PHH Inactive 10-Q9 Aug 172017 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2017	Aug. 04, 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	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		51,306,854

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES
Origination and other loan fees	$ 37	$ 79	$ 81	$ 140
Gain on loans held for sale, net	52	77	94	125
Loan servicing income, net	28	44	61	99
Net interest expense	(6)	(7)	(13)	(16)
Other income	1	3	3	5
Net revenues	112	196	226	353
EXPENSES
Salaries and related expenses	75	92	161	182
Commissions	14	18	25	30
Loan origination expenses	9	18	18	34
Foreclosure and repossession expenses	5	9	12	16
Professional and third-party service fees	30	37	67	76
Technology equipment and software expenses	9	10	18	20
Occupancy and other office expenses	9	11	18	24
Depreciation and amortization	3	5	7	9
Exit and disposal costs	16	0	41	0
Other operating expenses	25	16	47	31
Total expenses	195	216	414	422
Loss before income taxes	(83)	(20)	(188)	(69)
Income tax benefit	(33)	(11)	(67)	(30)
Net loss	(50)	(9)	(121)	(39)
Less: net (loss) income attributable to noncontrolling interest	(4)	3	(8)	3
Net loss attributable to PHH Corporation	$ (46)	$ (12)	$ (113)	$ (42)
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (0.86)	$ (0.22)	$ (2.11)	$ (0.78)

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (50)	$ (9)	$ (121)	$ (39)
Total comprehensive loss	(50)	(9)	(121)	(39)
Less: comprehensive (loss) income attributable to noncontrolling interest	(4)	3	(8)	3
Comprehensive loss attributable to PHH Corporation	$ (46)	$ (12)	$ (113)	$ (42)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Jun. 30, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 1,001	$ 906
Restricted cash		75	57
Mortgage loans held for sale		625	683
Accounts receivable, net		74	66
Servicing advances, net		473	628
Mortgage servicing rights		555	690
Property and equipment, net		28	36
Other assets		75	109
Total assets	[1]	2,906	3,175
LIABILITIES
Accounts payable and accrued expenses		205	193
Subservicing advance liabilities		205	290
Mortgage servicing rights secured liability		114	0
Debt, net		1,192	1,262
Deferred taxes, net		11	101
Loan repurchase and indemnification liability		41	49
Other liabilities		160	157
Total liabilities	[1]	1,928	2,052
Commitments and contingencies (Note 10)
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; 51,949,019 shares issued and outstanding at June 30, 2017; 53,599,433 shares issued and outstanding at December 31, 2016		1	1
Additional paid-in capital		863	887
Retained earnings		101	214
Accumulated other comprehensive loss	[2]	(10)	(10)
Total PHH Corporation stockholders’ equity		955	1,092
Noncontrolling interest		23	31
Total equity		978	1,123
Total liabilities and equity		2,906	3,175
Variable Interest Entity
ASSETS
Cash and cash equivalents		61	67
Restricted cash		31	24
Mortgage loans held for sale		327	350
Accounts receivable, net		13	9
Servicing advances, net		116	150
Property and equipment, net		1	1
Other assets		10	12
Total assets		559	613
LIABILITIES
Accounts payable and accrued expenses		12	11
Debt, net		341	399
Other liabilities		6	5
Total liabilities		$ 359	$ 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: June 30, 2017 December 31, 2016ASSETS Cash and cash equivalents$61 $67Restricted cash31 24Mortgage loans held for sale327 350Accounts receivable, net13 9Servicing advances, net116 150Property and equipment, net1 1Other assets10 12Total assets$559 $613 LIABILITIES Accounts payable and accrued expenses$12 $11Debt341 399Other liabilities6 5Total liabilities$359 $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 June 30, 2017 and December 31, 2016. During both the three and six months ended June 30, 2017 and June 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
EQUITY
Preferred stock, par value (in usd per share)	$ 0.01		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	1,090,000		1,090,000		1,090,000
Preferred stock, shares issued (in shares)	0		0		0
Preferred stock, shares outstanding (in shares)	0		0		0
Common stock, par value (in usd per share)	$ 0.01		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	273,910,000		273,910,000		273,910,000
Common stock, shares issued (in shares)	51,949,019		51,949,019		53,599,433
Common stock, shares outstanding (in shares)	51,949,019		51,949,019		53,599,433
Pension adjustment, income tax benefit	$ 6,000,000		$ 6,000,000		$ 6,000,000
Amounts reclassified out of accumulated other comprehensive loss	$ 0	$ 0	$ 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) income	(39)			(42)		3
Stock compensation expense	4		4
Stock issued under share-based payment plans	(9)		(9)
Stock issued under share-based payment plans (in shares)		28,627
Repurchase of Common stock	$ (23)		(23)
Repurchase of Common stock (in shares)	(1,508,772)	(1,508,772)
Ending Balance at Jun. 30, 2016	$ 1,281	$ 1	883	374	(10)	33
Ending Balance (in shares) at Jun. 30, 2016		53,527,838
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) income	$ (121)			(113)		(8)
Stock compensation expense	5		5
Reclassification of stock awards	(4)		(4)
Stock issued under share-based payment plans	(1)		(1)
Stock issued under share-based payment plans (in shares)		110,550
Repurchase of Common stock	$ (24)		(24)
Repurchase of Common stock (in shares)	(1,760,964)	(1,760,964)
Ending Balance at Jun. 30, 2017	$ 978	$ 1	$ 863	$ 101	$ (10)	$ 23
Ending Balance (in shares) at Jun. 30, 2017	51,949,019	51,949,019

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) (Parenthetical) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Statement of Stockholders' Equity [Abstract]
Benefit from excess tax shortfall	$ 9

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net loss	$ (121)	$ (39)
Adjustments to reconcile Net loss to net cash provided by (used in) operating activities:
Capitalization of originated mortgage servicing rights	(18)	(30)
Change in fair value of mortgage servicing rights and related derivatives	58	83
Change in fair value of mortgage servicing rights secured liability	1	0
Origination of mortgage loans held for sale	(3,791)	(5,050)
Proceeds on sale of and payments from mortgage loans held for sale	3,977	4,999
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(121)	(134)
Depreciation and amortization	7	9
Deferred income tax benefit	(90)	(58)
Other adjustments and changes in other assets and liabilities, net	148	84
Net cash provided by (used in) operating activities	50	(136)
Cash flows from investing activities:
Net cash (paid) received on derivatives related to mortgage servicing rights	(45)	146
Proceeds on sale of mortgage servicing rights	91	4
Proceeds on sale of servicing advances	11	0
Purchases of property and equipment	0	(9)
Increase in restricted cash	(18)	(7)
Other, net	0	5
Net cash provided by investing activities	39	139
Cash flows from financing activities:
Proceeds from secured borrowings	4,463	6,014
Principal payments on secured borrowings	(4,533)	(5,892)
Proceeds from mortgage servicing rights secured liability	102	0
Repurchase of common stock	(24)	(23)
Other, net	(2)	(3)
Net cash provided by financing activities	6	96
Net increase in Cash and cash equivalents	95	99
Cash and cash equivalents at beginning of period	906	906
Cash and cash equivalents at end of period	$ 1,001	$ 1,005

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies Nature of Operations 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. During 2016, the Company entered into an agreement to sell substantially all of its existing mortgage servicing rights ("MSRs") to New Residential Investment Corp. (“New Residential”), and the initial sale under this agreement settled during the second quarter of 2017. The Company has determined that New Residential has not acquired all ownership rewards since the terms of the subservicing contract limit New Residential’ s ability to terminate the contract within the first three years. As a result, while there was a legal true sale of the MSRs from the Company to New Residential, the Company accounted for such sale of servicing rights as a secured borrowing. Under this accounting treatment, the MSRs transferred to New Residential remain on the Condensed Consolidated Balance Sheets and the proceeds from the sale are recognized as a Mortgage servicing rights secured liability . The Company elected to record the MSRs secured liability at fair value consistent with the related MSR asset. Changes in fair value including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows, and the estimated yield on the related MSR asset, are recorded in Loan servicing income, net in the Condensed Consolidated Statements of Operations. Implied interest cost on the MSRs secured liability is recorded in Net interest expense in the Condensed Consolidated Statements of Operations which offsets the estimated yield on the MSR asset, both of which represent non-cash amounts. Proceeds from the sale of these MSRs are included in financing activities in the Condensed Consolidated Statements of Cash Flows. Refer to Note 4, 'Servicing Activities' and Note 11, 'Fair Value Measurements' for further information. Basis of Consolidation 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 . Unaudited Interim Financial Information 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. 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. 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 and the related secured liability , 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 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 only required to perform 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 $2 million of income tax expense during the six months ended June 30, 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. On a retrospective basis, the Company classified cash paid by an employer when directly withholding shares for tax withholding purposes as a financing activity which totaled $1 million during the six months ended June 30, 2017 . The amount of tax withholding was not significant for the six months ended June 30, 2016 . In addition, on a prospective basis, the Company will classify excess tax benefits as an operating activity which did not have an impact to the statement of cash flows. 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 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 of this update to have a significant impact on its financial statements. • In May 2017, the FASB issued ASU 2017-09, "Scope of Modification Accounting." This update clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company does not expect the adoption of this update to have a significant impact on its financial statements.

Exit Costs

Exit Costs	6 Months Ended
Exit Costs	Jun. 30, 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. 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: As of June 30, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments (1) Total (In millions) Costs incurred in current year: First quarter $ 4 $ 4 $ — $ — $ 8 Second quarter 4 — 8 (4 ) 8 8 4 8 (4 ) 16 Cumulative costs recognized in prior year 22 — 4 15 41 Estimate of remaining costs 8 20 15 — 43 Total $ 38 $ 24 $ 27 $ 11 $ 100 ______________ (1) During the second quarter of 2017, the Company recorded $4 million to reverse previously accrued liabilities associated with the Jacksonville facility. The following is a summary of the PLS program costs by segment as of June 30, 2017: Mortgage Production Other Total (In millions) Costs incurred in current year: First quarter $ 7 $ 1 $ 8 Second quarter 7 1 8 14 2 16 Cumulative costs recognized in prior year 33 8 41 Estimate of remaining costs 36 7 43 Total $ 83 $ 17 $ 100 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 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: As of June 30, 2017 Severance and Termination Benefits Facility Exit Costs Non-Cash Charges & Impairments (1) Total (2) (In millions) Costs incurred in current year: First quarter $ 17 $ — $ — $ 17 Second quarter 4 2 2 8 21 2 2 25 Cumulative costs recognized in prior year — — — — Estimate of remaining costs 10 3 2 15 Total $ 31 $ 5 $ 4 $ 40 ______________ (1) During the second quarter of 2017, the Company recorded a $2 million impairment for an equity method investment. (2) Exit Costs related to our Reorganization include amounts attributable to noncontrolling interest, representing $2 million of Costs incurred during the six months ended June 30, 2017 , and $8 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 as of June 30, 2017: Mortgage Production Mortgage Servicing Other Total (In millions) Costs incurred in current year: First quarter $ 6 $ 2 $ 9 $ 17 Second quarter 3 — 5 8 9 2 14 25 Cumulative costs recognized in prior year — — — — Estimate of remaining costs 14 — 1 15 Total $ 23 $ 2 $ 15 $ 40 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: Six Months Ended June 30, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 29 6 8 43 Paid (1 ) (6 ) — (7 ) Adjustments (1) 4 — — 4 Balance, end of period $ 54 $ — $ 11 $ 65 ______________ (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination and other non-cash charges.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 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. 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 are retired upon receipt and reported as a reduction of shares issued and outstanding as of each settlement date, and the cash paid is recorded as a reduction of stockholders' equity in the Condensed Consolidated Balance Sheets . Weighted-average common shares outstanding for the three and six months ended June 30, 2017 include the reduction in shares attributable to the open market repurchase of 1,760,964 shares during May and June 2017, in which the Company paid $24 million . For the six months ended June 30, 2016 , weighted-average common shares include the reduction in shares attributable to the open market repurchase of 1,508,772 shares during January 2016. 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 and anti-dilutive securities excluded from the computation of diluted shares for the periods indicated: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (46 ) $ (12 ) $ (113 ) $ (42 ) Weighted-average common shares outstanding — basic & diluted 53,342,256 53,568,357 53,511,445 53,635,793 Basic and Diluted loss per share attributable to PHH Corporation $ (0.86 ) $ (0.22 ) $ (2.11 ) $ (0.78 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 1,098,464 1,946,982 1,098,464 1,946,982 ——————— (1) For the three and six months ended June 30, 2017 , excludes 48,941 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities

