PHH 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	May 03, 2017
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-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		53,612,801

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
REVENUES
Origination and other loan fees	$ 44	$ 61
Gain on loans held for sale, net	42	48
Net loan servicing income:
Loan servicing income	62	91
Change in fair value of mortgage servicing rights	(29)	(121)
Net derivative gain related to mortgage servicing rights	0	85
Net loan servicing income	33	55
Net interest expense:
Interest income	9	9
Secured interest expense	(6)	(8)
Unsecured interest expense	(10)	(10)
Net interest expense	(7)	(9)
Other income	2	2
Net revenues	114	157
EXPENSES
Salaries and related expenses	86	90
Commissions	11	12
Loan origination expenses	9	16
Foreclosure and repossession expenses	7	7
Professional and third-party service fees	37	39
Technology equipment and software expenses	9	10
Occupancy and other office expenses	9	13
Depreciation and amortization	4	4
Exit and disposal costs	25	0
Other operating expenses	22	15
Total expenses	219	206
Loss before income taxes	(105)	(49)
Income tax benefit	(34)	(19)
Net loss	(71)	(30)
Less: net loss attributable to noncontrolling interest	(4)	0
Net loss attributable to PHH Corporation	$ (67)	$ (30)
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (1.26)	$ (0.56)

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (71)	$ (30)
Total comprehensive loss	(71)	(30)
Less: comprehensive loss attributable to noncontrolling interest	(4)	0
Comprehensive loss attributable to PHH Corporation	$ (67)	$ (30)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Mar. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 936	$ 906
Restricted cash		64	57
Mortgage loans held for sale		471	683
Accounts receivable, net		61	66
Servicing advances, net		599	628
Mortgage servicing rights		596	690
Property and equipment, net		32	36
Other assets		92	109
Total assets	[1]	2,851	3,175
LIABILITIES
Accounts payable and accrued expenses		185	193
Subservicing advance liabilities		271	290
Debt, net		1,083	1,262
Deferred taxes, net		69	101
Loan repurchase and indemnification liability		43	49
Other liabilities		149	157
Total liabilities	[1]	1,800	2,052
Commitments and contingencies (Note 10)
Total liabilities and equity		2,851	3,175
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; 53,612,801 shares issued and outstanding at March 31, 2017; 53,599,433 shares issued and outstanding at December 31, 2016		1	1
Additional paid-in capital		886	887
Retained earnings		147	214
Accumulated other comprehensive loss	[2]	(10)	(10)
Total PHH Corporation stockholders’ equity		1,024	1,092
Noncontrolling interest		27	31
Total equity		1,051	1,123
Variable Interest Entity
ASSETS
Cash and cash equivalents		70	67
Restricted cash		28	24
Mortgage loans held for sale		254	350
Accounts receivable, net		7	9
Servicing advances, net		140	150
Property and equipment, net		1	1
Other assets		13	12
Total assets		513	613
LIABILITIES
Accounts payable and accrued expenses		13	11
Debt, net		316	399
Other liabilities		5	5
Total liabilities		$ 334	$ 415
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. These assets and liabilities are as follows: March 31, 2017 December 31, 2016ASSETS Cash and cash equivalents$70 $67Restricted cash28 24Mortgage loans held for sale254 350Accounts receivable, net7 9Servicing advances, net140 150Property and equipment, net1 1Other assets13 12Total assets$513 $613 LIABILITIES Accounts payable and accrued expenses$13 $11Debt316 399Other liabilities5 5Total liabilities$334 $415
[2]	Includes amounts recorded related to the Company’s defined benefit pension plan, net of income tax benefits of $6 million as of both March 31, 2017 and December 31, 2016. During both the three months ended March 31, 2017 and March 31, 2016, there were no amounts reclassified out of Accumulated other comprehensive loss.

CONDENSED CONSOLIDATED BALANCE5

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
EQUITY
Preferred stock, par value (in usd 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 usd per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	273,910,000		273,910,000
Common stock, shares issued (in shares)	53,612,801		53,599,433
Common stock, shares outstanding (in shares)	53,612,801		53,599,433
Pension adjustment, income tax benefit	$ 6,000,000		$ 6,000,000
Amounts reclassified out of accumulated other comprehensive loss	$ 0	$ 0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interest
Beginning Balance at Dec. 31, 2015	$ 1,348	$ 1	$ 911	$ 416	$ (10)	$ 30
Beginning Balance (in shares) at Dec. 31, 2015		55,007,983
Increase (Decrease) in Stockholders' Equity
Total comprehensive loss	(30)			(30)	0	0
Stock compensation expense	1		1
Stock issued under share-based payment plans (in shares)		18,580
Repurchase of Common stock	(23)		(23)
Repurchase of Common stock (in shares)		(1,508,772)
Ending Balance at Mar. 31, 2016	1,296	$ 1	889	386	(10)	30
Ending Balance (in shares) at Mar. 31, 2016		53,517,791
Beginning Balance at Dec. 31, 2016	$ 1,123	$ 1	887	214	(10)	31
Beginning Balance (in shares) at Dec. 31, 2016	53,599,433	53,599,433
Increase (Decrease) in Stockholders' Equity
Total comprehensive loss	$ (71)			(67)	0	(4)
Stock compensation expense	3		3
Reclassification of stock awards	(4)		(4)
Stock issued under share-based payment plans (in shares)		13,368
Ending Balance at Mar. 31, 2017	$ 1,051	$ 1	$ 886	$ 147	$ (10)	$ 27
Ending Balance (in shares) at Mar. 31, 2017	53,612,801	53,612,801

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (71)	$ (30)
Adjustments to reconcile Net loss to net cash provided by operating activities:
Capitalization of originated mortgage servicing rights	(11)	(13)
Net loss on mortgage servicing rights and related derivatives	29	36
Origination of mortgage loans held for sale	(1,735)	(2,150)
Proceeds on sale of and payments from mortgage loans held for sale	2,009	2,221
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(53)	(53)
Depreciation and amortization	4	4
Deferred income tax benefit	(32)	(38)
Other adjustments and changes in other assets and liabilities, net	52	44
Net cash provided by operating activities	192	21
Cash flows from investing activities:
Net cash (paid) received on derivatives related to mortgage servicing rights	(46)	79
Proceeds on sale of mortgage servicing rights	71	2
Purchases of property and equipment	0	(7)
Increase in restricted cash	(7)	(6)
Other, net	0	6
Net cash provided by investing activities	18	74
Cash flows from financing activities:
Proceeds from secured borrowings	1,907	2,570
Principal payments on secured borrowings	(2,087)	(2,609)
Repurchase of Common stock	0	(23)
Cash paid for debt issuance costs	0	(2)
Net cash used in financing activities	(180)	(64)
Net increase in Cash and cash equivalents	30	31
Cash and cash equivalents at beginning of period	906	906
Cash and cash equivalents at end of period	$ 936	$ 937

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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 for certain clients that own the underlying mortgage servicing rights. The Condensed 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 (“PHH Home Loans”) and its subsidiaries are consolidated within the Condensed 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. 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. Refer to Note 12, 'Variable Interest Entities' for further information. Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements . Preparation of Financial Statements The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2016 Form 10-K. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates. Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Condensed Consolidated Financial Statements are in millions. Accounting Pronouncements Adopted During the Period In March 2016, the FASB issued ASU 2016-06, “Contingent Put and Call Options in Debt Instruments.” This update clarified 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 and is no longer required to assess whether the contingency for exercising the option is indexed to interest rate or credit risk. The Company adopted this update on January 1, 2017 using a modified retrospective approach, and there was no impact to the financial statements or disclosures. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting." This update simplified 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. The Company adopted this update on January 1, 2017 using either a prospective, modified retrospective or retrospective approach, depending on the area of change with the more significant provisions described below: • Accounting for income taxes. The Company recognized all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of income and applied this provision prospectively. The tax effects were treated as discrete items to calculate the effective tax rate and resulted in $1 million of income tax expense during the first quarter of 2017. • Forfeiture rates. The Company elected to account for forfeitures as they occur and applied this provision using a modified retrospective approach. The impact to opening retained earnings was not significant. • Statement of Cash Flows. The Company classified cash paid by an employer when directly withholding shares for tax withholding purposes as a financing activity and applied this provision using a retrospective approach. In addition, the Company will classify excess tax benefits as an operating activity and apply this provision using a prospective approach. The impact to the statement of cash flows from the adoption of these provisions was not significant. In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control." This update required 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. The Company adopted this update on January 1, 2017 using a retrospective approach. This adoption did not change any of the Company's consolidation conclusions, and there was no impact to the financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and disclosures, from those included in the Company’s 2016 Form 10-K, except for the following: Effective for the First Quarter of 2018 • In May 2014, the FASB issued ASU 2014-9, “Revenue from Contracts with Customers.” The core principle requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. The FASB has issued several amendments to provide additional clarification and implementation instructions relating to (i) principal versus agent considerations, (ii) identifying performance obligations and licensing, (iii) narrow-scope improvements and practical expedients and (iv) technical corrections and improvements. These 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 with early adoption permitted. 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 because it does not apply to revenue on contracts accounted for under ASC 860, "Transfers and Servicing of Financial Assets" or ASC 825, "Financial Instruments". However, the Company continues to evaluate certain select revenue streams, including subservicing fees and certain fee-based origination fees, and the impact that this guidance will have on its financial statements and disclosures. While there may be some impact on revenue recognition, the Company currently does not expect the adoption of this guidance to have a significant impact on the consolidated financial statements; however, the Company expects it will result in increased footnote disclosure requirements. The Company will adopt this standard using a modified retrospective approach in the first quarter of 2018 with a cumulative effect adjustment to retained earnings. • In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". This update changes the income statement presentation of defined benefit plan expense by requiring the service cost component to be presented in the same line item as other compensation costs and all other components (including interest cost, amortization of prior service cost, settlements, etc.) to be presented separately from the service cost component. 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's 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. As a result, the Company does not expect the adoption to have significant impact on its financial statements.

