PHH 10-K 1 Mar 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Feb. 22, 2018	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		32,551,759
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 639

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Dec. 31, 2017	Dec. 31, 2016
ASSETS
Cash and cash equivalents		$ 542,000,000	$ 906,000,000
Restricted cash		41,000,000	57,000,000
Mortgage loans held for sale		270,000,000	683,000,000
Accounts receivable, net		78,000,000	66,000,000
Servicing advances, net		356,000,000	628,000,000
Mortgage servicing rights		476,000,000	690,000,000
Property and equipment, net		22,000,000	36,000,000
Other assets		26,000,000	109,000,000
Total assets	[1]	1,811,000,000	3,175,000,000
LIABILITIES
Accounts payable and accrued expenses		141,000,000	193,000,000
Subservicing advance liabilities		232,000,000	290,000,000
Mortgage servicing rights secured liability		419,000,000	0
Mortgage warehouse and advance facilities		252,000,000	655,000,000
Unsecured debt, net		118,000,000	607,000,000
Loan repurchase and indemnification liability		29,000,000	49,000,000
Mandatorily redeemable noncontrolling interest (Note 17)		20,000,000	0
Deferred taxes, net		0	101,000,000
Other liabilities		47,000,000	157,000,000
Total liabilities	[1]	1,258,000,000	2,052,000,000
Commitments and contingencies (Note 13)
Redeemable noncontrolling interest (Note 1 and Note 17)		0	33,000,000
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; 32,547,258 shares issued and outstanding at December 31, 2017; 53,599,433 shares issued and outstanding at December 31, 2016		0	1,000,000
Additional paid-in capital		565,000,000	885,000,000
Retained earnings		(3,000,000)	214,000,000
Accumulated other comprehensive loss	[2]	(9,000,000)	(10,000,000)
Total PHH Corporation stockholders’ equity		553,000,000	1,090,000,000
Total liabilities and equity		1,811,000,000	3,175,000,000
Variable Interest Entity
ASSETS
Cash and cash equivalents		33,000,000	67,000,000
Restricted cash		13,000,000	24,000,000
Mortgage loans held for sale		60,000,000	350,000,000
Accounts receivable, net		1,000,000	9,000,000
Servicing advances, net		56,000,000	150,000,000
Property and equipment, net		0	1,000,000
Other assets		1,000,000	12,000,000
Total assets		164,000,000	613,000,000
LIABILITIES
Accounts payable and accrued expenses		6,000,000	11,000,000
Mortgage warehouse and advance facilities		72,000,000	399,000,000
Other liabilities		5,000,000	5,000,000
Total liabilities		$ 83,000,000	$ 415,000,000
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2017 2016ASSETS Cash and cash equivalents$33 $67Restricted cash13 24Mortgage loans held for sale60 350Accounts receivable, net1 9Servicing advances, net56 150Property and equipment, net— 1Other assets1 12Total assets$164 $613 LIABILITIES Accounts payable and accrued expenses$6 $11Mortgage warehouse and advance facilities72 399Other liabilities5 5Total liabilities$83 $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 December 31, 2017 and 2016. During the years ended December 31, 2017 and 2016, there were no amounts reclassified out of Accumulated other comprehensive loss.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,090,000	1,090,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	273,910,000	273,910,000
Common stock, shares issued (in shares)	32,547,258	53,599,433
Common stock, shares outstanding (in shares)	32,547,258	53,599,433
Pension adjustment, income tax benefit	$ 6,000,000	$ 6,000,000
Amounts reclassified out of Accumulated other comprehensive loss	$ 0	$ 0

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES
Origination and other loan fees	$ 136	$ 280	$ 284
Gain on loans held for sale, net	144	262	298
Loan servicing income, net	137	125	236
Net interest expense	(36)	(32)	(46)
Other income (loss)	75	(13)	18
Net revenues	456	622	790
EXPENSES
Salaries and related expenses	263	345	323
Commissions	44	64	79
Loan origination expenses	31	64	91
Foreclosure and repossession expenses	19	35	51
Professional and third-party service fees	120	156	171
Technology equipment and software expenses	35	42	37
Occupancy and other office expenses	33	47	50
Depreciation and amortization	14	16	18
Exit and disposal costs	62	41	0
Other operating expenses	108	116	183
Total expenses	729	926	1,003
Loss before income taxes	(273)	(304)	(213)
Income tax benefit	(79)	(111)	(82)
Net loss	(194)	(193)	(131)
Less: net income attributable to noncontrolling interest	23	9	14
Net loss attributable to PHH Corporation	$ (217)	$ (202)	$ (145)
Basic and Diluted loss per share attributable to PHH Corporation (in dollars per share)	$ (4.62)	$ (3.77)	$ (2.62)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (194)	$ (193)	$ (131)
Other comprehensive income, net of tax:
Change in unfunded pension liability, net	1	0	1
Total other comprehensive income, net of tax	1	0	1
Total comprehensive loss	(193)	(193)	(130)
Less: comprehensive income attributable to noncontrolling interest	23	9	14
Comprehensive loss attributable to PHH Corporation	$ (216)	$ (202)	$ (144)

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Redeemable Noncontrolling Interest
Beginning Balance at Dec. 31, 2014	$ 1,571	$ 1	$ 989	$ 566	$ (11)	$ 26
Beginning Balance (in shares) at Dec. 31, 2014		51,143,723
PHH Corporation Stockholders’ Equity
Total comprehensive (loss) income	(144)			(145)	1
Reclassification to Redeemable noncontrolling interest	(26)					(26)	$ 26
Adjustment to redemption value of noncontrolling interest (Note 17)	(2)		(2)				2
Stock compensation expense	9		9
Stock issued under share-based payment plans (includes $9 benefit from excess tax shortfall)	2		2
Stock issued under share-based payment plans (in shares)		204,126
Repurchase and retirement of Common stock	(78)	$ (1)	(72)	(5)
Repurchase and retirement of common stock (in shares)		(6,415,519)
Conversion of Convertible notes	(18)	$ 1	(19)
Conversion of Convertible notes (in shares)		10,075,653
Recognition of deferred taxes related to Convertible notes	2		2
Ending Balance at Dec. 31, 2015	1,316	$ 1	909	416	(10)	0
Ending Balance (in shares) at Dec. 31, 2015		55,007,983
Beginning Balance at Dec. 31, 2014							0
Redeemable Noncontrolling Interest
Total comprehensive (loss) income							14
Distributions to noncontrolling interest							(10)
Adjustment to redemption value of noncontrolling interest (Note 17)	(2)		(2)				2
Ending Balance at Dec. 31, 2015							32
PHH Corporation Stockholders’ Equity
Total comprehensive (loss) income	(202)			(202)
Stock compensation expense	8		8
Stock issued under share-based payment plans (includes $9 benefit from excess tax shortfall)	(9)		(9)
Stock issued under share-based payment plans (in shares)		100,222
Repurchase and retirement of Common stock	(23)	$ 0	(23)	0
Repurchase and retirement of common stock (in shares)		(1,508,772)
Ending Balance at Dec. 31, 2016	$ 1,090	$ 1	885	214	(10)	0
Ending Balance (in shares) at Dec. 31, 2016	53,599,433	53,599,433
Redeemable Noncontrolling Interest
Total comprehensive (loss) income							9
Distributions to noncontrolling interest							(8)
Ending Balance at Dec. 31, 2016	$ 33						33
PHH Corporation Stockholders’ Equity
Total comprehensive (loss) income	(216)			(217)	1
Adjustment to redemption value of noncontrolling interest (Note 17)	(24)		(24)				24
Stock compensation expense	9		9
Reclassification of stock awards	(4)		(4)
Stock issued under share-based payment plans (includes $9 benefit from excess tax shortfall)	(1)		(1)
Stock issued under share-based payment plans (in shares)		161,253
Repurchase and retirement of Common stock	(301)	$ (1)	(300)	0
Repurchase and retirement of common stock (in shares)		(21,213,428)
Ending Balance at Dec. 31, 2017	$ 553	$ 0	565	$ (3)	$ (9)	$ 0
Ending Balance (in shares) at Dec. 31, 2017	32,547,258	32,547,258
Redeemable Noncontrolling Interest
Total comprehensive (loss) income							23
Distributions to noncontrolling interest							(60)
Adjustment to redemption value of noncontrolling interest (Note 17)	$ (24)		$ (24)				24
Reclassification to Mandatorily redeemable noncontrolling interest							(20)
Ending Balance at Dec. 31, 2017	$ 0						$ 0

CONSOLIDATED STATEMENTS OF CHA7

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

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (194)	$ (193)	$ (131)
Adjustments to reconcile Net loss to net cash provided by operating activities:
Capitalization of originated mortgage servicing rights	(36)	(60)	(101)
Change in fair value of mortgage servicing rights and related derivatives	119	228	158
Change in fair value of mortgage servicing rights secured liability	(48)	0	0
Loss on early extinguishment of debt	34	0	30
Gain on PHH Home Loans asset sales	(70)	0	0
Origination of mortgage loans held for sale	(6,806)	(10,513)	(13,512)
Proceeds on sale of and payments from mortgage loans held for sale	7,478	10,838	13,965
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(226)	(266)	(297)
Depreciation and amortization	14	16	18
Deferred income tax benefit	(101)	(91)	(70)
Asset impairments	3	38	0
Other adjustments and changes in other assets and liabilities, net	136	77	62
Net cash provided by operating activities	303	74	122
Cash flows from investing activities:
Net cash (paid) received on derivatives related to mortgage servicing rights	(45)	60	35
Proceeds on sale of mortgage servicing rights	127	12	47
Proceeds on sale of servicing advances	31	0	0
Proceeds from PHH Home Loans asset sales	70	0	0
Purchases of property and equipment	(1)	(17)	(31)
Decrease (increase) in restricted cash	16	(10)	9
Other, net	(1)	5	2
Net cash provided by investing activities	197	50	62
Cash flows from financing activities:
Proceeds from secured borrowings	9,456	12,306	17,213
Principal payments on secured borrowings	(9,858)	(12,394)	(17,378)
Proceeds from mortgage servicing rights secured liability	426	0	0
Principal payments on unsecured borrowings	(496)	0	(245)
Cash tender premiums for debt extinguishment	(28)	0	(30)
Issuances of Common stock	0	0	2
Repurchase of Common stock	(301)	(23)	(77)
Cash paid for debt issuance costs	(2)	(4)	(7)
Distributions to noncontrolling interest	(60)	(8)	(10)
Other, net	(1)	(1)	(5)
Net cash used in financing activities	(864)	(124)	(537)
Net increase (decrease) in Cash and cash equivalents	(364)	0	(353)
Cash and cash equivalents at beginning of period	906	906	1,259
Cash and cash equivalents at end of period	542	906	906
Supplemental Disclosure of Cash Flows Information:
Interest payments	45	66	72
Income tax (refunds) payments, net	$ 3	$ (29)	$ 9

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 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. In February 2018, the Company announced a proposed Merger with Ocwen Financial Corporation. Refer to Note 20, 'Subsequent Events' for additional information. In February 2017, the Company announced its intention to operate as a smaller business that is focused solely on subservicing and portfolio retention services. Refer to Note 2, 'Exit Costs' for additional information. To enact that strategic shift for the Mortgage Servicing segment, during 2017, the Company completed the sale of a substantial portion of its capitalized Mortgage servicing rights ("MSRs") as discussed in Note 4, 'Servicing Activities' . The Company's Mortgage Servicing segment is now focused on subservicing activities, and has exposure to concentration risk and client retention risk with respect to its subservicing agreements. As of December 31, 2017, 58% and 19% of the subservicing portfolio (by units) related to significant client relationships with New Residential Mortgage, LLC ("New Residential") and Pingora Loan Servicing, LLC, respectively. A substantial portion of the Company's subservicing agreements allow the owners of the servicing to terminate the subservicing agreement without cause with respect to some or all of the subserviced loans and, in some cases, without payment of any termination fee. The Company expects to transfer approximately 115,000 , or 18% , subservicing units off of our platform between May 2018 and April 2019, based upon receipt in February 2018 of formal notices and verbal indications from two of our largest subservicing clients. Approximately 65,000 of these units are subject to a portfolio defense agreement and will no longer be solicitable upon transfer to a new servicer. The Company's future mortgage loan originations of the Company's Mortgage Production segment will be sourced solely through portfolio retention services, which is limited to a small group of key clients primarily associated with our significant subservicing client relationships, and the portfolio defense agreements cease upon the termination of the related client subservicing relationship, or as units transfer out of our subservicing portfolio to a new servicer. During the year ended December 31, 2017, total originations from portfolio retention represented 6% of the Company's total mortgage loan originations. In November 2016, the Company announced its intentions to exit the private label services ("PLS") business, and during February 2017, announced it entered into agreements to sell certain assets of PHH Home Loans and its subsidiaries, including its mortgage origination and processing centers. During the year ended December 31, 2017, the PLS business and Real Estate channel represented 66% and 28% of the Company's total mortgage loan originations, respectively. During 2017, the Company executed on its strategy towards exiting the PLS origination business, including negotiating the contractual exits of its client agreements. In addition, the Company took steps that will result in the exit of its Real Estate channel through the sale of certain assets of PHH Home Loans and its subsidiaries that was completed in December 2017. Refer to Note 17, 'Variable Interest Entities' for additional information. As of December 31, 2017, both the PLS business and Real Estate channel are winding down their operations, and will be reported as discontinued operations during 2018 when run-off activity is substantially complete. Basis of Presentation The Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries ("PHH Home Loans") are consolidated within the Consolidated Financial Statements and the ownership interest of Realogy Services Venture Partner LLC, a subsidiary of Realogy Holdings Corp. ("Realogy") is presented as a noncontrolling interest. As of December 31, 2017 , Realogy's ownership interests are classified as a liability and presented within Mandatorily redeemable noncontrolling interest in the Consolidated Balance Sheets, and, as of December 31, 2016 , classified as Mezzanine equity and presented within Redeemable noncontrolling interest. Refer to Note 17, 'Variable Interest Entities' for additional information on the classification differences of Realogy's ownership interest in PHH Home Loans between periods. Intercompany balances and transactions have been eliminated from the Consolidated Financial Statements. Unless otherwise noted, and except for share and per share data, dollar amounts presented within these Notes to Consolidated Financial Statements are in millions. During the third quarter of 2017, the Company identified an error in the balance sheet presentation and measurement of Redeemable noncontrolling interests. Realogy’s ownership interests in PHH Home Loans have previously been reported as a Noncontrolling interest and presented as a component of Total equity; however, the Company has determined the balance should have been presented as a Redeemable noncontrolling interest within Mezzanine equity for periods between February 1, 2015 and September 30, 2017. This presentation reflects Realogy’s right, beginning on February 1, 2015, to require that the Company purchase all of Realogy’s interest in PHH Home Loans upon two years notice at fair value, as outlined in the PHH Home Loans Operating Agreement. In addition, since the redemption value of the Redeemable noncontrolling interest exceeded the historical carrying amount, the correction also includes an adjustment to Additional paid-in capital to re-measure the Redeemable noncontrolling interest at its redemption value. While the Redeemable noncontrolling interest is adjusted to the redemption value at the end of each reporting period, the Company continued to allocate Realogy its portion of income or loss and distributions for each period. The Company has evaluated the materiality of this error on its prior period financial statements from a quantitative and qualitative perspective. Management has concluded that the error was not material to any prior annual or interim period or the trend of financial results; therefore, amendments to previously filed reports are not required. The Company has corrected the error for all prior periods presented by revising the Consolidated Financial Statements appearing herein. Periods not presented herein will be revised, as applicable, in future filings. The impact of this revision to the Consolidated Balance Sheets and Consolidated Statements of Changes in Equity appearing herein was a reduction to Total equity of $32 million and $33 million as of December 31, 2015 and December 31, 2016, respectively, with an offsetting increase to amounts presented as a Redeemable noncontrolling interest within Mezzanine equity. The reduction to Total equity included a decrease to amounts reported as Additional paid-in capital of $2 million and $2 million as of December 31, 2015 and December 31, 2016, respectively. There was no effect to reported totals for assets, liabilities, cash flows or net loss. Refer to Note 17, 'Variable Interest Entities' for further information. Use of Estimates The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates. Acquisition Speedy Title & Appraisal Review Services, LLC . On December 31, 2017, the Company acquired an additional 50.1% interest in Speedy Title & Appraisal Review Services, LLC (“STARS”), increasing its ownership interest from 49.9% to 100% . This acquisition was performed pursuant to the terms of the Limited Liability Agreement, as amended, between the Company and CoreLogic Holdings II, Inc, in order to effect the wind-down of STARS in connection with the exit of the private label services business, and for the Company to absorb the remaining operations of STARS in support of its servicing platform. This transaction is accounted for as a business combination achieved in stages. Prior to the acquisition, STARS was operated as a joint venture and accounted for as an equity method investment within Other assets in our Consolidated Balance Sheets . As of December 31, 2017, the provisional estimate of fair value of our equity interest in STARS immediately before the acquisition was $6 million . The fair value of our previously held equity interest was measured using the assumed liquidation value of their balance sheets, and there was no adjustment for the remeasurement of the investment immediately prior to the acquisition. Upon acquisition at December 31, 2017, the Company recorded identifiable assets and liabilities consisting of $14 million of cash and $7 million of Accounts payable and accrued liabilities within the Consolidated Balance Sheets , and a $1 million pre-tax gain was recognized within Other income in the Consolidated Statements of Operations . The fair value estimates related to this acquisition represent the Company's best estimate of fair value and are expected to be finalized over a period of up to six months from the acquisition date. The following table presents the revenue and earnings of the combined entity for the year ended December 31, 2017, as though the acquisition had occurred as of January 1, 2017: Year Ended December 31, 2017 As Reported Adjustment Pro-forma results (In millions) Net Revenues $ 456 1 $ 457 Loss before income taxes (273 ) — (273 ) Accounting Pronouncements Adopted During the Period Derivatives and Hedging. 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. Share-based Payments. 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 $3 million of income tax expense during the year ended December 31, 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 year ended December 31, 2017 . The amount of tax withholding for both the years ended December 31, 2016 and 2015 was $1 million . 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. Consolidation. 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 Effective for the First Quarter of 2018 Revenue Recognition. 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. In addition, these updates enhance the disclosure requirements around revenue recognition and related cash flows. 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 a majority of the Company's revenue streams associated with origination and servicing activities are not within the scope of the standard because the standard does not apply to revenue on contracts accounted for under ASC 860, "Transfers and Servicing of Financial Assets" or ASC 825, "Financial Instruments". The Company has identified select revenue streams that are within scope of the revenue standard, including origination assistance fees associated with fee-based closings in our private label channel, and certain ancillary fees associated with subservicing contracts such as boarding and deboarding fees. For the year end December 31, 2017, the total revenue associated with in-scope revenue streams was approximately $75 million , significantly all of which relates to revenue associated with the private label channel that will not be a recurring revenue stream after we complete the exit of this business in the first quarter of 2018. In addition, the in-scope revenue streams include amounts associated with certain contracts that are substantially complete as of December 31, 2017, and therefore will not have an impact on the adoption. While there may be some impact on revenue recognition, at this time, the Company currently does not expect the adoption of this guidance to have a material impact on the consolidated financial statements or result in a significant transition adjustment upon adoption; however, the Company continues to evaluate other potential effects this guidance may have including, changes in footnote requirements and the impact to internal controls. 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. Share-based payments. 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. Retirement Benefits . 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. Other Income. In February 2017, the FASB issued ASU 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." This update defines what constitutes an “in substance nonfinancial asset”, requires that all entities account for the derecognition of a business in accordance with ASC 810 and clarifies that an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. This update may be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and is effective for interim and annual periods beginning after December 15, 2017. The Company has determined the scope of this update includes the sale of real estate owned, and the Company is continuing to evaluate the impact of adopting this guidance. Business Combinations. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company does not expect the adoption of this update to have a significant impact on its financial statements since it only impacts future transactions and whether or not they meet the definition of a business. Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This update addresses a number of specific cash flow issues and is intended to reduce diversity in practice in how entities present and classify certain cash receipts and cash payments in the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. For issues that are impracticable to apply retrospectively, the amendments may be applied prospectively from the earliest date practicable. The Company does not expect the adoption of this update to have a significant impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." This update requires restricted cash to be included in the beginning and end-of-period total amounts shown on the statement of cash flows, and also requires certain disclosures for significant balances of restricted cash. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. The adoption of this update will require changes to prior period amounts; however, the Company does not expect the adoption to have a significant impact on its financial statements or disclosures. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update revises an entity's accounting related to the classification and measurement of investments in equity securities (except those accounted for under the equity method of accounting or those that result in consolidation of the investee), changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. This update is effective for the first interim and annual periods beginning after December 15, 2017 with early adoption permitted for certain provisions of the update. The Company does not expect the adoption of this update to have a significant impact on its financial statements or disclosures. Effective for the First Quarter of 2019 Leases. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update revises an entity’s accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the statement of financial position. The distinction between finance and operating leases has not changed, and the update does not significantly change the effect of finance and operating leases on the statement of comprehensive income and the statement of cash flows. Additionally, this update requires both qualitative and specific quantitative disclosures. This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. While the Company is currently evaluating the effect that this guidance will have on its financial statements, it will result in the recognition of certain operating leases as right-of-use assets and lease liabilities in the Consolidated Balance Sheets. The Company’s current minimum commitments under noncancelable operating leases are described in Note 13, 'Commitments and Contingencies' . Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This update allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("Tax Act"). This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federate corporate income tax rate in the Tax Act is recognized. The Company is currently evaluating the impact of adopting this new standard. Effective for the First Quarter of 2020 Financial Instruments. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard is applicable to financial instruments not accounted for at fair value, including but not limited to, trade receivables and off-balance sheet credit exposures. This update is effective for the first interim and annual periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting this new standard. Revenue Recognition Mortgage Production. Mortgage Production includes the origination and sale of residential mortgage loans, which are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. Revenues from Mortgage Production include: • Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on canceled loans and amounts earned from financial institutions related to brokered loan fees and related to origination assistance fees resulting from private label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned. • Gain on loans held for sale. Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives. • Interest income. Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days . Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing. Mortgage Servicing involves the servicing of residential mortgage loans on behalf of an investor. Revenues from Mortgage Servicing include: • Loan servicing income—Owned Capitalized servicing portfolio . Loan servicing income from the capitalized servicing portfolio represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. • Loan servicing income—Subserviced portfolio . Loan servicing income related to the subserviced portfolio includes fee income related to loans that are subserviced for clients that own the underlying servicing rights. Contractual subservicing fees are generally based on a stated amount per loan and vary depending on the delinquency status of the loan and the terms of each subservicing agreement. Fees related to the subserviced portfolio are accrued in the period the services are performed. In addition, certain contracts allow for the Company to receive Late charges and other miscellaneous fees collected from mortgagors which are recorded as income when collected. • Interest income. The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $2.3 billion and $3.4 billion as of December 31, 2017 and 2016 , respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations, or as agreed to under certain subservicing agreements. Interest income is recorded as earned and included in the Consolidated Statements of Operations within Net interest expense. Sales of Financial Assets Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Additionally, the Company may enter into certain transactions to sell certain MSRs. Each type of loan sale agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions. Each MSR sale agreement is evaluated for sales treatment through a review that includes an analysis of the approvals required by the investor and the purchaser, as well as a review of any seller financing or interim servicing provisions. MSR sales are further evaluated to determine that both title to the MSRs and substantially all risks and rewards have been transferred to the purchaser prior to recognizing a transfer of MSRs as a sale. During 2017, the Company completed multiple sales of MSRs to New Residential and determined that New Residential did not acquire 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. To the extent the transfer of loan or MSR assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing. For MSR sale agreements where the Company has continuing involvement through an ongoing subservicing arrangement, to the extent the transfer of MSRs qualifies as a sale, any loss is recorded on the sale date and any gain amount is recognized over the life of the subservicing agreement. Income Taxes Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Deferred income taxes are determined using the balance sheet method. This method requires that income taxes reflect the expected future tax

