
MSRs, UPB			84,657	$ 98,990	$ 112,686	$ 129,145
Capitalized servicing rights | MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, UPB			1,193
New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
Subservicing agreement, number of loans included in transaction subject to certain transfer and termination provisions, initial period term		3 years
New Residential Investment Corp. | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			579
New Residential Investment Corp. | Capitalized servicing rights | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB			69,937
Lakeview Loan Servicing | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			97
Lakeview Loan Servicing | Capitalized servicing rights | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB			13,369
Other Counterparties | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			2
Other Counterparties | Interest rate lock commitments and mortgage loans held for sale
Transfers and Servicing of Mortgage Loans
Commitment to sell mortgage servicing rights, unpaid principal balance			43
Other Counterparties | Capitalized servicing rights | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB			$ 158
Subsequent event | GNMA loans | Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	$ 77
Servicing advances, net	11
Commitment to sell mortgage servicing rights, sales price	88
Subsequent event | GNMA loans | Lakeview Loan Servicing | Capitalized servicing rights
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 10,300

Transfers and Servicing of Mo62

Transfers and Servicing of Mortgage Loans (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 226,259
Balance, end of period	174,642	$ 226,259
Capitalized servicing rights
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	98,990	112,686	$ 129,145
Additions	5,874	8,841	8,933
Payoffs and curtailments	(19,211)	(19,092)	(18,463)
Sales	(996)	(3,445)	(6,929)
Balance, end of period	$ 84,657	$ 98,990	$ 112,686

Transfers and Servicing of Mo63

Transfers and Servicing of Mortgage Loans (Details 4) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Activity in capitalized MSRs
Balance, beginning of period	$ 880	$ 1,005	$ 1,279
Additions	60	101	97
Sales	(12)	(39)	(51)
Changes in fair value due to:
Realization of expected cash flows	(138)	(169)	(155)
Changes in market inputs or assumptions used in the valuation model	(100)	(18)	(165)
Balance, end of period	690	880	1,005
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Servicing fees from capitalized portfolio	266	304	357
Late fees	15	15	17
Other ancillary servicing revenue	$ 21	$ 20	30
Weighted average life of MSRs	6 years 3 months 18 days	6 years 4 months 24 days
Cash flows relating to loan sales in which the Company has continuing involvement
Proceeds from new loan sales or securitizations	$ 6,071	$ 9,075	9,226
Servicing fees from capitalized portfolio	266	304	357
Purchases of previously sold loans	(295)	(128)	(64)
Servicing advances	(1,584)	(2,083)	(1,963)
Repayment of servicing advances	1,647	2,086	1,935
Realized Gain Loss on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	$ 266	$ 300	$ 276

Derivatives (Details)

Derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
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	$ 862	$ 1,048
Not designated as hedging instruments | Forward delivery commitments
Notional amount of derivatives
Notional	2,104	2,468
Not designated as hedging instruments | Option contracts
Notional amount of derivatives
Notional	120	125
Not designated as hedging instruments | MSR-related agreements
Notional amount of derivatives
Notional	$ 260	$ 3,945

Derivatives (Details 2)

Derivatives (Details 2) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Total derivative assets	$ 21	$ 26
LIABILITIES
Total derivative liabilities	18	2
Not designated as hedging instruments
ASSETS
Gross Assets, Subject to master netting arrangements	33	29
Gross Assets, Not subject to master netting arrangements	19	22
Gross Assets, Total	52	51
Offsetting Payables	(66)	(2)
Cash Collateral Paid (Received)	35	(23)
Net Amount, Derivative assets subject to netting	2	4
Total derivative assets	21	26
LIABILITIES
Gross Liabilities, Subject to master netting arrangements	69
Gross Liabilities, Total	69	2
Offsetting Receivables	(66)	(2)
Cash Collateral Received	15	2
Net Amount, Derivative liabilities subject to netting	18
Total derivative liabilities	18	2
Not designated as hedging instruments | Forward delivery commitments
ASSETS
Gross Assets, Subject to master netting arrangements	13	2
Gross Assets, Not subject to master netting arrangements	1	1
Offsetting Payables	(43)	(2)
Cash Collateral Paid (Received)	31	0
Net Amount, Derivative assets subject to netting	1	0
LIABILITIES
Gross Liabilities, Subject to master netting arrangements	4	2
Offsetting Receivables	(10)	(2)
Cash Collateral Received	11	2
Net Amount, Derivative liabilities subject to netting	5	2
Not designated as hedging instruments | MSR-related agreements
ASSETS
Gross Assets, Subject to master netting arrangements	19	27
Offsetting Payables	(22)	0
Cash Collateral Paid (Received)	4	(23)
Net Amount, Derivative assets subject to netting	1	4
LIABILITIES
Gross Liabilities, Subject to master netting arrangements	65
Offsetting Receivables	(55)
Cash Collateral Received	2
Net Amount, Derivative liabilities subject to netting	12
Not designated as hedging instruments | Option contracts
ASSETS
Gross Assets, Subject to master netting arrangements	1
Offsetting Payables	(1)
Cash Collateral Paid (Received)	0
Net Amount, Derivative assets subject to netting	0
LIABILITIES
Gross Liabilities, Subject to master netting arrangements	0
Offsetting Receivables	(1)
Cash Collateral Received	2
Net Amount, Derivative liabilities subject to netting	1
Not designated as hedging instruments | Interest rate lock commitments
ASSETS
Gross Assets, Not subject to master netting arrangements	$ 18	$ 21

Derivatives (Details 3)

Derivatives (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Derivatives
Net derivative gain related to mortgage servicing rights	$ 10	$ 29	$ 82
Interest rate lock commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	315	261	309
Forward delivery commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	(1)	(7)	(89)
Option contracts | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	0	(2)	(4)
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights
Derivatives
Net derivative gain related to mortgage servicing rights	$ 10	$ 29	$ 82

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Property and equipment
Property and equipment, gross	$ 197	$ 196
Less: Accumulated depreciation and amortization	(161)	(149)
Property and equipment, net	36	47
Capitalized software
Property and equipment
Property and equipment, gross	130	131
Furniture and Fixtures
Property and equipment
Property and equipment, gross	33	32
Capital leases
Property and equipment
Property and equipment, gross	9	9
Leasehold improvements
Property and equipment
Property and equipment, gross	25	$ 24
PLS exit program
Property and equipment
Impairment charges	15
PLS exit program | Capitalized software
Property and equipment
Impairment charges	7
PLS exit program | Leasehold improvements
Property and equipment
Impairment charges	$ 8