Exit Costs

Exit Costs	3 Months Ended
	Mar. 31, 2017
Restructuring and Related Activities [Abstract]
Exit Costs	2. Exit Costs PLS Exit. In November 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. Reorganization. In February 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. Costs estimated for this Reorganization exit program, which is presented separately from the PLS exit program, include severance, acceleration of existing retention and incentive awards and other costs to execute the reorganization and change the focus of the Company's operations. The Company expects it will incur the remaining exit costs through the end of 2017. The Company's Exit cost liability is included in Accounts payable and accrued expenses within the Condensed Consolidated Balance Sheets . A summary of the aggregate activity for both the PLS exit program and the Reorganization exit program is as follows: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 21 4 — 25 Paid — (4 ) — (4 ) Adjustments (1) 4 — — 4 Balance, end of period $ 47 $ — $ 3 $ 50 ______________ (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination. PLS Exit The following is a summary of expenses incurred to date for the PLS exit program within Exit and disposal costs in the Condensed Consolidated Statements of Operations , including our estimate of remaining and total program costs: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Asset Impairment Total (In millions) Costs incurred this period $ 4 $ 4 $ — $ — $ 8 Cumulative costs recognized in prior periods 22 — 4 15 41 Estimate of remaining costs (1) 9 21 26 — 56 Total $ 35 $ 25 $ 30 $ 15 $ 105 ______________ (1) In May 2017, the Company incurred $8 million of contract termination costs related to a PLS client termination agreement. The following is a summary of the PLS program costs by segment for the three months ended March 31, 2017 : Mortgage Production Other Total (In millions) Costs incurred this period $ 7 $ 1 $ 8 Cumulative costs recognized in prior periods 33 8 41 Estimate of remaining costs 48 8 56 Total $ 88 $ 17 $ 105 Reorganization The following is a summary of expenses incurred to date for the Reorganization exit program within Exit and disposal costs in the Condensed Consolidated Statements of Operations , including our estimate of remaining and total program costs: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (1) (In millions) Costs incurred this period $ 17 $ — $ — $ 17 Cumulative costs recognized in prior periods — — — — Estimate of remaining costs 23 5 5 33 Total $ 40 $ 5 $ 5 50 ______________ (1) Exit Costs related to our Reorganization include amounts attributable to noncontrolling interest, representing $1 million of Costs incurred this period, and $10 million of Total program costs. Refer to Note 12, 'Variable Interest Entities' for further information regarding our agreements to sell certain assets of PHH Home Loans and its subsidiaries and exit the Real Estate channel. The following is a summary of the Reorganization program costs by segment for the three months ended March 31, 2017 : Mortgage Production Mortgage Servicing Other Total (In millions) Costs incurred this period $ 6 $ 2 $ 9 $ 17 Cumulative costs recognized in prior periods — — — — Estimate of remaining costs 24 — 9 33 Total $ 30 $ 2 $ 18 $ 50

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation 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. Weighted-average common shares outstanding for the three months ended March 31, 2016 include the repurchase of 1,508,772 shares during January 2016 under an open market repurchase program. 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 following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated: Three Months Ended 2017 2016 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (67 ) $ (30 ) Weighted-average common shares outstanding — basic & diluted 53,682,514 53,703,229 Basic and Diluted loss per share attributable to PHH Corporation $ (1.26 ) $ (0.56 ) The following table summarizes anti-dilutive securities excluded from the computation of diluted shares: Three Months Ended 2017 2016 Outstanding stock-based compensation awards (1) 973,788 1,316,861 ——————— (1) For the three months ended March 31, 2017 , excludes 297,523 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities

Servicing Activities	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Servicing Activities	4. Servicing Activities Total Servicing Portfolio The following table summarizes the total servicing portfolio, which consists of loans associated with capitalized mortgage servicing rights ("MSRs"), loans held for sale, and the portfolio associated with loans subserviced for others: March 31, December 31, (In millions) Capitalized MSRs $ 71,808 $ 84,657 Subserviced 91,123 89,170 Other owned servicing 695 815 Total $ 163,626 $ 174,642 MSRs recorded in the Condensed 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. MSR Sale Agreements While the Company has historically retained MSRs on its Balance sheet from the majority of its loan sales, the Company has announced its intention to sell its existing MSR assets in a series of transactions as part of the conclusions reached from the strategic review process. 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 and its commitments under sale agreements, based on the portfolio as of March 31, 2017 : March 31, 2017 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 66,993 $ 554 Lakeview Loan Servicing, LLC 2,707 18 Other counterparties 49 1 Non-committed 2,059 23 Total MSRs $ 71,808 $ 596 In addition, the Company has commitments to transfer approximately $285 million of Servicing advances to the counterparties of these agreements (based on the March 31, 2017 portfolio). Lakeview/GNMA Portfolio. In November 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 $10.2 billion of unpaid principal balance, $74 million of MSR fair value, and $11 million of Servicing advances with total expected proceeds of $85 million from the initial transfer. On May 2, 2017 , an additional sale of GNMA MSRs was completed, representing $1 billion of unpaid principal balance, $7 million of MSR fair value, and $1 million of Servicing advances (as of March 31, 2017 ). The Company expects to receive proceeds of $8 million from this transfer. 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 29% 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. 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 March 31, 2017 , the Company had commitments to sell MSRs through third-party flow sales related to $4 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 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 the Government National Mortgage Association (collectively, the “Agencies”) or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining MSRs and/or recourse obligations, as discussed further in Note 10, 'Commitments and Contingencies' . The activity in the loan servicing portfolio associated with capitalized mortgage servicing rights consisted of: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 84,657 $ 98,990 Additions 926 1,353 Payoffs and curtailments (3,459 ) (3,955 ) Sales (10,316 ) (272 ) Balance, end of period $ 71,808 $ 96,116 The activity in capitalized MSRs consisted of: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 690 $ 880 Additions 11 13 Sales (76 ) (2 ) Changes in fair value due to: Realization of expected cash flows (27 ) (26 ) Changes in market inputs or assumptions used in the valuation model (2 ) (95 ) Balance, end of period $ 596 $ 770 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: Three Months Ended 2017 2016 (In millions) Servicing fees from capitalized portfolio $ 54 $ 70 Late fees 4 3 Other ancillary servicing revenue (1) (4 ) 3 ——————— (1) For the three months ended March 31, 2017 , Other ancillary servicing revenue includes transaction costs and other related expenses of the February 2017 Lakeview sale of GNMA MSRs. As of March 31, 2017 and December 31, 2016 , the MSRs had a weighted-average life of 6.3 years . See Note 11, '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: Three Months Ended 2017 2016 (In millions) Proceeds from new loan sales or securitizations $ 950 $ 1,396 Servicing fees from capitalized portfolio (1) 54 70 Purchases of previously sold loans (2) (8 ) (128 ) Servicing advances (3) (389 ) (452 ) Repayment of servicing advances (3) 418 478 ____________________ (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 Condensed Consolidated Balance Sheets , except for advances related to loans in foreclosure or real estate owned, which are included in Other assets. Repayment of servicing advances includes the $11 million received for advances from Lakeview as part of the February 2017 sale of GNMA MSRs. During the three months ended March 31, 2017 and 2016, pre-tax gains of $49 million and $43 million , respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Condensed Consolidated Statements of Operations .

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	5. Derivatives Derivative instruments and the risks they manage are as follows: ▪ Forward delivery commitments — Related to interest rate and price risk for mortgage loans held for sale and interest rate lock commitments ▪ Option contracts — Related to interest rate and price risk for mortgage loans held for sale and interest rate lock commitments ▪ MSR-related agreements — Related to interest rate risk for mortgage servicing rights Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets . The Company does not have any derivative instruments designated as hedging instruments. 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. A majority of the remaining MSR-related derivatives were settled in the first quarter of 2017. 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 4, 'Servicing Activities' . The following table summarizes the gross notional amount of derivatives: March 31, December 31, (In millions) Interest rate lock commitments $ 799 $ 862 Forward delivery commitments 1,357 2,104 Option contracts 54 120 MSR-related agreements 235 260 The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting: March 31, 2017 Gross Assets Offsetting Payables Cash Collateral Net Amount (In millions) ASSETS Subject to master netting arrangements: MSR-related agreements $ 1 $ (1 ) $ — $ — Derivative assets subject to netting 1 (1 ) — — Not subject to master netting arrangements: Interest rate lock commitments 17 — — 17 Derivative assets not subject to netting 17 — — 17 Total derivative assets $ 18 $ (1 ) $ — $ 17 Gross Liabilities Offsetting Receivables Cash Collateral Net Amount LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 3 $ (1 ) $ — $ 2 Total derivative liabilities $ 3 $ (1 ) $ — $ 2 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 Cash Collateral Net Amount 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 The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments: Three Months Ended 2017 2016 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 49 $ 77 Forward delivery commitments (2 ) (21 ) Option contracts (1 ) — Net derivative gain related to mortgage servicing rights: MSR-related agreements — 85

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2017
Other Assets [Abstract]
Other Assets	6. Other Assets Other assets consisted of: March 31, December 31, (In millions) Mortgage loans in foreclosure, net (1) $ 19 $ 21 Derivatives 17 21 Real estate owned, net (2) 15 16 Income taxes receivable 15 14 Prepaid expenses 11 11 Equity method investments 9 10 Repurchase eligible loans (3) 4 13 Other 2 3 Total $ 92 $ 109 ______________ (1) As of March 31, 2017 and December 31, 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $9 million and $10 million , respectively. (2) As of March 31, 2017 and December 31, 2016 , Real estate owned is net of Adjustment to value for real estate owned of $15 million and $14 million , respectively. (3) 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 Condensed Consolidated Balance Sheets .