Exit Costs

Exit Costs	12 Months Ended
	Dec. 31, 2017
Restructuring and Related Activities [Abstract]
Exit Costs	2. Exit Costs PLS Exit In November 2016, the Company announced its plan to exit the PLS business within the Mortgage Production segment. This business channel provides end-to-end origination services to financial institution clients, and represented 66% of the Company's total mortgage production volume (based on dollars) for the year ended December 31, 2017 . Due to elevated operating losses, increasing regulatory and client customization costs and a shrinking market for financial institution origination services, the Company determined the exit of the business was necessary. The Company expects that it will be in a position to substantially exit this channel by the first quarter of 2018, subject to transition support requirements. The following is a summary of expenses incurred to date for the PLS exit program within Exit and disposal costs in the Consolidated Statement of Operations, including our estimate of remaining and total program costs: Year Ended December 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Asset Impairment (1) Total (In millions) Costs incurred in current year $ 12 $ 6 $ 13 $ (4 ) $ 27 Cumulative costs recognized in prior years 22 — 4 15 41 Estimate of remaining costs 2 16 4 — 22 Total $ 36 $ 22 $ 21 $ 11 $ 90 ______________ (1) During the year ended December 31, 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 for the year ended December 31, 2017 : Mortgage Production Segment Other Total (In millions) Costs incurred in current year $ 20 $ 7 $ 27 Cumulative costs recognized in prior years 33 8 41 Estimate of remaining costs 17 5 22 Total $ 70 $ 20 $ 90 Reorganization In February 2017, 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 are 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 first quarter of 2018. The following is a summary of expenses incurred to date for the Reorganization exit program within Exit and disposal costs in the Consolidated Statements of Operations, including an estimate of remaining and total program costs: Year Ended December 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Asset Impairment (1) Total (2) (In millions) Costs incurred in current year $ 30 $ 2 $ 1 $ 2 $ 35 Cumulative costs recognized in prior years — — — — — Estimate of remaining costs 1 1 — — 2 Total $ 31 $ 3 $ 1 $ 2 37 ______________ (1) During the year ended December 31, 2017 , the Company recorded a $2 million impairment for an equity method investment. (2) Exit costs related to Reorganization include amounts attributable to noncontrolling interest, representing $7 million of costs incurred during the year ended December 31, 2017 , and $7 million of total program costs. Refer to Note 17, 'Variable Interest Entities' for further information regarding agreements to sell certain assets of PHH Home Loans and its subsidiaries and exit the Real Estate channel. The following is a summary of the Reorganization program costs by segment for the year ended December 31, 2017 : Mortgage Production Segment Mortgage Servicing Segment Other Total (In millions) Costs incurred in current year $ 18 $ 2 $ 15 $ 35 Cumulative costs recognized in prior years — — — — Estimate of remaining costs 1 1 — 2 Total $ 19 $ 3 $ 15 $ 37 Exit Cost Liability The Company's Exit cost liability is included in Accounts payable and accrued expenses within the Consolidated Balance Sheets. A summary of the aggregate activity for both the PLS exit program and the Reorganization exit program is as follows: Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ — $ — $ — $ — Charges 22 — 4 26 Paid — — (1 ) (1 ) Balance, December 31, 2016 22 — 3 25 Charges 42 8 14 64 Paid (22 ) (6 ) (9 ) (37 ) Adjustments (1) 1 — — 1 Balance, December 31, 2017 $ 43 $ 2 $ 8 $ 53 ______________ (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	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	3. Earnings Per Share Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation by the weighted-average number of shares outstanding during the period. Diluted earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation by the weighted-average number of shares outstanding during the period, assuming all potentially dilutive common shares were issued. Share repurchases or issuances are included in the outstanding shares as of each settlement date. See further discussions of share activity and Board of Directors authorizations described in Note 14, 'Stock-Related Matters' . Weighted-average common shares outstanding includes the following activity: Year ended December 31, 2017 • the repurchase of 2,450,466 common shares between May 2017 and August 2017 under an open market repurchase program; and • the repurchase of 18,762,962 common shares under a modified "Dutch auction" self-tender offer during September 2017. Year ended December 31, 2016 • the repurchase of 1,508,772 common shares during January 2016 under an open market repurchase program. Year ended December 31, 2015 • the repurchase of 4,841,267 common shares during November 2015 and December 2015 under an open market repurchase program; • the issuance of 10,075,653 common shares during June 2015 which represented the amount by which the conversion value exceeded the note principal under an exchange offer of certain convertible debt; and • the receipt and retirement of 1,574,252 common shares during March 2015 which represented the final delivery of shares under accelerated repurchase agreements. The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of any contingently issuable securities where the contingency has not been met and excludes the effect of securities that would be anti-dilutive. Anti-dilutive securities may include: (i) outstanding stock-based compensation awards representing shares from restricted stock units and stock options and (ii) stock assumed to be issued related to convertible notes. The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated: Year Ended December 31, 2017 2016 2015 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (217 ) $ (202 ) $ (145 ) Weighted-average common shares outstanding — basic and diluted 46,912,204 53,627,170 55,201,713 Basic and Diluted loss per share attributable to PHH Corporation $ (4.62 ) $ (3.77 ) $ (2.62 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 988,486 1,980,240 1,386,775 Assumed conversion of debt securities — — 4,341,369 ______________ (1) For the year ended December 31, 2017 , excludes 70,425 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities

Servicing Activities	12 Months Ended
	Dec. 31, 2017
Transfers and Servicing [Abstract]
Servicing Activities	4. Servicing Activities Total Servicing Portfolio The following table summarizes the total servicing portfolio, which consists of loans associated with capitalized MSRs owned and secured, loans held for sale, and the portfolio associated with loans subserviced for others: December 31, 2017 2016 Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 57 $ 8,592 $ 690 $ 84,657 Capitalized MSRs under secured borrowing arrangements and subserviced (1) 419 49,193 — — Total capitalized MSRs $ 476 $ 57,785 $ 690 $ 84,657 Subserviced 89,844 89,170 Other servicing 526 815 Total $ 148,155 $ 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: Year Ended December 31, 2017 2016 2015 (In millions) Servicing fees from capitalized portfolio (1) $ 145 $ 266 $ 304 Subservicing fees 56 67 70 Late fees and other ancillary revenue 29 39 40 Loss on sale of MSRs and related costs (16 ) (3 ) (5 ) Curtailment interest paid to investors (6 ) (16 ) (15 ) Loan servicing income 208 353 394 Change in fair value of MSRs, net of related derivatives (2) (119 ) (228 ) (158 ) Change in fair value of MSRs secured liability 48 — — Loan servicing income, net $ 137 $ 125 $ 236 ________________ (1) Servicing fees from capitalized portfolio for the year ended December 31, 2017 include $29 million related to the estimated yield on capitalized MSRs treated as a secured borrowing arrangement. This is fully offset by the MSRs secured interest expense included within Net interest expense. (2) Derivative gains for the year ended December 31, 2017 were not significant. Amounts are net of derivative gains of $10 million and $29 million for the years ended December 31, 2016 and 2015 , respectively. Sales of MSRs While the Company has historically retained MSRs on its balance sheet from the majority of its loan sales, the Company entered into contracts to sell substantially all of its existing MSR assets in a series of transactions, a significant portion of which were completed during 2017. If the remaining 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 the private MSR sales are dependent on the portfolio composition at each transfer date and are subject to a number of approvals and closing requirements. The following table summarizes the Company's MSRs and its commitments under sale agreements, based on the portfolio as of December 31, 2017 : UPB Fair Value (In millions) MSR commitments: New Residential $ 5,940 $ 34 Other counterparties 565 5 MSRs capitalized under secured borrowing arrangements and subserviced 49,193 419 Non-committed 2,087 18 Total MSRs $ 57,785 $ 476 In addition, the Company has commitments to transfer approximately $110 million of Servicing advances to the counterparties of these agreements (based on the December 31, 2017 portfolio). For the year ended December 31, 2017 , the Company received $127 million in cash from sales of MSRs that have been derecognized and removed from the Consolidated Balance Sheets. For the year ended December 31, 2017 , the Company received an additional $426 million in cash from sales of MSRs that have been accounted for as a secured borrowing arrangement. As of December 31, 2017 , the Company has a $42 million gross accounts receivable related to holdback from executed MSR sales and transfers to address indemnification claims and mortgage loan document deficiencies, which is included in Accounts receivable, net in the Consolidated Balance Sheets. 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"). During 2017, the following sales were completed: • On February 2, 2017, the initial sale of 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 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. All of the sales with New Residential have been accounted for as a secured borrowing arrangement, which is further described in Note 16, 'Fair Value Measurements' . During 2017, the following sales were completed: • 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 . • During September 2017, additional sales of Fannie Mae and Freddie Mac MSRs under this agreement were completed, representing $1.3 billion of unpaid principal balance, $12 million of MSR fair value and $1 million of Servicing advances, with total expected proceeds of $13 million . • During the fourth quarter of 2017, additional sales of Fannie Mae and Freddie Mac MSRs were completed, representing $81 million of unpaid principal balance, $1 million of MSR fair value and an insignificant amount of Servicing advances, with total expected proceeds of $1 million . 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 approximately 363,000 units as of December 31, 2017 . Additionally, there are 27,000 units in the owned portfolio that are committed to sell to New Residential as of December 31, 2017 that would also be subserviced, if such sales are executed. The consummation of all of the remaining MSRs and related advances contemplated by this sale agreement is subject to the approvals of multiple counterparties, including origination sources, investors and trustees, as well as other customary closing requirements. 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 year ended December 31, 2017 , $35 million of MSR fair value was sold to other counterparties. In addition to the commitments presented, as of December 31, 2017 , the Company had commitments to sell MSRs through third-party flow sales related to $28 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 Capitalized MSRs owned recorded in the Consolidated Balance Sheets are created primarily through sales of originated loans on a servicing-retained basis or through the direct purchase of servicing from a third party. The activity in the total loan servicing portfolio unpaid principal balance associated with capitalized mortgage servicing rights consisted of: Year Ended December 31, 2017 2016 2015 2017 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 84,657 $ 98,990 $ 112,686 $ — Additions from loans sold with servicing retained 3,270 5,874 8,841 — Payoffs and curtailments (7,667 ) (19,211 ) (19,092 ) (4,847 ) Sales that have been derecognized (17,628 ) (996 ) (3,445 ) — Sales accounted for as secured borrowing (54,040 ) — — 54,040 Balance, end of period $ 8,592 $ 84,657 $ 98,990 $ 49,193 The activity in capitalized MSRs consisted of: Year Ended December 31, 2017 2016 2015 2017 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 690 $ 880 $ 1,005 $ — Additions from loans sold with servicing retained 36 60 101 — Sales that have been derecognized (131 ) (12 ) (39 ) — Sales accounted for as secured borrowing (467 ) — — 467 Changes in fair value due to: Realization of expected cash flows (59 ) (138 ) (169 ) (41 ) Changes in market inputs or assumptions used in the valuation model (12 ) (100 ) (18 ) (7 ) Balance, end of period $ 57 $ 690 $ 880 $ 419 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 GNMA (collectively, the "Agencies" or "GSEs") or (ii) sales to private investors. During the year ended December 31, 2017, 44% of mortgage loan sales were to, or pursuant to programs sponsored by, the GSEs and the remaining 56% were sold 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 13, 'Commitments and Contingencies' . During the year ended December 31, 2017, MSRs were initially retained on 45% of mortgage loans sold. Conforming conventional loans serviced are sold or securitized through Fannie Mae or Freddie Mac programs. Government loans serviced are generally sold or securitized through GNMA programs and are either insured against loss by the Federal Housing Administration or partially guaranteed against loss by the Department of Veterans Affairs. Additionally, non-conforming mortgage loans are serviced for various private investors on a non-recourse basis. A majority of mortgage loans are sold on a non-recourse basis; however, in connection with the sales of these assets, representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities. See Note 13, 'Commitments and Contingencies' for a further description of representation and warranty obligations. The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Year Ended December 31, 2017 2016 2015 (In millions) Proceeds from new loan sales or securitizations $ 3,711 $ 6,071 $ 9,075 Servicing fees from capitalized portfolio (1) 145 305 344 Purchases of previously sold loans (2) (21 ) (295 ) (128 ) Servicing advances (3) (998 ) (1,584 ) (2,083 ) Repayment of servicing advances (3) 1,270 1,647 2,086 ______________ (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 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 $66 million received for advances from sales of MSRs executed in the year ended December 31, 2017 . During the years ended December 31, 2017 , 2016 and 2015 , pre-tax gains of $158 million , $266 million and $300 million , respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	5. Derivatives The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. From time to time, various financial instruments are used to manage and reduce this risk, including swap contracts, forward delivery commitments on mortgage-backed securities or whole loans, futures and options contracts. Derivative instruments are recorded in Other assets and Other liabilities in the Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments. See Note 16, 'Fair Value Measurements' for further discussion regarding the measurements of derivative instruments. Interest Rate Lock Commitments. Interest rate lock commitments (“IRLCs”) represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Company (subject to the loan approval process) to fund the loan at the specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of the commitment through the loan funding date or expiration date. The loan commitments generally range between 30 and 90 days ; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Forward delivery commitments on mortgage-backed securities or whole loans and options on forward contracts are used to manage the interest rate and price risk. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs. Mortgage Loans Held for Sale. The Company is subject to interest rate and price risk on Mortgage loans held for sale from the loan funding date until the date the loan is sold into the secondary market. Forward delivery commitments on mortgage-backed securities or whole loans are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Forward delivery commitments may not be available for all products that the Company originates; therefore, a combination of derivative instruments, including forward delivery commitments for similar products, may be used to minimize the interest rate and price risk. Mortgage Servicing Rights. Mortgage servicing rights (“MSRs”) are subject to substantial interest rate risk as the mortgage notes underlying the servicing rights permit the borrowers to prepay the loans. Therefore, the value of MSRs generally tend to diminish in periods of declining interest rates (as prepayments increase) and increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics. In the fourth quarter of 2016, the Company significantly reduced its MSR-related derivative hedge coverage as a result of the MSR sale agreements that fixed the price the Company expects to realize at future transfer dates. The remaining MSR-related derivatives were settled during the first half of 2017. For further discussion of the MSR sale agreements, see Note 4, 'Servicing Activities'. The following table summarizes the gross notional amount of derivatives: December 31, 2017 2016 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 192 $ 862 Forward delivery commitments 614 2,104 MSR-related agreements — 260 Option contracts — 120 The Company is exposed to risk in the event of non-performance by counterparties in its derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. The Company’s derivatives may also be governed by an ISDA or an MSFTA, and bilateral collateral agreements are in place with certain counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty and a legally enforceable master netting agreement is in effect with that counterparty, the Company considers its exposure to be the net fair value of all positions with that counterparty including the value of any cash collateral amounts posted or received. In addition, the Company has global netting arrangements with certain counterparties whereby the Company’s outstanding derivative and cash collateral positions may be settled net against amounts outstanding under borrowing arrangements and other obligations when an event of default has occurred. These amounts are not presented net in the Consolidated Balance Sheets as the netting provisions are contingent upon an event of default. As of December 31, 2017 , there were no significant assets or liabilities subject to master netting arrangements, and there were $5 million of interest rate lock commitment assets not subject to master netting arrangements. The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting as of December 31, 2016: December 31, 2016 Gross Assets Offsetting Payables Cash Collateral Paid Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 13 $ (43 ) $ 31 $ 1 MSR-related agreements 19 (22 ) 4 1 Option contracts 1 (1 ) — — Derivative assets subject to netting 33 (66 ) 35 2 Not subject to master netting arrangements: Interest rate lock commitments 18 — — 18 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 19 — — 19 Total derivative assets $ 52 $ (66 ) $ 35 $ 21 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 4 $ (10 ) $ 11 $ 5 MSR-related agreements 65 (55 ) 2 12 Option contracts — (1 ) 2 1 Derivative liabilities subject to netting 69 (66 ) 15 18 Total derivative liabilities $ 69 $ (66 ) $ 15 $ 18 The following table summarizes the gains (losses) recorded in the Consolidated Statements of Operations for derivative instruments: Year Ended December 31, 2017 2016 2015 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 200 $ 315 $ 261 Forward delivery commitments (8 ) (1 ) (7 ) Option contracts (1 ) — (2 ) Net derivative gain related to mortgage servicing rights: MSR-related agreements — 10 29

Property and Equipment, Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Property and Equipment, Net	6. Property and Equipment, Net Property and equipment, net consisted of: December 31, 2017 2016 (In millions) Capitalized software $ 120 $ 130 Furniture, fixtures and equipment 10 33 Capital leases — 9 Leasehold improvements 19 25 149 197 Less: Accumulated depreciation and amortization (127 ) (161 ) Total $ 22 $ 36

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2017
Other Assets [Abstract]
Other Assets	7. Other Assets Other assets consisted of: December 31, 2017 2016 (In millions) Prepaid expenses $ 8 $ 11 Real estate owned, net (1) 7 16 Derivatives (Note 5) 5 21 Mortgage loans in foreclosure, net (2) 3 21 Repurchase eligible loans (3) 1 13 Income taxes receivable — 14 Equity method investments (4) — 10 Deferred financing costs — 1 Other 2 2 Total $ 26 $ 109 (1) As of December 31, 2017 and 2016 , Real estate owned is net of Adjustment to value for real estate owned of $9 million and $14 million , respectively. (2) As of December 31, 2017 and 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $2 million and $10 million , respectively. (3) Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent and where it has been determined that there is more than a trivial benefit from exercising the repurchase option. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets. (4) See Note 16, 'Fair Value Measurements' for a discussion of the impairment recorded during the year ended December 31, 2016, and Note 1, 'Summary of Significant Accounting Policies' for a discussion of the acquisition of STARS.

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Accounts Payable and Accrued Expenses	8. Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of: December 31, 2017 2016 (In millions) Exit cost liability (Note 2) $ 53 $ 25 Accounts payable 39 77 Accrued payroll and benefits 33 50 Accrued servicing related expenses 10 12 Accrued interest 3 16 Income taxes payable 2 — Repurchase eligible loans (Note 7) 1 13 Total $ 141 $ 193

Other Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Other Liabilities	9. Other Liabilities Other liabilities consisted of: December 31, 2017 2016 (In millions) Legal and regulatory matters (Note 13) $ 20 $ 114 Pension and other post-employment benefits (Note 11) 11 11 Income tax contingencies (Note 12) 11 8 Liability to deliver MSRs (Note 16) 2 — Derivatives (Note 5) — 18 Other 3 6 Total $ 47 $ 157

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	10. Debt and Borrowing Arrangements The following table summarizes the components of Debt: December 31, 2017 December 31, 2016 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 169 3.7 % $ 206 $ 556 Uncommitted warehouse facilities 51 3.3 % 249 — Servicing advance facility 32 3.4 % 33 99 Mortgage warehouse and advance facilities 252 655 Term notes due in 2019 97 7.375 % n/a 275 Term notes due in 2021 22 6.375 % n/a 340 Unsecured credit facilities — — 3 — Unsecured debt, face value 119 615 Debt issuance costs (1 ) (8 ) Unsecured debt, net 118 607 Total $ 370 $ 1,262 ______________ (1) Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings. (2) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. Assets held as collateral that are not available to pay the Company’s general obligations as of December 31, 2017 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ 3 $ 10 $ — $ — Servicing advances — 56 232 — Mortgage loans held for sale (unpaid principal balance) 233 — — — Mortgage serving rights — — — 419 Total $ 236 $ 66 $ 232 $ 419 ______________ (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 December 31, 2017 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 220 $ 32 $ — $ 252 Between one and two years — — 97 97 Between two and three years — — — — Between three and four years — — 22 22 Between four and five years — — — — Thereafter — — — — $ 220 $ 32 $ 119 $ 371 See Note 16, '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: December 31, 2017 2016 2015 (In millions) Interest income $ 37 $ 43 $ 44 Secured interest expense (24 ) (33 ) (35 ) MSRs secured interest expense (1) (29 ) — — Unsecured interest expense (20 ) (42 ) (55 ) Net interest expense $ (36 ) $ (32 ) $ (46 ) _____________ (1) MSRs secured interest expense is the implied interest cost on the MSRs secured liability. 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 Mortgage warehouse facilities primarily represents variable-rate asset-backed facilities to support the origination of mortgage loans, which provide creditors a collateralized interest in specific mortgage loans that meet the eligibility requirements under the terms of the facility. The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. The Company evaluates its capacity needs for warehouse facilities, and adjusts the amount of available capacity under these facilities in response to the current mortgage environment and origination needs. Committed repurchase facilities typically have up to a 364 -day term. However, beginning in 2016 and throughout 2017, the Company entered into shorter term facilities with certain of its lenders to allow both the Company and the lender to evaluate facility needs and agreement terms that would be appropriate for the Company's new business model after the completion of its strategic actions. As of December 31, 2017 , the Company has outstanding mortgage repurchase facilities with Barclays Bank PLC, Bank of America, N.A., and Wells Fargo Bank, N.A., with a range of maturity dates from January 31, 2018 to April 2, 2018. Upon expiration of these existing agreements, the Company expects to negotiate terms for repurchase facility commitments to meet its forecasted capacity needs. On July 31, 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 January 31, 2018. On January 30, 2018, the Company extended the committed Barclay's warehouse facility through April 30, 2018 at the same committed capacity, and the uncommitted capacity was reduced to $25 million . On December 1, 2017, the committed mortgage repurchase facilities of $200 million with Wells Fargo Bank were extended to April 2, 2018. On February 20, 2018, the committed capacity was reduced to $100 million at the Company's request. On March 31, 2017, the committed mortgage repurchase facility of $150 million with Fannie Mae expired and was not renewed by mutual agreement. On April 30, 2017, the uncommitted mortgage repurchase facility was reduced to $200 million to better align capacity with anticipated needs. On December 21, 2017, the committed repurchase facility with Bank of America was reduced to $75 million at the Company's request, and the facility was extended to March 31, 2018. Servicing Advance Facility PHH Servicer Advance Receivables Trust 2013-1 (“PSART”), a special purpose bankruptcy remote trust was formed for the purpose of issuing non-recourse asset-backed notes, secured by servicing advance receivables. PSART was consolidated as a result of the determination that the Company is the primary beneficiary, as discussed in Note 17, 'Variable Interest Entities' . On June 15, 2017, PSART 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. On September 8, 2017, at the Company's request, the aggregate maximum principal amount was reduced to $65 million . PSART issues variable funding notes that have a revolving period, during which time the monthly collection of advances are applied to pay down the notes and create additional availability to fund advances. The notes bear interest, payable monthly, based on LIBOR plus an agreed-upon margin. Unsecured Debt As of December 31, 2017 , the Company’s unsecured debt obligations include series of Term notes which are senior unsecured and unsubordinated obligations that rank equally with all existing and future senior unsecured debt. 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 recognized a loss of $34 million in Other Operating Expenses in the Consolidated Statements of Operations. As of December 31, 2017, the Company's outstanding unsecured obligations were comprised of the following: • Term notes due 2019. The 7.375% 2019 Senior note series has $97 million of principal due September 1, 2019. Senior notes due 2019 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The notes are redeemable by the Company upon payment of a make-whole premium, in accordance with the optional redemption clause in the indenture. • Term notes due 2021. The 6.375% 2021 Senior note series has $22 million of principal due August 15, 2021. Senior notes due 2021 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The notes are redeemable by the Company at any time after August 15, 2017 and in accordance with the optional redemption clause in the indenture. Debt Covenants Certain debt arrangements require the maintenance of certain financial ratios and contain other affirmative and negative covenants, termination events, conditions precedent to borrowing, and other restrictions, including, but not limited to, covenants relating to material adverse changes, consolidated net worth, leverage, liquidity, profitability, available committed mortgage warehouse borrowing capacity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, and restrictions on certain types of payments, including dividends and stock repurchases. Certain other debt arrangements contain provisions that permit the Company or the counterparty to terminate the arrangement upon the occurrence of certain events including those described below. Among other covenants, certain committed mortgage repurchase facilities require that the Company maintain: (i) net worth of at least $250 million as of December 31, 2017, and $150 million on the last day of each fiscal month thereafter; (ii) a ratio of indebtedness to tangible net worth no greater than 4.50 to 1; (iii) a ratio of unsecured indebtedness to tangible net worth of not more than 1.25 to 1; and (iv) maintenance of $100 million of cash and cash equivalents in excess of its liability for legal and regulatory matters as of December 31, 2017, and $70 million at all times thereafter. These covenants represent the most restrictive net worth, liquidity, and debt to equity covenants; however, certain other outstanding debt agreements contain liquidity and debt to equity covenants that are less restrictive. Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the operative documents and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If the Company does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of certain debt agreements could be accelerated and the ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of the Company’s other agreements and instruments. As of December 31, 2017 , the Company was in compliance with all financial covenants related to its debt arrangements. See Note 14, 'Stock-Related Matters' for information regarding restrictions on the Company’s ability to pay dividends pursuant to certain debt arrangements.

Pension and Other Post Employme

Pension and Other Post Employment Benefits	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Pension and Other Post Employment Benefits	11. Pension and Other Post-Employment Benefits Defined Contribution Savings Plans. The Company and PHH Home Loans sponsor separate defined contribution savings plans that provide certain eligible employees an opportunity to accumulate funds for retirement and contributions of participating employees are matched on the basis specified by these plans. The costs for the matching contributions are included in Salaries and related expenses in the Consolidated Statements of Operations. Salaries and related expenses included contributions of $5 million , $7 million and $8 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. Defined Benefit Pension Plan and Other Post-Employment Benefits Plan . The Company sponsors a domestic non-contributory defined benefit pension plan, which covers certain current and former eligible employees. Benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. In addition, a post-employment benefits plan is maintained for retiree health and welfare costs of certain eligible employees. Both the defined benefit pension plan and the other post-employment benefits plan are frozen, wherein the plans only accrue additional benefits for a very limited number of employees. The following table shows the change in the benefit obligation, plan assets and funded status for the defined benefit pension plans: Pension Benefits Other Post-Employment Benefits 2017 2016 2017 2016 (In millions) Benefit obligation $ 50 $ 48 $ 1 $ 1 Fair value of plan assets 40 38 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 15 $ 16 $ — $ — The net periodic benefit cost related to the defined benefit pension plan was $1 million for each of the years ended December 31, 2017 and December 31, 2016 , respectively and was included in Salaries and related expenses. The amount was not significant for the year ended December 31, 2015 . The net periodic benefit costs related to the other post-employment benefit plan were not significant for each of the years ended December 31, 2017 , 2016 , and 2015 . As of December 31, 2017 , future expected benefit payments to be made from the defined benefit pension plan’s assets, which reflect expected future service, are $2 million in each of the years ending December 31, 2018 and 2019, $3 million for each of the years ending December 31, 2020 through 2022, and $14 million for the subsequent five years ending December 31, 2027. The Company’s policy is to contribute amounts to the defined benefit pension plan sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts at the discretion of the Company. There were no contributions made to the plan for the years ended December 31, 2017 and 2016 , and contributions are not expected to be significant for the year ended December 31, 2018 .