Servicing Activities	6 Months Ended
Servicing Activities	Jun. 30, 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 MSRs owned and secured, loans held for sale, and the portfolio associated with loans subserviced for others: June 30, December 31, Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 441 $ 53,933 $ 690 $ 84,657 Capitalized MSRs under secured borrowing arrangements and subserviced (1) 114 13,084 — — Total capitalized MSRs $ 555 $ 67,017 $ 690 $ 84,657 Subserviced 91,986 89,170 Other owned servicing 760 815 Total $ 159,763 $ 174,642 ——————— (1) Accounted for as a secured borrowing arrangement. Refer to Note 1, 'Summary of Significant Accounting Policies' for additional information. Loan Servicing Income, Net The following table summarizes the components of Loan servicing income, net: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Servicing fees from capitalized portfolio (1) $ 49 $ 67 $ 103 $ 137 Subservicing fees 10 18 21 36 Late fees and other ancillary revenue 6 10 15 18 Loss on sale of MSRs (4 ) — (13 ) (2 ) Curtailment interest paid to investors (3 ) (4 ) (6 ) (7 ) Loan servicing income 58 91 120 182 Change in fair value of MSRs, net of related derivatives (2) (29 ) (47 ) (58 ) (83 ) Change in fair value of MSRs secured liability (1 ) — (1 ) — Loan servicing income, net $ 28 $ 44 $ 61 $ 99 ____________________ (1) Servicing fees from capitalized portfolio include $1 million related to the estimated yield on capitalized MSRs treated as a secured borrowing arrangement for both the three and six months ended June 30, 2017 . This is fully offset by the MSRs secured interest expense included in Net interest expense. (2) Net of derivative gains of $58 million and $143 million for the three and six months ended June 30, 2016 , respectively. Derivative gains for the three and six months ended June 30, 2017 were not significant. Sales of MSRs While the Company has historically retained MSRs on its Balance sheet from the majority of its loan sales, the Company has entered into contracts to sell substantially all of its existing MSR assets in a series of transactions as part of the conclusions reached from the strategic review process. If the sales of these MSRs are completed, the Company does not anticipate retaining a significant amount of capitalized MSRs owned 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 are 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 June 30, 2017 : June 30, 2017 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 49,118 $ 403 Lakeview Loan Servicing, LLC 1,989 12 Other counterparties 1,240 12 MSRs capitalized under secured borrowing arrangements and subserviced 13,084 114 Non-committed 1,586 14 Total MSRs $ 67,017 $ 555 In addition, the Company has commitments to transfer approximately $220 million of Servicing advances to the counterparties of these agreements (based on the June 30, 2017 portfolio). For the three and six months ended June 30, 2017 , the Company received $20 million and $91 million , respectively, in cash from sales of MSRs that have been de-recognized from the Condensed Consolidated Balance Sheets . For both the three and six months ended June 30, 2017 , the Company received an additional $102 million in cash from sales of MSRs that have been accounted for as a secured borrowing arrangement. As of June 30, 2017 , the Company has recorded $14 million in Accounts receivable related to holdback from executed MSR sales and transfers, to address indemnification claims and to address mortgage loan document deficiencies. 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 $1.0 billion of unpaid principal balance, $7 million of MSR fair value, and $1 million of Servicing advances with total expected proceeds of $8 million from this transfer. On August 2, 2017, the final transfer under this agreement was completed, representing $2.0 billion of unpaid principal balance, $12 million of MSR fair value, and $2 million of Servicing advances with total expected proceeds of $14 million . 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. On June 16, 2017, the sale of substantially all of the committed Freddie Mac MSRs under this agreement was completed, representing $13.2 billion of unpaid principal balance, $113 million of MSR fair value, and $8 million of Servicing advances with total expected proceeds of $121 million . On July 3, 2017, the sale of substantially all of the committed Fannie Mae MSRs under this agreement was completed, representing $39.5 billion of unpaid principal balance, $342 million of MSR fair value, and $24 million of Servicing advances with total expected proceeds of $366 million . See Note 11, 'Fair Value Measurements' for a discussion of the secured borrowing arrangement. The consummation of substantially all of the remaining MSRs and related advances contemplated by this sale agreement after the June and July sales is subject to the approvals of multiple counterparties, including origination sources, investors and trustees, as well as other customary closing requirements. In connection with the agreement, the Company entered into a subservicing agreement with New Residential, pursuant to which the Company will subservice the loans sold in this transaction for an initial period of three years, subject to certain transfer and termination provisions, which includes 81,000 units as of June 30, 2017 as part of the secured borrowing arrangement. Additionally, there are 346,000 units in the owned portfolio that are committed to sell to New Residential as of June 30, 2017 , of which 301,000 units were included in the sale that was executed on July 3, 2017. Other counterparties. Commitments to sell MSRs to other counterparties may include: (i) agreements to sell a portion of the Company's newly-created MSRs to third parties through flow-sale agreements, where the Company will have continuing involvement as a subservicer; (ii) agreements to sell a portion of MSRs to clients that were the origination source of the MSRs that were previously part of the New Residential commitments; and (iii) agreements for small portfolio sales of existing MSRs, consistent with its intention to not retain a significant amount of MSRs in the future. For the six months ended June 30, 2017 , $14 million of MSR fair value was sold to other counterparties. In addition to the commitments presented on the table above, as of June 30, 2017 , the Company had commitments to sell MSRs through third-party flow sales related to $17 million of the unpaid principal balance of Mortgage loans held for sale and Interest rate lock commitments that are expected to result in closed loans. Mortgage Servicing Rights The activity in the total loan servicing portfolio unpaid principal balance associated with capitalized mortgage servicing rights consisted of: Six Months Ended 2017 2016 (In millions) Balance, beginning of period $ 84,657 $ 98,990 Additions 1,605 2,960 Payoffs and curtailments (6,729 ) (8,767 ) Sales (12,516 ) (496 ) Balance, end of period $ 67,017 $ 92,687 The activity in total capitalized MSRs consisted of: Six Months Ended 2017 2016 (In millions) Balance, beginning of period (1) $ 690 $ 880 Additions 18 30 Sales (95 ) (5 ) Changes in fair value due to: Realization of expected cash flows (53 ) (61 ) Changes in market inputs or assumptions used in the valuation model (5 ) (165 ) Balance, end of period (1) $ 555 $ 679 ——————— (1) As of June 30, 2017 and December 31, 2016 , the MSRs had a weighted-average life of 6.0 years and 6.3 years , respectively. See Note 11, 'Fair Value Measurements' for additional information regarding the valuation of MSRs. Sales of Mortgage Loans Residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by Fannie Mae, Freddie Mac and 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 following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Six Months Ended 2017 2016 (In millions) Proceeds from new loan sales or securitizations $ 1,651 $ 3,055 Servicing fees from capitalized portfolio (1) 104 153 Purchases of previously sold loans (2) (15 ) (169 ) Servicing advances (3) (627 ) (836 ) Repayment of servicing advances (3) 782 872 ____________________ (1) Includes servicing fees, late fees and other ancillary servicing revenue in which the Company has continuing involvement. (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 $21 million received for advances from the Lakeview and New Residential sales of MSRs executed in the six months ended June 30, 2017 . During the three and six months ended June 30, 2017 , pre-tax gains of $46 million and $95 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 . During the three and six months ended June 30, 2016 , pre-tax gains of $65 million and $108 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	6 Months Ended
Derivatives	Jun. 30, 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. The following table summarizes the gross notional amount of derivatives: June 30, December 31, (In millions) Interest rate lock commitments $ 887 $ 862 Forward delivery commitments 1,811 2,104 Option contracts 105 120 MSR-related agreements (1) — 260 ______________ (1) In the fourth quarter of 2016, the Company significantly reduced its MSR-related derivative hedge coverage as a result of the MSR sale agreements that fix the prices the Company expects to realize at future transfer dates. The remaining MSR-related derivatives were settled during the six months ended June 30, 2017 . For further discussion of the MSR sale agreements, see Note 4, 'Servicing Activities' . The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting: June 30, 2017 Gross Assets Offsetting Payables Cash Collateral Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 3 $ (2 ) $ 1 $ 2 Not subject to master netting arrangements: Interest rate lock commitments 16 — — 16 Total derivative assets $ 19 $ (2 ) $ 1 $ 18 Gross Liabilities Offsetting Receivables Cash Collateral Net Amount LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — Total derivative liabilities $ 2 $ (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 Six Months Ended 2017 2016 2017 2016 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 64 $ 101 $ 113 $ 178 Forward delivery commitments (3 ) (14 ) (5 ) (35 ) Option contracts — (1 ) (1 ) (1 ) Loan servicing income, net: MSR-related agreements — 58 — 143

Other Assets

Other Assets	6 Months Ended
Other Assets	Jun. 30, 2017
Other Assets [Abstract]
Other Assets	6. Other Assets Other assets consisted of: June 30, December 31, (In millions) Derivatives (Note 5) $ 18 $ 21 Mortgage loans in foreclosure, net (1) 16 21 Real estate owned, net (2) 16 16 Prepaid expenses 13 11 Equity method investments 7 10 Repurchase eligible loans (3) 3 13 Income taxes receivable (4) — 14 Other 2 3 Total $ 75 $ 109 ______________ (1) As of June 30, 2017 and December 31, 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $8 million and $10 million , respectively. (2) As of both June 30, 2017 and December 31, 2016 , Real estate owned is net of Adjustment to value for real estate owned of $14 million . (3) Repurchase eligible loans represent certain mortgage loans sold pursuant to GNMA 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 . (4) As of June 30, 2017 , $9 million of Income taxes payable is recorded within Accounts payable and accrued expenses.

Other Liabilities

Other Liabilities	6 Months Ended
Other Liabilities	Jun. 30, 2017
Other Liabilities Disclosure [Abstract]
Other Liabilities	7. Other Liabilities Other liabilities consisted of: June 30, December 31, (In millions) Legal and regulatory matters (Note 10) $ 134 $ 114 Pension and other post-employment benefits 11 11 Income tax contingencies 8 8 Derivatives (Note 5) — 18 Other 7 6 Total $ 160 $ 157