Other Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Other Liabilities	7. Other Liabilities Other liabilities consisted of: March 31, December 31, (In millions) Legal and regulatory matters (Note 10) $ 121 $ 114 Pension and other post-employment benefits 11 11 Income tax contingencies 8 8 Derivatives 2 18 Other 7 6 Total $ 149 $ 157

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	8. Debt and Borrowing Arrangements The following table summarizes the components of Debt: March 31, 2017 December 31, Balance Interest (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 369 3.1 % $ 381 $ 556 Uncommitted warehouse facilities 6 1.8 % 2,094 — Servicing advance facility 100 2.9 % 55 99 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 (7 ) (8 ) Unsecured debt, net 608 607 Total $ 1,083 $ 1,262 ______________ (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. Assets held as collateral that are not available to pay the Company’s general obligations as of March 31, 2017 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 9 $ 22 Servicing advances — 140 Mortgage loans held for sale (unpaid principal balance) 384 — Total $ 393 $ 162 The following table provides the contractual debt maturities as of March 31, 2017 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 375 $ 100 $ — $ 475 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 — — — — $ 375 $ 100 $ 615 $ 1,090 _____________ (1) Maturities of the servicing advance facility represent estimated payments based on the expected cash inflows of the receivables. See Note 11, 'Fair Value Measurements' for the measurement of the fair value of Debt. Mortgage Warehouse Facilities Beginning in 2016, the Company entered into shorter term committed repurchase 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. Upon expiration of these existing agreements, the Company expects to negotiate terms for repurchase facility commitments to meet its forecasted capacity needs and negotiate terms for covenants or conditions precedent to borrowing to support its intended strategic and capital actions. On March 27, 2017 , the committed mortgage repurchase facility of $100 million and the uncommitted mortgage repurchase facility of $100 million with Barclays Bank PLC were extended to July 31, 2017. On March 31, 2017 , the committed mortgage repurchase facilities of $450 million with Wells Fargo Bank were extended to June 30, 2017. On March 31, 2017 , the committed mortgage repurchase facility of $150 million with Fannie Mae expired and was not renewed at the Company's request, and the uncommitted mortgage repurchase facility was increased to $2.0 billion . On April 30, 2017, the uncommitted mortgage repurchase facility was reduced by $1.8 billion to $200 million , at the Company's request. On March 31, 2017 , the committed repurchase facility with Bank of America was reduced by $150 million to $200 million at the Company's request, and the facility was extended to June 30, 2017. Debt Covenants In the first quarter of 2017 , financial covenants in certain of the Company's mortgage repurchase facility agreements have been modified to reduce the minimum tangible net worth covenants to $600 million from $750 million . There were no other significant amendments to the terms of the debt covenants during the three months ended March 31, 2017 . The Company was in compliance with all financial covenants related to its debt arrangements for the first quarter of 2017 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes For the three months ended March 31, 2017 , interim income tax benefit was recorded by applying a projected full-year effective income tax rate to the quarterly Loss before income taxes for results that are deemed to be reliably estimable. Certain items are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those items. The resulting effective tax rate for the three months ended March 31, 2017 was (32.0)% . The difference between the Company’s effective tax rate and the statutory 35% rate was primarily due to: (i) state and local income taxes determined by the mix of income or loss from the operations by entity and state income tax jurisdiction; (ii) a net increase in the valuation allowance driven by federal and state tax losses generated and non net operating loss deferred tax assets for which state and federal valuation allowance is warranted; and (iii) tax benefits related to Net loss attributable to noncontrolling interests for which no taxes are provided. For the three months ended March 31, 2016 , interim income tax benefit was recorded by applying a projected full-year effective income tax rate to the quarterly Loss before income taxes for results that are deemed to be reliably estimable. Certain results dependent on fair value adjustments of the Company are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those results. The resulting effective tax rates for the three months ended March 31, 2016 was (38.1)% . The difference between the Company’s effective tax rate and the statutory 35% rate was primarily due to state and local income taxes determined by the mix of income or loss from the operations by entity and state income tax jurisdiction.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies Legal and Regulatory Matters 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 March 31, 2017 , the Company’s recorded liability associated with legal and regulatory contingencies was $121 million and is presented in Other liabilities in the Condensed 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 the recorded liability are no t significant as of March 31, 2017 . 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. The Company continues to believe that it has complied with RESPA and other laws applicable to its former mortgage reinsurance activities. 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. Given the nature of this matter and the current status, the Company cannot estimate the amount of possible loss, or a range of possible losses, if any, in connection with this matter. MMC Examination. The Company has undergone a regulatory examination by a multistate coalition of certain mortgage banking regulators (the “MMC”), and such regulators have alleged various violations of federal and state consumer protection and other laws related to the Company’s legacy mortgage servicing practices. In July 2015, the Company received a settlement proposal from the MMC, proposing payments to certain borrowers nationwide where foreclosure proceedings were either referred to a foreclosure attorney or completed during 2009 through 2012, as well as other consumer relief and administrative penalties. In addition, the proposal would require that the Company comply with national servicing standards, submit its servicing activities to monitoring for compliance, and other injunctive relief. The Company continues to engage in substantive discussions with the MMC regarding the proposal. The Company believes it has meritorious explanations and defenses to the findings. In the fourth quarter of 2016, the Company entered into a consent order and paid a civil monetary penalty with the New York Department of Financial Services to close out New York's pending examination report findings, including New York findings stemming from the MMC examination. As of March 31, 2017 , the Company included an estimate of probable losses in connection with the MMC matter in the recorded liability. HUD Subpoenas. The Company has received document subpoenas from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) requesting production of certain documents related to, among other things, the Company’s origination and underwriting process for loans insured by the Federal Housing Administration (“FHA”) during the period between January 1, 2006 and December 31, 2011. As part of the investigation, HUD has also requested documents related to a small sample of loans originated during this period. This investigation could lead to a demand or claim under the False Claims Act, which allows for civil penalties and treble damages substantially in excess of actual losses. Several large mortgage originators that participate in FHA lending programs have been subject to similar investigations, which have resulted in settlement agreements that included the payment of substantial fines and penalties. The Company has been cooperating in this investigation since its receipt of the subpoenas in 2013, and certain current and former employees of the Company have been deposed in connection with this matter. In March and April 2017, the Company engaged in substantive settlement discussions with the government towards resolving this matter. In May 2017, the Company received proposed settlement documentation from the government, and the Company is engaged in discussions concerning that proposal. As of March 31, 2017 , 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 March 31, 2017 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. Repurchase and Foreclosure-Related Reserves 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: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (6 ) (6 ) (Decrease) increase in reserves due to: Changes in assumptions (1 ) (2 ) New loan sales 1 2 Balance, end of period $ 67 $ 83 Repurchase and foreclosure-related reserves consist of the following: March 31, December 31, (In millions) Loan repurchase and indemnification liability $ 43 $ 49 Adjustment to value for real estate owned 15 14 Allowance for probable foreclosure losses 9 10 Total $ 67 $ 73 Loan Repurchases and Indemnifications. 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 executed resolution agreements and paid 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 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 future repurchase and indemnification requests, there is a reasonable possibility that future losses may be in excess of the recorded liability. As of March 31, 2017 , 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 March 31, 2017 , $65 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; 21% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans). Off-Balance Sheet Arrangements and Guarantees Lease Arrangements. On February 8, 2017, the Company entered into an assignment with LenderLive Network, LLC ("LenderLive") of its Jacksonville, Florida facility lease. Under the terms of the original facility lease, PHH remains jointly and severally obligated with LenderLive for performance under the lease agreement. As of March 31, 2017, the total amount of potential future lease payments under this guarantee is $15 million ; however, the Company does not believe any amount of loss under this guarantee is probable.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	11. Fair Value Measurements 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 has been no change in the valuation methodologies and classification pursuant to the valuation hierarchy during the three months ended March 31, 2017 . 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 March 31, 2017 or December 31, 2016 . Recurring Fair Value Measurements The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: March 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 439 $ 32 $ — $ 471 Mortgage servicing rights — — 596 — 596 Other assets—Derivative assets: Interest rate lock commitments — — 17 — 17 MSR-related agreements — 1 — (1 ) — LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 3 $ — $ (1 ) $ 2 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 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 (“MLHS”). The Company has elected to record MLHS at fair value which is intended to better reflect the underlying economics and eliminate the operational complexities of risk management activities and hedge accounting requirements. 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: March 31, 2017 December 31, 2016 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 $ 471 $ 7 $ 683 $ 7 Aggregate unpaid principal balance 471 10 687 10 Difference $ — $ (3 ) $ (4 ) $ (3 ) The following table summarizes the components of MLHS: March 31, December 31, (In millions) First mortgages: Conforming $ 383 $ 531 Non-conforming 56 105 Total first mortgages 439 636 Second lien 3 3 Scratch and Dent 29 44 Total $ 471 $ 683 Mortgage Servicing Rights. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates, the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. 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 March 31, 2017 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 4, 'Servicing Activities' for further discussion of the MSR sale commitments. The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs: Three Months Ended 2017 2016 Initial capitalization rate of additions to MSRs 1.17 % 0.99 % March 31, December 31, Capitalization servicing rate 0.83 % 0.82 % Capitalization servicing multiple 3.0 2.9 Weighted-average servicing fee (in basis points) 28 28 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): March 31, December 31, Weighted-average prepayment speed (CPR) 9.0 % 9.2 % Option adjusted spread, in basis points (OAS) 1,215 1,430 Weighted-average delinquency rate 4.0 % 5.1 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: March 31, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (19 ) $ (28 ) $ (10 ) Impact on fair value of 20% adverse change (36 ) (53 ) (21 ) These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations. The effect of a variation in a particular assumption is calculated without changing any other assumption, and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others. The modeled prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity. These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics. The OAS is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset. The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns. Derivative Instruments . Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy. The average pullthrough percentage used in measuring the fair value of interest rate lock commitments (IRLCs) as of March 31, 2017 and December 31, 2016 was 79% and 77% , 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. Level Three Measurements Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Three Months Ended Three Months Ended MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 2 — — 5 — — Issuances 1 11 — 1 13 — Sales (16 ) (76 ) — (8 ) — — Settlements (3 ) — (50 ) (1 ) (2 ) (70 ) (16 ) (65 ) (50 ) (3 ) 11 (70 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 49 — — 77 Change in fair value of MSRs — (29 ) — — (121 ) — Interest income 1 — — 1 — — 1 (29 ) 49 1 (121 ) 77 Transfers into Level Three 5 — — 11 — — Transfers out of Level Three (5 ) — — (7 ) — — Balance, end of period $ 32 $ 596 $ 17 $ 41 $ 770 $ 28 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 Condensed Consolidated Statements of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows: Three Months Ended 2017 2016 (In millions) Gain on loans held for sale, net $ 15 $ 25 Change in fair value of mortgage servicing rights (2 ) (95 ) Fair Value of Other Financial Instruments As of March 31, 2017 and December 31, 2016 , 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, Restricted cash, Accounts receivable and Servicing advance receivables, the carrying value approximates fair value due to the short-term nature of such instruments. Debt. The total fair value of Debt as of March 31, 2017 and December 31, 2016 was $1.1 billion and $1.3 billion , respectively, and is measured using Level Two inputs. As of March 31, 2017 , the fair value was estimated using the following valuation techniques: (i) $636 million was measured using a market based approach, considering the current market pricing of recent trades for the Company’s debt instruments; and (ii) $475 million was measured using observable spreads and terms for recent pricing of similar instruments.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities
Variable Interest Entities	12. Variable Interest Entities Assets and liabilities of significant variable interest entities are included in the Condensed Consolidated Balance Sheets as follows: March 31, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 70 $ — $ 67 $ — Restricted cash 6 22 5 19 Mortgage loans held for sale 254 — 350 — Accounts receivable, net 7 — 9 — Servicing advances, net — 140 — 150 Property and equipment, net 1 — 1 — Other assets 13 — 11 1 Total assets $ 351 $ 162 $ 443 $ 170 Assets held as collateral $ 228 $ 162 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 13 $ — $ 11 $ — Debt 216 100 300 99 Other liabilities 5 — 5 — Total liabilities (1) $ 234 $ 100 $ 316 $ 99 ——————— (1) Excludes intercompany payables. 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 three months ended March 31, 2017 . 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. In connection with this transaction, the Company recognized $2 million of Exit and disposal costs for PHH Home Loans within the Reorganization exit program. Refer to Note 2, 'Exit Costs' for additional information regarding the Reorganization exit program.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Segment Information	13. 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 heading Other includes expenses that are not allocated back to the two reportable segments. 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 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’s noncontrolling interest in the profit or loss of PHH Home Loans. Segment results were as follows: Total Assets March 31, December 31, 2016 (In millions) Mortgage Production segment $ 701 $ 913 Mortgage Servicing segment 1,283 1,428 Other 867 834 Total $ 2,851 $ 3,175 Net Revenues Three Months Ended 2017 2016 (In millions) Mortgage Production segment $ 87 $ 113 Mortgage Servicing segment 27 44 Other — — Total $ 114 $ 157 Segment Loss (2) Three Months Ended 2017 2016 (In millions) Mortgage Production segment $ (41 ) $ (26 ) Mortgage Servicing segment (34 ) (21 ) Other (1) (26 ) (2 ) Total $ (101 ) $ (49 ) ——————— (1) For the three months ended March 31, 2017, the results for Other include both Exit and disposal costs related to the exit of the PLS business and reorganization of operations and Professional and third-party service fees related to the strategic review that are not allocated to the Production and Servicing segments. (2) The following is a reconciliation of Loss before income taxes to Segment loss: Three Months Ended 2017 2016 (In millions) Loss before income taxes $ (105 ) $ (49 ) Less: net loss attributable to noncontrolling interest (4 ) — Segment loss $ (101 ) $ (49 )