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes Income Tax Provision The following table summarizes Income tax benefit: Year Ended December 31, 2017 2016 2015 (In millions) Current: Federal $ 42 $ — $ — State 1 — (1 ) Change in income tax contingencies (1 ) (2 ) — Total current income tax expense (benefit) 42 (2 ) (1 ) Deferred: Federal (102 ) (100 ) (79 ) State (19 ) (9 ) (2 ) Total deferred income tax benefit (121 ) (109 ) (81 ) Income tax benefit $ (79 ) $ (111 ) $ (82 ) Deferred Taxes Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income tax returns' purposes. The following table summarizes the significant components of deferred tax assets and liabilities: December 31, 2017 2016 (In millions) Deferred tax assets: Federal loss carryforwards $ — $ 23 State loss carryforwards and credits 48 39 Reserves and allowances 17 36 Exit cost liability 10 10 Accrued legal and regulatory matters 6 46 Other accrued liabilities 17 24 Other 4 — Gross deferred tax assets 102 178 Valuation allowance (78 ) (44 ) Deferred tax assets, net of valuation allowance 24 134 Deferred tax liabilities: Mortgage servicing rights (1) 20 234 Other 4 1 Deferred tax liabilities 24 235 Net deferred tax liability $ — $ 101 (1) For the year ended December 31, 2017 , the decrease in the MSR deferred tax liability is primarily a result of the Company's execution of the MSRs secured borrowing arrangement with New Residential that resulted in the sale of a substantial portion of the Company's MSR portfolio for tax purposes. The deferred tax balance represent the future tax asset or liability generated upon reversal of the differences between the tax basis and book basis of certain of the Company's assets and liabilities. The Company's net deferred tax assets are reduced by valuation allowances if it is more likely than not that some portion of the deferred tax asset will not be realized. This assessment includes the consideration of all available evidence, both positive and negative, using a "more likely than not" standard with respect to whether deferred tax assets will be realized. The Company's evaluation of the realizability of its net deferred tax asset as of December 31, 2017 resulted in a valuation allowance of $78 million to reduce the net deferred basis to zero , driven primarily by provisions in the Tax Cuts and Jobs Act (the “Tax Act”) that reduce the current federal income tax rate from 35% to 21% , and provisions that eliminate the Company's ability to carry back Federal net operating losses generated in taxable years beginning after December 31, 2017. The deferred tax assets' valuation allowance also relates to state loss carryforwards and net non-loss deferred tax assets. The valuation allowance will be reduced when and if it is determined that it is more likely than not that all or a portion of the deferred tax assets will be realized. The Company's net deferred tax asset includes state loss carryforwards will expire from 2017 to 2038, if not utilized. Effective Tax Rate Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows: Year Ended December 31, 2017 2016 2015 (In millions) Loss before income taxes $ (273 ) $ (304 ) $ (213 ) Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (96 ) $ (106 ) $ (75 ) Impact of federal tax reform 30 — — Changes in rate and apportionment factors 13 1 3 Noncontrolling interest (8 ) (3 ) (5 ) Changes in valuation allowance (13 ) 5 10 State and local income taxes, net of federal tax benefits (18 ) (15 ) (14 ) Liabilities for income tax contingencies 3 (2 ) — Nondeductible expenses 7 6 6 Other 3 3 (7 ) Income tax benefit $ (79 ) $ (111 ) $ (82 ) Effective tax rate (28.9 )% (36.7 )% (38.4 )% Impact of federal tax reform. Represents the impact of the Tax Act that was enacted on December 22, 2017. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. For the year ended December 31, 2017, the impact of the tax reform is $30 million consisting of revaluation of its net deferred tax asset and an increase to the valuation allowance, as discussed further above, driven by provisions in the act that reduce the current federal income tax rate and eliminate the net operating loss carryback. Changes in rate and apportionment factors. Represents the impact to the effective tax rate from deferred tax items for changes in apportionment factors and state tax rate and reflect the impact of applying statutory changes to apportionment weight, apportionment sourcing and corporate income tax rates that were enacted by various states. For the year ended December 31, 2017, the impact includes the shift in state apportionment of deferred tax items driven in part by the Company's executed MSR sales and other business changes. Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans. The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members. Accordingly, the Company’s Income tax expense or benefit includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans. Changes in valuation allowance. Excludes changes in valuation allowance as a result of the Impact of federal tax reform, discussed above. Represents other impacts to the effective tax rate from state net operating loss ("NOL") carryforwards utilized or generated during the year and certain cumulative non NOL deferred tax assets for which the Company believes it is more likely than not that the amounts will not be realized. For the year ended December 31, 2017 , state tax losses utilized were $6 million and the remaining changes were from non NOL deferred tax assets for which a valuation allowance is not warranted. For the year ended December 31, 2016, state tax losses generated were $4 million and the remaining changes were from non NOL deferred tax assets for which a valuation allowance is warranted. State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income or loss from the operations by entity and state income tax jurisdiction. For the year ended December 31, 2017 as compared to 2016, the effective state tax rate is higher due to the Company’s losses from its operations in multiple jurisdictions that are taxed at a higher apportionments. Liabilities for income tax contingencies. Represents the impact to the effective tax rate from changes in the liabilities for income tax contingencies associated with new uncertain tax positions taken during the period or the resolution and settlement of prior uncertain tax positions with various taxing authorities. For the year ended December 31, 2017, the change was due to provisions in the Tax Act that resulted in changes to the federal tax rate applied to positions taken in prior periods. For the year ended December 31, 2016, the change was driven by the expiration of statute of limitations related to tax positions taken in prior years. Nondeductible expenses. For the years ended December 31, 2017 and 2016 , the amount represents the impact to the effective tax rate from nondeductible expenses primarily related to legal and regulatory matters of $3 million and $6 million , respectively. Additionally for 2017, $4 million tax deficiencies relates to stock buyback expenses, and non-deductible meals and entertainment expenses. Other. For the years ended December 31, 2017 and 2016 , the amount was driven from adjustments resulting from the comparison of items included in the prior year provision to the final income tax returns. Unrecognized Income Tax Benefits Unrecognized income tax benefits are recognized related to tax positions included in: (i) previously filed income tax returns and (ii) financial results expected to be included in income tax returns to be filed for periods through the date of the Consolidated Financial Statements. The Company recognizes tax benefits from uncertain income tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authority based on the technical merits of the position. An uncertain income tax position that meets the “more likely than not” recognition threshold is then measured to determine the amount of the benefit to recognize. An unrecognized tax benefit, or a portion of an unrecognized tax benefit, is presented in the Consolidated Balance Sheets within Other liabilities to the extent a NOL carryforward is not available at the reporting date to settle any additional income taxes resulting from the tax position. In other instances where a NOL carryforward is available, the amounts are recorded as a reduction to the Company’s deferred tax liabilities in the Consolidated Balance Sheets. Activity related to the Company's unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of: Year Ended December 31, 2017 2016 2015 (In millions) Balance, beginning of period $ 8 $ 11 $ 11 Activity related to tax positions taken during the current year — — — Activity related to tax positions taken during prior years 3 (3 ) — Balance, end of period $ 11 $ 8 $ 11 The estimated liability for the potential payment of interest and penalties included in the liability for unrecognized income tax benefits was $2 million and $2 million as of both December 31, 2017 and 2016 , respectively. The amount of unrecognized income tax benefits may change by $11 million in the next twelve months primarily due to the expiration of the audit period for income tax positions taken during prior years. The effective income tax rate would be positively impacted by $11 million as of both December 31, 2017 and 2015 in the event of a favorable resolution of income tax contingencies or reductions in valuation allowances and $8 million as of December 31, 2016. The Company and its subsidiaries are currently under examination by the IRS for the tax years ended December 31, 2016, 2015 and 2014 and remain subject to examination for the year ended December 2017. As of December 31, 2017, foreign and state income tax filings were subject to examination for periods including and subsequent to 2009, dependent upon jurisdiction.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies Legal Contingencies The Company and its subsidiaries are routinely, and currently, defendants in various legal proceedings that arise in the ordinary course of PHH's business, including class actions and other private and civil litigation. These proceedings are generally based on alleged violations of consumer protection laws (including the Real Estate Settlement Procedures Act ("RESPA")), employment laws and contractual obligations. Similar to other mortgage loan originators and servicers, the Company and its subsidiaries are also routinely, and currently, subject to government and regulatory examinations, investigations and inquiries or other requests for information. The resolution of these various legal and regulatory matters may result in adverse judgments, fines, penalties, injunctions and other relief against the Company as well as monetary payments or other agreements and obligations. In particular, legal proceedings brought under RESPA and other federal or state consumer protection laws that are ongoing, or may arise from time to time, may include the award of treble and other damages substantially in excess of actual losses, attorneys' fees, costs and disbursements, and other consumer and injunctive relief. These proceedings and matters are at varying procedural stages and the Company may engage in settlement discussions on certain matters in order to avoid the additional costs of engaging in litigation. The outcome of legal and regulatory matters is difficult to predict or estimate and the ultimate time to resolve these matters may be protracted. In addition, the outcome of any legal proceeding or governmental and regulatory matter may affect the outcome of other pending legal proceedings or governmental and regulatory matters. A liability is established for legal and regulatory contingencies when it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated. The Company recognizes legal costs associated with loss contingencies as they are incurred. In light of the inherent uncertainties involved in litigation, legal proceedings and other governmental and regulatory matters, it is not always possible to determine a reasonable estimate of the amount of a probable loss, and the Company may estimate a range of possible loss for consideration in its estimates. The estimates are based upon currently available information and involve significant judgment taking into account the varying stages and inherent uncertainties of such matters. Accordingly, the Company’s estimates may change from time to time and such changes may be material to the consolidated financial results. As of December 31, 2017 , the Company’s recorded liability associated with legal and regulatory contingencies was $20 million and is presented in Other liabilities in the Consolidated Balance Sheets. Given the inherent uncertainties and status of the Company’s outstanding legal proceedings, the range of reasonably possible losses cannot be estimated for all matters. For matters where the Company can estimate the range, the Company believes reasonably possible losses in excess of recorded liability are not significant as of December 31, 2017 . The Company is currently in discussions with its insurance carriers about an insurance claim related to certain previously disclosed legal and regulatory settlements. Any insurance proceeds represent a gain contingency and will be recognized if, and when, realized or realizable and earned. 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 that are pending or were substantially resolved through settlement agreements entered into during the year ended December 31, 2017 : 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. 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. In January 2018, the en banc court of the United States Court of Appeals for the District of Columbia Circuit reinstated the October 2016 panel decision as it related to the RESPA issues, which included vacating the CFPB’s order imposing $109 million in disgorgement penalties. In February 2018, the en banc court remanded the matter back to the CFPB for further proceedings in compliance with the reinstated panel opinion. The Company continues to believe that it complied with RESPA and other laws applicable to our former mortgage reinsurance activities in all respects, and with respect to the remand, the Company will continue to present, if necessary, the facts and evidence to support its position that mortgage insurers did not pay more than reasonable market value to PHH affiliated reinsurers. Given the nature of this matter and the current status, the Company cannot estimate the amount of loss, or a range of possible losses, if any, in connection with this matter. MMC Examination. The Company underwent 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. In the fourth quarter of 2017, the Company entered into a settlement agreement with a multistate coalition of certain mortgage banking regulators ("MMC") and consent orders with certain state attorneys general to resolve and close out findings from the MMC examination, without any admission of liability. The settlements cover mortgage loan servicing practices, including foreclosure activities, occurring between January 1, 2009 and December 31, 2012. Under the terms of the settlement, the Company will pay approximately $45 million in aggregate, of which $38 million was paid during the fourth quarter of 2017. The remaining settlement amount not yet paid is included in the Company's recorded liability as of December 31, 2017. In addition, under the terms of the settlements, the Company agreed to comply with certain servicing standards, to conduct testing of compliance with such servicing standards for a period of three years, and to report to the MMC regarding the same. HUD Subpoenas. The Company has 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 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, which allows for civil penalties and treble damages substantially in excess of actual losses, 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 reached a settlement of this matter with the U.S. Department of Justice for $65 million without any admission of liability, which amount was paid during the third quarter of 2017. Other Subpoenas and Investigations. The Company previously disclosed that it had received document subpoenas from the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York. The subpoenas requested production of certain documents related to, among other things: (i) foreclosure expenses that the Company incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac and (ii) the origination and underwriting of loans sold pursuant to programs sponsored by Fannie Mae, Freddie Mac or Ginnie Mae. In 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 reached a settlement of these matters with the U.S. Department of Justice, without any admission of liability, for $9.5 million , which was paid during the third quarter of 2017. 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 previously disclosed it was subject to 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 paid a majority of the settlement costs during the third quarter of 2017, while the remaining costs yet to be paid are included in the recorded liability as of December 31, 2017. Repurchase and Foreclosure-Related Reserves Representations and warranties are provided to investors and insurers on a significant portion of loans sold, and are also assumed on purchased mortgage servicing rights for loans that are owned by the Agencies or included in Agency-guaranteed securities. In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss. For conventional loans, if there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss. The Company has limited exposure related to VA and FHA insured loans. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator. Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned. A summary of the activity in repurchase and foreclosure-related reserves is as follows: Year Ended December 31, 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (34 ) (42 ) Transfer of reserves (1) (5 ) — Increase in reserves due to: Changes in assumptions 3 19 New loan sales 3 7 Balance, end of period $ 40 $ 73 ______________ (1) Represents reserves associated with certain Mortgage loans in foreclosure that were transferred to Mortgage loans held for sale and subsequently sold during the year ended December 31, 2017 in connection with the Company's marketing those assets for sale. Repurchase and foreclosure-related reserves consist of the following: December 31, 2017 2016 (In millions) Loan repurchase and indemnification liability $ 29 $ 49 Adjustment to value for real estate owned 9 14 Allowance for probable foreclosure losses 2 10 Total $ 40 $ 73 Loan Repurchases and Indemnifications As of December 31, 2017 and 2016 , liabilities for probable losses related to repurchase and indemnification obligations of $29 million and $49 million , respectively, are presented in the Consolidated Balance Sheets. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions including borrower performance, investor demand patterns, expected relief from the expiration of repurchase obligations, the expected success rate in defending against requests and estimated loss severities. In December 2016, the Company entered into resolution agreements with Fannie Mae and Freddie Mac to resolve substantially all representation and warranty exposure related to the sale of mortgage loans that were originated and delivered prior to September 30, 2016 and November 30, 2016, respectively. The resolution agreements do not cover loans with certain defects, which include but are not limited to, loans with certain title issues or with violations of law. After executing the resolution agreements, the Company's remaining exposure to repurchase and indemnification claims consists primarily of estimates for claims from private investors and newly originated mortgage loans, 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. As of December 31, 2017 , the estimated amount of reasonably possible losses in excess of the recorded liability was not significant. The maximum amount of losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties. As of December 31, 2017 , $46 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; 23% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans). Net Worth Requirements In addition to the capital requirements of the Company as outlined in Note 10, 'Debt and Borrowing Arrangements' , certain subsidiaries of the Company are subject to various regulatory capital requirements as a result of their mortgage origination and servicing activities. The Company’s wholly owned subsidiary, PHH Mortgage Corporation (“PHH Mortgage”), is subject to various regulatory capital requirements administered by the Department of Housing and Urban Development (“HUD”), which governs non-supervised, direct endorsement mortgagees, and Ginnie Mae, Fannie Mae and Freddie Mac, which sponsor programs that govern a significant portion of PHH Mortgage's mortgage loans sold and servicing activities. Additionally, PHH Mortgage is required to maintain minimum net worth requirements for many of the states in which it sells and services loans. Each state has its own minimum net worth requirement; however, none of the state requirements are material to its financial statements. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary remedial actions by regulators that, if undertaken, could: (i) remove the PHH Mortgage’s ability to sell and service loans to or on behalf of the Agencies; and (ii) have a direct material effect on the Company’s financial statements, results of operations and cash flows. In accordance with the regulatory capital guidelines, PHH Mortgage must meet specific quantitative measures of cash, assets, liabilities, profitability and certain off-balance sheet items calculated under regulatory accounting practices. Further, changes in regulatory and accounting standards, as well as the impact of future events on PHH Mortgage’s results, may significantly affect the Company’s net worth adequacy. Among PHH Mortgage’s various capital requirements related to its outstanding mortgage origination and servicing agreements and other third-party agreements, including debt covenants, the most restrictive of these requires PHH Mortgage to maintain a minimum net worth balance of $100 million as of December 31, 2017 . As of December 31, 2017 , PHH Mortgage’s actual net worth was $381 million and the Company was in compliance with the requirements. Lease and Purchase Commitments The Company is committed to making rental payments under noncancelable operating related to various facilities and equipment. In addition, during the normal course of business, various commitments are made to purchase goods or services from specific suppliers, including those related to capital expenditures. During the years ended December 31, 2017 , 2016 , and 2015 , rental expense of $19 million , $22 million , and $22 million , respectively, was recorded in Occupancy and other office expenses in the Consolidated Statements of Operations. The following table summarizes the Company’s commitments as of December 31, 2017 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2018 $ 13 $ 6 2019 10 5 2020 9 — 2021 8 — 2022 8 — Thereafter — — Total $ 48 $ 11 ________________ (1) Excludes $6 million of minimum sublease income due in the future under noncancelable subleases. Off-Balance Sheet Arrangements and Guarantees In the ordinary course of business, numerous agreements are entered into that contain guarantees and indemnities where a third-party is indemnified for breaches of representations and warranties. Such guarantees or indemnifications are granted under various agreements, including those governing leases of real estate, access to credit facilities, use of derivatives and issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the buyers in sale agreements and sellers in purchase agreements, landlords in lease contracts, financial institutions in credit facility arrangements and derivative contracts and underwriters in debt or equity security issuances. While some guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, and the maximum potential amount of future payments cannot be estimated. With respect to certain guarantees, such as indemnifications of landlords against third-party claims, insurance coverage is maintained that mitigates any potential payments. Guarantees related to Mortgage Warehouse Debt. In connection with certain Mortgage warehouse borrowing arrangements, the Company has entered into agreements to unconditionally and irrevocably guarantee payment on the obligations of its subsidiaries. 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 December 31, 2017 , the total amount of potential future lease payments under this guarantee was $13 million ; however, the Company does not believe any amount of loss under this guarantee is probable. During 2017, the Company entered into assignments with Guaranteed Rate Affinity, LLC ("GRA") for certain of PHH Home Loans' facility leases that were associated with the location transfers under the asset sale agreement. Refer to Note 17, 'Variable Interest Entities' for further information on the sale transactions. Under the terms of these original facility leases, PHH remains jointly and severally obligated with GRA for performance under certain lease agreements. As of December 31, 2017 , the total amount of potential future lease payments under these guarantees was approximately $2 million , and the Company does not believe any amount of loss under this guarantee is probable.

Stock-Related Matters

Stock-Related Matters	12 Months Ended
	Dec. 31, 2017
Disclosure of Restrictions on Dividends, Loans and Advances Disclosure [Abstract]
Stock-Related Matters	14. Stock-Related Matters Convertible Note Conversion In June 2015, the Company completed an offer to exchange its Convertible notes due in 2017, and the amount by which the conversion value exceeded the principal of the converted notes was settled in shares. A total of 10,075,653 shares were issued under the exchange offer for the convertible debt. Share Repurchase Programs Accelerated Share Repurchase ("ASR") Programs. In 2014, the Company entered into ASR agreements to repurchase PHH's Common stock pursuant to a Collared ASR agreement and an Uncollared ASR agreement. The Company completed the ASR programs after the Company received the final 1,574,252 shares in March 2015. Open Market Purchases. During 2015, the Company paid $77 million to retire 4,841,267 shares and, in January 2016, the Company paid an additional $23 million to retire 1,508,772 shares, in each case pursuant to a previously announced open market share repurchase program. On May 3, 2017, the Company was authorized to purchase up to $100 million in open market purchases. During 2017, the Company paid $34 million to retire 2,450,466 shares. In August 2017, the Company’s Board of Directors authorized an increase in Common stock share repurchases up to $300 million , and in September 2017, the Company completed $267 million in repurchases from our modified "Dutch auction" tender offer retiring 18,762,962 shares. On November 5, 2017, the Company's Board of Directors provided an authorization for up to $100 million of share repurchases, and there has been no share repurchase activity under this authorization for the year ended December 31, 2017 . Restrictions on Share-Related Payments As of December 31, 2017 , the Company is not prohibited in its ability to declare or pay dividends on account of its Common stock. The Company has not declared or paid cash dividends on its Common stock since it began operating as an independent, publicly traded company in 2005. However, pursuant to the Agreement and Plan of Merger dated as of February 27, 2018 the Company entered into with Ocwen and POMS Corp, we are not permitted to declare or pay dividends, or repurchase our shares, without the prior consent of Ocwen. Refer to Note 20, 'Subsequent Events' for information regarding a proposed Merger with Ocwen Financial Corporation. The provisions of the Company's debt arrangements, capital requirements of the Company's operating subsidiaries and other legal requirements and regulatory constraints may restrict the Company from making such share-related payments. Limitations and restrictions on the Company’s ability to make share-related payments include but are not limited to maintaining compliance with the financial covenants contained in certain subsidiaries’ mortgage warehouse funding agreements, including but not limited to: (i) the maintenance of net worth of at least $250 million as of December 31, 2017, and $150 million on the last day of each fiscal month thereafter; and (ii) a ratio of unsecured indebtedness to tangible net worth of no greater than 1.25 to 1. In addition, the Company is limited in the amount of share-related payments that can be distributed due to capital that is required to be maintained at its subsidiaries. The amount of intercompany dividends, share-related payments and other fund transfers that certain of the Company’s subsidiaries can declare or distribute to the Company or to other consolidated subsidiaries (and ultimately to the Company) is limited due to provisions of their debt arrangements, capital requirements, and other legal requirements and regulatory constraints. The aggregate restricted net assets of these subsidiaries totaled $102 million as of December 31, 2017 .