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
Derivatives	$ 21	$ 26
Mortgage loans in foreclosure, net	21	24
Real estate owned, net	16	21
Income taxes receivable	14	23
Repurchase eligible loans	13	104
Equity method investments	10	32
Deferred financing costs	1	3
Other	13	14
Total	109	247
Allowance for probable foreclosure losses	10	10
Adjustment to value for real estate owned	$ 14	$ 17
Repurchase eligibility, prior number of days delinquent	90 days

Accounts Payable and Accrued 69

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Accounts payable	$ 77	$ 76
Accrued payroll and benefits	50	38
Exit cost liability (Note 2)	25	0
Accrued interest	16	16
Repurchase eligible loans (Note 8)	13	104
Accrued servicing related expenses	12	17
Total	$ 193	$ 251

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Legal and regulatory matters (Note 15)	$ 114	$ 105
Derivatives	18	2
Pension and other post-employment benefits	11	11
Income tax contingencies	8	9
Other	6	10
Total	$ 157	$ 137

Debt and Borrowing Arrangemen71

Debt and Borrowing Arrangements (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt and Borrowing Arrangements
Debt issuance costs	$ (1)	$ (3)
Debt, net	1,262	1,348
Servicing Advance Facility
Debt and Borrowing Arrangements
Debt, net	$ 99	111
Weighted average interest rate (as a percent)	2.70%
Available Capacity	$ 56
Committed warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 556	632
Weighted average interest rate (as a percent)	2.90%
Available Capacity	$ 494
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 0	0
Weighted average interest rate (as a percent)	0.00%
Available Capacity	$ 1,950
Term notes due in 2019
Debt and Borrowing Arrangements
Debt, gross	$ 275	275
Interest rate (as a percent)	7.375%
Term notes due in 2021
Debt and Borrowing Arrangements
Debt, gross	$ 340	340
Interest rate (as a percent)	6.375%
Unsecured credit facilities
Debt and Borrowing Arrangements
Debt, gross	$ 0	0
Interest rate (as a percent)	0.00%
Available Capacity	$ 3
Unsecured debt
Debt and Borrowing Arrangements
Debt, gross	615	615
Debt issuance costs	(8)	(10)
Debt, net	$ 607	$ 605

Debt and Borrowing Arrangemen72

Debt and Borrowing Arrangements (Details 2) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Debt and Borrowing Arrangements
Restricted cash	$ 57	$ 47
Servicing advances, net	628	691
Mortgage loans held for sale (unpaid principal balance)	683	$ 743
Warehouse Facilities | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	9
Servicing advances, net	0
Mortgage loans held for sale (unpaid principal balance)	584
Total	593
Servicing Advance Facility | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	19
Servicing advances, net	150
Mortgage loans held for sale (unpaid principal balance)	0
Total	$ 169

Debt and Borrowing Arrangemen73

Debt and Borrowing Arrangements (Details 3) $ in Millions	Dec. 31, 2016USD ($)
Contractual debt maturities
Within one year	$ 655
Between one and two years	0
Between two and three years	275
Between three and four years	0
Between four and five years	340
Thereafter	0
Total	1,270
Warehouse Facilities
Contractual debt maturities
Within one year	556
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	556
Servicing Advance Facility
Contractual debt maturities
Within one year	99
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	99
Unsecured debt
Contractual debt maturities
Within one year	0
Between one and two years	0
Between two and three years	275
Between three and four years	0
Between four and five years	340
Thereafter	0
Total	$ 615

Debt and Borrowing Arrangemen74

Debt and Borrowing Arrangements (Details 4)	Dec. 22, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 14, 2016USD ($)	Jun. 22, 2016USD ($)	Jun. 17, 2016USD ($)	Jun. 15, 2016USD ($)	Mar. 29, 2016USD ($)
Debt and Borrowing Arrangements
Maximum ratio of unsecured indebtedness to tangible net worth		1.25
Term notes due in 2021
Debt and Borrowing Arrangements
Interest rate (as a percent)		6.375%
Principal amount of notes		$ 340,000,000
Committed warehouse facilities
Debt and Borrowing Arrangements
Commitment period		364 days
Committed warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Borrowing capacity							$ 100,000,000
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			$ 150,000,000
Committed warehouse facilities | Bank Of America
Debt and Borrowing Arrangements
Borrowing capacity	$ 350,000,000
Increase (reduction) in aggregate maximum principal	$ (50,000,000)
Committed warehouse facilities | Credit Suisse First Boston Mortgage Capital LLC
Debt and Borrowing Arrangements
Debt Instrument, Borrowing Capacity Terminated Amount					$ 250,000,000
Warehouse Facilities
Debt and Borrowing Arrangements
Maximum ratio of unsecured indebtedness to tangible net worth		1.25
Amount to be maintained of cash and cash equivalents in excess of its liability for legal and regulatory matters		$ 150,000,000
Warehouse Facilities | Fannie Mae
Debt and Borrowing Arrangements
Borrowing capacity			2,000,000,000
Servicing Advance Facility
Debt and Borrowing Arrangements
Borrowing capacity						$ 155,000,000
Uncommitted warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Borrowing capacity		100,000,000					$ 100,000,000
Uncommitted warehouse facilities | Fannie Mae
Debt and Borrowing Arrangements
Borrowing capacity		$ 1,850,000,000	$ 1,850,000,000
Uncommitted warehouse facilities | Credit Suisse First Boston Mortgage Capital LLC
Debt and Borrowing Arrangements
Debt Instrument, Borrowing Capacity Terminated Amount					$ 325,000,000
Unsecured credit facilities
Debt and Borrowing Arrangements
Interest rate (as a percent)		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		$ 750,000,000
Amount to be maintained in committed warehouse mortgage facilities, excluding GSEs		$ 750,000,000
Term notes due in 2019
Debt and Borrowing Arrangements
Interest rate (as a percent)		7.375%
Principal amount of notes		$ 275,000,000