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Event	14. Subsequent Event On May 3, 2017, the Company's Board of Directors authorized up to $100 million in open market share repurchases. Any shares received under the share repurchase program will be retired upon receipt and reported as a reduction of shares issued and outstanding, and the cash paid will be recorded as a reduction of stockholders' equity in the Condensed Consolidated Balance Sheets . The Company did not complete any share repurchases in the three months ended March 31, 2017.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
Accounting Pronouncements Adopted During the Period and Recently Issued Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted During the Period In March 2016, the FASB issued ASU 2016-06, “Contingent Put and Call Options in Debt Instruments.” This update clarified 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 and is no longer required to assess whether the contingency for exercising the option is indexed to interest rate or credit risk. The Company adopted this update on January 1, 2017 using a modified retrospective approach, and there was no impact to the financial statements or disclosures. In March 2016, the FASB issued ASU 2016-09, “Improvements to Employee Share-Based Payment Accounting." This update simplified 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. The Company adopted this update on January 1, 2017 using either a prospective, modified retrospective or retrospective approach, depending on the area of change with the more significant provisions described below: • Accounting for income taxes. The Company recognized all excess tax benefits and tax deficiencies as income tax expense or benefit in the statement of income and applied this provision prospectively. The tax effects were treated as discrete items to calculate the effective tax rate and resulted in $1 million of income tax expense during the first quarter of 2017. • Forfeiture rates. The Company elected to account for forfeitures as they occur and applied this provision using a modified retrospective approach. The impact to opening retained earnings was not significant. • Statement of Cash Flows. The Company classified cash paid by an employer when directly withholding shares for tax withholding purposes as a financing activity and applied this provision using a retrospective approach. In addition, the Company will classify excess tax benefits as an operating activity and apply this provision using a prospective approach. The impact to the statement of cash flows from the adoption of these provisions was not significant. In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control." This update required 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. The Company adopted this update on January 1, 2017 using a retrospective approach. This adoption did not change any of the Company's consolidation conclusions, and there was no impact to the financial statements or disclosures. Recently Issued Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and disclosures, from those included in the Company’s 2016 Form 10-K, except for the following: Effective for the First Quarter of 2018 • In May 2014, the FASB issued ASU 2014-9, “Revenue from Contracts with Customers.” The core principle requires a company to recognize revenue when it transfers promised goods or services to customers in an amount that reflects consideration to which the company expects to be entitled in exchange for those goods or services. The FASB has issued several amendments to provide additional clarification and implementation instructions relating to (i) principal versus agent considerations, (ii) identifying performance obligations and licensing, (iii) narrow-scope improvements and practical expedients and (iv) technical corrections and improvements. These 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 with early adoption permitted. 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 because it does not apply to revenue on contracts accounted for under ASC 860, "Transfers and Servicing of Financial Assets" or ASC 825, "Financial Instruments". However, the Company continues to evaluate certain select revenue streams, including subservicing fees and certain fee-based origination fees, and the impact that this guidance will have on its financial statements and disclosures. While there may be some impact on revenue recognition, the Company currently does not expect the adoption of this guidance to have a significant impact on the consolidated financial statements; however, the Company expects it will result in increased footnote disclosure requirements. The Company will adopt this standard using a modified retrospective approach in the first quarter of 2018 with a cumulative effect adjustment to retained earnings. • In March 2017, the FASB issued ASU 2017-07, "Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost". This update changes the income statement presentation of defined benefit plan expense by requiring the service cost component to be presented in the same line item as other compensation costs and all other components (including interest cost, amortization of prior service cost, settlements, etc.) to be presented separately from the service cost component. 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's 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. As a result, the Company does not expect the adoption to have significant impact on its financial statements.
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.