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	6 Months Ended
Debt and Borrowing Arrangements	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	8. Debt and Borrowing Arrangements The following table summarizes the components of Debt: June 30, 2017 December 31, Balance Interest (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 515 3.4 % $ 135 $ 556 Uncommitted warehouse facilities 4 2.6 % 296 — Servicing advance facility 65 3.2 % 35 99 Term notes due in 2019 (3) 275 7.375 % n/a 275 Term notes due in 2021 (3) 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 $ 1,192 $ 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. (3) On June 19, 2017, the Company commenced tender offers to purchase for cash any and all of the Senior Notes due in 2019 and 2021. Refer to "Unsecured Debt" below. Assets pledged as collateral or funded by subservicing clients that are not available to pay the Company’s general obligations as of June 30, 2017 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ 9 $ 25 $ — $ — Servicing advances — 116 205 — Mortgage loans held for sale (unpaid principal balance) 535 — — — Mortgage servicing rights — — — 114 Total $ 544 $ 141 $ 205 $ 114 ______________ (1) Under the terms of certain subservicing arrangements, the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables. (2) Represents MSRs that are accounted for as a secured borrowing arrangement. Refer to Note 1, 'Summary of Significant Accounting Policies' for additional information. The following table provides the contractual debt maturities as of June 30, 2017 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 519 $ 65 $ — $ 584 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 — — — — $ 519 $ 65 $ 615 $ 1,199 See Note 11, 'Fair Value Measurements' for the measurement of the fair value of Debt. Net Interest Expense The following table summarizes the components of Net interest expense: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Interest income $ 11 $ 12 $ 20 $ 21 Secured interest expense (7 ) (8 ) (13 ) (16 ) MSRs secured interest expense (1) (1 ) — (1 ) — Unsecured interest expense (9 ) (11 ) (19 ) (21 ) Net interest expense $ (6 ) $ (7 ) $ (13 ) $ (16 ) _____________ (1) MSRs secured interest expense is the estimated yield on the MSRs secured liability as a result of the secured borrowing arrangement, as discussed in Note 4, 'Servicing Activities' . MSRs secured interest expense fully offsets the estimated yield on capitalized MSRs treated as a secured borrowing arrangement, which is included within Loan servicing income, net. Mortgage Warehouse Facilities The Company has entered into shorter term committed repurchase facilities with certain of its lenders to allow both the Company and the lender to continually evaluate facility needs and agreement terms during the execution of the Company's strategic actions and business changes. 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 July 31, 2017, the committed and uncommitted mortgage repurchase facilities were extended to January 31, 2018. On March 31, 2017 , the committed mortgage repurchase facilities of $450 million with Wells Fargo Bank were extended to June 30, 2017. On June 30, 2017 , the committed mortgage repurchase facilities were reduced by $100 million to $350 million at the Company's request, and the facilities were also extended to December 1, 2017, with incremental capacity decreases through the maturity date that are consistent with anticipated needs. On March 31, 2017 , the committed mortgage repurchase facility of $150 million with Fannie Mae expired and was not renewed by mutual agreement, 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 to better align capacity with anticipated needs. 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. On June 30, 2017 , the $200 million committed repurchase facility was extended to September 29, 2017. Servicing Advance Facility On June 15, 2017, PHH Service Advance Receivables Trust 2013-1 ("PSART"), an indirect, wholly-owned subsidiary of the Company, extended the revolving period and revised the final maturity date of the note purchase agreement with Wells Fargo Bank for the Series 2015-1 variable funding notes to March 15, 2018 and reduced the aggregate maximum principal amount by $55 million to $100 million . The notes bear interest, payable monthly, based on LIBOR plus an agreed-upon margin. Unsecured Debt On June 19, 2017, the Company commenced a tender offer and consent solicitation to purchase for cash any and all of its outstanding Term Notes due in 2019 and due in 2021. The early tender offer included cash consideration of $1,100.00 for the 2019 Notes and $1,031.88 for the 2021 Notes for each $1,000 in principal amount (in dollars), plus accrued and unpaid interest. On July 3, 2017, $178 million of the 2019 Notes and $318 million of the 2021 Notes were tendered, and the Company repaid these notes for an aggregate $524 million in cash, plus accrued interest. On July 17, 2017, the tender offer expired with an insignificant amount of additional Term Notes being tendered. In connection with the tender offer, the Company will recognize a loss of $35 million in Other Operating Expenses in the Condensed Consolidated Statements of Operations during the three months ended September 30, 2017. Debt Covenants During 2017 , financial covenants in certain of the Company's committed mortgage repurchase facility agreements have been modified to reduce the minimum consolidated tangible net worth covenants to $450 million from $750 million , and to reduce the minimum committed mortgage warehouse financing capacity to $400 million from $750 million , which committed capacity must be provided by at least three warehouse lenders. In addition, in 2017, the Company obtained amendments to certain negative covenants in its mortgage warehouse facilities and unsecured debt indentures to the extent necessary to permit the MSR sale transaction with New Residential and the sale of certain assets of PHH Home Loans. There were no other significant amendments to the terms of the debt covenants during the six months ended June 30, 2017 . The Company was in compliance with all financial covenants related to its debt arrangements for the second quarter of 2017 .

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Deferred Taxes Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income tax returns' purposes. The following table summarizes the significant components of deferred tax assets and liabilities: June 30, December 31, (In millions) Deferred tax assets: Federal loss carryforwards $ 23 $ 23 State loss carryforwards and credits 37 39 Accrued legal and regulatory matters 53 46 Reserves and allowances 33 36 Exit cost liability 27 10 Other accrued liabilities 20 24 Gross deferred tax assets 193 178 Valuation allowance (47 ) (44 ) Deferred tax assets, net of valuation allowance 146 134 Deferred tax liabilities: Mortgage servicing rights 152 234 Other 5 1 Deferred tax liabilities 157 235 Net deferred tax liability $ 11 $ 101 The deferred tax liabilities represent the future tax liability generated upon reversal of the differences between the tax basis and book basis of certain of the Company's assets. Deferred liabilities related to the Company's MSRs arise due to differences in the timing of income recognition for accounting and tax purposes for certain servicing rights, which generate an associated basis difference between book and tax. The decrease in the MSR deferred tax liability during the six months ended June 30, 2017 is a result of the Company's execution of the MSRs secured borrowing arrangement with New Residential that resulted in the sale of the Company's MSR portfolio for tax purposes generating taxable income and tax liability. Effective Tax Rate For the three and six months ended June 30, 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 and six months ended June 30, 2017 were (40.7)% and (35.9)% , respectively. 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) for the six months ended June 30, 2017 , the net increase in the valuation allowance was driven by certain cumulative non net operating loss deferred tax assets for which state and federal valuation allowance is warranted partially offset by a decrease in the valuation allowance due to state taxable income generated during the second quarter of 2017; while for the three months ended June 30, 2017 , the net decrease in valuation allowance was due to state taxable income generated; and (iii) tax expense related to Net loss attributable to noncontrolling interests for which no tax benefit is provided. For the three and six months ended June 30, 2016 , interim income tax benefits were recorded using the discrete effective tax rate method. Management believes the use of the discrete method for this period is more appropriate than applying the full-year effective tax rate method due to the actual results for the six months ended June 30, 2016 compared to the expected results for the full year and the sensitivity of the effective tax rate to small changes in forecasted annual pre-tax income or loss. Under the discrete method, the Company determines the tax provision based upon actual results as if the interim period were a full-year period. The resulting effective tax rates for the three and six months ended June 30, 2016 were (58.2)% and (44.0)% , respectively. 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 decrease in the valuation allowance driven by the utilization of state tax losses; and (iii) tax benefits related to income attributable to noncontrolling interests for which no taxes are provided.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 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 June 30, 2017 , the Company’s recorded liability associated with legal and regulatory contingencies was $134 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 June 30, 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. 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 June 30, 2017 , the Company included an estimate of probable losses in connection with the MMC matter in the recorded liability. HUD Subpoenas. The Company previously disclosed that it had 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. The Company also previously disclosed that this investigation could lead to a demand or claim under the False Claims Act, that the Company was cooperating in the investigation, and that the Company had engaged in substantive settlement discussions with the government towards resolving this matter. On August 8, 2017, the Company announced it has reached a settlement of this matter with the U.S. Department of Justice for $65 million without any admission of liability. As of June 30, 2017 , the settlement amount was included in the Company's recorded liability. 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 and oral arguments took place in May 2017; however, the decision has not yet been issued. 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. Other Subpoenas and Investigations. The Company previously disclosed that it had received document subpoenas from the U.S. Attorney’s Offices for the Eastern and Southern 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 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. On August 8, 2017, the Company announced that, with respect to the investigations involving the U.S. Attorney’s Office for the Eastern District of New York and the Office of Inspector General of the FHFA, it has reached a settlement of these matters with the U.S. Department of Justice for $9.5 million , without any admission of liability. As of June 30, 2017 , the settlement amount was included in the Company's recorded liability. There can be no assurance that claims or litigation will not arise from the inquiry of the U.S. Attorney’s Office for the Southern District of New York, or that damages and penalties, will not be incurred in connection with that matter. 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 and the court approved the settlement in July 2017. The Company’s recorded estimate of probable losses as of June 30, 2017 for this matter was not materially different than the losses it expects to incur in connection with the resolution. 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: Six Months Ended 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (13 ) (12 ) Increase in reserves due to: Changes in assumptions 2 3 New loan sales 1 4 Balance, end of period $ 63 $ 84 Repurchase and foreclosure-related reserves consist of the following: June 30, December 31, (In millions) Loan repurchase and indemnification liability $ 41 $ 49 Adjustment to value for real estate owned 14 14 Allowance for probable foreclosure losses 8 10 Total $ 63 $ 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 June 30, 2017 , the estimated amount of reasonably possible losses in excess of the recorded liability was $10 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 June 30, 2017 , $59 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; 22% 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 June 30, 2017 , the total amount of potential future lease payments under this guarantee is $14 million ; however, the Company does not believe any amount of loss under this guarantee is probable.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
Fair Value Measurements	Jun. 30, 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. Other than the MSRs secured liability as discussed below, there has been no change in the valuation methodologies and classification pursuant to the valuation hierarchy during the six months ended June 30, 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 June 30, 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: June 30, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 593 $ 32 $ — $ 625 Mortgage servicing rights — — 555 — 555 Other assets—Derivative assets: Interest rate lock commitments — — 16 — 16 Forward delivery commitments — 3 — (1 ) 2 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 114 $ — 114 Other liabilities—Derivative liabilities: Forward delivery commitments — 2 — (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: June 30, 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 $ 625 $ 7 $ 683 $ 7 Aggregate unpaid principal balance 622 9 687 10 Difference $ 3 $ (2 ) $ (4 ) $ (3 ) The following table summarizes the components of MLHS: June 30, December 31, (In millions) First mortgages: Conforming $ 507 $ 531 Non-conforming 86 105 Total first mortgages 593 636 Second lien 3 3 Scratch and Dent 29 44 Total $ 625 $ 683 Mortgage Servicing Rights. MSRs are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates, 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 June 30, 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: Six Months Ended 2017 2016 Initial capitalization rate of additions to MSRs 1.14 % 1.02 % June 30, December 31, Capitalization servicing rate 0.83 % 0.82 % Capitalization servicing multiple 3.0 2.9 Weighted-average servicing fee (in basis points) 27 28 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): June 30, December 31, Weighted-average prepayment speed (CPR) 9.7 % 9.2 % Option adjusted spread, in basis points (OAS) 964 1,430 Weighted-average delinquency rate 4.2 % 5.1 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: June 30, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (20 ) $ (25 ) $ (12 ) Impact on fair value of 20% adverse change (39 ) (48 ) (23 ) 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. Mortgage Servicing Rights Secured Liability . The Company elected to record the MSRs secured liability at fair value consistent with the related MSR asset. The Company initially established the value of the MSRs secured liability based on the price at which the MSRs were sold. Thereafter, the carrying value is adjusted to fair value at each reporting date, and the changes in value of the MSR secured asset and liability are expected to offset in the Condensed Consolidated Statements of Operations . The Company records interest expense using the effective interest method based on the expected cash flows from the MSRs through the expected life of the underlying loans, which offsets the estimated yield on the MSR asset. The fair value of MSRs secured liability is classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs, which is consistent with the fair value methodology of the related MSR asset. The fair value of MSRs secured liability is estimated based upon projections of expected future cash flows of the underlying MSR asset. The cash flow assumptions and prepayment assumptions used in the model are based on various factors, including portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. The significant assumptions used in estimating the fair value of MSRs secured liability were as follows (in annual rates): June 30, Weighted-average prepayment speed (CPR) 10.0 % Option adjusted spread, in basis points (OAS) 1,126 Weighted-average delinquency rate 2.6 % Derivative Instruments . Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy. The average pull through percentage used in measuring the fair value of interest rate lock commitments ("IRLCs") as of June 30, 2017 and December 31, 2016 was 76% and 77% , respectively. The pull through 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 pull through 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 pull through percentage, and the impact to fair value of a change in pull through 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 MSRs Secured Liability MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 32 $ 596 $ 17 $ — $ 41 $ 770 $ 28 Purchases, Issuances, Sales and Settlements: Purchases 3 — — — 3 — — Issuances 2 7 — (113 ) 2 17 — Sales (1 ) (19 ) — — (6 ) (3 ) — Settlements (6 ) — (65 ) 1 (4 ) — (90 ) (2 ) (12 ) (65 ) (112 ) (5 ) 14 (90 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 64 — — — 101 Loan servicing income, net — (29 ) — (1 ) — (105 ) — Net interest expense — — — (1 ) 1 — — — (29 ) 64 (2 ) 1 (105 ) 101 Transfers into Level Three 6 — — — 9 — — Transfers out of Level Three (4 ) — — — (4 ) — — Balance, end of period $ 32 $ 555 $ 16 $ (114 ) $ 42 $ 679 $ 39 Six Months Ended Six Months Ended MLHS MSRs IRLCs, net MSRs Secured Liability MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ — $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 5 — — — 8 — — Issuances 3 18 — (113 ) 3 30 — Sales (17 ) (95 ) — — (14 ) (5 ) — Settlements (9 ) — (115 ) 1 (5 ) — (160 ) (18 ) (77 ) (115 ) (112 ) (8 ) 25 (160 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 113 — — — 178 Loan servicing income, net — (58 ) — (1 ) — (226 ) — Net interest expense 1 — — (1 ) 2 — — 1 (58 ) 113 (2 ) 2 (226 ) 178 Transfers into Level Three 11 — — — 20 — — Transfers out of Level Three (9 ) — — — (11 ) — — Balance, end of period $ 32 $ 555 $ 16 $ (114 ) $ 42 $ 679 $ 39 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 Six Months Ended 2017 2016 2017 2016 (In millions) Gain on loans held for sale, net $ 14 $ 35 $ 14 $ 35 Loan servicing income, net (4 ) (70 ) (6 ) (165 ) Fair Value of Other Financial Instruments As of June 30, 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 June 30, 2017 and December 31, 2016 was $1.2 billion and $1.3 billion , respectively, and is measured using Level Two inputs. As of June 30, 2017 , the fair value was estimated using the following valuation techniques: (i) $653 million was measured using a market based approach, considering the current market pricing of recent trades for the Company’s debt instruments and was calibrated to the tender offer commenced in June 2017; and (ii) $584 million was measured using observable spreads and terms for recent pricing of similar instruments.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 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: June 30, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash and cash equivalents $ 61 $ — $ 67 $ — Restricted cash 6 25 5 19 Mortgage loans held for sale 327 — 350 — Accounts receivable, net 13 — 9 — Servicing advances, net — 116 — 150 Property and equipment, net 1 — 1 — Other assets 10 — 11 1 Total assets $ 418 $ 141 $ 443 $ 170 Assets held as collateral $ 290 $ 141 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 12 $ — $ 11 $ — Debt 275 66 300 99 Other liabilities 6 — 5 — Total liabilities (1) $ 293 $ 66 $ 316 $ 99 ——————— (1) Excludes intercompany payables. 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 27% of the Company’s total mortgage production volume (based on dollars) for the six months ended June 30, 2017 . 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. On August 7, 2017, the Company completed the initial delivery under our PHH Home Loans asset sale agreement, representing the first of five expected location transfers under that agreement. The Company received $14 million as the initial installment of the purchase price. The Company expects the remaining asset sales under this agreement to occur within 2017. 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. The Company estimates that it will receive total proceeds of $92 million in connection with these transactions, inclusive of the amount received in August 2017. In connection with this transaction, the Company recognized $3 million and $5 million of Exit and disposal costs for PHH Home Loans within the Reorganization exit program for the three and six months ended June 30, 2017 , respectively. Refer to Note 2, 'Exit Costs' for additional information regarding the Reorganization exit program.