Pension and Other Post Employ75

Pension and Other Post Employment Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Savings Plans
Cost for contributions to defined contribution savings plans	$ 7,000,000	$ 8,000,000	$ 8,000,000
Pension Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	48,000,000	47,000,000
Fair value of plan assets	38,000,000	37,000,000
Unfunded status recognized in Other liabilities	(10,000,000)	(10,000,000)
Amounts recognized in Accumulated other comprehensive income	16,000,000	16,000,000
Net periodic benefit cost	1,000,000
Future expected benefit payments
Future expected benefit payments in the year ending December 31, 2017	2,000,000
Future expected benefit payments in the year ending December 31, 2018	2,000,000
Future expected benefit payments in the year ending December 31, 2019	2,000,000
Future expected benefit payments in the year ending December 31, 2020	2,000,000
Future expected benefit payments in the year ending December 31, 2021	3,000,000
Future expected benefit payments for five years ending December 31, 2026	14,000,000
Contributions by employer	0	0
Other Post Employment Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	1,000,000	1,000,000
Fair value of plan assets	0	0
Unfunded status recognized in Other liabilities	(1,000,000)	(1,000,000)
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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Federal									$ 0	$ 0	$ (461)
State									0	(1)	(31)
Income tax contingencies:
Change in income tax contingencies									(2)	0	6
Interest and penalties									0	0	1
Total current income tax benefit									(2)	(1)	(485)
Deferred:
Federal									(100)	(79)	373
State									(9)	(2)	13
Total deferred income tax (benefit) expense									(109)	(81)	386
Income tax benefit									(111)	(82)	(99)
Deferred tax assets:
Federal loss carryforwards	$ 23				$ 24				23	24
State loss carryforwards and credits	39				39				39	39
Accrued legal and regulatory matters	46				37				46	37
Reserves and allowances	36				45				36	45
Other accrued liabilities	34				20				34	20
Gross deferred tax assets	178				165				178	165
Valuation allowance	(44)				(46)				(44)	(46)
Deferred tax assets, net of valuation allowance	134				119				134	119
Deferred tax liabilities:
Mortgage servicing rights	234				297				234	297
Other	1				4				1	4
Deferred tax liabilities	235				301				235	301
Net deferred tax liability	101				182				101	182
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
Income (loss) before income taxes	(206)	$ (29)	$ (20)	$ (49)	(83)	$ (87)	$ (74)	$ 31	$ (304)	$ (213)	$ (284)
Statutory federal income tax rate									35.00%	35.00%	35.00%
Income taxes computed at statutory federal rate									$ (106)	$ (75)	$ (99)
State and local income taxes, net of federal tax benefits									(15)	(14)	(12)
Liabilities for income tax contingencies									(2)	0	7
Changes in rate and apportionment factors									1	3	1
Changes in valuation allowance									5	10	5
Nondeductible expenses									6	6	0
Noncontrolling interest									(3)	(5)	(2)
Other									3	(7)	1
Income tax benefit									$ (111)	$ (82)	$ (99)
Effective tax rate (as a percent)									(36.70%)	(38.40%)	(35.10%)
Effective Income Tax Rate Reconciliation [Line Items]
Changes in valuation allowance									$ 5	$ 10	$ 5
Impact to effective income tax rate from nondeductible expenses related to legal and regulatory matters									6	4
Impact to effective income tax rate from nondeductible expenses related to premium paid to exchange Convertible notes										1
Unrecognized income tax benefits
Balance, beginning of period				$ 11				$ 11	11	11	4
Activity related to tax positions taken during the current year									0	0	7
Activity related to tax positions taken during prior years									(3)	0	0
Balance, end of period	8				11				8	11	11
Estimated liability for potential payment of interest and penalties	2				2				2	2
Impact of resolution of income tax contingencies or reductions in valuation allowances on effective income tax rate	$ 8				$ 11				8	11	$ 11
State
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
Changes in valuation allowance									4	5
Effective Income Tax Rate Reconciliation [Line Items]
Changes in valuation allowance									$ 4	$ 5

Credit Risk (Details)

Credit Risk (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)loan	Dec. 31, 2015USD ($)loan
Credit Risk
Period of origination of loans within which they are sold to investors	30 days
Loan Servicing Portfolio Composition
Total servicing portfolio	$ 174,642	$ 226,259
Weighted-average interest rate (as a percent)	3.80%	3.80%
Portfolio Delinquency
Number of Loans (as a percent)	3.59%	3.48%
Unpaid Balance (as a percent)	2.56%	2.47%
Foreclosure/real estate owned
Number of Loans (as a percent)	1.80%	1.74%
Unpaid Balance (as a percent)	1.54%	1.51%
Number of loans in foreclosure | loan	11,539	15,487
Unpaid principal balance of loans in foreclosure	$ 2,300	$ 3,000
30 days
Portfolio Delinquency
Number of Loans (as a percent)	2.23%	2.22%
Unpaid Balance (as a percent)	1.58%	1.55%
60 days
Portfolio Delinquency
Number of Loans (as a percent)	0.60%	0.44%
Unpaid Balance (as a percent)	0.41%	0.30%
90 or more days
Portfolio Delinquency
Number of Loans (as a percent)	0.76%	0.82%
Unpaid Balance (as a percent)	0.57%	0.62%
Conventional loans
Loan Servicing Portfolio Composition
Total servicing portfolio	$ 151,004	$ 197,971
Government loans
Loan Servicing Portfolio Composition
Total servicing portfolio	21,801	24,087
Home equity lines of credit
Loan Servicing Portfolio Composition
Total servicing portfolio	1,837	4,201
Owned
Loan Servicing Portfolio Composition
Total servicing portfolio	85,472	99,869
Subserviced
Loan Servicing Portfolio Composition
Total servicing portfolio	$ 89,170	$ 126,390

Credit Risk (Details 2)