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	15. Stock-Based Compensation The PHH Corporation 2014 Equity and Incentive Plan (the “Plan”) governs awards of share based compensation. The plan allows awards in the form of stock options, stock appreciation rights, restricted stock units and other stock- or cash-based awards. The aggregate number of shares of PHH Common stock available to be issued under the Plan is 8,406,180 , of which 7,183,901 were still available for grant as of December 31, 2017 . The Company's outstanding awards consist of the following: • Stock Options are granted with exercise prices at the fair market value of the Company’s shares of Common stock, which is considered equal to the closing share price on the date of grant. Stock option awards have a maximum contractual term of ten years from the grant date; however, the awards generally contain provisions that limit the exercise date, to the extent vested on the date of termination, for a period of one year from the date of termination or until the expiration date, if earlier. • Restricted stock units (“RSUs”) are classified as equity awards and include service-based and market-based restricted stock units to purchase shares of Common stock. RSUs entitle employees to receive one share of the Company's Common stock upon the vesting of each RSU. • Restricted cash units (“RCUs”) are classified as liability awards and include service-based and market-based restricted cash units to be settled in cash under the Plan. RCUs entitle employees to receive a cash payout equal to the closing share price (on the vesting date) of one share of common stock for each unit granted. The following table summarizes expenses related to stock-based compensation arrangements recorded in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 2015 (In millions) Salaries and related expenses Stock-based compensation expense for equity awards $ 5 $ 9 $ 9 Stock-based compensation expense for liability awards 1 1 2 Exit and disposal costs Stock-based compensation expense for liability awards (1) 7 — — Income tax benefit Benefit related to stock-based compensation expense (5 ) (4 ) (4 ) Stock-based compensation expense, net of income taxes $ 8 $ 6 $ 7 ______________ (1) Includes $4 million of expense associated with the modification of awards such that the compensation cost to be recorded for the liability classified award is at least equal to the amount that would be recognized if the award had retained its equity classification. Equity Awards Awards granted by the Company under the Plan that are expected to be settled in shares of its Common stock include Stock Options and RSUs. All outstanding and unvested RSUs have vesting conditions pursuant to a change in control. In addition, RSUs are granted to non-employee Directors as part of their compensation for services rendered as members of the Company’s Board of Directors. New shares of Common stock are issued to employees and Directors to satisfy the stock option exercise and RSU conversion obligations. Stock Options There were no options granted during the years ended December 31, 2017 , 2016 or 2015 . There were no options exercised during the years ended December 31, 2017 or 2016 , respectively. The intrinsic value of options exercised during the year ended December 31, 2015 was $1 million . The following table summarizes information about stock options for the year ended December 31, 2017 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding and exercisable at January 1, 2017 901,310 $ 17.85 Outstanding and exercisable at December 31, 2017 (1) 901,310 $ 17.85 0.9 $ — _____________________ (1) There is no amount of unrecognized compensation cost related to outstanding stock options as of December 31, 2017 . Restricted Stock Units RSUs are granted with vesting conditions based on fulfillment of a service condition (generally up to three years from the grant date) and may also require achievement of certain market-based targets associated with the Company's stock price. Expense for equity-based awards with market or service conditions is recognized over the service period based on the grant-date fair value of the award. As of December 31, 2017 , there was $1 million of unrecognized compensation cost related to outstanding and unvested equity-based RSUs expected to be recognized over a weighted-average period of 1.4 years. The following tables summarize restricted stock unit activity for the year ended December 31, 2017 : Number of RSUs Weighted- Average Grant-Date Fair Value Market-based RSUs Outstanding at January 1, 2017 625,308 $ 13.65 Canceled due to modification of award (501,129 ) 13.11 Canceled due to non-achievement of market condition (53,754 ) 18.67 Outstanding at December 31, 2017 70,425 $ 13.67 RSUs expected to be converted into shares of Common stock (1) — $ 13.67 Service-based RSUs Outstanding at January 1, 2017 885,117 $ 15.48 Granted (2) 56,958 14.07 Canceled due to modification of award (489,561 ) 14.24 Converted (268,282 ) 17.95 Outstanding at December 31, 2017 184,232 $ 16.02 RSUs expected to be converted into shares of Common stock 184,232 $ 16.02 _____________________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these market-based awards represents the expected number to be earned based upon if the contingency was met as of December 31, 2017 . (2) Represents RSUs earned by non-employee Directors for services rendered as members of the Board of Directors. Granted. During 2017, there were no RSUs awarded to executives with market-based vesting conditions. During 2016 and 2015 , certain executives were awarded RSUs with market-based vesting conditions with a weighted-average grant-date fair value of $13.01 and $18.67 , respectively. The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions: December 31, 2016 2015 Grant date stock price $ 13.00 $ 24.24 Risk-free interest rate 1.09 % 0.94 % Expected volatility 45.7 % 30.2 % Dividend yield — — The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term that approximated the expected life of the RSUs. The expected volatility was based on historical volatility of the Company’s Common stock. Modified. During the first quarter of 2017, the Company announced several leadership changes that would occur throughout 2017. The outstanding equity awards of these 8 executives had provisions in which the vested award would be settled in cash due to a separation from service. The Company determined the cash settlement of the award became probable upon the announced leadership transition dates. As a result, the Company determined these awards should be classified as a liability, and the change in classification was accounted for as a modification. During the year ended December 31, 2017, there was no incremental compensation cost recognized from the modified awards. Converted. The total fair value of RSUs converted into shares of Common stock was $3 million for the year ended December 31, 2017 , and $2 million for each of the years ended December 31, 2016 and 2015 . Liability Awards Modified. As previously described, the Company determined certain outstanding equity awards associated with the leadership changes during 2017 should be classified as a liability, and the change in classification was accounted for as a modification. As of December 31, 2017 , the amount accrued related to the expected payout of modified awards was $6 million which was recorded within the Exit cost liability in the Consolidated Balance Sheets. As of December 31, 2017 , there was no unrecognized compensation cost related to the modified awards. During the year ended December 31, 2017 , the total amount of cash paid for modified share-based liability awards was $1 million . Existing. RCU awards granted by the Company under the Plan that are expected to be settled in cash are recorded as liabilities within Accounts payable and accrued expenses in the Consolidated Balance Sheets. RCUs are settled with a cash payment for each unit vested based on the closing share price on the vesting date and generally vest over three years beginning on the first anniversary of the date of grant. As of December 31, 2017 , the amount accrued related to the expected payout for existing liability awards within Accounts payable and accrued expenses in the Consolidated Balance Sheets was not significant, and as December 31, 2016, the amount accrued was $1 million . Expense for liability awards is recognized based on a re-measurement of the fair value of the awards at the end of each reporting period, including an estimate of the expected achievement of market conditions if applicable. As of December 31, 2017 , there was an insignificant amount of unrecognized compensation cost related to outstanding and unvested liability-based RCUs that will be recognized over the remaining service period. The total amount of cash paid for existing share-based liability awards was not significant for the year ended December 31, 2017 , and was $3 million for the year ended December 31, 2016.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	16. Fair Value Measurements Fair value is based on quoted market prices, where available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability. These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available. A three-level valuation hierarchy is used to classify inputs into the measurement of assets and liabilities at fair value. The valuation hierarchy is based upon the relative reliability and availability to market participants of inputs for the valuation of an asset or liability as of the measurement date. Level One represents the highest level based upon unadjusted quoted prices to Level Three which are based upon unobservable inputs that reflect the assumptions a market participant would use in pricing the asset or liability. When the valuation technique used in determining fair value of an asset or liability utilizes inputs from different levels of the hierarchy, the level in which the asset or liability its entirety is categorized is based upon the lowest level input that is significant to the measurement. The Company updates the valuation of each instrument recorded at fair value on a quarterly basis, evaluating all available observable information, which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data. The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants. If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate. Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs. The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of December 31, 2017 or 2016 . Recurring Fair Value Measurements The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: December 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 261 $ 9 $ — $ 270 Mortgage servicing rights — — 476 — 476 Other assets—Derivative assets: Interest rate lock commitments — — 5 — 5 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 419 $ — $ 419 Other liabilities: Liability to deliver MSRs — — 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. The Company elected to record Mortgage loans held for sale (“MLHS”) at fair value. This election is intended to both better reflect the underlying economics and eliminate the operational complexities of risk management activities related to MLHS and hedge accounting requirements. For Level Two MLHS, fair value is estimated through a market approach by using either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan including the value attributable to servicing rights and credit risk; or (ii) current commitments to purchase loans. The Agency mortgage-backed security market is a highly liquid and active secondary market for conforming conventional loans whereby quoted prices are published on a regular basis and exist for securities at the pass-through level. The Company has the ability to access this market, and this is the market into which conforming mortgage loans are typically sold. Level Three MLHS include second lien and Scratch and Dent loans, and are valued based upon a collateral-based valuation model with consideration of market bid pricing. Scratch and Dent loans represent mortgage loans with origination flaws or performance issues. The following table reflects the difference between the carrying amounts of MLHS measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity: December 31, 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 $ 270 $ 1 $ 683 $ 7 Aggregate unpaid principal balance 268 2 687 10 Difference $ 2 $ (1 ) $ (4 ) $ (3 ) The following table summarizes the components of Mortgage loans held for sale: December 31, 2017 2016 (In millions) First mortgages: Conforming $ 241 $ 531 Non-conforming 20 105 Total first mortgages 261 636 Second lien — 3 Scratch and Dent 9 44 Total $ 270 $ 683 Mortgage Servicing Rights . Mortgage servicing rights (“MSRs”) are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates (developed using a model described below), the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. A probability weighted option adjusted spread (“OAS”) model generates and discounts cash flows for the MSR valuation. The OAS model generates numerous interest rate paths, then calculates the MSR cash flow at each monthly point for each path and discounts those cash flows back to the current period. The MSR value is determined by averaging the discounted cash flows from each of the interest rate paths. The interest rate paths are generated with a random distribution centered around implied forward interest rates, which are determined from the interest rate yield curve at any given point of time. A key assumption in the estimate of the fair value of MSRs is forecasted prepayments. A third-party model is used as a basis to forecast prepayment rates at each monthly point for each interest rate path in the OAS model. Prepayment rates used in the development of expected future cash flows are based on historical observations of prepayment behavior in similar periods, comparing current mortgage interest rates to the mortgage interest rates in the servicing portfolio. The rates incorporate loan characteristics (e.g., loan type and note rate) and factors such as recent prepayment experience, the relative sensitivity of the capitalized loan servicing portfolio to refinance if interest rates decline and estimated levels of home equity. On a quarterly basis, assumptions used in estimating fair value are validated against a number of third-party sources, which may include peer surveys, MSR broker surveys, third-party valuations and other market-based sources. As of December 31, 2017 , the fair value of the portion of MSRs that remain committed under bulk sale agreements includes calibration of the valuation model, considering the pricing associated with those agreements. 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: Year Ended December 31, 2017 2016 Initial capitalization rate of additions to MSRs 1.10 % 1.02 % December 31, 2017 2016 MSRs Owned Capitalization servicing rate 0.67 % 0.82 % Capitalization servicing multiple 2.3 2.9 Weighted-average servicing fee (in basis points) 29 28 Weighted-average life (years) 5.7 6.3 December 31, MSRs Under Secured Borrowing Arrangement Capitalization servicing rate 0.85 % Capitalization servicing multiple 3.2 Weighted-average servicing fee (in basis points) 27 Weighted-average life (years) 5.6 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): December 31, 2017 2016 MSRs Owned Weighted-average prepayment speed (CPR) 9.2 % 9.2 % Option adjusted spread, in basis points (OAS) 393 1,430 Weighted-average delinquency rate 12.4 % 5.1 % December 31, MSRs Under Secured Borrowing Arrangement Weighted-average prepayment speed (CPR) 11.2 % Option adjusted spread, in basis points (OAS) 928 Weighted-average delinquency rate 4.0 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: December 31, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) MSRs Owned Impact on fair value of 10% adverse change $ (3 ) $ (2 ) $ (4 ) Impact on fair value of 20% adverse change (5 ) (3 ) (9 ) MSRs Under Secured Borrowing Arrangement (1) Impact on fair value of 10% adverse change $ (15 ) $ (18 ) $ (6 ) Impact on fair value of 20% adverse change (29 ) (34 ) (12 ) ——————— (1) During 2017, the Company sold MSRs to New Residential, which have been accounted for as a secured borrowing. Any changes in fair value are expected to fully offset between the MSRs secured asset and MSRs secured liability. These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations or from the MSR sale commitments discussed in the preceding section. The effect of a variation in a particular assumption is calculated without changing any other assumption and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others. The modeled prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity. These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics. The OAS is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset. The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns. 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 Consolidated Statement 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): December 31, Weighted-average prepayment speed (CPR) 11.2 % Option adjusted spread, in basis points (OAS) 928 Weighted-average delinquency rate 4.0 % See the illustration of changes in fair value of MSRs above for information related to the estimated changes in assumptions for MSRs secured liability. Derivative Instruments . Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy. See Note 5, 'Derivatives' for additional information regarding derivative instruments. Interest Rate Lock Commitments (“IRLCs”) are classified within Level Three of the valuation hierarchy. IRLCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected net future cash flows related to servicing the mortgage loan, adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (or “pullthrough”). The average pullthrough percentage used in measuring the fair value of IRLCs as of December 31, 2017 and 2016 was 67% and 77% , respectively. The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data. Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price. Forward Delivery Commitments are classified within Level Two of the valuation hierarchy. Forward delivery commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best effort sales commitments are also executed for certain loans at the time the borrower commitment is made. These best effort sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale. MSR-Related Agreements are classified within Level Two of the valuation hierarchy. MSR-related agreements represent a combination of derivatives used to offset possible adverse changes in the fair value of MSRs, which include options on swap contracts, to-be-announced securities and interest rate swap contracts, among other instruments. The fair value of MSR-related agreements is determined using quoted prices for similar instruments. Option Contracts are classified within Level Two of the valuation hierarchy. Option contracts represent the right to buy or sell mortgage-backed securities at specified prices in the future. The fair value of option contracts is based upon the underlying current to be announced pricing of the agency mortgage-backed security market, and a market-based volatility. Liability to Deliver MSRs. The Company recognizes a liability for the servicing value included within the related IRLC and MLHS pipeline which it has the contractual obligation to transfer to a third party. This obligation arises from our portfolio defense agreements, whereby upon the refinance by the Company of any mortgage loan subserviced by the Company for the contractual counterparty as servicing rights owner, the Company agreed to transfer the MSR with respect to such new mortgage loan to the counterparty on the terms set forth in that agreement. In addition, the Company has agreed to co-issue the MSR with respect to such new mortgage loan in the name of the counterparty on the terms set forth in that agreement. The Company elected to record the Liability to deliver MSRs at a fair value consistent with the related servicing value included within the related IRLC or MLHS. The fair value of Liability to deliver MSRs 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 servicing rights within IRLCs. The Company initially established the value of the Liability to deliver MSRs based on the servicing value within the IRLC at inception. Thereafter, the carrying value of this liability is adjusted to fair value at each reporting date, and the changes in value are expected to offset changes in the associated servicing value within the IRLC or MLHS in the Consolidated Statements of Operations until the MSR is delivered to the counterparty. Level Three Measurements Instruments classified within Level Three of the fair value hierarchy contain significant inputs to the valuation that are based upon unobservable inputs that reflect the Company’s assessment of the assumptions a market participant would use in pricing the asset or liability. The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors, and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors. Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Year Ended December 31, 2017 2016 MLHS MSRs IRLCs, net MSRs Secured Liability Liability to Deliver MSRs MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ — $ — $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 7 — — — — 13 — — Issuances 5 36 — (467 ) — 6 60 — Sales (59 ) (131 ) — — — (24 ) (12 ) — Settlements (12 ) — (213 ) 29 3 (11 ) — (318 ) (59 ) (95 ) (213 ) (438 ) 3 (16 ) 48 (318 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net (3 ) — 200 — (5 ) (1 ) — 315 Change in fair value of MSRs — (119 ) — 48 — — (238 ) — Interest income — — — (29 ) — 3 — — (3 ) (119 ) 200 19 (5 ) 2 (238 ) 315 Transfers into Level Three 41 — — — — 42 — — Transfers out of Level Three (17 ) — — — — (20 ) — — Balance, end of period $ 9 $ 476 $ 5 $ (419 ) $ (2 ) $ 47 $ 690 $ 18 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. For the year ended December 31, 2017, transfers into level three also include certain loans in foreclosure and associated reserves that were transferred out of Other assets, and were marketed and sold by the Company in the fourth quarter of 2017. Transfers out of Level Three represent Scratch and Dent loans that were foreclosed upon and loans that have been cured. Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows: Year Ended December 31, 2017 2016 (In millions) Gain on loans held for sale, net $ 3 $ 11 Loan servicing income, net (12 ) (100 ) Fair Value of Other Financial Instruments As of December 31, 2017 and 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, Accounts receivable, Restricted cash and Servicing advance receivables, the carrying value approximates fair value due to the short-term nature of such instruments. Debt. As of December 31, 2017 , the total fair value of Debt was $379 million , and is measured using Level Two and Level Three inputs. The total fair value of Debt as of December 31, 2016 was $1.3 billion and was measured using Level Two inputs. As of December 31, 2017 , the fair value was estimated using the following valuation techniques: (i) Level Two, $252 million was measured using observable spreads and terms for recent pricing of similar instruments; and (ii) Level Three, $127 million was measured considering contractual pricing and historical broker price quotes, which are intended to reflect fair value, due to the limited trading on the Company's unsecured term notes. Non-Recurring Fair Value Measurements Other Assets — Equity method investments. In the fourth quarter of 2016, the Company evaluated its equity method investment of Speedy Title and Appraisal Review Services LLC ("STARS") for impairment as a result of the negative impact the PLS exit will have on STARS operating results. The exit of the PLS channel will significantly reduce STARS appraisal volume and its projected cash flows. Due to the uncertainty of the cash flows associated with an income approach, the Company performed the assessment of fair value based on an orderly liquidation of the entity. This assessment resulted in an impairment charge of $23 million , which was recorded in Other (loss) income in the Consolidated Statements of Operations during the year ended December 31, 2016 . On December 31, 2017, the Company acquired an additional 50.1% interest in STARS, increasing our ownership interest from 49.9% to 100% , and no impairment was recognized from the provisional remeasurement of the investment immediately prior to acquiring the controlling interest in the entity. See Note 1, 'Summary of Significant Accounting Policies' in the accompanying Notes to Consolidated Financial Statements for further discussion on the STARS acquisition. Other Assets — Mortgage loans in foreclosure and Real estate owned. The evaluation of impairment reflects an estimate of losses currently incurred at the balance sheet date, which will likely not be recoverable from guarantors, insurers or investors. Mortgage loans in foreclosure represent loans for which foreclosure proceedings have been initiated and Real estate owned (“REO”) includes properties acquired from mortgagors in default. Fair value is based on the market value of the underlying collateral, determined on a loan or property level basis, less estimated costs to sell. The market value of the collateral is estimated by considering appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions. Mortgage loans in foreclosure are measured at fair value whereas REO is recorded at the lower of adjusted carrying amount at the time the property is acquired or fair value. The non-recurring fair value measurements associated with mortgage loans in foreclosure and REO are based upon assumptions from Level Three of the valuation hierarchy. During the years ended December 31, 2017 and 2016 , Repurchase and foreclosure-related charges totaled $3 million and $19 million , respectively. These amounts were recorded in Other operating expenses and include changes in the estimate of losses related to loan repurchases and indemnifications in addition to the provision for or benefit from valuation adjustments for mortgage loans in foreclosure and REO. See Note 13, 'Commitments and Contingencies' and Note 7, 'Other Assets' for further information regarding the balances of mortgage loans in foreclosure, REO, and exposures to loan repurchases and indemnifications.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities
Variable Interest Entities	17. Variable Interest Entities The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements. The Company’s involvement in variable interest entities primarily relate to PHH Home Loans, a joint venture with Realogy Corporation, and a special purpose bankruptcy remote trust that issues asset-backed notes secured by servicing advance receivables. The activities of significant variable interest entities are more fully described below. Assets and liabilities of significant variable interest entities are included in the Consolidated Balance Sheets as follows: December 31, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 33 $ — $ 67 $ — Restricted cash 3 10 5 19 Mortgage loans held for sale 60 — 350 — Accounts receivable, net 1 — 9 — Servicing advances, net — 56 — 150 Property and equipment, net — — 1 — Other assets 1 — 11 1 Total assets $ 98 $ 66 $ 443 $ 170 Assets held as collateral (1) $ 43 $ 66 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 6 $ — $ 11 $ — Mortgage warehouse and advance facilities 40 32 300 99 Other liabilities 5 — 5 — Total liabilities (2) $ 51 $ 32 $ 316 $ 99 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 10, 'Debt and Borrowing Arrangements' for further information. (2) Excludes intercompany payables . In addition to the assets and liabilities of significant variable interest entities that were consolidated as outlined above, the Company had the following involvement with these entities as of and for the years ended December 31: Net income (loss) (1) 2017 2016 2015 (In millions) PHH Home Loans $ 47 $ 16 $ 28 Servicing Advance Receivables Trust (3 ) (4 ) (5 ) PHH Corporation Investment (2) Intercompany receivable (2) 2017 2016 2017 2016 (In millions) PHH Home Loans $ 32 $ 57 $ 6 $ 13 Servicing Advance Receivables Trust 51 83 — — _________________ (1) Includes adjustments for the elimination of intercompany transactions. (2) Amounts are eliminated in the Consolidated Balance Sheets. PHH Home Loans Overview The Company owns 50.1% of PHH Home Loans and Realogy Corporation owns the remaining 49.9% . The operations of PHH Home Loans are governed by the PHH Home Loans Operating Agreement. PHH Home Loans was formed for the purpose of originating and selling mortgage loans primarily sourced through Realogy’s owned real estate brokerage business, NRT, and corporate relocation business, Cartus. In February 2017, the Company announced it had 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, and subsequently purchase Realogy's ownership interest in PHH Home Loans. 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 the PHH Home Loans joint venture to Guaranteed Rate Affinity, LLC ("GRA"), which is a newly formed joint venture formed by subsidiaries of Realogy and Guaranteed Rate, Inc. The asset sales with GRA were completed in a series of five closings, which occurred between August and December 2017 ("Asset Sale Transactions"). In total, the Company received $70 million of proceeds and recognized a $70 million gain in Other income within the Consolidated Statements of Operations . The Company's realized cash proceeds and income from these transactions are reduced by the noncontrolling interest holder's pro-rata share. JV Interests Purchase. In connection with the asset sale agreements, the Company entered into an agreement to purchase Realogy's ownership interests in the PHH Home Loans joint venture ("JV Interests Purchase"), for an amount equal to its interest in the residual equity of PHH Home Loans after the final closing of the Asset sale transactions. The Company has not yet completed the purchase of Realogy's ownership interest in PHH Home Loans, but is contractually obligated to do so on or before March 19, 2018, subject to certain closing conditions. After the completion of the JV Interests Purchase, PHH Home Loans will become a wholly-owned subsidiary and its residual net assets will be included in the Company's Consolidated Financial Statements . The Company expects to receive or pay amounts to resolve the remaining assets and liabilities of the PHH Home Loans legal entity, and would no longer operate through its Real Estate channel. In connection with these transactions, during the year ended December 31, 2017 , the Company recognized $13 million of Exit and disposal costs for PHH Home Loans within the Reorganization exit program which is reduced by the noncontrolling interest holder's pro-rata share. Refer to Note 2, 'Exit Costs' for additional information regarding the Reorganization exit program. Presentation The Company’s determination of the primary beneficiary was based on both quantitative and qualitative factors, which indicated that its variable interests will absorb a majority of the expected losses and receive a majority of the expected residual returns of PHH Home Loans. The Company has maintained the most significant variable interests in the entity, which include the majority ownership of common equity interests, the Intercompany Line of Credit, PHH Home Loans Loan Purchase and Sale Agreement and the Management Services Agreement. The Company has been the primary beneficiary of PHH Home Loans since its inception, and there have been no current period events that would change the decision regarding whether or not to consolidate PHH Home Loans. As a result, Realogy's ownership interest is presented in the Consolidated Financial Statements as a noncontrolling interest, and the classification of Realogy's ownership interest as a liability or Mezzanine equity in the Consolidated Balance Sheets was based upon the following analysis: Mandatorily Redeemable Noncontrolling Interest . As of December 31, 2017 , Realogy’s ownership interest in PHH Home Loans is classified within Total liabilities and presented as a Mandatorily redeemable noncontrolling interest within the Consolidated Balance Sheets, which reflects the Company’s unconditional obligation to redeem the noncontrolling interest for cash. Upon completion of the asset purchase agreement with GRA in December 2017 and, pursuant to the JV Interest Purchase agreement, the Company and Realogy waived all rights under the existing Operating Agreement that would restrict either party from completing the JV Interest Purchase, including the 2015 Put Option described below. Since neither the Company nor Realogy have a unilateral ability to avoid redemption except by both parties’ consent, and it is certain the JV Interests Purchase will occur, the noncontrolling interest and related forward purchase agreement represent an unconditional redemption obligation. The Company expects to complete the JV Interest Purchase during the first quarter of 2018. The fair value of the Mandatorily redeemable noncontrolling interest as of December 31, 2017 was based upon Realogy’s portion of the net assets of PHH Home Loans, which are substantially all recorded at fair value (or approximated fair value). Under this accounting treatment, the Company will no longer allocate Realogy a portion of income or loss during each period subsequent to December 31, 2017 . Since the settlement of the JV Interest Purchase agreement is not fixed and varies based upon the net assets of PHH Home Loans, during 2018, the Company expects to recognize the resulting change in the recorded amount as interest cost; however, the Company will not reduce the carrying amount of the liability below the initially recorded amount, or $20 million . Redeemable Noncontrolling Interest. For periods between February 1, 2015 through December 18, 2017, Realogy's ownership interest in PHH Home Loans is classified within Mezzanine equity and presented as a Redeemable noncontrolling interest which reflects Realogy’s right, beginning on February 1, 2015, to require that the Company purchase all of their interest in PHH Home Loans, LLC upon two years notice at fair value, as outlined in the PHH Home Loans Operating Agreement (“2015 Put Option”), or in certain periods, the Company's contingent obligation to purchase Realogy's membership interests pursuant to the JV Interests Purchase agreement. For periods presented herein, the fair value of the 2015 Put Option was determined based upon an orderly liquidation of the entity due to the uncertainty of the cash flows associated with an income approach, specifically the impact from exercising the 2015 Put Option on the related operating and strategic relationship agreements. The resulting changes to the redemption value are recognized as an equity adjustment to Additional paid-in capital. Refer to Note 1, 'Summary of Significant Accounting Policies' for information regarding the correction of an immaterial error related to the prior classification and measurement of Realogy's ownership interests. Other Information The Company manages PHH Home Loans through its subsidiary, PHH Broker Partner, with the exception of certain specified actions that are subject to approval through PHH Home Loans’ board of advisors, which consists of representatives of Realogy and the Company. The board of advisors has no managerial authority, and its primary purpose is to provide a means for Realogy to exercise its approval rights over those specified actions of PHH Home Loans for which Realogy’s approval is required. PHH Mortgage operates under a Management Services Agreement with PHH Home Loans, pursuant to which PHH Mortgage provides certain mortgage origination processing and administrative services for PHH Home Loans. In exchange for such services, PHH Home Loans pays PHH Mortgage a fee per service and a fee per loan, subject to a minimum amount. Additional details about the activity within PHH Home Loans includes the following: Originations and Commitments. During the years ended December 31, 2017 , 2016 and 2015 , PHH Home Loans originated residential mortgage loans of $5.4 billion , $7.1 billion and $7.9 billion , respectively, and PHH Home Loans brokered or sold $1.7 billion , $2.0 billion and $2.7 billion , respectively, of mortgage loans to the Company under the terms of a loan purchase agreement. All loans originated by PHH Home Loans are sold to unaffiliated third-party investors or PHH Mortgage, in all cases at arm’s length terms. For the year ended December 31, 2017 , 28% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which substantially all were originated by PHH Home Loans. As of December 31, 2017 , the Company had outstanding commitments to purchase or fund $39 million of mortgage loans and lock commitments expected to result in closed mortgage loans from PHH Home Loans. Contributions and Distributions. PHH Home Loans is financed through equity contributions, sales of mortgage loans to PHH Mortgage and other investors, and secured and unsecured subordinated indebtedness. The Company did not make any capital contributions to support the operations of PHH Home Loans during the years ended December 31, 2017 , 2016 and 2015 . The Company is not solely obligated to provide additional financial support to PHH Home Loans. Subject to certain regulatory and financial covenant requirements, net income generated by PHH Home Loans may be distributed quarterly to its members pro-rata based upon their respective ownership interests. PHH Home Loans may also require additional capital contributions from the Company and Realogy under the terms of the Operating Agreement if it is required to meet minimum regulatory capital and reserve requirements imposed by any governmental authority or any creditor of PHH Home Loans or its subsidiaries. Distributions received from PHH Home Loans were $60 million , $8 million and $10 million during the years ended December 31, 2017 , 2016 and 2015 , respectively. Other Support. During the years ended December 31, 2017 and 2016 , the Company maintained an unsecured subordinated Intercompany Line of Credit with PHH Home Loans to increase PHH Home Loans’ capacity to fund mortgage loans and to support certain covenants of the entity. This Line of Credit expired on December 31, 2017 and was not renewed. There were no borrowings under this Intercompany Line of Credit during the years ended December 31, 2017 and 2016 . Servicing Advance Receivables Trust In 2014, PHH Servicer Advance Receivables Trust (“PSART”) and PHH Servicer Advance Funding Depositor, LLC (the “Depositor”) (collectively, the “Servicing Advance Receivables Trust”) were formed. PSART is a special purpose bankruptcy remote trust and was formed for the purpose of issuing asset-backed notes secured by servicing advance receivables. The Company, the Depositor and PSART entered into a Receivables Purchase and Contribution Agreement under which the Company has conveyed (and may in the future convey) to the Depositor the contractual right to the reimbursement of certain mortgage loan servicing advances made by the Company related to its servicing activities. The Depositor in turn sells the servicing advances to PSART. The Company has been the primary beneficiary of PSART and the Depositor since its inception, based on their nature and purpose, and there have been no current period events that would change that conclusion. PSART has entered into an agreement to issue asset-backed notes as further discussed in Note 10, 'Debt and Borrowing Arrangements' . Certain capital transactions are executed between the Company and the Depositor whereby PHH Mortgage contributes receivables to the Depositor and receives distributions upon the issuance of notes or the leveraging of note series. During the year ended December 31, 2017 , PHH Mortgage contributed Accounts receivable of $367 million to the Depositor, and received distributions of $401 million .