Segment Information

Segment Information	6 Months Ended
Segment Information	Jun. 30, 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 June 30, December 31, 2016 (In millions) Mortgage Production segment $ 847 $ 913 Mortgage Servicing segment 1,122 1,428 Other 937 834 Total $ 2,906 $ 3,175 Net Revenues Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Mortgage Production segment $ 91 $ 162 $ 178 $ 275 Mortgage Servicing segment 21 34 48 78 Total $ 112 $ 196 $ 226 $ 353 Segment (Loss) Profit (2) Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Mortgage Production segment $ (25 ) $ 13 $ (66 ) $ (13 ) Mortgage Servicing segment (43 ) (33 ) (77 ) (54 ) Other (1) (11 ) (3 ) (37 ) (5 ) Total $ (79 ) $ (23 ) $ (180 ) $ (72 ) ——————— (1) For the three and six months ended June 30, 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 Mortgage Production and Servicing segments. (2) The following is a reconciliation of Loss before income taxes to Segment loss: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Loss before income taxes $ (83 ) $ (20 ) $ (188 ) $ (69 ) Less: net (loss) income attributable to noncontrolling interest (4 ) 3 (8 ) 3 Segment loss $ (79 ) $ (23 ) $ (180 ) $ (72 )

Subsequent Event

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Event	14. Subsequent Event See Note 8, 'Debt and Borrowing Arrangements' for discussion of our unsecured note tender offer and amounts related to the repayments in July 2017 as well as discussion on amendments to our debt covenants related to the sale of New Residential MSRs and sale of certain assets of PHH Home Loans. See Note 4, 'Servicing Activities' for information regarding additional sales of MSRs that were closed after June 30, 2017. See Note 10, 'Commitments and Contingencies' for discussion of the August 2017 settlement agreements the Company entered into with the U.S. Department of Justice (“DOJ”) on behalf of the Department of Housing and Urban Development and separately with the DOJ on behalf of the U.S. Department of Veteran Affairs and the Federal Housing Finance Agency to resolve certain matters regarding legacy mortgage origination and underwriting activities. See Note 12, 'Variable Interest Entities' and Part II—Item 5 in this Form 10-Q for discussion of the first closing of PHH Home Loans asset sale on August 7, 2017. As discussed in Note 3, 'Earnings Per Share' , on May 3, 2017, the Company's Board of Directors authorized up to $100 million in open market share repurchases. Under this program, the Company repurchased an additional 689,502 shares for $10 million in cash during the third quarter of 2017 through August 4, 2017. On July 27, 2017, the Company's Board of Directors authorized an increase in share repurchases of our common stock from $100 million to up to $300 million in the aggregate.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation 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 .
Use of Estimates	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 and the related secured liability , 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 only required to perform 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 $2 million of income tax expense during the six months ended June 30, 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. On a retrospective basis, the Company classified cash paid by an employer when directly withholding shares for tax withholding purposes as a financing activity which totaled $1 million during the six months ended June 30, 2017 . The amount of tax withholding was not significant for the six months ended June 30, 2016 . In addition, on a prospective basis, the Company will classify excess tax benefits as an operating activity which did not have an impact to the statement of cash flows. 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 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 of this update to have a significant impact on its financial statements. • In May 2017, the FASB issued ASU 2017-09, "Scope of Modification Accounting." This update clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company does not expect the adoption of this update to have a 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.
Mortgage Servicing Rights Secured Liability	Mortgage Servicing Rights Secured Liability . The Company elected to record the MSRs secured liability at fair value consistent with the related MSR asset. The Company initially established the value of the MSRs secured liability based on the price at which the MSRs were sold. Thereafter, the carrying value is adjusted to fair value at each reporting date, and the changes in value of the MSR secured asset and liability are expected to offset in the Condensed Consolidated Statements of Operations . The Company records interest expense using the effective interest method based on the expected cash flows from the MSRs through the expected life of the underlying loans, which offsets the estimated yield on the MSR asset.

Exit Costs (Tables)

Exit Costs (Tables)	6 Months Ended
Exit Costs (Tables)	Jun. 30, 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: Six Months Ended June 30, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 29 6 8 43 Paid (1 ) (6 ) — (7 ) Adjustments (1) 4 — — 4 Balance, end of period $ 54 $ — $ 11 $ 65 ______________ (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination and other non-cash charges.
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: As of June 30, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments (1) Total (In millions) Costs incurred in current year: First quarter $ 4 $ 4 $ — $ — $ 8 Second quarter 4 — 8 (4 ) 8 8 4 8 (4 ) 16 Cumulative costs recognized in prior year 22 — 4 15 41 Estimate of remaining costs 8 20 15 — 43 Total $ 38 $ 24 $ 27 $ 11 $ 100 ______________ (1) During the second quarter of 2017, the Company recorded $4 million to reverse previously accrued liabilities associated with the Jacksonville facility.
Summary of expenses incurred to date by segment	The following is a summary of the PLS program costs by segment as of June 30, 2017: Mortgage Production Other Total (In millions) Costs incurred in current year: First quarter $ 7 $ 1 $ 8 Second quarter 7 1 8 14 2 16 Cumulative costs recognized in prior year 33 8 41 Estimate of remaining costs 36 7 43 Total $ 83 $ 17 $ 100
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: As of June 30, 2017 Severance and Termination Benefits Facility Exit Costs Non-Cash Charges & Impairments (1) Total (2) (In millions) Costs incurred in current year: First quarter $ 17 $ — $ — $ 17 Second quarter 4 2 2 8 21 2 2 25 Cumulative costs recognized in prior year — — — — Estimate of remaining costs 10 3 2 15 Total $ 31 $ 5 $ 4 $ 40 ______________ (1) During the second quarter of 2017, the Company recorded a $2 million impairment for an equity method investment. (2) Exit Costs related to our Reorganization include amounts attributable to noncontrolling interest, representing $2 million of Costs incurred during the six months ended June 30, 2017 , and $8 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 expenses incurred to date by segment	The following is a summary of the Reorganization program costs by segment as of June 30, 2017: Mortgage Production Mortgage Servicing Other Total (In millions) Costs incurred in current year: First quarter $ 6 $ 2 $ 9 $ 17 Second quarter 3 — 5 8 9 2 14 25 Cumulative costs recognized in prior year — — — — Estimate of remaining costs 14 — 1 15 Total $ 23 $ 2 $ 15 $ 40

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 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 and anti-dilutive securities excluded from the computation of diluted shares for the periods indicated: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (46 ) $ (12 ) $ (113 ) $ (42 ) Weighted-average common shares outstanding — basic & diluted 53,342,256 53,568,357 53,511,445 53,635,793 Basic and Diluted loss per share attributable to PHH Corporation $ (0.86 ) $ (0.22 ) $ (2.11 ) $ (0.78 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 1,098,464 1,946,982 1,098,464 1,946,982 ——————— (1) For the three and six months ended June 30, 2017 , excludes 48,941 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities (Tables)