Exit Costs (Tables)

Exit Costs (Tables)	3 Months Ended
	Mar. 31, 2017
Restructuring Cost and Reserve [Line Items]
Schedule of exit cost liability	The Company's Exit cost liability is included in Accounts payable and accrued expenses within the Condensed Consolidated Balance Sheets . A summary of the aggregate activity for both the PLS exit program and the Reorganization exit program is as follows: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 21 4 — 25 Paid — (4 ) — (4 ) Adjustments (1) 4 — — 4 Balance, end of period $ 47 $ — $ 3 $ 50 ______________ (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination.
PLS exit program
Restructuring Cost and Reserve [Line Items]
Summary of expenses incurred to date	The following is a summary of expenses incurred to date for the PLS exit program within Exit and disposal costs in the Condensed Consolidated Statements of Operations , including our estimate of remaining and total program costs: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Asset Impairment Total (In millions) Costs incurred this period $ 4 $ 4 $ — $ — $ 8 Cumulative costs recognized in prior periods 22 — 4 15 41 Estimate of remaining costs (1) 9 21 26 — 56 Total $ 35 $ 25 $ 30 $ 15 $ 105 ______________ (1) In May 2017, the Company incurred $8 million of contract termination costs related to a PLS client termination agreement.
Summary of expense incurred to date by segment	The following is a summary of the PLS program costs by segment for the three months ended March 31, 2017 : Mortgage Production Other Total (In millions) Costs incurred this period $ 7 $ 1 $ 8 Cumulative costs recognized in prior periods 33 8 41 Estimate of remaining costs 48 8 56 Total $ 88 $ 17 $ 105
Reorganization
Restructuring Cost and Reserve [Line Items]
Summary of expenses incurred to date	The following is a summary of expenses incurred to date for the Reorganization exit program within Exit and disposal costs in the Condensed Consolidated Statements of Operations , including our estimate of remaining and total program costs: Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (1) (In millions) Costs incurred this period $ 17 $ — $ — $ 17 Cumulative costs recognized in prior periods — — — — Estimate of remaining costs 23 5 5 33 Total $ 40 $ 5 $ 5 50 ______________ (1) Exit Costs related to our Reorganization include amounts attributable to noncontrolling interest, representing $1 million of Costs incurred this period, and $10 million of Total program costs. Refer to Note 12, 'Variable Interest Entities' for further information regarding our agreements to sell certain assets of PHH Home Loans and its subsidiaries and exit the Real Estate channel.
Summary of expense incurred to date by segment	The following is a summary of the Reorganization program costs by segment for the three months ended March 31, 2017 : Mortgage Production Mortgage Servicing Other Total (In millions) Costs incurred this period $ 6 $ 2 $ 9 $ 17 Cumulative costs recognized in prior periods — — — — Estimate of remaining costs 24 — 9 33 Total $ 30 $ 2 $ 18 $ 50

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
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: Three Months Ended 2017 2016 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (67 ) $ (30 ) Weighted-average common shares outstanding — basic & diluted 53,682,514 53,703,229 Basic and Diluted loss per share attributable to PHH Corporation $ (1.26 ) $ (0.56 )
Summary of anti-dilutive securities excluded from the computation of dilutive shares	The following table summarizes anti-dilutive securities excluded from the computation of diluted shares: Three Months Ended 2017 2016 Outstanding stock-based compensation awards (1) 973,788 1,316,861 ——————— (1) For the three months ended March 31, 2017 , excludes 297,523 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities (Tables)

Servicing Activities (Tables)	3 Months Ended
	Mar. 31, 2017
Transfers and Servicing [Abstract]
Schedule of total servicing portfolio	The following table summarizes the total servicing portfolio, which consists of loans associated with capitalized mortgage servicing rights ("MSRs"), loans held for sale, and the portfolio associated with loans subserviced for others: March 31, December 31, (In millions) Capitalized MSRs $ 71,808 $ 84,657 Subserviced 91,123 89,170 Other owned servicing 695 815 Total $ 163,626 $ 174,642
Schedule of MSRs committed under sale agreements	The following table summarizes the Company's MSRs and its commitments under sale agreements, based on the portfolio as of March 31, 2017 : March 31, 2017 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 66,993 $ 554 Lakeview Loan Servicing, LLC 2,707 18 Other counterparties 49 1 Non-committed 2,059 23 Total MSRs $ 71,808 $ 596
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	The activity in the loan servicing portfolio associated with capitalized mortgage servicing rights consisted of: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 84,657 $ 98,990 Additions 926 1,353 Payoffs and curtailments (3,459 ) (3,955 ) Sales (10,316 ) (272 ) Balance, end of period $ 71,808 $ 96,116
Schedule of activity in capitalized MSRs	The activity in capitalized MSRs consisted of: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 690 $ 880 Additions 11 13 Sales (76 ) (2 ) Changes in fair value due to: Realization of expected cash flows (27 ) (26 ) Changes in market inputs or assumptions used in the valuation model (2 ) (95 ) Balance, end of period $ 596 $ 770
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	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: Three Months Ended 2017 2016 (In millions) Servicing fees from capitalized portfolio $ 54 $ 70 Late fees 4 3 Other ancillary servicing revenue (1) (4 ) 3 ——————— (1) For the three months ended March 31, 2017 , Other ancillary servicing revenue includes transaction costs and other related expenses of the February 2017 Lakeview sale of GNMA MSRs.
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: Three Months Ended 2017 2016 (In millions) Proceeds from new loan sales or securitizations $ 950 $ 1,396 Servicing fees from capitalized portfolio (1) 54 70 Purchases of previously sold loans (2) (8 ) (128 ) Servicing advances (3) (389 ) (452 ) Repayment of servicing advances (3) 418 478 ____________________ (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 Condensed Consolidated Balance Sheets , except for advances related to loans in foreclosure or real estate owned, which are included in Other assets. Repayment of servicing advances includes the $11 million received for advances from Lakeview as part of the February 2017 sale of GNMA MSRs.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of gross notional amount of derivatives	The following table summarizes the gross notional amount of derivatives: March 31, December 31, (In millions) Interest rate lock commitments $ 799 $ 862 Forward delivery commitments 1,357 2,104 Option contracts 54 120 MSR-related agreements 235 260
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: March 31, 2017 Gross Assets Offsetting Payables Cash Collateral Net Amount (In millions) ASSETS Subject to master netting arrangements: MSR-related agreements $ 1 $ (1 ) $ — $ — Derivative assets subject to netting 1 (1 ) — — Not subject to master netting arrangements: Interest rate lock commitments 17 — — 17 Derivative assets not subject to netting 17 — — 17 Total derivative assets $ 18 $ (1 ) $ — $ 17 Gross Liabilities Offsetting Receivables Cash Collateral Net Amount LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 3 $ (1 ) $ — $ 2 Total derivative liabilities $ 3 $ (1 ) $ — $ 2 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 Cash Collateral Net Amount 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
Schedule of gains (losses) recorded in the Consolidated Statements of Operations	The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments: Three Months Ended 2017 2016 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 49 $ 77 Forward delivery commitments (2 ) (21 ) Option contracts (1 ) — Net derivative gain related to mortgage servicing rights: MSR-related agreements — 85

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Other Assets [Abstract]
Schedule of other assets	Other assets consisted of: March 31, December 31, (In millions) Mortgage loans in foreclosure, net (1) $ 19 $ 21 Derivatives 17 21 Real estate owned, net (2) 15 16 Income taxes receivable 15 14 Prepaid expenses 11 11 Equity method investments 9 10 Repurchase eligible loans (3) 4 13 Other 2 3 Total $ 92 $ 109 ______________ (1) As of March 31, 2017 and December 31, 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $9 million and $10 million , respectively. (2) As of March 31, 2017 and December 31, 2016 , Real estate owned is net of Adjustment to value for real estate owned of $15 million and $14 million , respectively. (3) 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 Condensed Consolidated Balance Sheets .

Other Liabilities (Tables)

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities consisted of: March 31, December 31, (In millions) Legal and regulatory matters (Note 10) $ 121 $ 114 Pension and other post-employment benefits 11 11 Income tax contingencies 8 8 Derivatives 2 18 Other 7 6 Total $ 149 $ 157

Debt and Borrowing Arrangemen29

Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: March 31, 2017 December 31, Balance Interest (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 369 3.1 % $ 381 $ 556 Uncommitted warehouse facilities 6 1.8 % 2,094 — Servicing advance facility 100 2.9 % 55 99 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 (7 ) (8 ) Unsecured debt, net 608 607 Total $ 1,083 $ 1,262 ______________ (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.
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 March 31, 2017 consisted of: Warehouse Facilities Servicing Advance Facility (In millions) Restricted cash $ 9 $ 22 Servicing advances — 140 Mortgage loans held for sale (unpaid principal balance) 384 — Total $ 393 $ 162
Schedule of contractual debt maturities	The following table provides the contractual debt maturities as of March 31, 2017 : Warehouse Facilities Servicing Advance Facility (1) Unsecured Debt Total (In millions) Within one year $ 375 $ 100 $ — $ 475 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 — — — — $ 375 $ 100 $ 615 $ 1,090 _____________ (1) Maturities of the servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of the activity in repurchase and foreclosure-related reserves	A summary of the activity in repurchase and foreclosure-related reserves is as follows: Three Months Ended 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (6 ) (6 ) (Decrease) increase in reserves due to: Changes in assumptions (1 ) (2 ) New loan sales 1 2 Balance, end of period $ 67 $ 83 Repurchase and foreclosure-related reserves consist of the following: March 31, December 31, (In millions) Loan repurchase and indemnification liability $ 43 $ 49 Adjustment to value for real estate owned 15 14 Allowance for probable foreclosure losses 9 10 Total $ 67 $ 73