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Segment Information	18. 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, which may include Loss on early debt retirement, certain Exit and disposal costs and Professional and third-party service fees incurred related to the Company's strategic actions. 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 as of and for the years ended December 31 were as follows: Total Assets 2017 2016 (In millions) Mortgage Production segment $ 405 $ 913 Mortgage Servicing segment 919 1,428 Other 487 834 Total $ 1,811 $ 3,175 Net Revenues Segment (Loss) (1) 2017 2016 2015 2017 2016 2015 (In millions) Mortgage Production segment $ 358 $ 539 $ 586 $ (92 ) $ (53 ) $ (47 ) Mortgage Servicing segment 98 83 198 (121 ) (223 ) (131 ) Other — — 6 (83 ) (37 ) (49 ) Total $ 456 $ 622 $ 790 $ (296 ) $ (313 ) $ (227 ) ______________ (1) The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2017 2016 2015 (In millions) Loss before income taxes $ (273 ) $ (304 ) $ (213 ) Less: net income attributable to noncontrolling interest 23 9 14 Segment loss $ (296 ) $ (313 ) $ (227 ) Interest Income Interest Expense 2017 2016 2015 2017 2016 2015 (In millions) Mortgage Production segment $ 22 $ 32 $ 40 $ 17 $ 22 $ 45 Mortgage Servicing segment 15 11 4 56 53 45 Total $ 37 $ 43 $ 44 $ 73 $ 75 $ 90

Selected Quarterly Financial Da

Selected Quarterly Financial Data-(unaudited)	12 Months Ended
	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data-(unaudited)	19. Selected Quarterly Financial Data—(unaudited) The following tables present selected unaudited quarterly financial data: Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 114 $ 112 $ 121 $ 109 Loss before income taxes (105 ) (83 ) (78 ) (7 ) Net loss (71 ) (50 ) (42 ) (31 ) Net loss attributable to PHH Corporation (67 ) (46 ) (55 ) (49 ) Basic and Diluted loss per share attributable to PHH Corporation $ (1.26 ) $ (0.86 ) $ (1.14 ) $ (1.49 ) Quarter Ended March 31, June 30, September 30, December 21, (In millions, except per share data) Net revenues $ 157 $ 196 $ 197 $ 72 Loss before income taxes (49 ) (20 ) (29 ) (206 ) Net loss (30 ) (9 ) (21 ) (133 ) Net loss attributable to PHH Corporation (30 ) (12 ) (27 ) (133 ) Basic and Diluted loss per share attributable to PHH Corporation $ (0.56 ) $ (0.22 ) $ (0.50 ) $ (2.49 )

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	20. Subsequent Events Proposed Merger with Ocwen Financial Corporation On February 27, 2018, the Company entered into a definitive Agreement and Plan of Merger with Ocwen Financial Corporation (“Ocwen”), and POMS Corp (“MergerSub”) pursuant to which all of PHH’s outstanding common stock will be acquired by Ocwen in a merger of PHH with and into MergerSub with PHH surviving (the “Merger”) in an all cash transaction valued at approximately $360 million . The Company's Board of Directors has unanimously approved the Merger. The Merger is subject to, in addition to various other customary closing conditions; approval by the Company’s stockholders; antitrust, state licensing, and other governmental and regulatory approvals; and PHH maintaining cash and adjusted net worth above certain thresholds.

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	PHH CORPORATION AND SUBSIDIARIES SUPPLEMENTARY FINANCIAL DATA SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS PHH Corporation and Subsidiaries PHH Corporation 2017 2016 2015 2017 2016 2015 (In millions) Deferred tax valuation allowance: Balance, beginning of period $ 44 $ 46 $ 35 $ 11 $ 11 $ 5 Additions: Charged to costs and expenses 34 5 10 16 2 6 Charged to other accounts — (7 ) 1 — (2 ) — Reductions — — — — — — Balance, end of period $ 78 $ 44 $ 46 $ 27 $ 11 $ 11

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries ("PHH Home Loans") are consolidated within the Consolidated Financial Statements and the ownership interest of Realogy Services Venture Partner LLC, a subsidiary of Realogy Holdings Corp. ("Realogy") is presented as a noncontrolling interest. As of December 31, 2017 , Realogy's ownership interests are classified as a liability and presented within Mandatorily redeemable noncontrolling interest in the Consolidated Balance Sheets, and, as of December 31, 2016 , classified as Mezzanine equity and presented within Redeemable noncontrolling interest. Refer to Note 17, 'Variable Interest Entities' for additional information on the classification differences of Realogy's ownership interest in PHH Home Loans between periods. Intercompany balances and transactions have been eliminated from the Consolidated Financial Statements. Unless otherwise noted, and except for share and per share data, dollar amounts presented within these Notes to Consolidated Financial Statements are in millions.
Use of Estimates	Use of Estimates The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
Accounting Pronouncements Adopted During the Period and Recently Issued Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted During the Period Derivatives and Hedging. 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. Share-based Payments. 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 $3 million of income tax expense during the year ended December 31, 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 year ended December 31, 2017 . The amount of tax withholding for both the years ended December 31, 2016 and 2015 was $1 million . 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. Consolidation. 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 Effective for the First Quarter of 2018 Revenue Recognition. 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. In addition, these updates enhance the disclosure requirements around revenue recognition and related cash flows. 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 a majority of the Company's revenue streams associated with origination and servicing activities are not within the scope of the standard because the standard does not apply to revenue on contracts accounted for under ASC 860, "Transfers and Servicing of Financial Assets" or ASC 825, "Financial Instruments". The Company has identified select revenue streams that are within scope of the revenue standard, including origination assistance fees associated with fee-based closings in our private label channel, and certain ancillary fees associated with subservicing contracts such as boarding and deboarding fees. For the year end December 31, 2017, the total revenue associated with in-scope revenue streams was approximately $75 million , significantly all of which relates to revenue associated with the private label channel that will not be a recurring revenue stream after we complete the exit of this business in the first quarter of 2018. In addition, the in-scope revenue streams include amounts associated with certain contracts that are substantially complete as of December 31, 2017, and therefore will not have an impact on the adoption. While there may be some impact on revenue recognition, at this time, the Company currently does not expect the adoption of this guidance to have a material impact on the consolidated financial statements or result in a significant transition adjustment upon adoption; however, the Company continues to evaluate other potential effects this guidance may have including, changes in footnote requirements and the impact to internal controls. 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. Share-based payments. 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. Retirement Benefits . 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. Other Income. In February 2017, the FASB issued ASU 2017-05, "Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets." This update defines what constitutes an “in substance nonfinancial asset”, requires that all entities account for the derecognition of a business in accordance with ASC 810 and clarifies that an entity should allocate consideration to each distinct asset by applying the guidance in ASC 606 on allocating the transaction price to performance obligations. This update may be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, and is effective for interim and annual periods beginning after December 15, 2017. The Company has determined the scope of this update includes the sale of real estate owned, and the Company is continuing to evaluate the impact of adopting this guidance. Business Combinations. In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business." This update clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied prospectively. The Company does not expect the adoption of this update to have a significant impact on its financial statements since it only impacts future transactions and whether or not they meet the definition of a business. Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15, “Classification of Certain Cash Receipts and Cash Payments." This update addresses a number of specific cash flow issues and is intended to reduce diversity in practice in how entities present and classify certain cash receipts and cash payments in the statement of cash flows. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. For issues that are impracticable to apply retrospectively, the amendments may be applied prospectively from the earliest date practicable. The Company does not expect the adoption of this update to have a significant impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Restricted Cash." This update requires restricted cash to be included in the beginning and end-of-period total amounts shown on the statement of cash flows, and also requires certain disclosures for significant balances of restricted cash. This update is effective for the first interim and annual periods beginning after December 15, 2017, with early adoption permitted. At adoption, this update will be applied retrospectively. The adoption of this update will require changes to prior period amounts; however, the Company does not expect the adoption to have a significant impact on its financial statements or disclosures. Financial Instruments. In January 2016, the FASB issued ASU 2016-01, “Recognition and Measurement of Financial Assets and Financial Liabilities.” This update revises an entity's accounting related to the classification and measurement of investments in equity securities (except those accounted for under the equity method of accounting or those that result in consolidation of the investee), changes the presentation of certain fair value changes relating to instrument specific credit risk for financial liabilities and amends certain disclosure requirements associated with the fair value of financial instruments. This update is effective for the first interim and annual periods beginning after December 15, 2017 with early adoption permitted for certain provisions of the update. The Company does not expect the adoption of this update to have a significant impact on its financial statements or disclosures. Effective for the First Quarter of 2019 Leases. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” This update revises an entity’s accounting for operating leases by a lessee, among other changes, and requires a lessee to recognize a liability to make lease payments and an asset representing its right to use the underlying asset for the lease term in the statement of financial position. The distinction between finance and operating leases has not changed, and the update does not significantly change the effect of finance and operating leases on the statement of comprehensive income and the statement of cash flows. Additionally, this update requires both qualitative and specific quantitative disclosures. This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied using a modified retrospective approach. While the Company is currently evaluating the effect that this guidance will have on its financial statements, it will result in the recognition of certain operating leases as right-of-use assets and lease liabilities in the Consolidated Balance Sheets. The Company’s current minimum commitments under noncancelable operating leases are described in Note 13, 'Commitments and Contingencies' . Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This update allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act ("Tax Act"). This update is effective for the first interim and annual periods beginning after December 15, 2018, with early adoption permitted. At adoption, this update will be applied in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federate corporate income tax rate in the Tax Act is recognized. The Company is currently evaluating the impact of adopting this new standard. Effective for the First Quarter of 2020 Financial Instruments. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments." The amendments in this update replace the incurred loss impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This standard is applicable to financial instruments not accounted for at fair value, including but not limited to, trade receivables and off-balance sheet credit exposures. This update is effective for the first interim and annual periods beginning after December 15, 2019, with early adoption permitted for fiscal years beginning after December 15, 2018. At adoption, this update will be applied using a modified retrospective approach. The Company is currently evaluating the impact of adopting this new standard.
Revenue Recognition	Revenue Recognition Mortgage Production. Mortgage Production includes the origination and sale of residential mortgage loans, which are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. Revenues from Mortgage Production include: • Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on canceled loans and amounts earned from financial institutions related to brokered loan fees and related to origination assistance fees resulting from private label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned. • Gain on loans held for sale. Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives. • Interest income. Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days . Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible. Mortgage Servicing. Mortgage Servicing involves the servicing of residential mortgage loans on behalf of an investor. Revenues from Mortgage Servicing include: • Loan servicing income—Owned Capitalized servicing portfolio . Loan servicing income from the capitalized servicing portfolio represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments. Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. • Loan servicing income—Subserviced portfolio . Loan servicing income related to the subserviced portfolio includes fee income related to loans that are subserviced for clients that own the underlying servicing rights. Contractual subservicing fees are generally based on a stated amount per loan and vary depending on the delinquency status of the loan and the terms of each subservicing agreement. Fees related to the subserviced portfolio are accrued in the period the services are performed. In addition, certain contracts allow for the Company to receive Late charges and other miscellaneous fees collected from mortgagors which are recorded as income when collected. • Interest income. The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $2.3 billion and $3.4 billion as of December 31, 2017 and 2016 , respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations, or as agreed to under certain subservicing agreements. Interest income is recorded as earned and included in the Consolidated Statements of Operations within Net interest expense.
Sale of Financial Assets	Sales of Financial Assets Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Additionally, the Company may enter into certain transactions to sell certain MSRs. Each type of loan sale agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions. Each MSR sale agreement is evaluated for sales treatment through a review that includes an analysis of the approvals required by the investor and the purchaser, as well as a review of any seller financing or interim servicing provisions. MSR sales are further evaluated to determine that both title to the MSRs and substantially all risks and rewards have been transferred to the purchaser prior to recognizing a transfer of MSRs as a sale. During 2017, the Company completed multiple sales of MSRs to New Residential and determined that New Residential did not acquire 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. To the extent the transfer of loan or MSR assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing. For MSR sale agreements where the Company has continuing involvement through an ongoing subservicing arrangement, to the extent the transfer of MSRs qualifies as a sale, any loss is recorded on the sale date and any gain amount is recognized over the life of the subservicing agreement.
Income Taxes	Income Taxes Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Deferred income taxes are determined using the balance sheet method. This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes using the current enacted tax rates. Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized. The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local jurisdictions. A consolidated federal income tax return is filed. Depending upon the jurisdiction, the Company files consolidated or separate legal entity state income tax returns.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include marketable securities with original maturities of three months or less.
Restricted Cash	Restricted Cash Restricted cash includes amounts specifically designated to repay debt, provide additional collateral to support certain obligations with Fannie Mae, to provide over-collateralization within warehouse facilities and the servicing advance facility, to support letters of credit, and to collect and hold for use in pending mortgage closings.
Mortgage Loans Held for Sale	Mortgage Loans Held for Sale Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market. Servicing rights may be retained upon sale of mortgage loans in the secondary market. Mortgage loans held for sale are measured at fair value on a recurring basis and are recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.
Accounts Receivable, net	Accounts Receivable, net Accounts receivable includes amounts related to document and liability holdbacks of Mortgage servicing right sales, government insured foreclosure and real estate owned that is expected to be recovered from the guarantor and other general corporate receivables. As of December 31, 2017 , the recorded allowance for uncollectible accounts receivable was $7 million , and as of December 31, 2016, the amount was not significant.
Servicing Advances, net	Servicing Advances, net The Company is required under most of its mortgage servicing agreements to advance funds to meet contractual principal and interest payments to investors and to pay tax, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Advances are recovered either from the borrower in subsequent payments, from liquidation proceeds or from insurance claims following foreclosure or liquidation. Under certain of the Company's subservicing agreements, the subservicing client must pre-fund advances on the loans, or reimburse the Company for those advances on a monthly or other periodic basis. The Company is exposed to losses only to the extent that the respective servicing guidelines are not followed and records a reserve against the advances when it is probable that the servicing advance will be uncollectable. As of December 31, 2017 and 2016 , the recorded reserve for uncollectible servicing advances was $8 million and $5 million , respectively. In certain circumstances, the Company may be required to remit funds on a non-recoverable basis, which are expensed as incurred.
Mortgage Servicing Rights	Mortgage Servicing Rights A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities. Mortgage servicing activities consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan with servicing retained. The Company’s MSRs consist of mortgage servicing rights sold that have been accounted for as a secured borrowing, and mortgage servicing rights owned where the Company owns the right to a receive a portion of the interest and fees. The servicing rights relate to a single class of residential mortgage loans, which are measured at fair value on a recurring basis. The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights owned in the Consolidated Balance Sheets and within Gain on loans held for sale, net in the Consolidated Statements of Operations. Subsequent measurements including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows are recorded in Loan servicing income, net in the Consolidated Statements of Operations.
Property and Equipment	Property and Equipment Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives: Capitalized software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Capital leases Lesser of the remaining lease term or 5 years Leasehold improvements Lesser of the remaining lease term or 20 years Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
Mortgage Loans in Foreclosure and Real Estate Owned	Mortgage Loans in Foreclosure and Real Estate Owned Mortgage loans in foreclosure and Real estate owned include loans that have been repurchased for breaches in representation and warranty obligations. As loans are repurchased, the Company reduces the estimated losses related to repurchase and indemnification obligations and records reserves for on-balance sheet loans in foreclosure and adjustments to value for real estate owned based on the expected amount which will likely not be recoverable from guarantors, insurers or investors. Mortgage loans in foreclosure represent the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances made on those loans. These amounts are recorded net of an allowance for probable losses on such mortgage loans and related advances. Real estate owned, which are acquired from mortgagors in default, plus recoverable advances made on those loans, are recorded at the lower of: (i) the adjusted carrying amount at the time the property is acquired; or (ii) fair value based upon the estimated net realizable value of the underlying collateral less the estimated costs to sell.
Derivative Instruments	Derivative Instruments Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets. The Company does not have any derivative instruments designated as hedging instruments.
Subservicing Advance Liabilities	Subservicing Advance Liabilities Under the terms of certain subservicing arrangements, the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans. A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables.
Mortgage Servicing Rights Secured Liability	Mortgage Servicing Rights Secured Liability The Company has accounted for certain MSR sales as a secured borrowing. Under this accounting treatment, the MSRs transferred to New Residential remain on the 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, and the changes in fair value offset each other. Changes in fair value of Mortgage servicing rights secured liability are recorded in Loan servicing income, net in the Consolidated Statements of Operations, 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. The implied interest cost on the MSRs secured liability is recorded in Net interest expense in the Consolidated Statements of Operations which offsets the estimated yield on the MSR asset, both of which represent non-cash amounts. 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. Proceeds from the sale of these MSRs are included in financing activities in the Consolidated Statements of Cash Flows.
Loan Repurchase and Indemnification Liability	Loan Repurchase and Indemnification Liability The Company has established a Loan repurchase and indemnification liability for various representation and warranties that are provided in connection with its capacity as a loan originator and servicer. The liability for probable losses includes estimates associated with: (i) losses for loans where a repurchase or indemnification obligation could exist from breaches of representation and warranties, (ii) losses for specific non-performing loans where the Company believes it will be required to indemnify the investor and (iii) losses for government loans that may not be reimbursed pursuant to mortgage insurance programs. The Company estimates its obligation for representations and warranties using a model that incorporates historical repurchase and indemnification experience and servicing portfolio performance. The model considers borrower performance, estimated future repurchase and indemnification requests, success rates in appealing repurchase requests (or the ability to cure the origination defects) and projected loss severity rates based upon current loss rates for similar loans. The liability related to specific non-performing loans is based on a loan-level analysis which considers the delinquency status of the loan and projected loss severity rates. To estimate the liability related to losses for loans that may not be reimbursed pursuant to mortgage insurance programs, the Company considers government loans currently in foreclosure, historical origination defect rates and projected loss severity rates. The Company establishes an initial reserve at fair value for expected losses relating to loan sales at the date the loans are de-recognized from the Balance Sheet which is recorded as a reduction of the transaction gain or loss within Gain on loans held for sale, net in the Consolidated Statement of Operations. Subsequent updates to the recorded liability from changes in assumptions are recorded through Other operating expenses in the Consolidated Statement of Operations.
Subsequent Events	Subsequent Events Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.
Variable Interest Entities	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements.
Commitments and Contingencies	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. The Company recognizes legal costs associated with loss contingencies as they are incurred. In light of the inherent uncertainties involved in litigation, legal proceedings and other governmental and regulatory matters, it is not always possible to determine a reasonable estimate of the amount of a probable loss, and the Company may estimate a range of possible loss for consideration in its estimates. The estimates are based upon currently available information and involve significant judgment taking into account the varying stages and inherent uncertainties of such matters. Accordingly, the Company’s estimates may change from time to time and such changes may be material to the consolidated financial results.

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of business combination pro-forma information	The following table presents the revenue and earnings of the combined entity for the year ended December 31, 2017, as though the acquisition had occurred as of January 1, 2017: Year Ended December 31, 2017 As Reported Adjustment Pro-forma results (In millions) Net Revenues $ 456 1 $ 457 Loss before income taxes (273 ) — (273 )
Schedule of estimated useful life of property and equipment including leasehold improvements	Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives: Capitalized software 3 to 5 years Furniture, fixtures and equipment 3 to 7 years Capital leases Lesser of the remaining lease term or 5 years Leasehold improvements Lesser of the remaining lease term or 20 years

Exit Costs (Tables)

Exit Costs (Tables)	12 Months Ended
	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Schedule of exit cost liability	A summary of the aggregate activity for both the PLS exit program and the Reorganization exit program is as follows: Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ — $ — $ — $ — Charges 22 — 4 26 Paid — — (1 ) (1 ) Balance, December 31, 2016 22 — 3 25 Charges 42 8 14 64 Paid (22 ) (6 ) (9 ) (37 ) Adjustments (1) 1 — — 1 Balance, December 31, 2017 $ 43 $ 2 $ 8 $ 53 ______________ (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 Consolidated Statement of Operations, including our estimate of remaining and total program costs: Year Ended December 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Asset Impairment (1) Total (In millions) Costs incurred in current year $ 12 $ 6 $ 13 $ (4 ) $ 27 Cumulative costs recognized in prior years 22 — 4 15 41 Estimate of remaining costs 2 16 4 — 22 Total $ 36 $ 22 $ 21 $ 11 $ 90 ______________ (1) During the year ended December 31, 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 for the year ended December 31, 2017 : Mortgage Production Segment Other Total (In millions) Costs incurred in current year $ 20 $ 7 $ 27 Cumulative costs recognized in prior years 33 8 41 Estimate of remaining costs 17 5 22 Total $ 70 $ 20 $ 90
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 Consolidated Statements of Operations, including an estimate of remaining and total program costs: Year Ended December 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Asset Impairment (1) Total (2) (In millions) Costs incurred in current year $ 30 $ 2 $ 1 $ 2 $ 35 Cumulative costs recognized in prior years — — — — — Estimate of remaining costs 1 1 — — 2 Total $ 31 $ 3 $ 1 $ 2 37 ______________ (1) During the year ended December 31, 2017 , the Company recorded a $2 million impairment for an equity method investment. (2) Exit costs related to Reorganization include amounts attributable to noncontrolling interest, representing $7 million of costs incurred during the year ended December 31, 2017 , and $7 million of total program costs. Refer to Note 17, 'Variable Interest Entities' for further information regarding 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 for the year ended December 31, 2017 : Mortgage Production Segment Mortgage Servicing Segment Other Total (In millions) Costs incurred in current year $ 18 $ 2 $ 15 $ 35 Cumulative costs recognized in prior years — — — — Estimate of remaining costs 1 1 — 2 Total $ 19 $ 3 $ 15 $ 37

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated: Year Ended December 31, 2017 2016 2015 (In millions, except share and per share data) Net loss attributable to PHH Corporation $ (217 ) $ (202 ) $ (145 ) Weighted-average common shares outstanding — basic and diluted 46,912,204 53,627,170 55,201,713 Basic and Diluted loss per share attributable to PHH Corporation $ (4.62 ) $ (3.77 ) $ (2.62 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 988,486 1,980,240 1,386,775 Assumed conversion of debt securities — — 4,341,369 ______________ (1) For the year ended December 31, 2017 , excludes 70,425 shares that are contingently issuable for which the contingency has not been met.

Servicing Activities (Tables)

Servicing Activities (Tables)	12 Months Ended
	Dec. 31, 2017
Transfers and Servicing [Abstract]
Schedule of total servicing portfolio	The following table summarizes the total servicing portfolio, which consists of loans associated with capitalized MSRs owned and secured, loans held for sale, and the portfolio associated with loans subserviced for others: December 31, 2017 2016 Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 57 $ 8,592 $ 690 $ 84,657 Capitalized MSRs under secured borrowing arrangements and subserviced (1) 419 49,193 — — Total capitalized MSRs $ 476 $ 57,785 $ 690 $ 84,657 Subserviced 89,844 89,170 Other servicing 526 815 Total $ 148,155 $ 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: Year Ended December 31, 2017 2016 2015 (In millions) Servicing fees from capitalized portfolio (1) $ 145 $ 266 $ 304 Subservicing fees 56 67 70 Late fees and other ancillary revenue 29 39 40 Loss on sale of MSRs and related costs (16 ) (3 ) (5 ) Curtailment interest paid to investors (6 ) (16 ) (15 ) Loan servicing income 208 353 394 Change in fair value of MSRs, net of related derivatives (2) (119 ) (228 ) (158 ) Change in fair value of MSRs secured liability 48 — — Loan servicing income, net $ 137 $ 125 $ 236 ________________ (1) Servicing fees from capitalized portfolio for the year ended December 31, 2017 include $29 million related to the estimated yield on capitalized MSRs treated as a secured borrowing arrangement. This is fully offset by the MSRs secured interest expense included within Net interest expense. (2) Derivative gains for the year ended December 31, 2017 were not significant. Amounts are net of derivative gains of $10 million and $29 million for the years ended December 31, 2016 and 2015 , respectively.
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 December 31, 2017 : UPB Fair Value (In millions) MSR commitments: New Residential $ 5,940 $ 34 Other counterparties 565 5 MSRs capitalized under secured borrowing arrangements and subserviced 49,193 419 Non-committed 2,087 18 Total MSRs $ 57,785 $ 476
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: Year Ended December 31, 2017 2016 2015 2017 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 84,657 $ 98,990 $ 112,686 $ — Additions from loans sold with servicing retained 3,270 5,874 8,841 — Payoffs and curtailments (7,667 ) (19,211 ) (19,092 ) (4,847 ) Sales that have been derecognized (17,628 ) (996 ) (3,445 ) — Sales accounted for as secured borrowing (54,040 ) — — 54,040 Balance, end of period $ 8,592 $ 84,657 $ 98,990 $ 49,193
Schedule of activity in capitalized MSRs	The activity in capitalized MSRs consisted of: Year Ended December 31, 2017 2016 2015 2017 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 690 $ 880 $ 1,005 $ — Additions from loans sold with servicing retained 36 60 101 — Sales that have been derecognized (131 ) (12 ) (39 ) — Sales accounted for as secured borrowing (467 ) — — 467 Changes in fair value due to: Realization of expected cash flows (59 ) (138 ) (169 ) (41 ) Changes in market inputs or assumptions used in the valuation model (12 ) (100 ) (18 ) (7 ) Balance, end of period $ 57 $ 690 $ 880 $ 419
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Year Ended December 31, 2017 2016 2015 (In millions) Proceeds from new loan sales or securitizations $ 3,711 $ 6,071 $ 9,075 Servicing fees from capitalized portfolio (1) 145 305 344 Purchases of previously sold loans (2) (21 ) (295 ) (128 ) Servicing advances (3) (998 ) (1,584 ) (2,083 ) Repayment of servicing advances (3) 1,270 1,647 2,086 ______________ (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 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 $66 million received for advances from sales of MSRs executed in the year ended December 31, 2017 .