Servicing Activities (Tables)	6 Months Ended
Servicing Activities (Tables)	Jun. 30, 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 MSRs owned and secured, loans held for sale, and the portfolio associated with loans subserviced for others: June 30, December 31, Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 441 $ 53,933 $ 690 $ 84,657 Capitalized MSRs under secured borrowing arrangements and subserviced (1) 114 13,084 — — Total capitalized MSRs $ 555 $ 67,017 $ 690 $ 84,657 Subserviced 91,986 89,170 Other owned servicing 760 815 Total $ 159,763 $ 174,642 ——————— (1) Accounted for as a secured borrowing arrangement. Refer to Note 1, 'Summary of Significant Accounting Policies' for additional information.
Summary of components of loan servicing income, net	The following table summarizes the components of Loan servicing income, net: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Servicing fees from capitalized portfolio (1) $ 49 $ 67 $ 103 $ 137 Subservicing fees 10 18 21 36 Late fees and other ancillary revenue 6 10 15 18 Loss on sale of MSRs (4 ) — (13 ) (2 ) Curtailment interest paid to investors (3 ) (4 ) (6 ) (7 ) Loan servicing income 58 91 120 182 Change in fair value of MSRs, net of related derivatives (2) (29 ) (47 ) (58 ) (83 ) Change in fair value of MSRs secured liability (1 ) — (1 ) — Loan servicing income, net $ 28 $ 44 $ 61 $ 99 ____________________ (1) Servicing fees from capitalized portfolio include $1 million related to the estimated yield on capitalized MSRs treated as a secured borrowing arrangement for both the three and six months ended June 30, 2017 . This is fully offset by the MSRs secured interest expense included in Net interest expense. (2) Net of derivative gains of $58 million and $143 million for the three and six months ended June 30, 2016 , respectively. Derivative gains for the three and six months ended June 30, 2017 were not significant.
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 June 30, 2017 : June 30, 2017 UPB Fair Value (In millions) MSR commitments: New Residential Investment Corp. $ 49,118 $ 403 Lakeview Loan Servicing, LLC 1,989 12 Other counterparties 1,240 12 MSRs capitalized under secured borrowing arrangements and subserviced 13,084 114 Non-committed 1,586 14 Total MSRs $ 67,017 $ 555
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	The activity in the total loan servicing portfolio unpaid principal balance associated with capitalized mortgage servicing rights consisted of: Six Months Ended 2017 2016 (In millions) Balance, beginning of period $ 84,657 $ 98,990 Additions 1,605 2,960 Payoffs and curtailments (6,729 ) (8,767 ) Sales (12,516 ) (496 ) Balance, end of period $ 67,017 $ 92,687
Schedule of activity in capitalized MSRs	The activity in total capitalized MSRs consisted of: Six Months Ended 2017 2016 (In millions) Balance, beginning of period (1) $ 690 $ 880 Additions 18 30 Sales (95 ) (5 ) Changes in fair value due to: Realization of expected cash flows (53 ) (61 ) Changes in market inputs or assumptions used in the valuation model (5 ) (165 ) Balance, end of period (1) $ 555 $ 679 ——————— (1) As of June 30, 2017 and December 31, 2016 , the MSRs had a weighted-average life of 6.0 years and 6.3 years , respectively. See Note 11, 'Fair Value Measurements' for additional information regarding the valuation of 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: Six Months Ended 2017 2016 (In millions) Proceeds from new loan sales or securitizations $ 1,651 $ 3,055 Servicing fees from capitalized portfolio (1) 104 153 Purchases of previously sold loans (2) (15 ) (169 ) Servicing advances (3) (627 ) (836 ) Repayment of servicing advances (3) 782 872 ____________________ (1) Includes servicing fees, late fees and other ancillary servicing revenue in which the Company has continuing involvement. (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 $21 million received for advances from the Lakeview and New Residential sales of MSRs executed in the six months ended June 30, 2017 .

Derivatives (Tables)

Derivatives (Tables)	6 Months Ended
Derivatives (Tables)	Jun. 30, 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: June 30, December 31, (In millions) Interest rate lock commitments $ 887 $ 862 Forward delivery commitments 1,811 2,104 Option contracts 105 120 MSR-related agreements (1) — 260 ______________ (1) In the fourth quarter of 2016, the Company significantly reduced its MSR-related derivative hedge coverage as a result of the MSR sale agreements that fix the prices the Company expects to realize at future transfer dates. The remaining MSR-related derivatives were settled during the six months ended June 30, 2017 . For further discussion of the MSR sale agreements, see Note 4, 'Servicing Activities' .
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: June 30, 2017 Gross Assets Offsetting Payables Cash Collateral Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 3 $ (2 ) $ 1 $ 2 Not subject to master netting arrangements: Interest rate lock commitments 16 — — 16 Total derivative assets $ 19 $ (2 ) $ 1 $ 18 Gross Liabilities Offsetting Receivables Cash Collateral Net Amount LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 2 $ (2 ) $ — $ — Total derivative liabilities $ 2 $ (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 Six Months Ended 2017 2016 2017 2016 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 64 $ 101 $ 113 $ 178 Forward delivery commitments (3 ) (14 ) (5 ) (35 ) Option contracts — (1 ) (1 ) (1 ) Loan servicing income, net: MSR-related agreements — 58 — 143

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
Other Assets (Tables)	Jun. 30, 2017
Other Assets [Abstract]
Schedule of other assets	Other assets consisted of: June 30, December 31, (In millions) Derivatives (Note 5) $ 18 $ 21 Mortgage loans in foreclosure, net (1) 16 21 Real estate owned, net (2) 16 16 Prepaid expenses 13 11 Equity method investments 7 10 Repurchase eligible loans (3) 3 13 Income taxes receivable (4) — 14 Other 2 3 Total $ 75 $ 109 ______________ (1) As of June 30, 2017 and December 31, 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $8 million and $10 million , respectively. (2) As of both June 30, 2017 and December 31, 2016 , Real estate owned is net of Adjustment to value for real estate owned of $14 million . (3) Repurchase eligible loans represent certain mortgage loans sold pursuant to GNMA 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 . (4) As of June 30, 2017 , $9 million of Income taxes payable is recorded within Accounts payable and accrued expenses.

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
Other Liabilities (Tables)	Jun. 30, 2017
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities consisted of: June 30, December 31, (In millions) Legal and regulatory matters (Note 10) $ 134 $ 114 Pension and other post-employment benefits 11 11 Income tax contingencies 8 8 Derivatives (Note 5) — 18 Other 7 6 Total $ 160 $ 157

Debt and Borrowing Arrangemen30

Debt and Borrowing Arrangements (Tables)	6 Months Ended
Debt and Borrowing Arrangements (Tables)	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: June 30, 2017 December 31, Balance Interest (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 515 3.4 % $ 135 $ 556 Uncommitted warehouse facilities 4 2.6 % 296 — Servicing advance facility 65 3.2 % 35 99 Term notes due in 2019 (3) 275 7.375 % n/a 275 Term notes due in 2021 (3) 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 $ 1,192 $ 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. (3) On June 19, 2017, the Company commenced tender offers to purchase for cash any and all of the Senior Notes due in 2019 and 2021. Refer to "Unsecured Debt" below.
Schedule of assets held as collateral that are not available to pay the Company's general obligations	Assets pledged as collateral or funded by subservicing clients that are not available to pay the Company’s general obligations as of June 30, 2017 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ 9 $ 25 $ — $ — Servicing advances — 116 205 — Mortgage loans held for sale (unpaid principal balance) 535 — — — Mortgage servicing rights — — — 114 Total $ 544 $ 141 $ 205 $ 114 ______________ (1) Under the terms of certain subservicing arrangements, the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables. (2) Represents MSRs that are accounted for as a secured borrowing arrangement. Refer to Note 1, 'Summary of Significant Accounting Policies' for additional information.
Schedule of contractual debt maturities	The following table provides the contractual debt maturities as of June 30, 2017 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 519 $ 65 $ — $ 584 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 — — — — $ 519 $ 65 $ 615 $ 1,199
Summary of components of net interest expense	The following table summarizes the components of Net interest expense: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Interest income $ 11 $ 12 $ 20 $ 21 Secured interest expense (7 ) (8 ) (13 ) (16 ) MSRs secured interest expense (1) (1 ) — (1 ) — Unsecured interest expense (9 ) (11 ) (19 ) (21 ) Net interest expense $ (6 ) $ (7 ) $ (13 ) $ (16 ) _____________ (1) MSRs secured interest expense is the estimated yield on the MSRs secured liability as a result of the secured borrowing arrangement, as discussed in Note 4, 'Servicing Activities' . MSRs secured interest expense fully offsets the estimated yield on capitalized MSRs treated as a secured borrowing arrangement, which is included within Loan servicing income, net.

Income Taxes Income Taxes (Tabl

Income Taxes Income Taxes (Tables)	6 Months Ended
Income Taxes Income Taxes (Tables)	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Schedule of components of deferred tax assets and liabilities	The following table summarizes the significant components of deferred tax assets and liabilities: June 30, December 31, (In millions) Deferred tax assets: Federal loss carryforwards $ 23 $ 23 State loss carryforwards and credits 37 39 Accrued legal and regulatory matters 53 46 Reserves and allowances 33 36 Exit cost liability 27 10 Other accrued liabilities 20 24 Gross deferred tax assets 193 178 Valuation allowance (47 ) (44 ) Deferred tax assets, net of valuation allowance 146 134 Deferred tax liabilities: Mortgage servicing rights 152 234 Other 5 1 Deferred tax liabilities 157 235 Net deferred tax liability $ 11 $ 101

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
Commitments and Contingencies (Tables)	Jun. 30, 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: Six Months Ended 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (13 ) (12 ) Increase in reserves due to: Changes in assumptions 2 3 New loan sales 1 4 Balance, end of period $ 63 $ 84 Repurchase and foreclosure-related reserves consist of the following: June 30, December 31, (In millions) Loan repurchase and indemnification liability $ 41 $ 49 Adjustment to value for real estate owned 14 14 Allowance for probable foreclosure losses 8 10 Total $ 63 $ 73

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
Fair Value Measurements (Tables)	Jun. 30, 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: June 30, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 593 $ 32 $ — $ 625 Mortgage servicing rights — — 555 — 555 Other assets—Derivative assets: Interest rate lock commitments — — 16 — 16 Forward delivery commitments — 3 — (1 ) 2 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 114 $ — 114 Other liabilities—Derivative liabilities: Forward delivery commitments — 2 — (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: June 30, 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 $ 625 $ 7 $ 683 $ 7 Aggregate unpaid principal balance 622 9 687 10 Difference $ 3 $ (2 ) $ (4 ) $ (3 )
Schedule of components of Mortgage loans held for sale	The following table summarizes the components of MLHS: June 30, December 31, (In millions) First mortgages: Conforming $ 507 $ 531 Non-conforming 86 105 Total first mortgages 593 636 Second lien 3 3 Scratch and Dent 29 44 Total $ 625 $ 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: Six Months Ended 2017 2016 Initial capitalization rate of additions to MSRs 1.14 % 1.02 % June 30, December 31, Capitalization servicing rate 0.83 % 0.82 % Capitalization servicing multiple 3.0 2.9 Weighted-average servicing fee (in basis points) 27 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 secured liability were as follows (in annual rates): June 30, Weighted-average prepayment speed (CPR) 10.0 % Option adjusted spread, in basis points (OAS) 1,126 Weighted-average delinquency rate 2.6 % The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): June 30, December 31, Weighted-average prepayment speed (CPR) 9.7 % 9.2 % Option adjusted spread, in basis points (OAS) 964 1,430 Weighted-average delinquency rate 4.2 % 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: June 30, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) Impact on fair value of 10% adverse change $ (20 ) $ (25 ) $ (12 ) Impact on fair value of 20% adverse change (39 ) (48 ) (23 )
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 MSRs Secured Liability MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 32 $ 596 $ 17 $ — $ 41 $ 770 $ 28 Purchases, Issuances, Sales and Settlements: Purchases 3 — — — 3 — — Issuances 2 7 — (113 ) 2 17 — Sales (1 ) (19 ) — — (6 ) (3 ) — Settlements (6 ) — (65 ) 1 (4 ) — (90 ) (2 ) (12 ) (65 ) (112 ) (5 ) 14 (90 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 64 — — — 101 Loan servicing income, net — (29 ) — (1 ) — (105 ) — Net interest expense — — — (1 ) 1 — — — (29 ) 64 (2 ) 1 (105 ) 101 Transfers into Level Three 6 — — — 9 — — Transfers out of Level Three (4 ) — — — (4 ) — — Balance, end of period $ 32 $ 555 $ 16 $ (114 ) $ 42 $ 679 $ 39 Six Months Ended Six Months Ended MLHS MSRs IRLCs, net MSRs Secured Liability MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ — $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 5 — — — 8 — — Issuances 3 18 — (113 ) 3 30 — Sales (17 ) (95 ) — — (14 ) (5 ) — Settlements (9 ) — (115 ) 1 (5 ) — (160 ) (18 ) (77 ) (115 ) (112 ) (8 ) 25 (160 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 113 — — — 178 Loan servicing income, net — (58 ) — (1 ) — (226 ) — Net interest expense 1 — — (1 ) 2 — — 1 (58 ) 113 (2 ) 2 (226 ) 178 Transfers into Level Three 11 — — — 20 — — Transfers out of Level Three (9 ) — — — (11 ) — — Balance, end of period $ 32 $ 555 $ 16 $ (114 ) $ 42 $ 679 $ 39
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 Six Months Ended 2017 2016 2017 2016 (In millions) Gain on loans held for sale, net $ 14 $ 35 $ 14 $ 35 Loan servicing income, net (4 ) (70 ) (6 ) (165 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
Variable Interest Entities (Tables)	Jun. 30, 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: June 30, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash and cash equivalents $ 61 $ — $ 67 $ — Restricted cash 6 25 5 19 Mortgage loans held for sale 327 — 350 — Accounts receivable, net 13 — 9 — Servicing advances, net — 116 — 150 Property and equipment, net 1 — 1 — Other assets 10 — 11 1 Total assets $ 418 $ 141 $ 443 $ 170 Assets held as collateral $ 290 $ 141 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 12 $ — $ 11 $ — Debt 275 66 300 99 Other liabilities 6 — 5 — Total liabilities (1) $ 293 $ 66 $ 316 $ 99 ——————— (1) Excludes intercompany payables.