Credit Risk (Details 2) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2016	Dec. 31, 2015
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 89	$ 93
Realized losses	(42)	(19)
Increase in reserves due to:
Changes in assumptions	19	6
New loan sales	7	9
Balance, end of period	73	89
Components of Repurchase and foreclosure-related reserves
Loan repurchase and indemnification liability			$ 49	$ 62
Adjustment to value for real estate owned			14	17
Allowance for probable foreclosure losses			10	10
Total	$ 89	$ 93	73	$ 89
Loss contingencies
Estimated amount of reasonably possible losses in excess of the recorded liability			85
Loans with full risk of loss or representation and warranty breaches			$ 75
Percentage of loans with full risk of loss or representation and warranty breaches minimum 90 days delinquent			24.00%
Recourse obligations
Loss contingencies
Estimated amount of reasonably possible losses in excess of the recorded liability			$ 20

Credit Risk (Details 3)

Credit Risk (Details 3)	12 Months Ended
	Dec. 31, 2016
Counterparty credit risk
Private label solutions, mortgage production volume percentage	79.00%
Credit concentration | Mortgage loan originations | Merrill Lynch Home Loans
Counterparty credit risk
Concentration risk, percentage	25.00%
Credit concentration | Mortgage loan originations | Morgan Stanley Private Bank, N.A.
Counterparty credit risk
Concentration risk, percentage	21.00%
Credit concentration | Mortgage loan originations | HSBC Bank USA
Counterparty credit risk
Concentration risk, percentage	10.00%
Credit concentration | Mortgage loan originations | Realogy and its affiliates
Counterparty credit risk
Concentration risk, percentage	20.00%
Client retention risk | Subservicing portfolio | Morgan Stanley Private Bank, N.A.
Counterparty credit risk
Concentration risk, percentage	14.00%
Client retention risk | Subservicing portfolio | HSBC Bank USA
Counterparty credit risk
Concentration risk, percentage	22.00%
Client retention risk | Subservicing portfolio | Pingora Loan Servicing, LLC
Counterparty credit risk
Concentration risk, percentage	42.00%

Commitments and Contingencies80

Commitments and Contingencies (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Commitments and Contingencies
Reserves amount associated with legal and regulatory contingencies		$ 114	$ 114	$ 105
Reasonably possible losses in excess of recorded litigation liability		85	85
Lease and Purchase Commitments
Rental expense			22	$ 22	$ 20
Future Minimum Operating Lease Payments(1)
2,017		18	18
2,018		16	16
2,019		13	13
2,020		12	12
2,021		11	11
Thereafter		12	12
Total		82	82
Purchase Commitments
2,017		29	29
2,018		1	1
2,019		1	1
2,020		0	0
2,021		0	0
Thereafter		0	0
Total		31	31
Minimum sublease income due		7	$ 7
Unfavorable regulatory action
Commitments and Contingencies
Final order amount company must pay	$ 109
MMC and NYDFS Examination
Commitments and Contingencies
Payments for civil monetary penalty		$ 28
Legal settlement agreement, independent third-party audit period		12 months

Commitments and Contingencies81

Commitments and Contingencies (Details 2) - PMC	Dec. 31, 2016USD ($)
Net Worth Requirements
Required	$ 670,000,000
Actual net worth	$ 672,000,000

Stock-Related Matters (Details)

Stock-Related Matters (Details)	1 Months Ended				2 Months Ended	12 Months Ended
	Jan. 31, 2016USD ($)shares	Nov. 30, 2015USD ($)	Mar. 31, 2015shares	Aug. 31, 2014agreementshares	Dec. 31, 2015shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)shares	Dec. 31, 2014USD ($)
Share Repurchases [Line Items]
Shares authorized for repurchase (in dollars)						$ 450,000,000
Aggregate amount of PHH's common stock repurchase						$ 23,000,000	$ 78,000,000	$ 200,000,000
Covenant ratio, dividend payment restrictions Senior Note, Indenture minimum ratio of debt to tangible equity						6
Maximum ratio of unsecured indebtedness to tangible net worth						1.25
Aggregate restricted net assets of subsidiaries						$ 772,000,000
Accelerated Stock Repurchase Programs
Share Repurchases [Line Items]
Shares authorized for repurchase (in dollars)						200,000,000		$ 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
Repurchase of common stock (in shares) | shares	1,508,772				4,841,267		4,841,267
Open market share repurchase program	$ 100,000,000	$ 100,000,000
Aggregate amount of PHH's common stock repurchase	$ 23,000,000						$ 77,000,000
Unsecured credit facilities | Minimum
Share Repurchases [Line Items]
Net worth threshold, base amount						$ 750,000,000
Warehouse Facilities
Share Repurchases [Line Items]
Maximum ratio of unsecured indebtedness to tangible net worth						1.25