Derivatives (Tables)

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of gross notional amount of derivatives	The following table summarizes the gross notional amount of derivatives: December 31, 2017 2016 (In millions) Notional amounts: Interest rate lock commitments expected to close $ 192 $ 862 Forward delivery commitments 614 2,104 MSR-related agreements — 260 Option contracts — 120
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 as of December 31, 2016: December 31, 2016 Gross Assets Offsetting Payables Cash Collateral Paid Net Amount (In millions) ASSETS Subject to master netting arrangements: Forward delivery commitments $ 13 $ (43 ) $ 31 $ 1 MSR-related agreements 19 (22 ) 4 1 Option contracts 1 (1 ) — — Derivative assets subject to netting 33 (66 ) 35 2 Not subject to master netting arrangements: Interest rate lock commitments 18 — — 18 Forward delivery commitments 1 — — 1 Derivative assets not subject to netting 19 — — 19 Total derivative assets $ 52 $ (66 ) $ 35 $ 21 Gross Liabilities Offsetting Receivables Cash Collateral Received Net Amount (In millions) LIABILITIES Subject to master netting arrangements: Forward delivery commitments $ 4 $ (10 ) $ 11 $ 5 MSR-related agreements 65 (55 ) 2 12 Option contracts — (1 ) 2 1 Derivative liabilities 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 Consolidated Statements of Operations for derivative instruments: Year Ended December 31, 2017 2016 2015 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 200 $ 315 $ 261 Forward delivery commitments (8 ) (1 ) (7 ) Option contracts (1 ) — (2 ) Net derivative gain related to mortgage servicing rights: MSR-related agreements — 10 29

Property and Equipment, Net (Ta

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of components of property and equipment, net	Property and equipment, net consisted of: December 31, 2017 2016 (In millions) Capitalized software $ 120 $ 130 Furniture, fixtures and equipment 10 33 Capital leases — 9 Leasehold improvements 19 25 149 197 Less: Accumulated depreciation and amortization (127 ) (161 ) Total $ 22 $ 36

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2017
Other Assets [Abstract]
Schedule of other assets	Other assets consisted of: December 31, 2017 2016 (In millions) Prepaid expenses $ 8 $ 11 Real estate owned, net (1) 7 16 Derivatives (Note 5) 5 21 Mortgage loans in foreclosure, net (2) 3 21 Repurchase eligible loans (3) 1 13 Income taxes receivable — 14 Equity method investments (4) — 10 Deferred financing costs — 1 Other 2 2 Total $ 26 $ 109 (1) As of December 31, 2017 and 2016 , Real estate owned is net of Adjustment to value for real estate owned of $9 million and $14 million , respectively. (2) As of December 31, 2017 and 2016 , Mortgage loans in foreclosure is net of Allowance for probable foreclosure losses of $2 million and $10 million , respectively. (3) Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company, as servicer, has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent and where it has been determined that there is more than a trivial benefit from exercising the repurchase option. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets. (4) See Note 16, 'Fair Value Measurements' for a discussion of the impairment recorded during the year ended December 31, 2016, and Note 1, 'Summary of Significant Accounting Policies' for a discussion of the acquisition of STARS.

Accounts Payable and Accrued 38

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2017
Accounts Payable and Accrued Liabilities [Abstract]
Summary of components of accounts payable and accrued expenses	Accounts payable and accrued expenses consisted of: December 31, 2017 2016 (In millions) Exit cost liability (Note 2) $ 53 $ 25 Accounts payable 39 77 Accrued payroll and benefits 33 50 Accrued servicing related expenses 10 12 Accrued interest 3 16 Income taxes payable 2 — Repurchase eligible loans (Note 7) 1 13 Total $ 141 $ 193

Other Liabilities (Tables)

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Schedule of other liabilities	Other liabilities consisted of: December 31, 2017 2016 (In millions) Legal and regulatory matters (Note 13) $ 20 $ 114 Pension and other post-employment benefits (Note 11) 11 11 Income tax contingencies (Note 12) 11 8 Liability to deliver MSRs (Note 16) 2 — Derivatives (Note 5) — 18 Other 3 6 Total $ 47 $ 157

Debt and Borrowing Arrangemen40

Debt and Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: December 31, 2017 December 31, 2016 Balance Interest Rate (1) Available Capacity (2) Balance (In millions) Committed warehouse facilities $ 169 3.7 % $ 206 $ 556 Uncommitted warehouse facilities 51 3.3 % 249 — Servicing advance facility 32 3.4 % 33 99 Mortgage warehouse and advance facilities 252 655 Term notes due in 2019 97 7.375 % n/a 275 Term notes due in 2021 22 6.375 % n/a 340 Unsecured credit facilities — — 3 — Unsecured debt, face value 119 615 Debt issuance costs (1 ) (8 ) Unsecured debt, net 118 607 Total $ 370 $ 1,262 ______________ (1) Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings. (2) Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
Schedule of assets held as collateral that are not available to pay the Company's general obligations	Assets held as collateral that are not available to pay the Company’s general obligations as of December 31, 2017 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ 3 $ 10 $ — $ — Servicing advances — 56 232 — Mortgage loans held for sale (unpaid principal balance) 233 — — — Mortgage serving rights — — — 419 Total $ 236 $ 66 $ 232 $ 419 ______________ (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 December 31, 2017 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 220 $ 32 $ — $ 252 Between one and two years — — 97 97 Between two and three years — — — — Between three and four years — — 22 22 Between four and five years — — — — Thereafter — — — — $ 220 $ 32 $ 119 $ 371
Summary of components of net interest expense	The following table summarizes the components of Net interest expense: December 31, 2017 2016 2015 (In millions) Interest income $ 37 $ 43 $ 44 Secured interest expense (24 ) (33 ) (35 ) MSRs secured interest expense (1) (29 ) — — Unsecured interest expense (20 ) (42 ) (55 ) Net interest expense $ (36 ) $ (32 ) $ (46 ) _____________ (1) MSRs secured interest expense is the implied interest cost on the MSRs secured liability. 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.

Pension and Other Post Employ41

Pension and Other Post Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Schedule of changes in the benefit obligations, plan assets and funded status of the plans	The following table shows the change in the benefit obligation, plan assets and funded status for the defined benefit pension plans: Pension Benefits Other Post-Employment Benefits 2017 2016 2017 2016 (In millions) Benefit obligation $ 50 $ 48 $ 1 $ 1 Fair value of plan assets 40 38 — — Unfunded status recognized in Other liabilities $ (10 ) $ (10 ) $ (1 ) $ (1 ) Amounts recognized in Accumulated other comprehensive income $ 15 $ 16 $ — $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Summary of income tax (benefit) expense	The following table summarizes Income tax benefit: Year Ended December 31, 2017 2016 2015 (In millions) Current: Federal $ 42 $ — $ — State 1 — (1 ) Change in income tax contingencies (1 ) (2 ) — Total current income tax expense (benefit) 42 (2 ) (1 ) Deferred: Federal (102 ) (100 ) (79 ) State (19 ) (9 ) (2 ) Total deferred income tax benefit (121 ) (109 ) (81 ) Income tax benefit $ (79 ) $ (111 ) $ (82 )
Summary of components of deferred tax assets and liabilities	The following table summarizes the significant components of deferred tax assets and liabilities: December 31, 2017 2016 (In millions) Deferred tax assets: Federal loss carryforwards $ — $ 23 State loss carryforwards and credits 48 39 Reserves and allowances 17 36 Exit cost liability 10 10 Accrued legal and regulatory matters 6 46 Other accrued liabilities 17 24 Other 4 — Gross deferred tax assets 102 178 Valuation allowance (78 ) (44 ) Deferred tax assets, net of valuation allowance 24 134 Deferred tax liabilities: Mortgage servicing rights (1) 20 234 Other 4 1 Deferred tax liabilities 24 235 Net deferred tax liability $ — $ 101
Schedule of reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate	Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows: Year Ended December 31, 2017 2016 2015 (In millions) Loss before income taxes $ (273 ) $ (304 ) $ (213 ) Statutory federal income tax rate 35 % 35 % 35 % Income taxes computed at statutory federal rate $ (96 ) $ (106 ) $ (75 ) Impact of federal tax reform 30 — — Changes in rate and apportionment factors 13 1 3 Noncontrolling interest (8 ) (3 ) (5 ) Changes in valuation allowance (13 ) 5 10 State and local income taxes, net of federal tax benefits (18 ) (15 ) (14 ) Liabilities for income tax contingencies 3 (2 ) — Nondeductible expenses 7 6 6 Other 3 3 (7 ) Income tax benefit $ (79 ) $ (111 ) $ (82 ) Effective tax rate (28.9 )% (36.7 )% (38.4 )%
Summary of unrecognized income tax benefits	Activity related to the Company's unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of: Year Ended December 31, 2017 2016 2015 (In millions) Balance, beginning of period $ 8 $ 11 $ 11 Activity related to tax positions taken during the current year — — — Activity related to tax positions taken during prior years 3 (3 ) — Balance, end of period $ 11 $ 8 $ 11

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of the activity in repurchase and foreclosure-related reserves	A summary of the activity in repurchase and foreclosure-related reserves is as follows: Year Ended December 31, 2017 2016 (In millions) Balance, beginning of period $ 73 $ 89 Realized losses (34 ) (42 ) Transfer of reserves (1) (5 ) — Increase in reserves due to: Changes in assumptions 3 19 New loan sales 3 7 Balance, end of period $ 40 $ 73 ______________ (1) Represents reserves associated with certain Mortgage loans in foreclosure that were transferred to Mortgage loans held for sale and subsequently sold during the year ended December 31, 2017 in connection with the Company's marketing those assets for sale. Repurchase and foreclosure-related reserves consist of the following: December 31, 2017 2016 (In millions) Loan repurchase and indemnification liability $ 29 $ 49 Adjustment to value for real estate owned 9 14 Allowance for probable foreclosure losses 2 10 Total $ 40 $ 73
Summary of the Company's commitments	The following table summarizes the Company’s commitments as of December 31, 2017 : Future Minimum Operating Lease Payments (1) Purchase Commitments (In millions) 2018 $ 13 $ 6 2019 10 5 2020 9 — 2021 8 — 2022 8 — Thereafter — — Total $ 48 $ 11 ________________ (1) Excludes $6 million of minimum sublease income due in the future under noncancelable subleases.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of stock-based compensation expense	The following table summarizes expenses related to stock-based compensation arrangements recorded in the Consolidated Statements of Operations: Year Ended December 31, 2017 2016 2015 (In millions) Salaries and related expenses Stock-based compensation expense for equity awards $ 5 $ 9 $ 9 Stock-based compensation expense for liability awards 1 1 2 Exit and disposal costs Stock-based compensation expense for liability awards (1) 7 — — Income tax benefit Benefit related to stock-based compensation expense (5 ) (4 ) (4 ) Stock-based compensation expense, net of income taxes $ 8 $ 6 $ 7 ______________ (1) Includes $4 million of expense associated with the modification of awards such that the compensation cost to be recorded for the liability classified award is at least equal to the amount that would be recognized if the award had retained its equity classification.
Summary of stock option activity	The following table summarizes information about stock options for the year ended December 31, 2017 : Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In years) Aggregate Intrinsic Value (In millions) Outstanding and exercisable at January 1, 2017 901,310 $ 17.85 Outstanding and exercisable at December 31, 2017 (1) 901,310 $ 17.85 0.9 $ — _____________________ (1) There is no amount of unrecognized compensation cost related to outstanding stock options as of December 31, 2017 .
Summary of restricted stock unit activity	The following tables summarize restricted stock unit activity for the year ended December 31, 2017 : Number of RSUs Weighted- Average Grant-Date Fair Value Market-based RSUs Outstanding at January 1, 2017 625,308 $ 13.65 Canceled due to modification of award (501,129 ) 13.11 Canceled due to non-achievement of market condition (53,754 ) 18.67 Outstanding at December 31, 2017 70,425 $ 13.67 RSUs expected to be converted into shares of Common stock (1) — $ 13.67 Service-based RSUs Outstanding at January 1, 2017 885,117 $ 15.48 Granted (2) 56,958 14.07 Canceled due to modification of award (489,561 ) 14.24 Converted (268,282 ) 17.95 Outstanding at December 31, 2017 184,232 $ 16.02 RSUs expected to be converted into shares of Common stock 184,232 $ 16.02 _____________________ (1) The performance criteria impact the number of awards that may vest. The number of RSUs related to these market-based awards represents the expected number to be earned based upon if the contingency was met as of December 31, 2017 . (2) Represents RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
Schedule of assumptions used for estimating weighted-average grant-date fair value of market-based RSUs using a Monte Carlo simulation valuation model	The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions: December 31, 2016 2015 Grant date stock price $ 13.00 $ 24.24 Risk-free interest rate 1.09 % 0.94 % Expected volatility 45.7 % 30.2 % Dividend yield — —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of assets and liabilities measured at fair value on a recurring basis	The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis: December 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 261 $ 9 $ — $ 270 Mortgage servicing rights — — 476 — 476 Other assets—Derivative assets: Interest rate lock commitments — — 5 — 5 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 419 $ — $ 419 Other liabilities: Liability to deliver MSRs — — 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: December 31, 2017 December 31, 2016 Total Loans 90 days or more past due and on non-accrual status Total Loans 90 days or more past due and on non-accrual status (In millions) Carrying amount $ 270 $ 1 $ 683 $ 7 Aggregate unpaid principal balance 268 2 687 10 Difference $ 2 $ (1 ) $ (4 ) $ (3 )
Schedule of components of Mortgage loans held for sale	The following table summarizes the components of Mortgage loans held for sale: December 31, 2017 2016 (In millions) First mortgages: Conforming $ 241 $ 531 Non-conforming 20 105 Total first mortgages 261 636 Second lien — 3 Scratch and Dent 9 44 Total $ 270 $ 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: Year Ended December 31, 2017 2016 Initial capitalization rate of additions to MSRs 1.10 % 1.02 % December 31, 2017 2016 MSRs Owned Capitalization servicing rate 0.67 % 0.82 % Capitalization servicing multiple 2.3 2.9 Weighted-average servicing fee (in basis points) 29 28 Weighted-average life (years) 5.7 6.3 December 31, MSRs Under Secured Borrowing Arrangement Capitalization servicing rate 0.85 % Capitalization servicing multiple 3.2 Weighted-average servicing fee (in basis points) 27 Weighted-average life (years) 5.6
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): December 31, 2017 2016 MSRs Owned Weighted-average prepayment speed (CPR) 9.2 % 9.2 % Option adjusted spread, in basis points (OAS) 393 1,430 Weighted-average delinquency rate 12.4 % 5.1 % December 31, MSRs Under Secured Borrowing Arrangement Weighted-average prepayment speed (CPR) 11.2 % Option adjusted spread, in basis points (OAS) 928 Weighted-average delinquency rate 4.0 % The significant assumptions used in estimating the fair value of MSRs secured liability were as follows (in annual rates): December 31, Weighted-average prepayment speed (CPR) 11.2 % Option adjusted spread, in basis points (OAS) 928 Weighted-average delinquency rate 4.0 %
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: December 31, 2017 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) MSRs Owned Impact on fair value of 10% adverse change $ (3 ) $ (2 ) $ (4 ) Impact on fair value of 20% adverse change (5 ) (3 ) (9 ) MSRs Under Secured Borrowing Arrangement (1) Impact on fair value of 10% adverse change $ (15 ) $ (18 ) $ (6 ) Impact on fair value of 20% adverse change (29 ) (34 ) (12 ) ——————— (1) During 2017, the Company sold MSRs to New Residential, which have been accounted for as a secured borrowing. Any changes in fair value are expected to fully offset between the MSRs secured asset and MSRs secured liability.
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Year Ended December 31, 2017 2016 MLHS MSRs IRLCs, net MSRs Secured Liability Liability to Deliver MSRs MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 47 $ 690 $ 18 $ — $ — $ 39 $ 880 $ 21 Purchases, Issuances, Sales and Settlements: Purchases 7 — — — — 13 — — Issuances 5 36 — (467 ) — 6 60 — Sales (59 ) (131 ) — — — (24 ) (12 ) — Settlements (12 ) — (213 ) 29 3 (11 ) — (318 ) (59 ) (95 ) (213 ) (438 ) 3 (16 ) 48 (318 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net (3 ) — 200 — (5 ) (1 ) — 315 Change in fair value of MSRs — (119 ) — 48 — — (238 ) — Interest income — — — (29 ) — 3 — — (3 ) (119 ) 200 19 (5 ) 2 (238 ) 315 Transfers into Level Three 41 — — — — 42 — — Transfers out of Level Three (17 ) — — — — (20 ) — — Balance, end of period $ 9 $ 476 $ 5 $ (419 ) $ (2 ) $ 47 $ 690 $ 18
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows: Year Ended December 31, 2017 2016 (In millions) Gain on loans held for sale, net $ 3 $ 11 Loan servicing income, net (12 ) (100 )

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities
Schedule of Variable Interest Entities	Assets and liabilities of significant variable interest entities are included in the Consolidated Balance Sheets as follows: December 31, 2017 December 31, 2016 PHH Home Loans Servicing Advance Receivables Trust PHH Home Loans Servicing Advance Receivables Trust (In millions) ASSETS Cash $ 33 $ — $ 67 $ — Restricted cash 3 10 5 19 Mortgage loans held for sale 60 — 350 — Accounts receivable, net 1 — 9 — Servicing advances, net — 56 — 150 Property and equipment, net — — 1 — Other assets 1 — 11 1 Total assets $ 98 $ 66 $ 443 $ 170 Assets held as collateral (1) $ 43 $ 66 $ 320 $ 169 LIABILITIES Accounts payable and accrued expenses $ 6 $ — $ 11 $ — Mortgage warehouse and advance facilities 40 32 300 99 Other liabilities 5 — 5 — Total liabilities (2) $ 51 $ 32 $ 316 $ 99 ___________________ (1) Represents amounts not available to pay the Company’s general obligations. See Note 10, 'Debt and Borrowing Arrangements' for further information. (2) Excludes intercompany payables . In addition to the assets and liabilities of significant variable interest entities that were consolidated as outlined above, the Company had the following involvement with these entities as of and for the years ended December 31: Net income (loss) (1) 2017 2016 2015 (In millions) PHH Home Loans $ 47 $ 16 $ 28 Servicing Advance Receivables Trust (3 ) (4 ) (5 ) PHH Corporation Investment (2) Intercompany receivable (2) 2017 2016 2017 2016 (In millions) PHH Home Loans $ 32 $ 57 $ 6 $ 13 Servicing Advance Receivables Trust 51 83 — — _________________ (1) Includes adjustments for the elimination of intercompany transactions. (2) Amounts are eliminated in the Consolidated Balance Sheets.

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Schedule of segment results	Segment results as of and for the years ended December 31 were as follows: Total Assets 2017 2016 (In millions) Mortgage Production segment $ 405 $ 913 Mortgage Servicing segment 919 1,428 Other 487 834 Total $ 1,811 $ 3,175 Net Revenues Segment (Loss) (1) 2017 2016 2015 2017 2016 2015 (In millions) Mortgage Production segment $ 358 $ 539 $ 586 $ (92 ) $ (53 ) $ (47 ) Mortgage Servicing segment 98 83 198 (121 ) (223 ) (131 ) Other — — 6 (83 ) (37 ) (49 ) Total $ 456 $ 622 $ 790 $ (296 ) $ (313 ) $ (227 ) ______________ (1) The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2017 2016 2015 (In millions) Loss before income taxes $ (273 ) $ (304 ) $ (213 ) Less: net income attributable to noncontrolling interest 23 9 14 Segment loss $ (296 ) $ (313 ) $ (227 ) Interest Income Interest Expense 2017 2016 2015 2017 2016 2015 (In millions) Mortgage Production segment $ 22 $ 32 $ 40 $ 17 $ 22 $ 45 Mortgage Servicing segment 15 11 4 56 53 45 Total $ 37 $ 43 $ 44 $ 73 $ 75 $ 90
Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss)	The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss: Year Ended December 31, 2017 2016 2015 (In millions) Loss before income taxes $ (273 ) $ (304 ) $ (213 ) Less: net income attributable to noncontrolling interest 23 9 14 Segment loss $ (296 ) $ (313 ) $ (227 )

Selected Quarterly Financial 48

Selected Quarterly Financial Data-(unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Summary of selected unaudited quarterly financial data	The following tables present selected unaudited quarterly financial data: Quarter Ended March 31, June 30, September 30, December 31, (In millions, except per share data) Net revenues $ 114 $ 112 $ 121 $ 109 Loss before income taxes (105 ) (83 ) (78 ) (7 ) Net loss (71 ) (50 ) (42 ) (31 ) Net loss attributable to PHH Corporation (67 ) (46 ) (55 ) (49 ) Basic and Diluted loss per share attributable to PHH Corporation $ (1.26 ) $ (0.86 ) $ (1.14 ) $ (1.49 ) Quarter Ended March 31, June 30, September 30, December 21, (In millions, except per share data) Net revenues $ 157 $ 196 $ 197 $ 72 Loss before income taxes (49 ) (20 ) (29 ) (206 ) Net loss (30 ) (9 ) (21 ) (133 ) Net loss attributable to PHH Corporation (30 ) (12 ) (27 ) (133 ) Basic and Diluted loss per share attributable to PHH Corporation $ (0.56 ) $ (0.22 ) $ (0.50 ) $ (2.49 )

Summary of Significant Accoun49

Summary of Significant Accounting Policies - Additional Information (Details) Loan in Thousands, $ in Millions

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Jun. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Sep. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Sep. 30, 2017

Apr. 30, 2019ClientLoan

Dec. 31, 2017USD ($)segment

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Accounting Policies [Line Items]

Number of reportable segments | segment

2

Notice period of purchase requirement

2 years

2 years

Total PHH Corporation stockholders’ equity

$ 553

$ 1,090

$ 553

$ 1,090

$ 1,316

$ 1,571

Redeemable noncontrolling interest

0

33

0

33

Additional paid-in capital

565

885

565

885

Income tax expense from adoption of ASU 2016-09

3

Payments related to tax withholding for share-based compensation

1

1

1

Net Revenues

109

$ 121

$ 112

$ 114

72

$ 197

$ 196

$ 157

$ 456

622

790

Period of origination of loans within which they are sold to investors

30 days

Days past due for loans to be placed on non-accrual status

90 days

Custodial funds

2,300

3,400

$ 2,300

3,400

Allowance for uncollectible accounts receivable

7

7

Reserve for uncollectible servicing advances

$ 8

5

$ 8

5

Capitalized software | Minimum

Accounting Policies [Line Items]

Estimated useful life

3 years

Capitalized software | Maximum

Accounting Policies [Line Items]

Estimated useful life

5 years

Furniture, fixtures and equipment | Minimum

Accounting Policies [Line Items]

Estimated useful life

3 years

Furniture, fixtures and equipment | Maximum

Accounting Policies [Line Items]

Estimated useful life

7 years

Capital leases | Maximum

Accounting Policies [Line Items]

Estimated useful life

5 years

Leasehold improvements | Maximum

Accounting Policies [Line Items]

Estimated useful life

20 years

Forecast

Accounting Policies [Line Items]

Number of subservicing units expected to be transfered | Loan

115

Number of subservicing units expected to be transfered, percent

18.00%

Number of largest subservicing clients involved In subservicing units transfer | Client

2

Number of subservicing units expected to be transfered, subject to portfolio defense agreement | Loan

65

Restatement adjustment

Accounting Policies [Line Items]

Total PHH Corporation stockholders’ equity

(33)

(33)

(32)

Redeemable noncontrolling interest

33

33

32

Additional paid-in capital

$ (2)

$ (2)

$ (2)

Mortgage loan originations | Product concentration | Portfolio retention

Accounting Policies [Line Items]

Concentration risk, percentage

6.00%

Mortgage loan originations | Product concentration | Private Label Solutions business

Accounting Policies [Line Items]

Concentration risk, percentage

66.00%

Mortgage loan originations | Product concentration | Real Estate Channel

Accounting Policies [Line Items]

Concentration risk, percentage

28.00%

New Residential Mortgage, LLC | Subservicing portfolio | Customer concentration

Accounting Policies [Line Items]

Concentration risk, percentage

58.00%

Pingora Loan Servicing, LLC | Subservicing portfolio | Customer concentration

Accounting Policies [Line Items]

Concentration risk, percentage

19.00%

Accounting Standards Update 2014-09 [Member]

Accounting Policies [Line Items]

Net Revenues

$ 75

New Residential Investment Corp.