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
Segment Information (Tables)	Jun. 30, 2017
Segment Reporting [Abstract]
Schedule of segment results	Segment results were as follows: Total Assets June 30, December 31, 2016 (In millions) Mortgage Production segment $ 847 $ 913 Mortgage Servicing segment 1,122 1,428 Other 937 834 Total $ 2,906 $ 3,175 Net Revenues Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Mortgage Production segment $ 91 $ 162 $ 178 $ 275 Mortgage Servicing segment 21 34 48 78 Total $ 112 $ 196 $ 226 $ 353 Segment (Loss) Profit (2) Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Mortgage Production segment $ (25 ) $ 13 $ (66 ) $ (13 ) Mortgage Servicing segment (43 ) (33 ) (77 ) (54 ) Other (1) (11 ) (3 ) (37 ) (5 ) Total $ (79 ) $ (23 ) $ (180 ) $ (72 ) ——————— (1) For the three and six months ended June 30, 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 Mortgage Production and Servicing segments. (2) The following is a reconciliation of Loss before income taxes to Segment loss: Three Months Ended Six Months Ended 2017 2016 2017 2016 (In millions) Loss before income taxes $ (83 ) $ (20 ) $ (188 ) $ (69 ) Less: net (loss) income attributable to noncontrolling interest (4 ) 3 (8 ) 3 Segment loss $ (79 ) $ (23 ) $ (180 ) $ (72 )

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Details) $ in Millions	Dec. 28, 2016	Jun. 30, 2017USD ($)segment
Accounting Policies [Line Items]
Number of reportable segments \| segment		2
Income tax expense from adoption of ASU 2016-09		$ 2
Payments related to tax withholding for share-based compensation		$ 1
New Residential Investment Corp.
Accounting Policies [Line Items]
Subservicing contract period	3 years

Exit Costs - Narrative (Details

Exit Costs - Narrative (Details)	12 Months Ended
Exit Costs - Narrative (Details)	Dec. 31, 2016
Private Label Solutions business \| Mortgage Production Volume \| Product Concentration
Restructuring Cost and Reserve [Line Items]
Concentration risk, percentage	79.00%

Exit Costs - Summary of expense

Exit Costs - Summary of expenses incurred to date (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	$ 16		$ 0	$ 41	$ 0
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	8	$ 17		25
Cumulative costs recognized in prior year				0
Estimate of remaining costs	15			15
Program expected costs	40			40
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	8	8		16
Cumulative costs recognized in prior year				41
Estimate of remaining costs	43			43
Program expected costs	100			100
Severance and Termination Benefits \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	4	17		21
Cumulative costs recognized in prior year				0
Estimate of remaining costs	10			10
Program expected costs	31			31
Severance and Termination Benefits \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	4	4		8
Cumulative costs recognized in prior year				22
Estimate of remaining costs	8			8
Program expected costs	38			38
Facility Exit Costs \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	2	0		2
Cumulative costs recognized in prior year				0
Estimate of remaining costs	3			3
Program expected costs	5			5
Facility Exit Costs \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	0	4		4
Cumulative costs recognized in prior year				0
Estimate of remaining costs	20			20
Program expected costs	24			24
Contract Termination & Other Costs \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	8	0		8
Cumulative costs recognized in prior year				4
Estimate of remaining costs	15			15
Program expected costs	27			27
Non-Cash Charges & Impairments \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	2	0		2
Cumulative costs recognized in prior year				0
Estimate of remaining costs	2			2
Program expected costs	4			4
Non-Cash Charges & Impairments \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	(4)	$ 0		(4)
Cumulative costs recognized in prior year				15
Estimate of remaining costs	0			0
Program expected costs	11			11
Noncontrolling Interest \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year					$ 2
Program expected costs	$ 8			$ 8

Exit Costs - Summary of expen39

Exit Costs - Summary of expenses incurred to date by segment (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	$ 16		$ 0	$ 41	$ 0
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	8	$ 17		25
Cumulative costs recognized in prior year				0
Estimate of remaining costs	15			15
Program expected costs	40			40
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	8	8		16
Cumulative costs recognized in prior year				41
Estimate of remaining costs	43			43
Program expected costs	100			100
Operating segment \| Mortgage Production \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	3	6		9
Cumulative costs recognized in prior year				0
Estimate of remaining costs	14			14
Program expected costs	23			23
Operating segment \| Mortgage Production \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	7	7		14
Cumulative costs recognized in prior year				33
Estimate of remaining costs	36			36
Program expected costs	83			83
Operating segment \| Mortgage Servicing \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	0	2		2
Cumulative costs recognized in prior year				0
Estimate of remaining costs	0			0
Program expected costs	2			2
Other \| Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	5	9		14
Cumulative costs recognized in prior year				0
Estimate of remaining costs	1			1
Program expected costs	15			15
Other \| PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	1	$ 1		2
Cumulative costs recognized in prior year				8
Estimate of remaining costs	7			7
Program expected costs	$ 17			$ 17

Exit Costs - Schedule of exit c

Exit Costs - Schedule of exit cost liability (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 25
Charges	43
Paid	(7)
Adjustments	4
Balance, end of period	65
Severance and Termination Benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	22
Charges	29
Paid	(1)
Adjustments	4
Balance, end of period	54
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	0
Charges	6
Paid	(6)
Adjustments	0
Balance, end of period	0
Contract Termination & Other Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	3
Charges	8
Paid	0
Adjustments	0
Balance, end of period	$ 11

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
Earnings Per Share - Narrative (Details) - USD ($)	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	May 03, 2017
Earnings Per Share [Abstract]
Amount authorized in open market share repurchases				$ 100,000,000
Number of shares repurchased during period	1,760,964	1,760,964	1,508,772
Repurchase of common stock		$ 24,000,000	$ 23,000,000

Earnings Per Share - Calculatio

Earnings Per Share - Calculation of basic and diluted earnings or loss per share and anti-diluted securities for the period (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Net loss attributable to PHH Corporation	$ (46)	$ (12)	$ (113)	$ (42)
Weighted-average common shares outstanding — basic & diluted (in shares)	53,342,256	53,568,357	53,511,445	53,635,793
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (0.86)	$ (0.22)	$ (2.11)	$ (0.78)
Anti-dilutive securities excluded from the computation of diluted shares:
Contingently issuable shares for which the contingency has not been met	48,941		48,941
Outstanding stock-based compensation awards
Anti-dilutive securities excluded from the computation of diluted shares:
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	1,098,464	1,946,982	1,098,464	1,946,982

Servicing Activities - Total Se

Servicing Activities - Total Servicing Portfolio (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Loan Servicing Portfolio [Abstract]
MSRs, UPB	$ 159,763	$ 174,642
MSRs, Fair Value	555	690	$ 679	$ 880
Capitalized MSRs owned
Loan Servicing Portfolio [Abstract]
MSRs, UPB	53,933	84,657
MSRs, Fair Value	441	690
Capitalized MSRs under secured borrowing arrangements and subserviced
Loan Servicing Portfolio [Abstract]
MSRs, UPB	13,084	0
MSRs, Fair Value	114	0
Capitalized MSRs
Loan Servicing Portfolio [Abstract]
MSRs, UPB	67,017	84,657
MSRs, Fair Value	555	690
Subserviced
Loan Servicing Portfolio [Abstract]
MSRs, UPB	91,986	89,170
Other owned servicing
Loan Servicing Portfolio [Abstract]
MSRs, UPB	$ 760	$ 815

Servicing Activities - Loan Ser

Servicing Activities - Loan Servicing Income, Net (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Transfers and Servicing [Abstract]
Servicing fees from capitalized portfolio	$ 49	$ 67	$ 103	$ 137
Subservicing fees	10	18	21	36
Late fees and other ancillary revenue	6	10	15	18
Loss on sale of MSRs	(4)	0	(13)	(2)
Curtailment interest paid to investors	(3)	(4)	(6)	(7)
Loan servicing income	58	91	120	182
Change in fair value of mortgage servicing rights and related derivatives	(29)	(47)	(58)	(83)
Change in fair value of MSRs secured liability	(1)	0	(1)	0
Net loan servicing income	28	44	61	99
MSR yield on secured asset	$ 1		$ 1
Net derivative gain related to mortgage servicing rights		$ 58		$ 143

Servicing Activities - Sales of

Servicing Activities - Sales of MSRs (Details) loan in Thousands, $ in Millions	Aug. 02, 2017USD ($)	Jul. 03, 2017USD ($)loan	Jun. 16, 2017USD ($)	May 02, 2017USD ($)	Feb. 02, 2017USD ($)	Dec. 28, 2016	Jun. 30, 2017USD ($)loan	Jun. 30, 2017USD ($)loan	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 159,763	$ 159,763		$ 174,642
MSRs, Fair Value							555	555	$ 679	690	$ 880
Servicing advances, net							473	473		628
Proceeds on sale of mortgage servicing rights							20	91	4
Proceeds from mortgage servicing rights secured liability							102	102	0
Accounts receivable related to holdback from executed MSRs sales and transfers							14	14
MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							$ 14	$ 14
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
Subservicing agreement, number of loans subject to agreement \| loan							81	81
New Residential Investment Corp. \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							$ 403	$ 403
Lakeview Loan Servicing \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							12	12
Other counterparties
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							14	14
Other counterparties \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							12	12
Servicing advances committed
Transfers and Servicing of Mortgage Loans
Servicing advances, net							220	220
Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							67,017	67,017	$ 92,687	84,657	$ 98,990
Capitalized MSRs \| MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, UPB							1,586	1,586
Capitalized MSRs \| New Residential Investment Corp. \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB							49,118	49,118
Capitalized MSRs \| Lakeview Loan Servicing \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB							1,989	1,989
Capitalized MSRs \| Other counterparties \| MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB							1,240	1,240
Interest rate lock commitments and mortgage loans held for sale \| Other counterparties
Transfers and Servicing of Mortgage Loans
Commitment to sell Mortgage Servicing Rights							17	17
GNMA Loans \| Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value				$ 7	$ 74
Servicing advances, net				1	11
Commitment to sell mortgage servicing rights, sales price				8	85
GNMA Loans \| Capitalized MSRs \| Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, UPB				$ 1,000	$ 10,200
Freddie Mac Loans \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			$ 113
Servicing advances, net			8
Commitment to sell mortgage servicing rights, sales price			121
Freddie Mac Loans \| Capitalized MSRs \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
MSRs, UPB			$ 13,200
Subsequent Event \| GNMA Loans \| Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	$ 12
Servicing advances, net	2
Commitment to sell mortgage servicing rights, sales price	14
Subsequent Event \| GNMA Loans \| Capitalized MSRs \| Lakeview Loan Servicing
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 2,000
Subsequent Event \| Fannie Mae Loans \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value		$ 342
Servicing advances, net		24
Commitment to sell mortgage servicing rights, sales price		366
Subsequent Event \| Fannie Mae Loans \| Capitalized MSRs \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
MSRs, UPB		$ 39,500
Capitalized MSRs owned
Transfers and Servicing of Mortgage Loans
MSRs, UPB							53,933	53,933		84,657
MSRs, Fair Value							$ 441	$ 441		690
Capitalized MSRs owned \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
Subservicing agreement, number of loans subject to agreement \| loan							346	346
Capitalized MSRs owned \| Subsequent Event \| New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
Subservicing agreement, number of loans subject to agreement \| loan		301
Capitalized MSRs under secured borrowing arrangements and subserviced
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 13,084	$ 13,084		0
MSRs, Fair Value							$ 114	$ 114		$ 0