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-Based Compensation
Aggregate number of shares issuable under the plan (in shares)	8,567,433
Number of shares available for grant (in shares)	5,814,648
Number of shares of common stock of the entity that employees are entitled to receive for each RSU granted (in shares)	1
Number of shares of common stock of the entity that employees are entitled to receive for each RCU granted (in shares)	1
Expense recognized related to stock-based compensation arrangements
Income tax benefit related to stock-based compensation expense	$ (4,000,000)	$ (4,000,000)	$ (5,000,000)
Stock-based compensation expense, net of income taxes	6,000,000	$ 7,000,000	$ 7,000,000
Aggregate Intrinsic Value
Unrecognized compensation cost related to outstanding stock options	$ 0
Stock Options
Expense recognized related to stock-based compensation arrangements
Options granted during period (in shares)	0	0	0
Number of Options
Outstanding at the beginning of the period (in shares)	1,077,876
Forfeited or expired (in shares)	(176,566)
Outstanding at the end of the period (in shares)	901,310	1,077,876
Exercisable at the end of the period (in shares)	901,310
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 17.79
Forfeited or expired (in dollars per share)	17.49
Outstanding at the end of the period (in dollars per share)	17.85	$ 17.79
Exercisable at the end of the period (in dollars per share)	$ 17.85
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period	5 years 6 months
Exercisable at the end of the period	5 years 6 months
Aggregate Intrinsic Value
Outstanding at the end of the period	$ 0
Exercisable at the end of the period	$ 0
Options exercised during period (in shares)	0
Intrinsic value of options exercised		$ 1,000,000	$ 2,000,000
Stock Options | Maximum
Stock-Based Compensation
Contractual term	10 years
Equity Awards
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense	$ 9,000,000	9,000,000	8,000,000
Liability Awards
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense	$ 1,000,000	2,000,000	$ 4,000,000
Aggregate Intrinsic Value
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	1 year 2 months 12 days
Assumptions used for estimating weighted-average grant-date fair value of stock options
Award expected to achieve payout	$ 1,000,000	5,000,000
Fair value amount of units converted	$ 3,000,000	$ 4,000,000
Liability Awards | Maximum
Aggregate Intrinsic Value
Vesting period	3 years
Performance-based & Market-based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	429,144
Granted (in shares)	394,952
Forfeited (in shares)	(1,799)
Canceled due to non-achievement of performance or market condition (in shares)	(196,989)
Outstanding at the end of the period (in shares)	625,308	429,144
RSUs expected to be converted into shares of Common stock (in shares)	272,043
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 14.04
Granted (in dollars per share)	13.01
Forfeited (in dollars per share)	18.67
Cancelled due to non-achievement of performance or market condition (in dollars per share)	13.17
Outstanding at the end of the period (in dollars per share)	13.65	$ 14.04
RSUs expected to be converted into shares of Common stock (in dollars per share)	$ 13.01
Service-based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	347,872
Granted (in shares)	684,679
Forfeited (in shares)	(1,760)
Converted (in shares)	(145,674)
Outstanding at the end of the period (in shares)	885,117	347,872
RSUs expected to be converted into shares of Common stock (in shares)	884,240
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 22.33
Granted (in dollars per share)	13.49
Forfeited (in dollars per share)	24.24
Converted (in dollars per share)	22.36
Outstanding at the end of the period (in dollars per share)	15.48	$ 22.33
RSUs expected to be converted into shares of Common stock (in dollars per share)	$ 15.47
Service-based RSUs | Non-employee directors
Number of RSUs
Granted (in shares)	50,522
Market-based RSUs
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 13.01	18.67	$ 11.32
Assumptions used for estimating weighted-average grant-date fair value of stock options
Grant date stock price (in dollars per share)	$ 13	$ 24.24	$ 22.93
Risk-free interest rate	1.09%	0.94%	0.94%
Expected volatility	45.70%	30.20%	35.30%
Dividend yield	0.00%	0.00%	0.00%
RSUs
Aggregate Intrinsic Value
Unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	$ 14,000,000
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	2 years 1 month
Assumptions used for estimating weighted-average grant-date fair value of stock options
Fair value of awards converted into shares of Common Stock	$ 2,000,000	$ 2,000,000	$ 2,000,000
RSUs | Maximum
Aggregate Intrinsic Value
Vesting period	3 years

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fair Value Measurements
Mortgage servicing rights	$ 690	$ 880	$ 1,005	$ 1,279
Other assets—Derivative assets, Total	21	26
Other liabilities-derivative liabilities, Total	18	2
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	12	2
Other liabilities-derivative liabilities, Cash Collateral and Netting	(1)	0
Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	18	23
Other liabilities-derivative liabilities, Cash Collateral and Netting	53
Recurring basis | Option contracts
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	1
Other liabilities-derivative liabilities, Cash Collateral and Netting	(1)
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
Other liabilities-derivative liabilities	0
Recurring basis | Level One | Option contracts
Fair Value Measurements
Other assets—Derivative assets	0
Other liabilities-derivative liabilities	0
Recurring basis | Level Two
Fair Value Measurements
Mortgage loans held for sale	636	704
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	14	3
Other liabilities-derivative liabilities	4	2
Recurring basis | Level Two | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets	19	27
Other liabilities-derivative liabilities	65
Recurring basis | Level Two | Option contracts
Fair Value Measurements
Other assets—Derivative assets	1
Other liabilities-derivative liabilities	0
Recurring basis | Level Three
Fair Value Measurements
Mortgage loans held for sale	47	39
Mortgage servicing rights		880
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	18	21
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
Other liabilities-derivative liabilities	0
Recurring basis | Level Three | Option contracts
Fair Value Measurements
Other assets—Derivative assets	0
Other liabilities-derivative liabilities	0
Total | Recurring basis
Fair Value Measurements
Mortgage loans held for sale	683	743
Mortgage servicing rights	690	880
Total | Recurring basis | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets, Total	18	21
Total | Recurring basis | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets, Total	2	1
Other liabilities-derivative liabilities, Total	5	2
Total | Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Total	1	$ 4
Other liabilities-derivative liabilities, Total	12
Total | Recurring basis | Option contracts
Fair Value Measurements
Other assets—Derivative assets, Total	0
Other liabilities-derivative liabilities, Total	$ 1

Fair Value Measurements (Deta85

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 683	$ 743
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	683	743
Carrying amount, Loans 90 days or more past due and on non-accrual status	7	9
Aggregate unpaid principal balance, Total	687	738
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	10	11
Difference, Total	(4)	5
Difference, Loans 90 days or more past due and on non-accrual status	$ (3)	$ (2)

Fair Value Measurements (Deta86

Fair Value Measurements (Details 3) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 683	$ 743
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	636	704
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	531	616
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	105	88
Second lien
Components of Mortgage loans held for sale
Mortgage loans held for sale	3	4
Scratch and Dent
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 44	$ 35

Fair Value Measurements (Deta87

Fair Value Measurements (Details 4)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.02%	1.14%
Capitalization servicing rate (as a percent)	0.82%	0.89%
Capitalization servicing multiple (as a percent)	290.00%	310.00%
Weighted-average servicing fee (as a percent)	0.028%	0.029%
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.20%	9.10%
Option adjusted spread, in basis points (as a percent)	1.43%	0.977%
Weighted-average delinquency rate (as a percent)	5.10%	5.30%

Fair Value Measurements (Deta88

Fair Value Measurements (Details 5) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	77.00%	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	$ (20)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(38)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(32)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(57)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(11)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	$ (22)