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
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: March 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 439 $ 32 $ — $ 471 Mortgage servicing rights — — 596 — 596 Other assets—Derivative assets: Interest rate lock commitments — — 17 — 17 MSR-related agreements — 1 — (1 ) — LIABILITIES Other liabilities—Derivative liabilities: Forward delivery commitments $ — $ 3 $ — $ (1 ) $ 2 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
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: March 31, 2017 December 31, 2016 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 $ 471 $ 7 $ 683 $ 7 Aggregate unpaid principal balance 471 10 687 10 Difference $ — $ (3 ) $ (4 ) $ (3 )
Schedule of components of Mortgage loans held for sale	The following table summarizes the components of MLHS: March 31, December 31, (In millions) First mortgages: Conforming $ 383 $ 531 Non-conforming 56 105 Total first mortgages 439 636 Second lien 3 3 Scratch and Dent 29 44 Total $ 471 $ 683
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: Three Months Ended 2017 2016 Initial capitalization rate of additions to MSRs 1.17 % 0.99 % March 31, December 31, Capitalization servicing rate 0.83 % 0.82 % Capitalization servicing multiple 3.0 2.9 Weighted-average servicing fee (in basis points) 28 28
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): March 31, December 31, Weighted-average prepayment speed (CPR) 9.0 % 9.2 % Option adjusted spread, in basis points (OAS) 1,215 1,430 Weighted-average delinquency rate 4.0 % 5.1 %
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: March 31, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (19 ) $ (28 ) $ (10 ) Impact on fair value of 20% adverse change (36 ) (53 ) (21 )
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: Three Months Ended Three Months Ended MLHS MSRs IRLCs, net MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 2 — — 5 — — Issuances 1 11 — 1 13 — Sales (16 ) (76 ) — (8 ) — — Settlements (3 ) — (50 ) (1 ) (2 ) (70 ) (16 ) (65 ) (50 ) (3 ) 11 (70 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 49 — — 77 Change in fair value of MSRs — (29 ) — — (121 ) — Interest income 1 — — 1 — — 1 (29 ) 49 1 (121 ) 77 Transfers into Level Three 5 — — 11 — — Transfers out of Level Three (5 ) — — (7 ) — — Balance, end of period $ 32 $ 596 $ 17 $ 41 $ 770 $ 28
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	Unrealized gains (losses) included in the Condensed Consolidated Statements of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows: Three Months Ended 2017 2016 (In millions) Gain on loans held for sale, net $ 15 $ 25 Change in fair value of mortgage servicing rights (2 ) (95 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2017
Variable Interest Entities
Schedule of Variable Interest Entities	Assets and liabilities of significant variable interest entities are included in the Condensed Consolidated Balance Sheets as follows: March 31, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 70 $ — $ 67 $ — Restricted cash 6 22 5 19 Mortgage loans held for sale 254 — 350 — Accounts receivable, net 7 — 9 — Servicing advances, net — 140 — 150 Property and equipment, net 1 — 1 — Other assets 13 — 11 1 Total assets $ 351 $ 162 $ 443 $ 170 Assets held as collateral $ 228 $ 162 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 13 $ — $ 11 $ — Debt 216 100 300 99 Other liabilities 5 — 5 — Total liabilities (1) $ 234 $ 100 $ 316 $ 99 ——————— (1) Excludes intercompany payables.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Reporting [Abstract]
Schedule of segment results	Segment results were as follows: Total Assets March 31, December 31, 2016 (In millions) Mortgage Production segment $ 701 $ 913 Mortgage Servicing segment 1,283 1,428 Other 867 834 Total $ 2,851 $ 3,175 Net Revenues Three Months Ended 2017 2016 (In millions) Mortgage Production segment $ 87 $ 113 Mortgage Servicing segment 27 44 Other — — Total $ 114 $ 157 Segment Loss (2) Three Months Ended 2017 2016 (In millions) Mortgage Production segment $ (41 ) $ (26 ) Mortgage Servicing segment (34 ) (21 ) Other (1) (26 ) (2 ) Total $ (101 ) $ (49 ) ——————— (1) For the three months ended March 31, 2017, the results for Other include both Exit and disposal costs related to the exit of the PLS business and reorganization of operations and Professional and third-party service fees related to the strategic review that are not allocated to the Production and Servicing segments. (2) The following is a reconciliation of Loss before income taxes to Segment loss: Three Months Ended 2017 2016 (In millions) Loss before income taxes $ (105 ) $ (49 ) Less: net loss attributable to noncontrolling interest (4 ) — Segment loss $ (101 ) $ (49 )
Schedule of reconciliation of loss before income taxes to Segment loss	The following is a reconciliation of Loss before income taxes to Segment loss: Three Months Ended 2017 2016 (In millions) Loss before income taxes $ (105 ) $ (49 ) Less: net loss attributable to noncontrolling interest (4 ) — Segment loss $ (101 ) $ (49 )

Summary of Significant Accoun34

Summary of Significant Accounting Policies (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)segment
Accounting Policies [Abstract]
Number of reportable segments | segment	2
Income tax expense from adoption of ASU 2016-09 | $	$ 1

Exit Costs (Details)

Exit Costs (Details) - USD ($) $ in Millions	May 10, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Restructuring Cost and Reserve [Line Items]
Private label solutions, mortgage production volume percentage				79.00%
Costs incurred this period		$ 25	$ 0
Restructuring Reserve [Roll Forward]
Balance, beginning of period		25
Charges		25
Paid		(4)
Adjustments		4
Balance, end of period		50		$ 25
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		17
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		33
Program expected costs		50
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		8
Cumulative costs recognized in prior periods		41
Estimate of remaining costs		56
Program expected costs		105
Severance and Termination Benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period		22
Charges		21
Paid		0
Adjustments		4
Balance, end of period		47		22
Severance and Termination Benefits | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		17
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		23
Program expected costs		40
Severance and Termination Benefits | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		4
Cumulative costs recognized in prior periods		22
Estimate of remaining costs		9
Program expected costs		35
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period		0
Charges		4
Paid		(4)
Adjustments		0
Balance, end of period		0		0
Facility Exit Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		0
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		5
Program expected costs		5
Facility Exit 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		21
Program expected costs		25
Contract Termination & Other Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period		3
Charges		0
Paid		0
Adjustments		0
Balance, end of period		3		$ 3
Contract Termination & Other Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		0
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		5
Program expected costs		5
Contract Termination & Other Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		0
Cumulative costs recognized in prior periods		4
Estimate of remaining costs		26
Program expected costs		30
Asset Impairment | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		0
Cumulative costs recognized in prior periods		15
Estimate of remaining costs		0
Program expected costs		15
Mortgage Production | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		6
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		24
Program expected costs		30
Mortgage Production | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		7
Cumulative costs recognized in prior periods		33
Estimate of remaining costs		48
Program expected costs		88
Mortgage Servicing | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		2
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		0
Program expected costs		2
Other | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		9
Cumulative costs recognized in prior periods		0
Estimate of remaining costs		9
Program expected costs		18
Other | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		1
Cumulative costs recognized in prior periods		8
Estimate of remaining costs		8
Program expected costs		17
Noncontrolling Interest | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period		1
Program expected costs		$ 10
Subsequent Event | Contract Termination & Other Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	$ 8

Earnings Per Share (Details)

Earnings Per Share (Details)	1 Months Ended
	Jan. 31, 2016shares
Open Market Share Repurchase Program
Share Repurchases [Line Items]
Repurchase of common stock (in shares)	1,508,772

Earnings Per Share (Details 2)

Earnings Per Share (Details 2) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to PHH Corporation	$ (67)	$ (30)
Weighted-average common shares outstanding — basic & diluted (in shares)	53,682,514	53,703,229
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (1.26)	$ (0.56)

Earnings Per Share (Details 3)

Earnings Per Share (Details 3) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met	297,523
Outstanding stock-based compensation awards
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	973,788	1,316,861

Servicing Activities (Details)

Servicing Activities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Loan Servicing Portfolio [Abstract]
Total servicing portfolio	$ 163,626	$ 174,642
Capitalized MSRs
Loan Servicing Portfolio [Abstract]
Total servicing portfolio	71,808	84,657
Subserviced
Loan Servicing Portfolio [Abstract]
Total servicing portfolio	91,123	89,170
Other owned servicing
Loan Servicing Portfolio [Abstract]
Total servicing portfolio	$ 695	$ 815

Servicing Activities (Details 2

Servicing Activities (Details 2) - USD ($) $ in Millions	May 02, 2017	Feb. 02, 2017	Dec. 28, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Transfers and Servicing of Mortgage Loans
MSRs, UPB				$ 163,626	$ 174,642
MSRs, Fair Value				596	690	$ 770	$ 880
Servicing advances, net				$ 599	628
Percentage of mortgage servicing rights restricted from sale without prior approval				29.00%
MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value				$ 23
Other counterparties | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value				1
Lakeview Loan Servicing | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value				18
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				554
Servicing advances committed
Transfers and Servicing of Mortgage Loans
Servicing advances, net				285
Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB				71,808	$ 84,657	$ 96,116	$ 98,990
Capitalized MSRs | MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, UPB				2,059
Capitalized MSRs | Other counterparties | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB				49
Capitalized MSRs | Lakeview Loan Servicing | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB				2,707
Capitalized MSRs | New Residential Investment Corp. | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB				66,993
Interest rate lock commitments and mortgage loans held for sale | Other counterparties
Transfers and Servicing of Mortgage Loans
Commitment to sell Mortgage Servicing Rights				$ 4
GNMA Loans | Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value		$ 74
Servicing advances, net		11
Commitment to sell mortgage servicing rights, sales price		85
GNMA Loans | Capitalized MSRs | Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, UPB		$ 10,200
Subsequent Event | GNMA Loans | Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	$ 7
Servicing advances, net	1
Commitment to sell mortgage servicing rights, sales price	8
Subsequent Event | GNMA Loans | Capitalized MSRs | Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 1,000