Servicing Activities - Activity

Servicing Activities - Activity in the total loan servicing portfolio unpaid principal balance associated with capitalized MSRs (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 174,642
Balance, end of period	159,763
Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	84,657	$ 98,990
Additions	1,605	2,960
Payoffs and curtailments	(6,729)	(8,767)
Sales	(12,516)	(496)
Balance, end of period	$ 67,017	$ 92,687

Servicing Activities - Activi47

Servicing Activities - Activity in total capitalized MSRs (Details) - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Activity in capitalized MSRs
Balance, beginning of period	$ 690	$ 880	$ 880
Additions	18	30
Sales	(95)	(5)
Changes in fair value due to:
Realization of expected cash flows	(53)	(61)
Changes in market inputs or assumptions used in the valuation model	(5)	(165)
Balance, end of period	$ 555	$ 679	$ 690
Weighted average life of MSRs (in years)	6 years		6 years 3 months 18 days

Servicing Activities - Sales 48

Servicing Activities - Sales of Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Cash Flows Between Transferor and Transferee [Abstract]
Proceeds from new loan sales or securitizations			$ 1,651	$ 3,055
Servicing fees from capitalized portfolio			104	153
Purchases of previously sold loans			(15)	(169)
Servicing advances			(627)	(836)
Repayment of servicing advances			782	872
Realized Gain on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	$ 46	$ 65	95	$ 108
Lakeview Loan Servicing and New Residential Investment Corp.
Cash Flows Between Transferor and Transferee [Abstract]
Repayment of servicing advances			$ 21

Derivatives - Summary of gross

Derivatives - Summary of gross notional amount of derivatives (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Interest rate lock commitments
Notional amount of derivatives
Notional	$ 887	$ 862
Forward delivery commitments
Notional amount of derivatives
Notional	1,811	2,104
Option contracts
Notional amount of derivatives
Notional	105	120
MSR-related agreements
Notional amount of derivatives
Notional	$ 0	$ 260

Derivatives - Balances of outst

Derivatives - Balances of outstanding derivative instruments (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Other assets-derivative assets, Total	$ 18	$ 21
LIABILITIES
Other liabilities-derivative liabilities, Total	0	18
Not designated as hedging instruments
ASSETS
Gross Assets, subject to master netting agreements		33
Gross Assets, Not subject to master netting agreements		19
Gross Assets, Total	19	52
Offsetting Payables	(2)	(66)
Cash Collateral Paid	1	35
Derivative Asset, Fair Value, Amount Offset Against Collateral		2
Other assets-derivative assets, Total	18	21
LIABILITIES
Gross Liabilities, subject to master netting agreements		69
Gross Liabilities, Total	2	69
Offsetting Receivables	(2)	(66)
Cash Collateral Received	0	15
Derivative Liability, Fair Value, Amount Offset Against Collateral		18
Other liabilities-derivative liabilities, Total	0	18
Not designated as hedging instruments \| Interest rate lock commitments
ASSETS
Gross Assets, Not subject to master netting agreements	16	18
Not designated as hedging instruments \| Forward delivery commitments
ASSETS
Gross Assets, subject to master netting agreements	3	13
Gross Assets, Not subject to master netting agreements		1
Offsetting Payables	(2)	(43)
Cash Collateral Paid	1	31
Derivative Asset, Fair Value, Amount Offset Against Collateral	2	1
LIABILITIES
Gross Liabilities, subject to master netting agreements	2	4
Offsetting Receivables	(2)	(10)
Cash Collateral Received	0	11
Derivative Liability, Fair Value, Amount Offset Against Collateral	$ 0	5
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 \| MSR-related agreements
ASSETS
Gross Assets, subject to master netting agreements		19
Offsetting Payables		(22)
Cash Collateral Paid		4
Derivative Asset, Fair Value, Amount Offset Against Collateral		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

Derivatives - Summary of gains

Derivatives - Summary of gains (losses) for derivative instruments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Derivatives
Net derivative gain related to mortgage servicing rights		$ 58		$ 143
Gain on loans held for sale, net \| Interest rate lock commitments
Derivatives
Gains on derivative instruments	$ 64	101	$ 113	178
Gain on loans held for sale, net \| Forward delivery commitments
Derivatives
Gains on derivative instruments	(3)	(14)	(5)	(35)
Gain on loans held for sale, net \| Option contracts
Derivatives
Gains on derivative instruments	0	(1)	(1)	(1)
Loan servicing income, net \| MSR-related agreements
Derivatives
Net derivative gain related to mortgage servicing rights	$ 0	$ 58	$ 0	$ 143

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	6 Months Ended
Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Schedule of Other Assets [Line Items]
Derivatives (Note 5)	$ 18	$ 21
Mortgage loans in foreclosure, net	16	21
Real estate owned, net	16	16
Prepaid expenses	13	11
Equity method investments	7	10
Repurchase eligible loans	3	13
Income taxes receivable	0	14
Other	2	3
Total	75	109
Allowance for probable foreclosure losses	8	10
Adjustment to value for real estate owned	$ 14	$ 14
Repurchase eligibility, prior number of days delinquent	90 days
Accounts payable and accrued expenses
Schedule of Other Assets [Line Items]
Income taxes payable	$ 9

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Legal and regulatory matters (Note 10)	$ 134	$ 114
Pension and other post-employment benefits	11	11
Income tax contingencies	8	8
Derivatives (Note 5)	0	18
Other	7	6
Total	$ 160	$ 157

Debt and Borrowing Arrangemen54

Debt and Borrowing Arrangements - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Debt and Borrowing Arrangements
Debt, net	$ 1,192	$ 1,262
Committed warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 515	556
Weighted Avg-Interest Rate (as a percent)	3.40%
Available Capacity	$ 135
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Debt, net	$ 4	0
Weighted Avg-Interest Rate (as a percent)	2.60%
Available Capacity	$ 296
Servicing advance facility
Debt and Borrowing Arrangements
Debt, net	$ 65	99
Weighted Avg-Interest Rate (as a percent)	3.20%
Available Capacity	$ 35
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 Arrangemen55

Debt and Borrowing Arrangements - Assets pledged as collateral or funded by subservicing clients (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Debt and Borrowing Arrangements
Restricted cash	$ 75	$ 57
Servicing advances	473	628
Mortgage loans held for sale (unpaid principal balance)	625	683
Mortgage servicing rights	555	$ 690	$ 679	$ 880
Collateral Pledged \| Warehouse Facilities
Debt and Borrowing Arrangements
Restricted cash	9
Servicing advances	0
Mortgage loans held for sale (unpaid principal balance)	535
Mortgage servicing rights	0
Total	544
Collateral Pledged \| Servicing Advance Facility
Debt and Borrowing Arrangements
Restricted cash	25
Servicing advances	116
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	141
Collateral Pledged \| Subservicing Advance Liabilities
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances	205
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	205
Collateral Pledged \| MSRs Secured Liability
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances	0
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	114
Total	$ 114

Debt and Borrowing Arrangemen56

Debt and Borrowing Arrangements - Schedule of Contractual Debt Maturities (Details) $ in Millions	Jun. 30, 2017USD ($)
Contractual debt maturities
Within one year	$ 584
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	1,199
Warehouse Facilities
Contractual debt maturities
Within one year	519
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	519
Servicing Advance Facility
Contractual debt maturities
Within one year	65
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	65
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 Arrangemen57

Debt and Borrowing Arrangements - Components of Net interest expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Debt Disclosure [Abstract]
Interest income	$ 11	$ 12	$ 20	$ 21
Secured interest expense	(7)	(8)	(13)	(16)
MSRs secured interest expense	(1)	0	(1)	0
Unsecured interest expense	(9)	(11)	(19)	(21)
Net interest expense	$ (6)	$ (7)	$ (13)	$ (16)

Debt and Borrowing Arrangemen58

Debt and Borrowing Arrangements - Narrative (Details) - USD ($)	Jul. 03, 2017	Jun. 30, 2017	Jun. 19, 2017	Jun. 15, 2017	Apr. 30, 2017	Mar. 31, 2017	Sep. 30, 2017	Mar. 27, 2017	Dec. 31, 2016
Committed warehouse facilities
Debt and Borrowing Arrangements
Debt Instrument, Covenant, Minimum Financing Capacity		$ 400,000,000							$ 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		350,000,000				$ 450,000,000
Reduction in aggregate maximum principal		100,000,000
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		200,000,000				$ 2,000,000,000
Reduction in aggregate maximum principal					$ 1,800,000,000
Variable Funding Notes \| Wells Fargo Bank
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity		100,000,000
Reduction in aggregate maximum principal				$ 55,000,000
Term notes due in 2019
Debt and Borrowing Arrangements
Extinguish of debt, cash consideration for each $1,000 principal amount			$ 1,100
Term notes due in 2021
Debt and Borrowing Arrangements
Extinguish of debt, cash consideration for each $1,000 principal amount			$ 1,031.88
Warehouse Facilities
Debt and Borrowing Arrangements
Debt covenant minimum tangible net worth		$ 450,000,000							$ 750,000,000
Subsequent Event
Debt and Borrowing Arrangements
Extinguishment of debt, amount	$ 524,000,000
Subsequent Event \| Term notes due in 2019
Debt and Borrowing Arrangements
Extinguishment of debt, amount	178,000,000
Subsequent Event \| Term notes due in 2021
Debt and Borrowing Arrangements
Extinguishment of debt, amount	$ 318,000,000
Forecast \| Subsequent Event
Debt and Borrowing Arrangements
Loss on extinguishment of debt							$ 35,000,000

Income Taxes - Schedule of comp

Income Taxes - Schedule of components of deferred tax assets and liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Deferred tax assets:
Federal loss carryforwards	$ 23	$ 23
State loss carryforwards and credits	37	39
Accrued legal and regulatory matters	53	46
Reserves and allowances	33	36
Exit cost liability	27	10
Other accrued liabilities	20	24
Gross deferred tax assets	193	178
Valuation allowance	(47)	(44)
Deferred tax assets, net of valuation allowance	146	134
Deferred tax liabilities:
Mortgage servicing rights	152	234
Other	5	1
Deferred tax liabilities	157	235
Net deferred tax liability	$ 11	$ 101

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details)	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	(40.70%)	(58.20%)	(35.90%)	(44.00%)
Statutory federal income tax rate (as a percent)	35.00%		35.00%	35.00%

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2015	Aug. 08, 2017	Jun. 30, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies			$ 134	$ 114
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Final order amount company must pay	$ 109
HUD Subpoenas \| Subsequent Event
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies		$ 65
Other Subpoenas and Investigations \| Subsequent Event
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies		$ 9.5

Commitments and Contingencies62

Commitments and Contingencies - Repurchase and Foreclosure-Related Reserves (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 73	$ 89
Realized losses	(13)	(12)
Increase in reserves due to:
Changes in assumptions	2	3
New loan sales	1	4
Balance, end of period	73	89	$ 63	$ 73	$ 84
Components of Repurchase and Foreclosure-related Reserves [Abstract]
Loan repurchase and indemnification liability			41	49
Adjustment to value for real estate owned			14	14
Allowance for probable foreclosure losses			8	10
Total	$ 73	$ 89	63	$ 73	$ 84
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			$ 59
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			22.00%
Recourse obligations
Loan Repurchases and Indemnifications
Estimated amount of reasonably possible losses in excess of the recorded liability			$ 10
Lease related guaranty
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee			$ 14