Fair Value Measurements (Deta89

Fair Value Measurements (Details 6) - Level Three - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Interest rate lock commitments
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 21	$ 22
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(318)	(262)
Purchases, Issuances, Sales, Settlements Total	(318)	(262)
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	315	261
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	18	21
Mortgage loans held for sale
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	39	42
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	13	28
Issuances	6	5
Sales	(24)	(33)
Settlements	(11)	(10)
Purchases, Issuances, Sales, Settlements Total	(16)	(10)
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	2	6
Transfers into Level Three	42	38
Transfers out of Level Three	20	37
Balance, end of period	47	39
Mortgage servicing rights
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	880	1,005
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases, (Sales), Issuances, (Settlements) [Abstract]
Purchases	0	0
Issuances	60	101
Sales	(12)	(39)
Settlements	0	0
Purchases, Issuances, Sales, Settlements Total	48	62
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	(238)	(187)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	690	880
Gain on loans held for sale, net | Interest rate lock commitments
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	315	261
Gain on loans held for sale, net | Mortgage loans held for sale
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	(1)	1
Gain on loans held for sale, net | Mortgage servicing rights
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | Interest rate lock commitments
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | Mortgage loans held for sale
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | Mortgage servicing rights
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	(238)	(187)
Interest income | Interest rate lock commitments
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	0	0
Interest income | Mortgage loans held for sale
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	3	5
Interest income | Mortgage servicing rights
Fair Value, Realized and Unrealized Gains (Losses) Included in Level 3 of Valuation Hierarchy [Abstract]
Realized and unrealized gains (losses)	$ 0	$ 0

Fair Value Measurements (Deta90

Fair Value Measurements (Details 7) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Non-Recurring Fair Value Measurements
Impairment to equity method investments	$ 23,000,000	$ 0
Gain on loans held for sale, 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	11,000,000	17,000,000
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	(100,000,000)	(18,000,000)
Level Two
Debt
Fair value of debt	1,300,000,000	1,300,000,000
Level Two | Market based approach
Debt
Fair value of debt	623,000,000
Level Two | Observable spreads and terms for recent pricing of similar instruments
Debt
Fair value of debt	655,000,000
Non-recurring basis | Level Three
Non-Recurring Fair Value Measurements
Repurchase and foreclosure-related charges	$ 19,000,000	$ 6,000,000

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($)		3 Months Ended								12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash		$ 906,000,000				$ 906,000,000				$ 906,000,000	$ 906,000,000	$ 1,259,000,000	$ 1,245,000,000
Restricted cash		57,000,000				47,000,000				57,000,000	47,000,000
Mortgage loans held for sale		683,000,000				743,000,000				683,000,000	743,000,000
Accounts receivable, net		66,000,000				81,000,000				66,000,000	81,000,000
Servicing advances, net		628,000,000				691,000,000				628,000,000	691,000,000
Property and equipment, net		36,000,000				47,000,000				36,000,000	47,000,000
Other assets		109,000,000				247,000,000				109,000,000	247,000,000
Total assets	[1]	3,175,000,000				3,642,000,000				3,175,000,000	3,642,000,000
LIABILITIES
Accounts payable and accrued expenses		193,000,000				251,000,000				193,000,000	251,000,000
Debt, net		1,262,000,000				1,348,000,000				1,262,000,000	1,348,000,000
Other liabilities		157,000,000				137,000,000				157,000,000	137,000,000
Total liabilities	[1]	2,052,000,000				2,294,000,000				2,052,000,000	2,294,000,000
Company Involvement with Variable Interest Entity
Net income (loss)		(133,000,000)	$ (21,000,000)	$ (9,000,000)	$ (30,000,000)	(51,000,000)	$ (47,000,000)	$ (56,000,000)	$ 23,000,000	(193,000,000)	(131,000,000)	87,000,000
Variable Interest Entity
ASSETS
Cash		67,000,000				80,000,000				67,000,000	80,000,000
Restricted cash		24,000,000				18,000,000				24,000,000	18,000,000
Mortgage loans held for sale		350,000,000				389,000,000				350,000,000	389,000,000
Accounts receivable, net		9,000,000				5,000,000				9,000,000	5,000,000
Servicing advances, net		150,000,000				157,000,000				150,000,000	157,000,000
Property and equipment, net		1,000,000				1,000,000				1,000,000	1,000,000
Other assets		12,000,000				12,000,000				12,000,000	12,000,000
Total assets		613,000,000				662,000,000				613,000,000	662,000,000
LIABILITIES
Accounts payable and accrued expenses		11,000,000				14,000,000				11,000,000	14,000,000
Debt, net		399,000,000				456,000,000				399,000,000	456,000,000
Other liabilities		5,000,000				6,000,000				5,000,000	6,000,000
Total liabilities		415,000,000				476,000,000				415,000,000	476,000,000
PHH Home Loans | Variable Interest Entity
ASSETS
Cash		67,000,000				80,000,000				67,000,000	80,000,000
Restricted cash		5,000,000				5,000,000				5,000,000	5,000,000
Mortgage loans held for sale		350,000,000				389,000,000				350,000,000	389,000,000
Accounts receivable, net		9,000,000				5,000,000				9,000,000	5,000,000
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				11,000,000				11,000,000	11,000,000
Total assets		443,000,000				491,000,000				443,000,000	491,000,000
Assets held as collateral		320,000,000				361,000,000				320,000,000	361,000,000
LIABILITIES
Accounts payable and accrued expenses		11,000,000				14,000,000				11,000,000	14,000,000
Debt, net		300,000,000				345,000,000				300,000,000	345,000,000
Other liabilities		5,000,000				6,000,000				5,000,000	6,000,000
Total liabilities		316,000,000				365,000,000				316,000,000	365,000,000
Company Involvement with Variable Interest Entity
Net income (loss)										16,000,000	28,000,000	16,000,000
PHH Corporation investment		57,000,000				57,000,000				57,000,000	57,000,000
Intercompany receivable		13,000,000				14,000,000				$ 13,000,000	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										$ 7,100,000,000	7,900,000,000	7,400,000,000
Residential mortgage loans brokered or sold										$ 2,000,000,000	2,700,000,000	3,300,000,000
Amount of loans originated from Realogy Corporation's affiliates (as a percent)										96.00%
Outstanding commitments related to residential mortgage loans		97,000,000								$ 97,000,000
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										$ 8,000,000	10,000,000	4,000,000
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		19,000,000				13,000,000				19,000,000	13,000,000
Mortgage loans held for sale		0				0				0	0
Accounts receivable, net		0				0				0	0
Servicing advances, net		150,000,000				157,000,000				150,000,000	157,000,000
Property and equipment, net		0				0				0	0
Other assets		1,000,000				1,000,000				1,000,000	1,000,000
Total assets		170,000,000				171,000,000				170,000,000	171,000,000
Assets held as collateral		169,000,000				170,000,000				169,000,000	170,000,000
LIABILITIES
Accounts payable and accrued expenses		0				0				0	0
Debt, net		99,000,000				111,000,000				99,000,000	111,000,000
Other liabilities		0				0				0	0
Total liabilities		99,000,000				111,000,000				99,000,000	111,000,000
Company Involvement with Variable Interest Entity
Net income (loss)										(4,000,000)	(5,000,000)	$ (5,000,000)
PHH Corporation investment		83,000,000				69,000,000				83,000,000	69,000,000
Intercompany receivable		$ 0				$ 0				0	$ 0
Variable Interest Entities
Distributions received										560,000,000
Contributions of Accounts Receivable										$ 575,000,000
Realogy and its affiliates | Mortgage loan originations | Credit concentration
Variable Interest Entities
Concentration risk, percentage										20.00%
[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, 2016 2015ASSETS Cash and cash equivalents$67 $80Restricted cash24 18Mortgage loans held for sale350 389Accounts receivable, net9 5Servicing advances, net150 157Property and equipment, net1 1Other assets12 12Total assets$613 $662 LIABILITIES Accounts payable and accrued expenses$11 $14Debt399 456Other liabilities5 6Total liabilities$415 $476