Servicing Activities (Details 3

Servicing Activities (Details 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 174,642
Balance, end of period	163,626
Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	84,657	$ 98,990
Additions	926	1,353
Payoffs and curtailments	(3,459)	(3,955)
Sales	(10,316)	(272)
Balance, end of period	$ 71,808	$ 96,116

Servicing Activities (Details 4

Servicing Activities (Details 4) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Feb. 02, 2017
Activity in capitalized MSRs
Balance, beginning of period	$ 690	$ 880	$ 880
Additions	11	13
Sales	(76)	(2)
Changes in fair value due to:
Realization of expected cash flows	(27)	(26)
Changes in market inputs or assumptions used in the valuation model	(2)	(95)
Balance, end of period	596	770	$ 690
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Servicing fees from capitalized portfolio	54	70
Late fees	4	3
Other ancillary servicing revenue	$ (4)	3
Weighted average life of MSRs	6 years 3 months 18 days		6 years 3 months 18 days
Cash flows relating to loan sales in which the Company has continuing involvement
Proceeds from new loan sales or securitizations	$ 950	1,396
Servicing fees from capitalized portfolio	54	70
Purchases of previously sold loans	(8)	(128)
Servicing advances	(389)	(452)
Repayment of servicing advances	418	478
Servicing advances, net	599		$ 628
Realized Gain Loss on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	$ 49	$ 43
Lakeview Loan Servicing | GNMA Loans
Cash flows relating to loan sales in which the Company has continuing involvement
Servicing advances, net				$ 11

Derivatives (Details)

Derivatives (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Interest rate lock commitments
Notional amount of derivatives
Notional	$ 799	$ 862
Forward delivery commitments
Notional amount of derivatives
Notional	1,357	2,104
Option contracts
Notional amount of derivatives
Notional	54	120
MSR-related agreements
Notional amount of derivatives
Notional	$ 235	$ 260

Derivatives (Details 2)

Derivatives (Details 2) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
ASSETS
Other assets-derivative assets, Total	$ 17	$ 21
LIABILITIES
Other liabilities-derivative liabilities, Total	2	18
Not designated as hedging instruments
ASSETS
Gross Assets, subject to master netting agreements	1	33
Gross Assets, Not subject to master netting agreements	17	19
Gross Assets, Total	18	52
Offsetting Payables	(1)	(66)
Cash Collateral Paid	0	35
Derivative Asset, Fair Value, Amount Offset Against Collateral	0	2
Other assets-derivative assets, Total	17	21
LIABILITIES
Gross Liabilities, subject to master netting agreements		69
Gross Liabilities, Total	3	69
Offsetting Receivables	(1)	(66)
Cash Collateral Received	0	15
Derivative Liability, Fair Value, Amount Offset Against Collateral		18
Other liabilities-derivative liabilities, Total	2	18
Not designated as hedging instruments | Forward delivery commitments
ASSETS
Gross Assets, subject to master netting agreements		13
Gross Assets, Not subject to master netting agreements		1
Offsetting Payables		(43)
Cash Collateral Paid		31
Derivative Asset, Fair Value, Amount Offset Against Collateral		1
LIABILITIES
Gross Liabilities, subject to master netting agreements	3	4
Offsetting Receivables	(1)	(10)
Cash Collateral Received	0	11
Derivative Liability, Fair Value, Amount Offset Against Collateral	2	5
Not designated as hedging instruments | MSR-related agreements
ASSETS
Gross Assets, subject to master netting agreements	1	19
Offsetting Payables	(1)	(22)
Cash Collateral Paid	0	4
Derivative Asset, Fair Value, Amount Offset Against Collateral	0	1
LIABILITIES
Gross Liabilities, subject to master netting agreements		65
Offsetting Receivables		(55)
Cash Collateral Received		2
Derivative Liability, Fair Value, Amount Offset Against Collateral		12
Not designated as hedging instruments | Option contracts
ASSETS
Gross Assets, subject to master netting agreements		1
Offsetting Payables		(1)
Cash Collateral Paid		0
Derivative Asset, Fair Value, Amount Offset Against Collateral		0
LIABILITIES
Gross Liabilities, subject to master netting agreements		0
Offsetting Receivables		(1)
Cash Collateral Received		2
Derivative Liability, Fair Value, Amount Offset Against Collateral		1
Not designated as hedging instruments | Interest rate lock commitments
ASSETS
Gross Assets, Not subject to master netting agreements	$ 17	$ 18

Derivatives (Details 3)

Derivatives (Details 3) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives
Net derivative gain related to mortgage servicing rights	$ 0	$ 85
Interest rate lock commitments | Gain on loans held for sale, net
Derivatives
Gains on derivative instruments	49	77
Forward delivery commitments | Gain on loans held for sale, net
Derivatives
Gains on derivative instruments	(2)	(21)
Option contracts | Gain on loans held for sale, net
Derivatives
Gains on derivative instruments	(1)	0
MSR-related agreements | Net derivative gain related to mortgage servicing rights
Derivatives
Net derivative gain related to mortgage servicing rights	$ 0	$ 85

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Other Assets [Abstract]
Mortgage loans in foreclosure, net	$ 19	$ 21
Derivatives	17	21
Real estate owned, net	15	16
Income taxes receivable	15	14
Prepaid Expense	11	11
Equity method investments	9	10
Repurchase eligible loans	4	13
Other	2	3
Total	92	109
Allowance for probable foreclosure losses	9	10
Adjustment to value for real estate owned	$ 15	$ 14
Repurchase eligibility, prior number of days delinquent	90 days

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Legal and regulatory matters (Note 10)	$ 121	$ 114
Pension and other post-employment benefits	11	11
Income tax contingencies	8	8
Derivatives	2	18
Other	7	6
Total	$ 149	$ 157

Debt and Borrowing Arrangemen48

Debt and Borrowing Arrangements (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt and Borrowing Arrangements
Debt, net	$ 1,083	$ 1,262
Committed warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 369	556
Weighted Avg-Interest Rate (as a percent)	3.10%
Available Capacity	$ 381
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 6	0
Weighted Avg-Interest Rate (as a percent)	1.80%
Available Capacity	$ 2,094
Servicing advance facility
Debt and Borrowing Arrangements
Debt, net	$ 100	99
Weighted Avg-Interest Rate (as a percent)	2.90%
Available Capacity	$ 55
Term notes due in 2019
Debt and Borrowing Arrangements
Debt, gross	$ 275	275
Stated interest rate (as a percent)	7.375%
Term notes due in 2021
Debt and Borrowing Arrangements
Debt, gross	$ 340	340
Stated interest rate (as a percent)	6.375%
Unsecured credit facilities
Debt and Borrowing Arrangements
Debt, gross	$ 0	0
Stated interest rate (as a percent)	0.00%
Available Capacity	$ 3
Unsecured debt, face value
Debt and Borrowing Arrangements
Debt, gross	615	615
Debt issuance costs	(7)	(8)
Debt, net	$ 608	$ 607

Debt and Borrowing Arrangemen49

Debt and Borrowing Arrangements (Details 2) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Debt and Borrowing Arrangements
Restricted cash	$ 64	$ 57
Servicing advances	599	628
Mortgage loans held for sale (unpaid principal balance)	471	$ 683
Collateral Pledged | Warehouse Facilities
Debt and Borrowing Arrangements
Restricted cash	9
Servicing advances	0
Mortgage loans held for sale (unpaid principal balance)	384
Total	393
Collateral Pledged | Servicing Advance Facility
Debt and Borrowing Arrangements
Restricted cash	22
Servicing advances	140
Mortgage loans held for sale (unpaid principal balance)	0
Total	$ 162

Debt and Borrowing Arrangemen50

Debt and Borrowing Arrangements (Details 3) $ in Millions	Mar. 31, 2017USD ($)
Contractual debt maturities
Within one year	$ 475
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	1,090
Warehouse Facilities
Contractual debt maturities
Within one year	375
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	375
Servicing Advance Facility
Contractual debt maturities
Within one year	100
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	100
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 Arrangemen51

Debt and Borrowing Arrangements (Details 4) - USD ($)	Apr. 14, 2017	Mar. 31, 2017	Apr. 30, 2017	Mar. 27, 2017	Dec. 31, 2016
Warehouse Facilities
Debt and Borrowing Arrangements
Debt covenant minimum tangible net worth		$ 600,000,000			$ 750,000,000
Committed warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity				$ 100,000,000
Committed warehouse facilities | Wells Fargo Bank
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity		450,000,000
Committed warehouse facilities | Fannie Mae
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity		150,000,000
Committed warehouse facilities | Bank of America
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity		200,000,000
Reduction in aggregate maximum principal		150,000,000
Uncommitted warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity				$ 100,000,000
Uncommitted warehouse facilities | Fannie Mae
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity		$ 2,000,000,000
Subsequent Event | Uncommitted warehouse facilities | Fannie Mae
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity			$ 200,000,000
Reduction in aggregate maximum principal	$ 1,800,000,000

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	(32.00%)	(38.10%)
Statutory federal income tax rate (as a percent)	35.00%	35.00%

Commitments and Contingencies53

Commitments and Contingencies (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2015	Mar. 31, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies		$ 121	$ 114
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Final order amount company must pay	$ 109