Fair Value Measurements - Instr

Fair Value Measurements - Instruments measured at fair value on a recurring basis (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Fair Value Measurements
Mortgage servicing rights	$ 555	$ 690	$ 679	$ 880
Other assets-derivative assets, Total	18	21
Other liabilities-derivative liabilities, Total	0	18
Recurring basis \| Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting	(1)	(12)
Other liabilities-derivative liabilities, Cash Collateral and Netting	(2)	1
Recurring basis \| MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting		(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
Mortgage servicing rights secured liability	0
Recurring basis \| Level One \| Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis \| Level One \| Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Other liabilities-derivative liabilities	0	0
Recurring basis \| Level One \| MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets		0
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	593	636
Mortgage servicing rights	0	0
Mortgage servicing rights secured liability	0
Recurring basis \| Level Two \| Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis \| Level Two \| Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	3	14
Other liabilities-derivative liabilities	2	4
Recurring basis \| Level Two \| MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets		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	555	690
Mortgage servicing rights secured liability	114
Recurring basis \| Level Three \| Interest rate lock commitments
Fair Value Measurements
Other assets—Derivative assets	16	18
Recurring basis \| Level Three \| Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets	0	0
Other liabilities-derivative liabilities	0	0
Recurring basis \| Level Three \| MSR-related agreements
Fair Value Measurements
Other assets—Derivative assets		0
Other liabilities-derivative liabilities		0
Recurring basis \| Level Three \| Option contracts
Fair Value Measurements
Other assets—Derivative assets		0
Other liabilities-derivative liabilities		0
Recurring basis \| Total
Fair Value Measurements
Mortgage loans held for sale	625	683
Mortgage servicing rights	555	690
Mortgage servicing rights secured liability	114
Recurring basis \| Total \| Interest rate lock commitments
Fair Value Measurements
Other assets-derivative assets, Total	16	18
Recurring basis \| Total \| Forward delivery commitments
Fair Value Measurements
Other assets-derivative assets, Total	2	2
Other liabilities-derivative liabilities, Total	$ 0	5
Recurring basis \| Total \| MSR-related agreements
Fair Value Measurements
Other assets-derivative assets, Total		1
Other liabilities-derivative liabilities, Total		12
Recurring basis \| Total \| Option contracts
Fair Value Measurements
Other assets-derivative assets, Total		0
Other liabilities-derivative liabilities, Total		$ 1

Fair Value Measurements - Diffe

Fair Value Measurements - Difference between carrying amounts of MLHS measured at fair value and aggregate unpaid principal amount (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 625	$ 683
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	625	683
Carrying amount, Loans 90 days or more past due and on non-accrual status	7	7
Aggregate unpaid principal balance, Total	622	687
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	9	10
Difference, Total	3	(4)
Difference, Loans 90 days or more past due and on non-accrual status	$ (2)	$ (3)

Fair Value Measurements - Compo

Fair Value Measurements - Components of MLHS (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 625	$ 683
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	593	636
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	507	531
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	86	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 - Assum

Fair Value Measurements - Assumptions used in MSRs and MSRs secured liability (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs	1.14%	1.02%
Capitalization servicing rate	0.83%		0.82%
Capitalization servicing multiple	300.00%		290.00%
Weighted-average servicing fee	0.27%		0.28%
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	9.70%		9.20%
Option adjusted spread	9.64%		14.30%
Weighted-average delinquency rate	4.20%		5.10%
MSRs Secured Liability
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	10.00%
Option adjusted spread	11.26%
Weighted-average delinquency rate	2.60%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of estimated change in fair value of MSRs from adverse changes in significant assumptions (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	76.00%	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	$ (20)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(39)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(25)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(48)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(12)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	$ (23)

Fair Value Measurements - Level

Fair Value Measurements - Level Three Measurements (Details) - Level Three - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
IRLCs, net
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 17	$ 28	$ 18	$ 21
Purchases, Issuances, Sales and Settlements:
Purchases	0	0	0	0
Issuances	0	0	0	0
Sales	0	0	0	0
Settlements	(65)	(90)	(115)	(160)
Purchases, Issuances, Sales and Settlements Total	(65)	(90)	(115)	(160)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	64	101	113	178
Transfers into Level Three	0	0	0	0
Transfers out of Level Three	0	0	0	0
Balance, end of period	16	39	16	39
IRLCs, net \| Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	64	101	113	178
IRLCs, net \| Loan servicing income, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0	0	0
IRLCs, net \| Net interest expense
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0	0	0
MLHS
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	32	41	47	39
Purchases, Issuances, Sales and Settlements:
Purchases	3	3	5	8
Issuances	2	2	3	3
Sales	(1)	(6)	(17)	(14)
Settlements	(6)	(4)	(9)	(5)
Purchases, Issuances, Sales and Settlements Total	(2)	(5)	(18)	(8)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	1	1	2
Transfers into Level Three	6	9	11	20
Transfers out of Level Three	(4)	(4)	(9)	(11)
Balance, end of period	32	42	32	42
MLHS \| Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0	0	0
MLHS \| Loan servicing income, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0	0	0
MLHS \| Net interest expense
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	1	1	2
MSRs
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	596	770	690	880
Purchases, Issuances, Sales and Settlements:
Purchases	0	0	0	0
Issuances	7	17	18	30
Sales	(19)	(3)	(95)	(5)
Settlements	0	0	0	0
Purchases, Issuances, Sales and Settlements Total	(12)	14	(77)	25
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(29)	(105)	(58)	(226)
Transfers into Level Three	0	0	0	0
Transfers out of Level Three	0	0	0	0
Balance, end of period	555	679	555	679
MSRs \| Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0	0	0
MSRs \| Loan servicing income, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(29)	(105)	(58)	(226)
MSRs \| Net interest expense
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	$ 0	0	$ 0
MSRs Secured Liability
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	0		0
Purchases, Issuances, Sales and Settlements:
Purchases	0		0
Issuances	(113)		(113)
Sales	0		0
Settlements	1		1
Purchases, Issuances, Sales and Settlements Total	(112)		(112)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(2)		(2)
Transfers into Level Three	0		0
Transfers out of Level Three	0		0
Balance, end of period	(114)		(114)
MSRs Secured Liability \| Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0		0
MSRs Secured Liability \| Loan servicing income, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(1)		(1)
MSRs Secured Liability \| Net interest expense
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	$ (1)		$ (1)

Fair Value Measurements - Unrea

Fair Value Measurements - Unrealized gains (losses) related to assets and liabilities classified with Level Three valuation hierarchy (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
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	$ 14	$ 35	$ 14	$ 35
Loan servicing income, 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	$ (4)	$ (70)	$ (6)	$ (165)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - Level Two - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Debt
Fair value of debt	$ 1,200	$ 1,300
Market approach valuation technique
Debt
Fair value of debt	653
Observable recent pricing of similar instruments valuation technique
Debt
Fair value of debt	$ 584

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions		Aug. 07, 2017	Feb. 15, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents				$ 1,001		$ 1,005	$ 1,001	$ 1,005		$ 906	$ 906
Restricted cash				75			75			57
Mortgage loans held for sale				625			625			683
Accounts receivable, net				74			74			66
Servicing advances, net				473			473			628
Property and equipment, net				28			28			36
Other assets				75			75			109
Total assets	[1]			2,906			2,906			3,175
LIABILITIES
Accounts payable and accrued expenses				205			205			193
Debt, net				1,192			1,192			1,262
Other liabilities				160			160			157
Total liabilities	[1]			1,928			1,928			2,052
Variable Interest Entities Additional Information [Abstract]
Exit and disposal costs				16		$ 0	41	$ 0
Variable Interest Entity
ASSETS
Cash and cash equivalents				61			61			67
Restricted cash				31			31			24
Mortgage loans held for sale				327			327			350
Accounts receivable, net				13			13			9
Servicing advances, net				116			116			150
Property and equipment, net				1			1			1
Other assets				10			10			12
Total assets				559			559			613
LIABILITIES
Accounts payable and accrued expenses				12			12			11
Debt, net				341			341			399
Other liabilities				6			6			5
Total liabilities				359			359			415
PHH Home Loans \| Variable Interest Entity
ASSETS
Cash and cash equivalents				61			61			67
Restricted cash				6			6			5
Mortgage loans held for sale				327			327			350
Accounts receivable, net				13			13			9
Servicing advances, net				0			0			0
Property and equipment, net				1			1			1
Other assets				10			10			11
Total assets				418			418			443
Assets held as collateral				290			290			320
LIABILITIES
Accounts payable and accrued expenses				12			12			11
Debt, net				275			275			300
Other liabilities				6			6			5
Total liabilities				293			293			316
Servicing Advance Receivables Trust \| Variable Interest Entity
ASSETS
Cash and cash equivalents				0			0			0
Restricted cash				25			25			19
Mortgage loans held for sale				0			0			0
Accounts receivable, net				0			0			0
Servicing advances, net				116			116			150
Property and equipment, net				0			0			0
Other assets				0			0			1
Total assets				141			141			170
Assets held as collateral				141			141			169
LIABILITIES
Accounts payable and accrued expenses				0			0			0
Debt, net				66			66			99
Other liabilities				0			0			0
Total liabilities				66			$ 66			$ 99
Mortgage Production Volume \| Realogy and Affiliates \| Credit Concentration Risk
Variable Interest Entities Additional Information [Abstract]
Concentration risk, percentage							27.00%
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				8	$ 17		$ 25
Reorganization \| PHH Home Loans Joint Venture
Variable Interest Entities Additional Information [Abstract]
Exit and disposal costs				$ 3			$ 5
Subsequent Event
Variable Interest Entities Additional Information [Abstract]
Proceeds from sale of assets		$ 14

[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: June 30, 2017 December 31, 2016ASSETS Cash and cash equivalents$61 $67Restricted cash31 24Mortgage loans held for sale327 350Accounts receivable, net13 9Servicing advances, net116 150Property and equipment, net1 1Other assets10 12Total assets$559 $613 LIABILITIES Accounts payable and accrued expenses$12 $11Debt341 399Other liabilities6 5Total liabilities$359 $415

Segment Information - Segment r

Segment Information - Segment results (Details) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)segment	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment				2
Segment Information
Assets	[1]	$ 2,906		$ 2,906		$ 3,175
Net Revenues		112	$ 196	226	$ 353
Segment (Loss) Profit		(79)	(23)	(180)	(72)
Other
Segment Information
Assets		937		937		834
Segment (Loss) Profit		(11)	(3)	(37)	(5)
Mortgage Production segment
Segment Information
Net Revenues		91	162	178	275
Mortgage Production segment \| Operating segment
Segment Information
Assets		847		847		913
Segment (Loss) Profit		(25)	13	(66)	(13)
Mortgage Servicing segment
Segment Information
Net Revenues		21	34	48	78
Mortgage Servicing segment \| Operating segment
Segment Information
Assets		1,122		1,122		$ 1,428
Segment (Loss) Profit		$ (43)	$ (33)	$ (77)	$ (54)

[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: June 30, 2017 December 31, 2016ASSETS Cash and cash equivalents$61 $67Restricted cash31 24Mortgage loans held for sale327 350Accounts receivable, net13 9Servicing advances, net116 150Property and equipment, net1 1Other assets10 12Total assets$559 $613 LIABILITIES Accounts payable and accrued expenses$12 $11Debt341 399Other liabilities6 5Total liabilities$359 $415

Segment Information - Reconcili

Segment Information - Reconciliation of loss before income taxes to segment loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Reconciliation of loss before income taxes to Segment loss
Loss before income taxes	$ (83)	$ (20)	$ (188)	$ (69)
Less: net (loss) income attributable to noncontrolling interest	(4)	3	(8)	3
Segment loss	$ (79)	$ (23)	$ (180)	$ (72)

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
Subsequent Event (Details) - USD ($)	Aug. 04, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Jul. 27, 2017	May 03, 2017
Subsequent Event [Line Items]
Amount authorized in open market share repurchases						$ 100,000,000
Number of shares repurchased during period		1,760,964	1,760,964	1,508,772
Repurchase of common stock			$ 24,000,000	$ 23,000,000
Subsequent Event
Subsequent Event [Line Items]
Amount authorized in open market share repurchases					$ 300,000,000
Number of shares repurchased during period	689,502
Repurchase of common stock	$ 10,000,000