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Dec. 31, 2016USD ($)segment	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment										2
Segment Information
Total Assets	[1]	$ 3,175				$ 3,642				$ 3,175	$ 3,642
Net Revenues		72	$ 197	$ 196	$ 157	123	$ 169	$ 237	$ 261	622	790	$ 639
Segment Profit (Loss)										(313)	(227)	(290)
Interest Income										43	44	42
Interest Expense										75	90	130
Other
Segment Information
Total Assets		834				804				834	804
Net Revenues										0	6	11
Segment Profit (Loss)										(37)	(49)	(46)
Mortgage Production segment | Operating segment
Segment Information
Total Assets		913				1,036				913	1,036
Net Revenues										539	586	465
Segment Profit (Loss)										(53)	(47)	(141)
Interest Income										32	40	38
Interest Expense										22	45	77
Mortgage Servicing segment | Operating segment
Segment Information
Total Assets		$ 1,428				$ 1,802				1,428	1,802
Net Revenues										83	198	163
Segment Profit (Loss)										(223)	(131)	(103)
Interest Income										11	4	4
Interest Expense										$ 53	$ 45	$ 53
[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, 2016 2015ASSETS Cash and cash equivalents$67 $80Restricted cash24 18Mortgage loans held for sale350 389Accounts receivable, net9 5Servicing advances, net150 157Property and equipment, net1 1Other assets12 12Total assets$613 $662 LIABILITIES Accounts payable and accrued expenses$11 $14Debt399 456Other liabilities5 6Total liabilities$415 $476

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of (Loss) income before income taxes to Segment (loss) profit
Income (loss) before income taxes	$ (206)	$ (29)	$ (20)	$ (49)	$ (83)	$ (87)	$ (74)	$ 31	$ (304)	$ (213)	$ (284)
Less: net income attributable to noncontrolling interest									9	14	6
Segment loss									$ (313)	$ (227)	$ (290)

Selected Quarterly Financial 94

Selected Quarterly Financial Data-(unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Selected Quarterly Financial Information [Abstract]
Net revenues	$ 72	$ 197	$ 196	$ 157	$ 123	$ 169	$ 237	$ 261	$ 622	$ 790	$ 639
Income (loss) before income taxes	(206)	(29)	(20)	(49)	(83)	(87)	(74)	31	(304)	(213)	(284)
Net income (loss)	(133)	(21)	(9)	(30)	(51)	(47)	(56)	23	(193)	(131)	87
Net income (loss) attributable to PHH Corporation	$ (133)	$ (27)	$ (12)	$ (30)	$ (54)	$ (50)	$ (62)	$ 21	$ (202)	$ (145)	$ 81
Earnings (loss) per share attributable to PHH Corporation:
Basic (in dollars per share)					$ (0.92)	$ (0.84)	$ (1.20)	$ 0.40
Diluted (in dollars per share)					$ (0.92)	$ (0.84)	$ (1.20)	$ 0.34
Basic and Diluted loss per share attributable to PHH Corporation	$ (2.49)	$ (0.50)	$ (0.22)	$ (0.56)					$ (3.77)	$ (2.62)	$ 1.47

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Feb. 15, 2017	Dec. 31, 2017	Dec. 31, 2016
Forecast
Subsequent Event [Line Items]
Proceeds from sale of assets		$ 92
PHH Home Loans Joint Venture | Subsequent event
Subsequent Event [Line Items]
Equity method investment, ownership percentage	49.90%
Realogy and its affiliates | Credit concentration | Mortgage loan originations
Subsequent Event [Line Items]
Concentration risk, percentage			20.00%

SCHEDULE I - CONDENSED FINANC96

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
REVENUES
Net revenues	$ 72	$ 197	$ 196	$ 157	$ 123	$ 169	$ 237	$ 261	$ 622	$ 790	$ 639
EXPENSES
Salaries and related expenses									345	323	358
Interest expense									75	90	130
Depreciation and amortization									16	18	23
Professional and third-party service fees									156	171	127
Technology equipment and software expenses									42	37	37
Other operating expenses									116	183	108
Total expenses									926	1,003	923
Income tax benefit									(111)	(82)	(99)
Income from discontinued operations, net of tax									0	0	272
Net (loss) income attributable to PHH Corporation	$ (133)	$ (27)	$ (12)	$ (30)	$ (54)	$ (50)	$ (62)	$ 21	(202)	(145)	81
Other comprehensive income (loss), net of tax:
Comprehensive (loss) income attributable to PHH Corporation									(202)	(144)	54
Parent Company
REVENUES
Other income									0	6	11
Interest income									3	3	0
Net revenues									3	9	11
EXPENSES
Salaries and related expenses									61	54	67
Interest expense									45	58	95
Depreciation and amortization									5	5	9
Professional and third-party service fees									99	109	62
Technology equipment and software expenses									21	18	18
Exit and disposal costs									8	0	0
Other operating expenses									12	44	32
Total expenses before allocation									251	288	283
Corporate overhead allocation to subsidiaries									(169)	(175)	(131)
Unsecured interest expense allocation to subsidiaries									(42)	(55)	(95)
Total expenses									40	58	57
Loss before income taxes and equity in loss of subsidiaries									(37)	(49)	(46)
Income tax benefit									(12)	(23)	(13)
Loss before equity in loss of subsidiaries									(25)	(26)	(33)
Equity in loss of subsidiaries, excluding discontinued operations									(177)	(119)	(158)
Loss from continuing operations, net of tax									(202)	(145)	(191)
Income from discontinued operations, net of tax									0	0	272
Net (loss) income attributable to PHH Corporation									(202)	(145)	81
Other comprehensive income (loss), net of tax:
Currency translation adjustment									0	0	(22)
Change in unfunded pension liability, net									0	1	(5)
Total other comprehensive income (loss), net of tax									0	1	(27)
Comprehensive (loss) income attributable to PHH Corporation									$ (202)	$ (144)	$ 54