Commitments and Contingencies54

Commitments and Contingencies (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 73	$ 89
Realized losses	(6)	(6)
(Decrease) increase in reserves due to:
Changes in assumptions	(1)	(2)
New loan sales	1	2
Balance, end of period	73	89	$ 67	$ 73	$ 83
Components of Repurchase and Foreclosure-related Reserves [Abstract]
Loan repurchase and indemnification liability			43	49
Adjustment to value for real estate owned			15	14
Allowance for probable foreclosure losses			9	10
Total	$ 73	$ 89	67	$ 73	$ 83
Loan Repurchases and Indemnifications
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions			$ 65
Percentage of loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions and are at least 90 days delinquent			21.00%
Recourse obligations
Loan Repurchases and Indemnifications
Estimated amount of reasonably possible losses in excess of the recorded liability			$ 20
Lease related guaranty
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee			$ 15

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Fair Value Measurements
Mortgage servicing rights	$ 596	$ 690	$ 770	$ 880
Other assets-derivative assets, Total	17	21
Other liabilities-derivative liabilities, Total	2	18
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)
Other liabilities-derivative liabilities, Cash Collateral and Netting	(1)	1
Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	(1)	(18)
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
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	439	636
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
Other liabilities-derivative liabilities	3	4
Recurring basis | Level Two | MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets	1	19
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	32	47
Mortgage servicing rights	596	690
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	17	18
Recurring basis | Level Three | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets		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	471	683
Mortgage servicing rights	596	690
Total | Recurring basis | Interest rate lock commitments
Fair Value Measurements
Other assets-derivative assets, Total	17	18
Total | Recurring basis | Forward delivery commitments
Fair Value Measurements
Other assets-derivative assets, Total		2
Other liabilities-derivative liabilities, Total	2	5
Total | Recurring basis | MSR-related agreements
Fair Value Measurements
Other assets-derivative assets, Total	$ 0	1
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 (Deta56

Fair Value Measurements (Details 2) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 471	$ 683
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	471	683
Carrying amount, Loans 90 days or more past due and on non-accrual status	7	7
Aggregate unpaid principal balance, Total	471	687
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	10	10
Difference, Total	0	(4)
Difference, Loans 90 days or more past due and on non-accrual status	$ (3)	$ (3)

Fair Value Measurements (Deta57

Fair Value Measurements (Details 3) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 471	$ 683
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	439	636
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	383	531
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	56	105
Second lien
Components of Mortgage loans held for sale
Mortgage loans held for sale	3	3
Scratch and Dent
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 29	$ 44

Fair Value Measurements (Deta58

Fair Value Measurements (Details 4)	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.17%	0.99%
Capitalization servicing rate (as a percent)	0.83%		0.82%
Capitalization servicing multiple (as a percent)	300.00%		290.00%
Weighted-average servicing fee, in basis points (as a percent)	0.28%		0.28%
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.00%		9.20%
Option adjusted spread, in basis points (as a percent)	12.15%		14.30%
Weighted-average delinquency rate (as a percent)	4.00%		5.10%

Fair Value Measurements (Deta59

Fair Value Measurements (Details 5) - USD ($) $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	79.00%	77.00%
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	$ (19)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(36)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(28)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(53)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(10)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	$ (21)

Fair Value Measurements (Deta60

Fair Value Measurements (Details 6) - Level Three - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Interest rate lock commitments
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 18	$ 21
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(50)	(70)
Purchases, Issuances, Sales and Settlements Total	(50)	(70)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	49	77
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	17	28
Interest rate lock commitments | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	49	77
Interest rate lock commitments | Change in fair value of mortgage servicing rights
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Interest rate lock commitments | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Mortgage loans held for sale
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	47	39
Purchases, Issuances, Sales and Settlements:
Purchases	2	5
Issuances	1	1
Sales	(16)	(8)
Settlements	(3)	(1)
Purchases, Issuances, Sales and Settlements Total	(16)	(3)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	1	1
Transfers into Level Three	5	11
Transfers out of Level Three	(5)	(7)
Balance, end of period	32	41
Mortgage loans held for sale | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Mortgage loans held for sale | Change in fair value of mortgage servicing rights
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Mortgage loans held for sale | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	1	1
Mortgage servicing rights
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	690	880
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	11	13
Sales	(76)	0
Settlements	0	(2)
Purchases, Issuances, Sales and Settlements Total	(65)	11
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(29)	(121)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	596	770
Mortgage servicing rights | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Mortgage servicing rights | Change in fair value of mortgage servicing rights
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(29)	(121)
Mortgage servicing rights | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	$ 0	$ 0

Fair Value Measurements (Deta61

Fair Value Measurements (Details 7) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Level Two
Debt
Fair value of debt	$ 1,100		$ 1,300
Level Two | Market based approach
Debt
Fair value of debt	636
Level Two | Observable spreads and terms for recent pricing of similar instruments
Debt
Fair value of debt	475
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	15	$ 25
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	$ (2)	$ (95)

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions		Feb. 15, 2017	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash			$ 936	$ 937		$ 906	$ 906
Restricted cash			64			57
Mortgage loans held for sale			471			683
Accounts receivable, net			61			66
Servicing advances, net			599			628
Property and equipment, net			32			36
Other assets			92			109
Total assets	[1]		2,851			3,175
LIABILITIES
Accounts payable and accrued expenses			185			193
Debt, net			1,083			1,262
Other liabilities			149			157
Total liabilities	[1]		1,800			2,052
Variable Interest Entities Additional Information [Abstract]
Exit and disposal costs			25	$ 0
Variable Interest Entity
ASSETS
Cash			70			67
Restricted cash			28			24
Mortgage loans held for sale			254			350
Accounts receivable, net			7			9
Servicing advances, net			140			150
Property and equipment, net			1			1
Other assets			13			12
Total assets			513			613
LIABILITIES
Accounts payable and accrued expenses			13			11
Debt, net			316			399
Other liabilities			5			5
Total liabilities			334			415
PHH Home Loans | Variable Interest Entity
ASSETS
Cash			70			67
Restricted cash			6			5
Mortgage loans held for sale			254			350
Accounts receivable, net			7			9
Servicing advances, net			0			0
Property and equipment, net			1			1
Other assets			13			11
Total assets			351			443
Assets held as collateral			228			320
LIABILITIES
Accounts payable and accrued expenses			13			11
Debt, net			216			300
Other liabilities			5			5
Total liabilities			234			316
Servicing Advance Receivables Trust | Variable Interest Entity
ASSETS
Cash			0			0
Restricted cash			22			19
Mortgage loans held for sale			0			0
Accounts receivable, net			0			0
Servicing advances, net			140			150
Property and equipment, net			0			0
Other assets			0			1
Total assets			162			170
Assets held as collateral			162			169
LIABILITIES
Accounts payable and accrued expenses			0			0
Debt, net			100			99
Other liabilities			0			0
Total liabilities			$ 100			$ 99
Mortgage Loan Originations | Realogy and Affiliates | Credit Concentration Risk
Variable Interest Entities Additional Information [Abstract]
Concentration risk, percentage			20.00%
PHH Home Loans Joint Venture
Variable Interest Entities Additional Information [Abstract]
Purchase by Parent of additional equity interest, percent		49.90%
Forecast
Variable Interest Entities Additional Information [Abstract]
Proceeds from sale of assets					$ 92
Reorganization
Variable Interest Entities Additional Information [Abstract]
Exit and disposal costs			$ 17
Reorganization | PHH Home Loans Joint Venture
Variable Interest Entities Additional Information [Abstract]
Exit and disposal costs			$ 2
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. These assets and liabilities are as follows: March 31, 2017 December 31, 2016ASSETS Cash and cash equivalents$70 $67Restricted cash28 24Mortgage loans held for sale254 350Accounts receivable, net7 9Servicing advances, net140 150Property and equipment, net1 1Other assets13 12Total assets$513 $613 LIABILITIES Accounts payable and accrued expenses$13 $11Debt316 399Other liabilities5 5Total liabilities$334 $415

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended
		Mar. 31, 2017USD ($)segment	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment		2
Segment Information
Assets	[1]	$ 2,851		$ 3,175
Net Revenues		114	$ 157
Segment Loss		(101)	(49)
Other
Segment Information
Assets		867		834
Net Revenues		0	0
Segment Loss		(26)	(2)
Mortgage Production segment | Operating segment
Segment Information
Assets		701		913
Net Revenues		87	113
Segment Loss		(41)	(26)
Mortgage Servicing segment | Operating segment
Segment Information
Assets		1,283		$ 1,428
Net Revenues		27	44
Segment Loss		$ (34)	$ (21)
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. These assets and liabilities are as follows: March 31, 2017 December 31, 2016ASSETS Cash and cash equivalents$70 $67Restricted cash28 24Mortgage loans held for sale254 350Accounts receivable, net7 9Servicing advances, net140 150Property and equipment, net1 1Other assets13 12Total assets$513 $613 LIABILITIES Accounts payable and accrued expenses$13 $11Debt316 399Other liabilities5 5Total liabilities$334 $415

Segment Information (Details 2)

Segment Information (Details 2) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of loss before income taxes to Segment loss
Loss before income taxes	$ (105)	$ (49)
Less: net loss attributable to noncontrolling interest	(4)	0
Segment loss	$ (101)	$ (49)

Subsequent Event (Details)

Subsequent Event (Details)	May 03, 2017USD ($)
Open Market Share Repurchase Program | Subsequent Event
Subsequent Event [Line Items]
Stock repurchase program, authorized amount	$ 100,000,000