Accounting Policies [Line Items]

Subservicing agreement, number of loans included in transaction subject to certain transfer and termination provisions, initial period term

3 years

3 years

Summary of Significant Accoun50

Summary of Significant Accounting Policies - Acquisition (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Business Acquisition, Pro Forma Information [Abstract]
Net Revenues		$ 109,000,000	$ 121,000,000	$ 112,000,000	$ 114,000,000	$ 72,000,000	$ 197,000,000	$ 196,000,000	$ 157,000,000	$ 456,000,000	$ 622,000,000	$ 790,000,000
Loss before income taxes		$ (7,000,000)	$ (78,000,000)	$ (83,000,000)	$ (105,000,000)	$ (206,000,000)	$ (29,000,000)	$ (20,000,000)	$ (49,000,000)	(273,000,000)	$ (304,000,000)	$ (213,000,000)
Adjustment
Business Acquisition, Pro Forma Information [Abstract]
Net Revenues										1,000,000
Loss before income taxes										0
Pro-forma results
Business Acquisition, Pro Forma Information [Abstract]
Net Revenues										457,000,000
Loss before income taxes										$ (273,000,000)
Speedy Title & Appraisal Review Services, LLC
Business Acquisition [Line Items]
Percentage of interests acquired	50.10%	50.10%								50.10%
Equity interest in acquiree before acquisition	49.90%	49.90%								49.90%
Equity interest in acquiree after acquisition	100.00%	100.00%								100.00%
Equity interest in aquiree, fair value	$ 6,000,000
Adjustment for the remeasurement of the investment prior to the acquisition	0
Cash acquired	14,000,000	$ 14,000,000								$ 14,000,000
Accounts payable and accrued liabilities acquired	$ 7,000,000	7,000,000								7,000,000
Pre-tax gain recognized for acquisition		$ 1,000,000								$ 1,000,000
Business acquisition measurement period	6 months

Exit Costs - Additional Informa

Exit Costs - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017
Private Label Solutions business | Mortgage loan originations | Product concentration
Restructuring Cost and Reserve [Line Items]
Concentration risk, percentage	66.00%

Exit Costs - Summary of Expense

Exit Costs - Summary of Expenses Incurred to Date (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	$ 62	$ 41	$ 0
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	27
Cumulative costs recognized in prior years	41
Estimate of remaining costs	22
Total program costs	90
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	35
Cumulative costs recognized in prior years	0
Estimate of remaining costs	2
Total program costs	37
Reorganization | Noncontrolling Interest
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	7
Total program costs	7
Severance and Termination Benefits | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	12
Cumulative costs recognized in prior years	22
Estimate of remaining costs	2
Total program costs	36
Severance and Termination Benefits | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	30
Cumulative costs recognized in prior years	0
Estimate of remaining costs	1
Total program costs	31
Facility Exit Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	6
Cumulative costs recognized in prior years	0
Estimate of remaining costs	16
Total program costs	22
Facility Exit Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	2
Cumulative costs recognized in prior years	0
Estimate of remaining costs	1
Total program costs	3
Contract Termination & Other Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	13
Cumulative costs recognized in prior years	4
Estimate of remaining costs	4
Total program costs	21
Contract Termination & Other Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	1
Cumulative costs recognized in prior years	0
Estimate of remaining costs	0
Total program costs	1
Non-Cash Charges & Asset Impairment | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	(4)
Cumulative costs recognized in prior years	15
Estimate of remaining costs	0
Total program costs	11
Non-Cash Charges & Asset Impairment | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	2
Cumulative costs recognized in prior years	0
Estimate of remaining costs	0
Total program costs	$ 2

Exit Costs - Summary of Expen53

Exit Costs - Summary of Expenses Incurred to Date by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	$ 62	$ 41	$ 0
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	27
Cumulative costs recognized in prior years	41
Estimate of remaining costs	22
Total program costs	90
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	35
Cumulative costs recognized in prior years	0
Estimate of remaining costs	2
Total program costs	37
Other | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	7
Cumulative costs recognized in prior years	8
Estimate of remaining costs	5
Total program costs	20
Other | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	15
Cumulative costs recognized in prior years	0
Estimate of remaining costs	0
Total program costs	15
Mortgage Production Segment | Operating segment | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	20
Cumulative costs recognized in prior years	33
Estimate of remaining costs	17
Total program costs	70
Mortgage Production Segment | Operating segment | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	18
Cumulative costs recognized in prior years	0
Estimate of remaining costs	1
Total program costs	19
Mortgage Servicing segment | Operating segment | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred in current year	2
Cumulative costs recognized in prior years	0
Estimate of remaining costs	1
Total program costs	$ 3

Exit Costs - Schedule of Exit C

Exit Costs - Schedule of Exit Cost Liability (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Restructuring Reserve [Roll Forward]
Beginning balance	$ 25	$ 0
Charges	64	26
Paid	(37)	(1)
Adjustments	1
Ending balance	53	25
Severance and Termination Benefits
Restructuring Reserve [Roll Forward]
Beginning balance	22	0
Charges	42	22
Paid	(22)	0
Adjustments	1
Ending balance	43	22
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Beginning balance	0	0
Charges	8	0
Paid	(6)	0
Adjustments	0
Ending balance	2	0
Contract Termination & Other Costs
Restructuring Reserve [Roll Forward]
Beginning balance	3	0
Charges	14	4
Paid	(9)	(1)
Adjustments	0
Ending balance	$ 8	$ 3

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	1 Months Ended				2 Months Ended	4 Months Ended	12 Months Ended
	Sep. 30, 2017	Jan. 31, 2016	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2015	Aug. 31, 2017	Dec. 31, 2015
Accelerated Stock Repurchase Programs
Share Repurchases [Line Items]
Repurchase of common stock (in shares)				1,574,252
Open Market Share Repurchase Program
Share Repurchases [Line Items]
Repurchase of common stock (in shares)		1,508,772			4,841,267	2,450,466	4,841,267
Modified Dutch auction self-tender offer
Share Repurchases [Line Items]
Repurchase of common stock (in shares)	18,762,962
Convertible Notes Due 2017
Convertible Debt [Abstract]
Number of shares issued from conversion of notes (in shares)			10,075,653

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								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net loss attributable to PHH Corporation	$ (49)	$ (55)	$ (46)	$ (67)	$ (133)	$ (27)	$ (12)	$ (30)	$ (217)	$ (202)	$ (145)
Weighted-average common shares outstanding — basic and diluted (in shares)									46,912,204	53,627,170	55,201,713
Basic and Diluted loss per share attributable to PHH Corporation (in dollars per share)	$ (1.49)	$ (1.14)	$ (0.86)	$ (1.26)	$ (2.49)	$ (0.50)	$ (0.22)	$ (0.56)	$ (4.62)	$ (3.77)	$ (2.62)
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met									70,425
Outstanding stock-based compensation awards
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									988,486	1,980,240	1,386,775
Assumed conversion of debt securities
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									0	0	4,341,369

Servicing Activities - Total Se

Servicing Activities - Total Servicing Portfolio (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Loan Servicing Portfolio [Abstract]
MSRs, Fair Value	$ 476	$ 690
MSRs, UPB	148,155	174,642
Capitalized MSRs owned
Loan Servicing Portfolio [Abstract]
MSRs, Fair Value	57	690
MSRs, UPB	8,592	84,657
Capitalized MSRs under secured borrowing arrangements and subserviced
Loan Servicing Portfolio [Abstract]
MSRs, Fair Value	419	0
MSRs, UPB	49,193	0
Capitalized MSRs
Loan Servicing Portfolio [Abstract]
MSRs, Fair Value	476	690
MSRs, UPB	57,785	84,657
Subserviced
Loan Servicing Portfolio [Abstract]
MSRs, UPB	89,844	89,170
Other servicing
Loan Servicing Portfolio [Abstract]
MSRs, UPB	$ 526	$ 815

Servicing Activities - Loan Ser

Servicing Activities - Loan Servicing Income, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Transfers and Servicing [Abstract]
Servicing fees from capitalized portfolio	$ 145	$ 266	$ 304
Subservicing fees	56	67	70
Late fees and other ancillary revenue	29	39	40
Loss on sale of MSRs and related costs	(16)	(3)	(5)
Curtailment interest paid to investors	(6)	(16)	(15)
Loan servicing income	208	353	394
Change in fair value of mortgage servicing rights and related derivatives	(119)	(228)	(158)
Change in fair value of MSRs secured liability	48	0	0
Loan servicing income, net	137	125	236
Estimated yield on capitalized MSRs	$ 29
Net derivative gains related to mortgage servicing rights		$ 10	$ 29

Servicing Activities - Sales of

Servicing Activities - Sales of MSRs (Details) Loan in Thousands, $ in Millions	Aug. 02, 2017USD ($)	Jul. 03, 2017USD ($)	Jun. 16, 2017USD ($)	May 02, 2017USD ($)	Feb. 02, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)Loan	Dec. 31, 2017USD ($)Loan	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 148,155	$ 148,155	$ 174,642
MSRs, Fair Value							476	476	690
Servicing advances, net							356	356	628
Proceeds on sale of mortgage servicing rights								127	12	$ 47
Proceeds from mortgage servicing rights secured liability								426	0	$ 0
Accounts receivable related to holdback from executed MSRs sales and transfers							42	42
Loans sales to other counterparties
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							35	35
Servicing advances committed
Transfers and Servicing of Mortgage Loans
Servicing advances, net							110	110
Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							57,785	57,785
Capitalized MSRs owned
Transfers and Servicing of Mortgage Loans
MSRs, UPB							8,592	8,592	84,657
MSRs, Fair Value							57	57	690
Capitalized MSRs under secured borrowing arrangements and subserviced
Transfers and Servicing of Mortgage Loans
MSRs, UPB							49,193	49,193	0
MSRs, Fair Value							419	419	$ 0
Capitalized MSRs under secured borrowing arrangements and subserviced | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 49,193	$ 49,193
New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
Subservicing agreement, number of loans included in transaction subject to certain transfer and termination provisions, initial period term							3 years	3 years
Subservicing agreement, number of loans subject to agreement | Loan							363	363
New Residential Investment Corp. | Fannie Mae and Freddie Mac Loans
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value						$ 12	$ 1	$ 1
Servicing advances, net						1
Commitment to sell mortgage servicing rights, sales price						13	1
New Residential Investment Corp. | Fannie Mae and Freddie Mac Loans | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB						$ 1,300	81	81
New Residential Investment Corp. | Fannie Mae Loans
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value		$ 342
Servicing advances, net		24
Commitment to sell mortgage servicing rights, sales price		366
New Residential Investment Corp. | Fannie Mae Loans | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB		$ 39,500
New Residential Investment Corp. | Freddie Mac Loans
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value			$ 113
Servicing advances, net			8
Commitment to sell mortgage servicing rights, sales price			121
New Residential Investment Corp. | Freddie Mac Loans | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB			$ 13,200
Lakeview Loan Servicing | GNMA Loans
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	$ 12			$ 7	$ 74
Servicing advances, net	2			1	11
Commitment to sell mortgage servicing rights, sales price	14			8	85
Lakeview Loan Servicing | GNMA Loans | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 2,000			$ 1,000	$ 10,200
Other counterparties | Interest rate lock commitments and mortgage loans held for sale
Transfers and Servicing of Mortgage Loans
Commitment to sell Mortgage Servicing Rights							28	28
MSR commitments | New Residential Investment Corp.
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							34	34
MSR commitments | New Residential Investment Corp. | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 5,940	$ 5,940
MSR commitments | New Residential Investment Corp. | Capitalized MSRs owned
Transfers and Servicing of Mortgage Loans
Subservicing agreement, number of loans subject to agreement | Loan							27	27
MSR commitments | Other counterparties
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							$ 5	$ 5
MSR commitments | Other counterparties | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							565	565
MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value							18	18
MSR Non-committed | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB							$ 2,087	$ 2,087

Servicing Activities - Activity

Servicing Activities - Activity in the total loan servicing portfolio unpaid principal balance associated with capitalized MSRs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 174,642
Balance, end of period	148,155	$ 174,642
Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, end of period	57,785
MSRs Owned | Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	84,657	98,990	$ 112,686
Additions from loans sold with servicing retained	3,270	5,874	8,841
Payoffs and curtailments	(7,667)	(19,211)	(19,092)
Sales that have been derecognized	(17,628)	(996)	(3,445)
Sales accounted for as secured borrowing	(54,040)	0	0
Balance, end of period	8,592	84,657	$ 98,990
MSRs Secured Asset | Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	0
Additions from loans sold with servicing retained	0
Payoffs and curtailments	(4,847)
Sales that have been derecognized	0
Sales accounted for as secured borrowing	54,040
Balance, end of period	$ 49,193	$ 0

Servicing Activities - Activi61

Servicing Activities - Activity in total capitalized MSRs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Activity in capitalized MSRs
Balance, beginning of period	$ 690
Changes in fair value due to:
Balance, end of period	476	$ 690
MSRs Owned
Activity in capitalized MSRs
Balance, beginning of period	690	880	$ 1,005
Additions from loans sold with servicing retained	36	60	101
Sales that have been derecognized	(131)	(12)	(39)
Sales accounted for as secured borrowing	(467)	0	0
Changes in fair value due to:
Realization of expected cash flows	(59)	(138)	(169)
Changes in market inputs or assumptions used in the valuation model	(12)	(100)	(18)
Balance, end of period	57	690	$ 880
MSRs Secured Asset
Activity in capitalized MSRs
Balance, beginning of period	0
Additions from loans sold with servicing retained	0
Sales that have been derecognized	0
Sales accounted for as secured borrowing	467
Changes in fair value due to:
Realization of expected cash flows	(41)
Changes in market inputs or assumptions used in the valuation model	(7)
Balance, end of period	$ 419	$ 0

Servicing Activities - Sales 62

Servicing Activities - Sales of Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Servicing Right Portfolio Unpaid Principal Balance [Line Items]
Percentage of mortgage loans sold to government sponsored enterprises	44.00%
Percentage of mortgage loans sold to private investors	56.00%
Percentage of mortgage rights retained on mortgage loans sold	45.00%
Cash Flows Between Transferor and Transferee [Abstract]
Proceeds from new loan sales or securitizations	$ 3,711	$ 6,071	$ 9,075
Servicing fees from capitalized portfolio	145	305	344
Purchases of previously sold loans	(21)	(295)	(128)
Servicing advances	(998)	(1,584)	(2,083)
Repayment of servicing advances	1,270	1,647	2,086
Realized Gain on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	158	$ 266	$ 300
All loan sales
Cash Flows Between Transferor and Transferee [Abstract]
Repayment of servicing advances	$ 66

Derivatives - Summary of gross

Derivatives - Summary of gross notional amount of derivatives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Interest rate lock commitments expected to close | Minimum
Derivatives
Loan commitment period	30 days
Interest rate lock commitments expected to close | Maximum
Derivatives
Loan commitment period	90 days
Not designated as hedging instruments | Interest rate lock commitments expected to close
Notional amount of derivatives
Notional	$ 192	$ 862
Not designated as hedging instruments | Forward delivery commitments
Notional amount of derivatives
Notional	614	2,104
Not designated as hedging instruments | MSR-related agreements
Notional amount of derivatives
Notional	0	260
Not designated as hedging instruments | Option contracts
Notional amount of derivatives
Notional	$ 0	$ 120

Derivatives - Balances of outst

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

Derivatives - Summary of gains

Derivatives - Summary of gains (losses) for derivative instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives
Net derivative gain related to mortgage servicing rights		$ 10	$ 29
Interest rate lock commitments expected to close | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	$ 200	315	261
Forward delivery commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	(8)	(1)	(7)
Option contracts | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	(1)	0	(2)
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights
Derivatives
Net derivative gain related to mortgage servicing rights	$ 0	$ 10	$ 29

Property and Equipment, Net (De

Property and Equipment, Net (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Property and equipment
Property and equipment, gross	$ 149	$ 197
Less: Accumulated depreciation and amortization	(127)	(161)
Property and equipment, net	22	36
Capitalized software
Property and equipment
Property and equipment, gross	120	130
Furniture, fixtures and equipment
Property and equipment
Property and equipment, gross	10	33
Capital leases
Property and equipment
Property and equipment, gross	0	9
Leasehold improvements
Property and equipment
Property and equipment, gross	$ 19	$ 25

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Other Assets [Abstract]
Prepaid expenses	$ 8	$ 11
Real estate owned, net	7	16
Derivatives (Note 5)	5	21
Mortgage loans in foreclosure, net	3	21
Repurchase eligible loans	1	13
Income taxes receivable	0	14
Equity method investments	0	10
Deferred financing costs	0	1
Other	2	2
Total	26	109
Adjustment to value for real estate owned	9	14
Allowance for probable foreclosure losses	$ 2	$ 10
Repurchase eligibility, prior number of days delinquent	90 days

Accounts Payable and Accrued 68

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Accounts Payable and Accrued Liabilities [Abstract]
Exit cost liability (Note 2)	$ 53	$ 25	$ 0
Accounts payable	39	77
Accrued payroll and benefits	33	50
Accrued servicing related expenses	10	12
Accrued interest	3	16
Income taxes payable	2	0
Repurchase eligible loans (Note 7)	1	13
Total	$ 141	$ 193

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Legal and regulatory matters (Note 13)	$ 20	$ 114
Pension and other post-employment benefits (Note 11)	11	11
Income tax contingencies (Note 12)	11	8
Liability to deliver MSRs (Note 16)	2	0
Derivatives (Note 5)	0	18
Other	3	6
Total	$ 47	$ 157

Debt and Borrowing Arrangemen70

Debt and Borrowing Arrangements - Components of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Debt and Borrowing Arrangements
Mortgage warehouse and advance facilities	$ 252	$ 655
Unsecured debt, face value	119	615
Debt issuance costs	(1)	(8)
Unsecured debt, net	118	607
Total	$ 370	1,262
Committed warehouse facilities
Debt and Borrowing Arrangements
Weighted average interest rate (as a percent)	3.70%
Available Capacity	$ 206
Mortgage warehouse and advance facilities	$ 169	556
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Weighted average interest rate (as a percent)	3.30%
Available Capacity	$ 249
Mortgage warehouse and advance facilities	$ 51	0
Servicing advance facility
Debt and Borrowing Arrangements
Weighted average interest rate (as a percent)	3.40%
Available Capacity	$ 33
Mortgage warehouse and advance facilities	$ 32	99
Term notes due in 2019
Debt and Borrowing Arrangements
Interest rate (as a percent)	7.375%
Unsecured debt, face value	$ 97	275
Term notes due in 2021
Debt and Borrowing Arrangements
Interest rate (as a percent)	6.375%
Unsecured debt, face value	$ 22	340
Unsecured credit facilities
Debt and Borrowing Arrangements
Available Capacity	$ 3
Interest rate (as a percent)	0.00%
Unsecured debt, face value	$ 0	$ 0

Debt and Borrowing Arrangemen71

Debt and Borrowing Arrangements - Assets pledged as collateral or funded by subservicing clients (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Debt and Borrowing Arrangements
Restricted cash	$ 41	$ 57
Servicing advances, net	356	628
Mortgage loans held for sale (unpaid principal balance)	270	683
Mortgage servicing rights	476	$ 690
Warehouse Facilities | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	3
Servicing advances, net	0
Mortgage loans held for sale (unpaid principal balance)	233
Mortgage servicing rights	0
Total	236
Servicing Advance Facility | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	10
Servicing advances, net	56
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	66
Subservicing Advance Liabilities | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances, net	232
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	232
MSRs Secured Liability | Collateral Pledged
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances, net	0
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	419
Total	$ 419

Debt and Borrowing Arrangemen72

Debt and Borrowing Arrangements - Schedule of Contractual Debt Maturities (Details) $ in Millions	Dec. 31, 2017USD ($)
Contractual debt maturities
Within one year	$ 252
Between one and two years	97
Between two and three years	0
Between three and four years	22
Between four and five years	0
Thereafter	0
Total	371
Warehouse Facilities
Contractual debt maturities
Within one year	220
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	220
Servicing Advance Facility
Contractual debt maturities
Within one year	32
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	32
Unsecured debt
Contractual debt maturities
Within one year	0
Between one and two years	97
Between two and three years	0
Between three and four years	22
Between four and five years	0
Thereafter	0
Total	$ 119

Debt and Borrowing Arrangemen73

Debt and Borrowing Arrangements - Components of Net Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
Interest income	$ 37	$ 43	$ 44
Secured interest expense	24	33	35
MSRs secured interest expense	(29)	0	0
Unsecured interest expense	20	42	55
Net interest expense	$ (36)	$ (32)	$ (46)

Debt and Borrowing Arrangemen74

Debt and Borrowing Arrangements - Additional Information (Details)

Jul. 03, 2017USD ($)

Jun. 19, 2017USD ($)

Sep. 30, 2017USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Feb. 20, 2018USD ($)

Jan. 30, 2018USD ($)

Jan. 01, 2018USD ($)

Dec. 21, 2017USD ($)

Dec. 01, 2017USD ($)

Sep. 08, 2017USD ($)

Jul. 31, 2017USD ($)

Apr. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Debt and Borrowing Arrangements

Extinguishment of debt amount

$ 524,000,000

Loss on early extinguishment of debt

$ 34,000,000

$ 34,000,000

$ 0

$ 30,000,000

Maximum ratio of unsecured indebtedness to tangible net worth

1.25

Committed warehouse facilities

Debt and Borrowing Arrangements

Commitment period

364 days

Committed warehouse facilities | Barclays Bank PLC

Debt and Borrowing Arrangements

Borrowing capacity

$ 100,000,000

Committed warehouse facilities | Wells Fargo Bank

Debt and Borrowing Arrangements

Borrowing capacity

$ 200,000,000

Committed warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

$ 150,000,000

Committed warehouse facilities | Bank of America

Debt and Borrowing Arrangements

Borrowing capacity

$ 75,000,000

Uncommitted warehouse facilities | Barclays Bank PLC

Debt and Borrowing Arrangements

Borrowing capacity

$ 100,000,000

Uncommitted warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

$ 200,000,000

Variable funding notes | Wells Fargo Bank

Debt and Borrowing Arrangements

Borrowing capacity

$ 65,000,000

Warehouse Facilities

Debt and Borrowing Arrangements

Maximum ratio of unsecured indebtedness to tangible net worth

1.25

Amount to be maintained of cash and cash equivalents in excess of its liability for legal and regulatory matters

$ 100,000,000

Unsecured credit facilities

Debt and Borrowing Arrangements

Interest rate (as a percent)

0.00%

Unsecured credit facilities | Maximum

Debt and Borrowing Arrangements

Ratio of indebtedness to tangible net worth

4.50

Unsecured credit facilities | Minimum

Debt and Borrowing Arrangements

Net worth threshold, base amount

$ 250,000,000

Covenant net worth on last day of each fiscal quarter after current year

$ 150,000,000

Term notes due in 2019

Debt and Borrowing Arrangements

Extinguish of debt, cash consideration for each $1,000 principal amount

$ 1,100

Extinguishment of debt amount

178,000,000

Interest rate (as a percent)

7.375%

Principal amount of notes

$ 97,000,000

Term notes due in 2021

Debt and Borrowing Arrangements

Extinguish of debt, cash consideration for each $1,000 principal amount

$ 1,031.88

Extinguishment of debt amount

$ 318,000,000

Interest rate (as a percent)

6.375%

Principal amount of notes

$ 22,000,000

Subsequent Event | Committed warehouse facilities | Wells Fargo Bank

Debt and Borrowing Arrangements

Borrowing capacity

$ 100,000,000

Subsequent Event | Uncommitted warehouse facilities | Barclays Bank PLC

Debt and Borrowing Arrangements

Borrowing capacity

$ 25,000,000

Subsequent Event | Warehouse Facilities

Debt and Borrowing Arrangements

Amount to be maintained of cash and cash equivalents in excess of its liability for legal and regulatory matters

$ 70,000,000

Pension and Other Post Employ75

Pension and Other Post Employment Benefits (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Defined Contribution Savings Plans
Cost for contributions to defined contribution savings plans	$ 5,000,000	$ 7,000,000	$ 8,000,000
Pension Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	50,000,000	48,000,000
Fair value of plan assets	40,000,000	38,000,000
Unfunded status recognized in Other liabilities	(10,000,000)	(10,000,000)
Amounts recognized in Accumulated other comprehensive income	15,000,000	16,000,000
Net periodic benefit cost	1,000,000	1,000,000
Future expected benefit payments
Future expected benefit payments in the year ending December 31, 2018	2,000,000
Future expected benefit payments in the year ending December 31, 2019	2,000,000
Future expected benefit payments in the year ending December 31, 2020	3,000,000
Future expected benefit payments in the year ending December 31, 2021	3,000,000
Future expected benefit payments in the year ending December 31, 2022	3,000,000
Future expected benefit payments for five years ending December 31, 2027	14,000,000
Contributions by employer	0	0
Other Post-Employment Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	1,000,000	1,000,000
Fair value of plan assets	0	0
Unfunded status recognized in Other liabilities	(1,000,000)	(1,000,000)
Amounts recognized in Accumulated other comprehensive income	$ 0	$ 0

Income Taxes - Schedule of inco

Income Taxes - Schedule of income tax benefit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Current:
Federal	$ 42	$ 0	$ 0
State	1	0	(1)
Change in income tax contingencies	(1)	(2)	0
Total current income tax expense (benefit)	42	(2)	(1)
Deferred:
Federal	(102)	(100)	(79)
State	(19)	(9)	(2)
Total deferred income tax benefit	(121)	(109)	(81)
Income tax benefit	$ (79)	$ (111)	$ (82)

Income Taxes - Components of de

Income Taxes - Components of deferred tax assets and liabilities (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Federal loss carryforwards	$ 0	$ 23,000,000
State loss carryforwards and credits	48,000,000	39,000,000
Reserves and allowances	17,000,000	36,000,000
Exit cost liability	10,000,000	10,000,000
Accrued legal and regulatory matters	6,000,000	46,000,000
Other accrued liabilities	17,000,000	24,000,000
Other	4,000,000	0
Gross deferred tax assets	102,000,000	178,000,000
Valuation allowance	(78,000,000)	(44,000,000)
Deferred tax assets, net of valuation allowance	24,000,000	134,000,000
Deferred tax liabilities:
Mortgage servicing rights(1)	20,000,000	234,000,000
Other	4,000,000	1,000,000
Deferred tax liabilities	24,000,000	235,000,000
Net deferred tax liability	$ 0	$ 101,000,000

Income Taxes - Schedule of effe

Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
Loss before income taxes	$ (7)	$ (78)	$ (83)	$ (105)	$ (206)	$ (29)	$ (20)	$ (49)	$ (273)	$ (304)	$ (213)
Statutory federal income tax rate									35.00%	35.00%	35.00%
Income taxes computed at statutory federal rate									$ (96)	$ (106)	$ (75)
Impact of federal tax reform									30	0	0
Changes in rate and apportionment factors									13	1	3
Noncontrolling interest									(8)	(3)	(5)
Changes in valuation allowance									(13)	5	10
State and local income taxes, net of federal tax benefits									(18)	(15)	(14)
Liabilities for income tax contingencies									3	(2)	0
Nondeductible expenses									7	6	6
Other									3	3	(7)
Income tax benefit									$ (79)	$ (111)	$ (82)
Effective tax rate (as a percent)									(28.90%)	(36.70%)	(38.40%)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effective Income Tax Rate Reconciliation [Line Items]
Valuation allowance	$ (78,000,000)	$ (44,000,000)
Deferred taxes, net	0	101,000,000
Impact of federal tax reform	30,000,000	0	$ 0
Changes in valuation allowance	(13,000,000)	5,000,000	10,000,000
Impact to effective income tax rate from nondeductible expenses related to legal and regulatory matters	3,000,000	6,000,000
Impact to effective income tax rate from nondeductible expenses related to employee share based payment, stock buyback expense, meals and entertainment expenses	4,000,000
Estimated liability for potential payment of interest and penalties	2,000,000	2,000,000
Impact of resolution of income tax contingencies or reductions in valuation allowances on effective income tax rate	11,000,000	8,000,000	$ 11,000,000
State
Effective Income Tax Rate Reconciliation [Line Items]
Changes in valuation allowance	$ (6,000,000)	$ 4,000,000