SCHEDULE I - CONDENSED FINANC97

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) - USD ($) $ in Millions		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
ASSETS
Cash and cash equivalents		$ 906	$ 906	$ 1,259	$ 1,245
Restricted cash		57	47
Accounts receivable, net		66	81
Property and equipment, net		36	47
Other assets		109	247
Total assets	[1]	3,175	3,642
LIABILITIES
Accounts payable and accrued expenses		193	251
Debt, net		1,262	1,348
Other liabilities		157	137
Total liabilities	[1]	2,052	2,294
Commitments and contingencies
EQUITY
Preferred stock		0	0
Common stock		1	1
Additional paid-in capital		887	911
Retained earnings		214	416
Accumulated other comprehensive loss	[2]	(10)	(10)
Total PHH Corporation stockholders’ equity		1,092	1,318
Total liabilities and equity		3,175	3,642
Parent Company
ASSETS
Cash and cash equivalents		783	745	$ 1,115	$ 969
Restricted cash		11	10
Accounts receivable, net		5	5
Due from subsidiaries		212	273
Investment in subsidiaries		721	881
Property and equipment, net		13	12
Other assets		37	76
Total assets		1,782	2,002
LIABILITIES
Accounts payable and accrued expenses		65	50
Debt, net		607	615
Other liabilities		18	19
Total liabilities		690	684
Commitments and contingencies
EQUITY
Preferred stock		0	0
Common stock		1	1
Additional paid-in capital		887	911
Retained earnings		214	416
Accumulated other comprehensive loss		(10)	(10)
Total PHH Corporation stockholders’ equity		1,092	1,318
Total liabilities and equity		$ 1,782	$ 2,002
[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, 2016 2015ASSETS Cash and cash equivalents$67 $80Restricted cash24 18Mortgage loans held for sale350 389Accounts receivable, net9 5Servicing advances, net150 157Property and equipment, net1 1Other assets12 12Total assets$613 $662 LIABILITIES Accounts payable and accrued expenses$11 $14Debt399 456Other liabilities5 6Total liabilities$415 $476
[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, 2016 and 2015. During the years ended December 31, 2016 and 2015, there were no amounts reclassified out of Accumulated other comprehensive loss.

SCHEDULE I - CONDENSED FINANC98

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	$ 73	$ 121	$ (11)
Cash flows from investing activities:
Purchases of property and equipment	(17)	(31)	(15)
(Increase) decrease in restricted cash	(10)	9	(87)
Purchases of certificates of deposit	0	0	(250)
Proceeds from maturities of certificates of deposit	0	0	250
Net cash provided by investing activities	50	62	489
Cash flows from financing activities:
Principal payments on unsecured borrowings	0	(245)	(435)
Cash tender premiums for convertible debt	0	(30)	0
Issuances of Common stock	0	2	10
Repurchase of Common stock	(23)	(77)	(200)
Other, net	0	(4)	(3)
Net cash used in financing activities	(123)	(536)	(464)
Net increase (decrease) in Cash and cash equivalents	0	(353)	14
Cash and cash equivalents at beginning of period	906	1,259	1,245
Cash and cash equivalents at end of period	906	906	1,259
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	0	0	22
Interest payments	66	72	125
Income tax (refunds) payments, net	(29)	9	543
Parent Company
Condensed Financial Statements, Captions [Line Items]
Net cash (used in) provided by operating activities	22	(19)	(522)
Cash flows from investing activities:
Net decrease in amounts due from subsidiaries	47	10	0
Purchases of property and equipment	(7)	(8)	(5)
(Increase) decrease in restricted cash	(1)	(1)	1
Proceeds from sale of business, net of transaction costs	0	0	1,369
Purchases of certificates of deposit	0	0	(250)
Proceeds from maturities of certificates of deposit	0	0	250
Net cash provided by investing activities	39	1	1,365
Cash flows from financing activities:
Net cash (used in) provided by consolidated subsidiaries	0	0	(69)
Principal payments on unsecured borrowings	0	(245)	(435)
Cash tender premiums for convertible debt	0	(30)	0
Issuances of Common stock	0	2	10
Repurchase of Common stock	(23)	(77)	(200)
Other, net	0	(2)	(3)
Net cash used in financing activities	(23)	(352)	(697)
Net increase (decrease) in Cash and cash equivalents	38	(370)	146
Cash and cash equivalents at beginning of period	745	1,115	969
Cash and cash equivalents at end of period	783	745	1,115
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	0	0	22
Interest payments	42	49	83
Income tax (refunds) payments, net	$ (29)	$ 9	$ 534

SCHEDULE II - VALUATION AND Q99

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Valuation Allowance of Deferred Tax Assets [Member] - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	$ 46	$ 35	$ 26
Additions: Charged to costs and expenses	5	10	5
Additions: Charged to other accounts	(7)	1	4
Reductions	0	0	0
Balance, end of period	44	46	35
Parent Company
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	11	5	5
Additions: Charged to costs and expenses	2	6	2
Additions: Charged to other accounts	(2)	0	0
Reductions	0	0	(2)
Balance, end of period	$ 11	$ 11	$ 5