Income Taxes - Schedule of unre

Income Taxes - Schedule of unrecognized income tax benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Unrecognized income tax benefits
Balance, beginning of period	$ 8	$ 11	$ 11
Activity related to tax positions taken during the current year	0	0	0
Activity related to tax positions taken during prior years	3	(3)	0
Balance, end of period	$ 11	$ 8	$ 11

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Dec. 31, 2017	Aug. 08, 2017	Dec. 31, 2016
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies		$ 20,000,000		$ 114,000,000
CFPB Enforcement Action | Unfavorable regulatory action
Loss Contingencies [Line Items]
Final order amount company must pay	$ 109,000,000
MMC Examination
Loss Contingencies [Line Items]
Litigation settlement amount		45,000,000
Payments for civil monetary penalty		38,000,000
HUD Subpoenas
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies			$ 65,000,000
Other Subpoenas and Investigations
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies			$ 9,500,000
PMC
Loss Contingencies [Line Items]
Minimum net worth required for compliance		100,000,000
Actual net worth		381,000,000
LenderLive Network, LLC | Lease related guaranty
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee		13,000,000
Guaranteed Rate Affinity, LLC | Lease related guaranty
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee		$ 2,000,000

Commitments and Contingencies82

Commitments and Contingencies - Repurchase and Foreclosure-Related Reserves (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 73	$ 89
Realized losses	(34)	(42)
Transfer of reserves	(5)	0
Increase in reserves due to:
Changes in assumptions	3	19
New loan sales	3	7
Balance, end of period	73	89	$ 40	$ 73
Components of Repurchase and Foreclosure-related Reserves [Abstract]
Loan repurchase and indemnification liability			29	49
Adjustment to value for real estate owned			9	14
Allowance for probable foreclosure losses			2	10
Total	$ 73	$ 89	$ 40	$ 73

Commitments and Contingencies83

Commitments and Contingencies - Loan Repurchases and Indemnifications (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Loan repurchase and indemnification liability	$ 29	$ 49
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	$ 46
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	23.00%

Commitments and Contingencies84

Commitments and Contingencies - Lease and Purchase Commitments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Lease and Purchase Commitments
Rental expense	$ 19	$ 22	$ 22
Future Minimum Operating Lease Payments
2,018	13
2,019	10
2,020	9
2,021	8
2,022	8
Thereafter	0
Total	48
Purchase Commitments
2,018	6
2,019	5
2,020	0
2,021	0
2,022	0
Thereafter	0
Total	11
Minimum sublease income due	$ 6

Stock-Related Matters (Details)

Stock-Related Matters (Details)

1 Months Ended

2 Months Ended

4 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2017USD ($)shares

Jan. 31, 2016USD ($)shares

Jun. 30, 2015shares

Mar. 31, 2015shares

Dec. 31, 2015shares

Aug. 31, 2017USD ($)shares

Sep. 30, 2017USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)shares

Nov. 05, 2017USD ($)

May 03, 2017USD ($)

Share Repurchases [Line Items]

Payment for repurchase of common stock

$ 301,000,000

$ 23,000,000

$ 77,000,000

Aggregate amount of PHH's common stock repurchase

$ 301,000,000

$ 23,000,000

$ 78,000,000

Maximum ratio of unsecured indebtedness to tangible net worth

1.25

Aggregate restricted net assets of subsidiaries

$ 102,000,000

Accelerated Stock Repurchase Programs

Share Repurchases [Line Items]

Repurchase of common stock (in shares) | shares

1,574,252

Open Market Share Repurchase Program

Share Repurchases [Line Items]

Shares authorized for repurchase (in dollars)

$ 300,000,000

$ 100,000,000

$ 100,000,000

Payment for repurchase of common stock

$ 34,000,000

Repurchase of common stock (in shares) | shares

1,508,772

4,841,267

2,450,466

4,841,267

Aggregate amount of PHH's common stock repurchase

$ 23,000,000

$ 77,000,000

Modified Dutch auction self-tender offer

Share Repurchases [Line Items]

Payment for repurchase of common stock

$ 267,000,000

Repurchase of common stock (in shares) | shares

18,762,962

Convertible Notes Due 2017

Share Repurchases [Line Items]

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

10,075,653

Unsecured credit facilities | Minimum

Share Repurchases [Line Items]

Net worth threshold, base amount

250,000,000

Covenant net worth on last day of each fiscal quarter after current year

$ 150,000,000

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details)	12 Months Ended
	Dec. 31, 2017USD ($)Executiveshares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate number of shares issuable under the plan (in shares) | shares	8,406,180
Number of shares available for grant (in shares) | shares	7,183,901
Period of expiration after date of termination	1 year
Number of shares of common stock of the entity that employees are entitled to receive for each RSU granted (in shares) | shares	1
Number of shares of common stock of the entity that employees are entitled to receive for each RCU granted (in shares) | shares	1
Number of executives affected by plan modification | Executive	8
Incremental compensation cost recognized from modified awards	$ 0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted during period (in shares) | shares	0	0	0
Options exercised during period (in shares) | shares	0	0
Intrinsic value of options exercised			$ 1,000,000
Stock Options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Contractual term	10 years
Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award expected to achieve payout		$ 1,000,000
Fair value amount of units converted		$ 3,000,000
Liability Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Market-based RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) | shares	0
Weighted-average grant-date fair value (in dollars per share) | $ / shares		$ 13.01	$ 18.67
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	$ 1,000,000
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	1 year 5 months
Fair value of awards converted into shares of Common Stock	$ 3,000,000	$ 2,000,000	$ 2,000,000
RSUs | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Modified Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost related to outstanding and unvested equity and liability awards that are expected to vest	$ 0
Award expected to achieve payout	6,000,000
Fair value amount of units converted	$ 1,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of stock-based compensation expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Income tax benefit related to stock-based compensation expense	$ (5)	$ (4)	$ (4)
Stock-based compensation expense, net of income taxes	8	6	7
Stock-based compensation expense related to modification of awards	4
Salaries and related expenses | Equity Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	5	9	9
Salaries and related expenses | Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	1	1	2
Exit and disposal costs | Liability Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7	$ 0	$ 0

Stock-Based Compensation - Su88

Stock-Based Compensation - Summary of stock option activity (Details)	12 Months Ended
	Dec. 31, 2017USD ($)$ / sharesshares
Aggregate Intrinsic Value
Unrecognized compensation cost related to outstanding stock options | $	$ 0
Stock Options
Number of Options
Outstanding at the beginning of the period (in shares) | shares	901,310
Exercisable at the end of the period (in shares) | shares	901,310
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share) | $ / shares	$ 17.85
Exercisable at the end of the period (in dollars per share) | $ / shares	$ 17.85
Weighted-Average Remaining Contractual Term
Exercisable at the end of the period	11 months
Aggregate Intrinsic Value
Exercisable at the end of the period | $	$ 0

Stock-Based Compensation - Su89

Stock-Based Compensation - Summary of restricted stock unit activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Market-based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	625,308
Canceled due to modification of award (in shares)	(501,129)
Granted (in shares)	0
Canceled due to non-achievement of performance or market condition (in shares)	(53,754)
Outstanding at the end of the period (in shares)	70,425	625,308
RSUs expected to be converted into shares of Common stock (in shares)	0
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 13.65
Canceled due to modification of award (in dollars per share)	13.11
Granted (in dollars per share)		$ 13.01	$ 18.67
Canceled due to non-achievement of performance or market condition (in dollars per share)	18.67
Outstanding at the end of the period (in dollars per share)	13.67	$ 13.65
RSUs expected to be converted into shares of Common stock (in dollars per share)	$ 13.67
Service-based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	885,117
Canceled due to modification of award (in shares)	(489,561)
Granted (in shares)	56,958
Converted (in shares)	(268,282)
Outstanding at the end of the period (in shares)	184,232	885,117
RSUs expected to be converted into shares of Common stock (in shares)	184,232
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 15.48
Canceled due to modification of award (in dollars per share)	14.24
Granted (in dollars per share)	14.07
Converted (in dollars per share)	17.95
Outstanding at the end of the period (in dollars per share)	16.02	$ 15.48
RSUs expected to be converted into shares of Common stock (in dollars per share)	$ 16.02

Stock-Based Compensation - Su90

Stock-Based Compensation - Summary of assumptions used for fair value of market-based RSUs (Details) - Market-based RSUs - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Assumptions used for estimating weighted-average grant-date fair value of stock options
Grant date stock price (in dollars per share)	$ 13	$ 24.24
Risk-free interest rate	1.09%	0.94%
Expected volatility	45.70%	30.20%
Dividend yield	0.00%	0.00%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Fair Value Measurements
Mortgage servicing rights	$ 476	$ 690
Total derivative assets	5	21
Total derivative liabilities	0	18
Liability to deliver MSRs	2	0
Recurring basis | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets, Cash Collateral and Netting		(12)
Other liabilities-derivative liabilities, Cash Collateral and Netting		1
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
Liability to deliver MSRs	0
Recurring basis | Level One | Interest rate lock commitments expected to close
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis | Level One | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets		0
Other liabilities-derivative liabilities		0
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	261	636
Mortgage servicing rights	0	0
Mortgage servicing rights secured liability	0
Liability to deliver MSRs	0
Recurring basis | Level Two | Interest rate lock commitments expected to close
Fair Value Measurements
Other assets—Derivative assets	0	0
Recurring basis | Level Two | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets		14
Other liabilities-derivative liabilities		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	9	47
Mortgage servicing rights		690
Mortgage servicing rights secured liability	419
Liability to deliver MSRs	2
Recurring basis | Level Three | Interest rate lock commitments expected to close
Fair Value Measurements
Other assets—Derivative assets	5	18
Recurring basis | Level Three | Forward delivery commitments
Fair Value Measurements
Other assets—Derivative assets		0
Other liabilities-derivative liabilities		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
Total | Recurring basis
Fair Value Measurements
Mortgage loans held for sale	270	683
Mortgage servicing rights	476	690
Mortgage servicing rights secured liability	419
Liability to deliver MSRs	2
Total | Recurring basis | Interest rate lock commitments expected to close
Fair Value Measurements
Total derivative assets	$ 5	18
Total | Recurring basis | Forward delivery commitments
Fair Value Measurements
Total derivative assets		2
Total derivative liabilities		5
Total | Recurring basis | MSR-related agreements
Fair Value Measurements
Total derivative assets		1
Total derivative liabilities		12
Total | Recurring basis | Option contracts
Fair Value Measurements
Total derivative assets		0
Total derivative liabilities		$ 1

Fair Value Measurements - Sch92

Fair Value Measurements - Schedule of difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 270	$ 683
MLHS
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	270	683
Carrying amount, Loans 90 days or more past due and on non-accrual status	1	7
Aggregate unpaid principal balance, Total	268	687
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	2	10
Difference, Total	2	(4)
Difference, Loans 90 days or more past due and on non-accrual status	$ (1)	$ (3)

Fair Value Measurements - Sch93

Fair Value Measurements - Schedule of components of Mortgage loans held for sale (Details) - USD ($) $ in Millions	Dec. 31, 2017	Dec. 31, 2016
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 270	$ 683
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	261	636
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	241	531
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	20	105
Second lien
Components of Mortgage loans held for sale
Mortgage loans held for sale	0	3
Scratch and Dent
Components of Mortgage loans held for sale
Mortgage loans held for sale	$ 9	$ 44

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Assumptions (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Significant assumptions used in estimating fair value
Initial capitalization rate of additions to MSRs	1.10%	1.02%
MSRs Secured Liability
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	11.20%
Option adjusted spread, in basis points (OAS)	9.28%
Weighted-average delinquency rate	4.00%
MSRs Owned
Significant assumptions used in estimating fair value
Capitalization servicing rate	0.67%	0.82%
Weighted-average life (years)	5 years 8 months	6 years 4 months
MSRs Owned | MSRs
Significant assumptions used in estimating fair value
Capitalization servicing multiple	230.00%	290.00%
Weighted-average servicing fee (in basis points)	0.29%	0.28%
Weighted-average prepayment speed (CPR)	9.20%	9.20%
Option adjusted spread, in basis points (OAS)	3.93%	14.30%
Weighted-average delinquency rate	12.40%	5.10%
MSRs Under Secured Borrowing Arrangement
Significant assumptions used in estimating fair value
Capitalization servicing rate	0.85%
Weighted-average life (years)	5 years 7 months
MSRs Under Secured Borrowing Arrangement | MSRs
Significant assumptions used in estimating fair value
Capitalization servicing multiple	320.00%
Weighted-average servicing fee (in basis points)	0.27%
Weighted-average prepayment speed (CPR)	11.20%
Option adjusted spread, in basis points (OAS)	9.28%
Weighted-average delinquency rate	4.00%

Fair Value Measurements - Sch95

Fair Value Measurements - Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions (Details) - MSRs $ in Millions	Dec. 31, 2017USD ($)
MSRs Owned
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	$ (3)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(5)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(2)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(3)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(4)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	(9)
MSRs Under Secured Borrowing Arrangement
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	(15)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(29)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(18)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(34)
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	(6)
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	$ (12)

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2017	Dec. 31, 2016
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	67.00%	67.00%	77.00%
Non-Recurring Fair Value Measurements
Impairment to equity method investments			$ 23,000,000
Level Two
Debt
Fair value of debt	$ 379,000,000	$ 379,000,000	1,300,000,000
Non-recurring basis | Level Three
Non-Recurring Fair Value Measurements
Repurchase and foreclosure-related charges		3,000,000	$ 19,000,000
Market based approach | Level Two
Debt
Fair value of debt	252,000,000	252,000,000
Observable spreads and terms for recent pricing of similar instruments | Level Three
Debt
Fair value of debt	$ 127,000,000	$ 127,000,000
Speedy Title & Appraisal Review Services, LLC
Non-Recurring Fair Value Measurements
Percentage of interests acquired	50.10%	50.10%
Equity interest in acquiree before acquisition	49.90%	49.90%
Equity interest in acquiree after acquisition	100.00%	100.00%
Adjustment for the remeasurement of the investment prior to the acquisition	$ 0

Fair Value Measurements - Sch97

Fair Value Measurements - Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy (Details) - Level Three - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
IRLCs, net
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 18	$ 21
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(213)	(318)
Purchases, Issuances, Sales and Settlements Total	(213)	(318)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	200	315
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	5	18
MLHS
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	47	39
Purchases, Issuances, Sales and Settlements:
Purchases	7	13
Issuances	5	6
Sales	(59)	(24)
Settlements	(12)	(11)
Purchases, Issuances, Sales and Settlements Total	(59)	(16)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(3)	2
Transfers into Level Three	41	42
Transfers out of Level Three	(17)	(20)
Balance, end of period	9	47
MSRs
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	690	880
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	36	60
Sales	(131)	(12)
Settlements	0	0
Purchases, Issuances, Sales and Settlements Total	(95)	48
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(119)	(238)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	476	690
Gain on loans held for sale, net | IRLCs, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	200	315
Gain on loans held for sale, net | MLHS
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(3)	(1)
Gain on loans held for sale, net | MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | IRLCs, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | MLHS
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Change in fair value of MSRs | MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(119)	(238)
Interest income | IRLCs, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
Interest income | MLHS
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	3
Interest income | MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
MSRs Secured Liability
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	0
Purchases, Issuances, Sales and Settlements:
Purchases	0
Issuances	(467)
Sales	0
Settlements	29
Purchases, Issuances, Sales and Settlements Total	(438)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	19
Transfers into Level Three	0
Transfers out of Level Three	0
Balance, end of period	(419)	0
MSRs Secured Liability | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0
MSRs Secured Liability | Change in fair value of MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	48
MSRs Secured Liability | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(29)
Liability to Deliver MSRs
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	0
Purchases, Issuances, Sales and Settlements:
Purchases	0
Issuances	0
Sales	0
Settlements	3
Purchases, Issuances, Sales and Settlements Total	3
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(5)
Transfers into Level Three	0
Transfers out of Level Three	0
Balance, end of period	(2)	$ 0
Liability to Deliver MSRs | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(5)
Liability to Deliver MSRs | Change in fair value of MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0
Liability to Deliver MSRs | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	$ 0

Fair Value Measurements - Sch98

Fair Value Measurements - Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Gain on loans held for sale, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized gains (losses) for level 3 fair value instruments	$ 3	$ 11
Loan servicing income, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized gains (losses) for level 3 fair value instruments	$ (12)	$ (100)

Variable Interest Entities (Det

Variable Interest Entities (Details)		1 Months Ended	3 Months Ended								9 Months Ended	12 Months Ended
		Aug. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Sep. 30, 2017	Dec. 31, 2017USD ($)Closing	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
ASSETS
Cash			$ 542,000,000				$ 906,000,000					$ 542,000,000	$ 906,000,000	$ 906,000,000	$ 1,259,000,000
Restricted cash			41,000,000				57,000,000					41,000,000	57,000,000
Mortgage loans held for sale			270,000,000				683,000,000					270,000,000	683,000,000
Accounts receivable, net			78,000,000				66,000,000					78,000,000	66,000,000
Servicing advances, net			356,000,000				628,000,000					356,000,000	628,000,000
Property and equipment, net			22,000,000				36,000,000					22,000,000	36,000,000
Other assets			26,000,000				109,000,000					26,000,000	109,000,000
Total assets	[1]		1,811,000,000				3,175,000,000					1,811,000,000	3,175,000,000
LIABILITIES
Accounts payable and accrued expenses			141,000,000				193,000,000					141,000,000	193,000,000
Mortgage warehouse and advance facilities			252,000,000				655,000,000					252,000,000	655,000,000
Other liabilities			47,000,000				157,000,000					47,000,000	157,000,000
Total liabilities	[1]		1,258,000,000				2,052,000,000					1,258,000,000	2,052,000,000
Company Involvement with Variable Interest Entity
Net loss			(31,000,000)	$ (42,000,000)	$ (50,000,000)	$ (71,000,000)	(133,000,000)	$ (21,000,000)	$ (9,000,000)	$ (30,000,000)		$ (194,000,000)	(193,000,000)	(131,000,000)
Variable Interest Entities
Number of asset sale closings | Closing												5
Proceeds from PHH Home Loans asset sales		$ 70,000,000										$ 70,000,000	0	0
Gain on PHH Home Loans asset sales		$ (70,000,000)										(70,000,000)	0	0
Exit and disposal costs												62,000,000	41,000,000	0
Mandatorily redeemable noncontrolling interest			20,000,000				0					$ 20,000,000	0
Notice period of purchase requirement											2 years	2 years
Variable Interest Entity
ASSETS
Cash			33,000,000				67,000,000					$ 33,000,000	67,000,000
Restricted cash			13,000,000				24,000,000					13,000,000	24,000,000
Mortgage loans held for sale			60,000,000				350,000,000					60,000,000	350,000,000
Accounts receivable, net			1,000,000				9,000,000					1,000,000	9,000,000
Servicing advances, net			56,000,000				150,000,000					56,000,000	150,000,000
Property and equipment, net			0				1,000,000					0	1,000,000
Other assets			1,000,000				12,000,000					1,000,000	12,000,000
Total assets			164,000,000				613,000,000					164,000,000	613,000,000
LIABILITIES
Accounts payable and accrued expenses			6,000,000				11,000,000					6,000,000	11,000,000
Mortgage warehouse and advance facilities			72,000,000				399,000,000					72,000,000	399,000,000
Other liabilities			5,000,000				5,000,000					5,000,000	5,000,000
Total liabilities			83,000,000				415,000,000					83,000,000	415,000,000
PHH Home Loans | Variable Interest Entity
ASSETS
Cash			33,000,000				67,000,000					33,000,000	67,000,000
Restricted cash			3,000,000				5,000,000					3,000,000	5,000,000
Mortgage loans held for sale			60,000,000				350,000,000					60,000,000	350,000,000
Accounts receivable, net			1,000,000				9,000,000					1,000,000	9,000,000
Servicing advances, net			0				0					0	0
Property and equipment, net			0				1,000,000					0	1,000,000
Other assets			1,000,000				11,000,000					1,000,000	11,000,000
Total assets			98,000,000				443,000,000					98,000,000	443,000,000
Assets held as collateral			43,000,000				320,000,000					43,000,000	320,000,000
LIABILITIES
Accounts payable and accrued expenses			6,000,000				11,000,000					6,000,000	11,000,000
Mortgage warehouse and advance facilities			40,000,000				300,000,000					40,000,000	300,000,000
Other liabilities			5,000,000				5,000,000					5,000,000	5,000,000
Total liabilities			51,000,000				316,000,000					51,000,000	316,000,000
Company Involvement with Variable Interest Entity
Net loss												47,000,000	16,000,000	28,000,000
PHH Corporation investment			32,000,000				57,000,000					32,000,000	57,000,000
Intercompany receivable			6,000,000				13,000,000					$ 6,000,000	13,000,000
Variable Interest Entities
Ownership percentage												50.10%
Ownership percentage by Realogy												49.90%
Originated residential mortgage loans												$ 5,400,000,000	7,100,000,000	7,900,000,000
Residential mortgage loans brokered or sold												1,700,000,000	2,000,000,000	2,700,000,000
Outstanding commitments related to residential mortgage loans			39,000,000									39,000,000
Distributions received												60,000,000	8,000,000	10,000,000
PHH Home Loans | Variable Interest Entity | Unsecured subordinated Intercompany Line of Credit
Variable Interest Entities
Intercompany line of credit			0				0					0	0
Servicing Advance Receivables Trust | Variable Interest Entity
ASSETS
Cash			0				0					0	0
Restricted cash			10,000,000				19,000,000					10,000,000	19,000,000
Mortgage loans held for sale			0				0					0	0
Accounts receivable, net			0				0					0	0
Servicing advances, net			56,000,000				150,000,000					56,000,000	150,000,000
Property and equipment, net			0				0					0	0
Other assets			0				1,000,000					0	1,000,000
Total assets			66,000,000				170,000,000					66,000,000	170,000,000
Assets held as collateral			66,000,000				169,000,000					66,000,000	169,000,000
LIABILITIES
Accounts payable and accrued expenses			0				0					0	0
Mortgage warehouse and advance facilities			32,000,000				99,000,000					32,000,000	99,000,000
Other liabilities			0				0					0	0
Total liabilities			32,000,000				99,000,000					32,000,000	99,000,000
Company Involvement with Variable Interest Entity
Net loss												(3,000,000)	(4,000,000)	$ (5,000,000)
PHH Corporation investment			51,000,000				83,000,000					51,000,000	83,000,000
Intercompany receivable			$ 0				$ 0					0	$ 0
Variable Interest Entities
Distributions received												401,000,000
Contributed accounts receivable												$ 367,000,000
Realogy and its affiliates | Mortgage loan originations | Credit concentration
Variable Interest Entities
Concentration risk, percentage												28.00%
Reorganization
Variable Interest Entities
Exit and disposal costs												$ 35,000,000
PHH Home Loans Joint Venture | Reorganization
Variable Interest Entities
Exit and disposal costs												$ 13,000,000
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2017 2016ASSETS Cash and cash equivalents$33 $67Restricted cash13 24Mortgage loans held for sale60 350Accounts receivable, net1 9Servicing advances, net56 150Property and equipment, net— 1Other assets1 12Total assets$164 $613 LIABILITIES Accounts payable and accrued expenses$6 $11Mortgage warehouse and advance facilities72 399Other liabilities5 5Total liabilities$83 $415

Segment Information - Schedule

Segment Information - Schedule of segment results (Details) $ in Millions		3 Months Ended								12 Months Ended
		Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment										2
Segment Information
Total Assets	[1]	$ 1,811				$ 3,175				$ 1,811	$ 3,175
Net Revenues		109	$ 121	$ 112	$ 114	72	$ 197	$ 196	$ 157	456	622	$ 790
Segment Profit (Loss)										(296)	(313)	(227)
Interest Income										37	43	44
Interest Expense										73	75	90
Other
Segment Information
Total Assets		487				834				487	834
Net Revenues										0	0	6
Segment Profit (Loss)										(83)	(37)	(49)
Mortgage Production Segment | Operating segment
Segment Information
Total Assets		405				913				405	913
Net Revenues										358	539	586
Segment Profit (Loss)										(92)	(53)	(47)
Interest Income										22	32	40
Interest Expense										17	22	45
Mortgage Servicing segment | Operating segment
Segment Information
Total Assets		$ 919				$ 1,428				919	1,428
Net Revenues										98	83	198
Segment Profit (Loss)										(121)	(223)	(131)
Interest Income										15	11	4
Interest Expense										$ 56	$ 53	$ 45
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: December 31, 2017 2016ASSETS Cash and cash equivalents$33 $67Restricted cash13 24Mortgage loans held for sale60 350Accounts receivable, net1 9Servicing advances, net56 150Property and equipment, net— 1Other assets1 12Total assets$164 $613 LIABILITIES Accounts payable and accrued expenses$6 $11Mortgage warehouse and advance facilities72 399Other liabilities5 5Total liabilities$83 $415

Segment Information - Schedu101

Segment Information - Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss) (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reconciliation of (Loss) income before income taxes to Segment (loss) profit
Loss before income taxes	$ (7)	$ (78)	$ (83)	$ (105)	$ (206)	$ (29)	$ (20)	$ (49)	$ (273)	$ (304)	$ (213)
Less: net income attributable to noncontrolling interest									23	9	14
Segment loss									$ (296)	$ (313)	$ (227)

Selected Quarterly Financial102

Selected Quarterly Financial Data-(unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Selected Quarterly Financial Information [Abstract]
Net revenues	$ 109	$ 121	$ 112	$ 114	$ 72	$ 197	$ 196	$ 157	$ 456	$ 622	$ 790
Loss before income taxes	(7)	(78)	(83)	(105)	(206)	(29)	(20)	(49)	(273)	(304)	(213)
Net loss	(31)	(42)	(50)	(71)	(133)	(21)	(9)	(30)	(194)	(193)	(131)
Net loss attributable to PHH Corporation	$ (49)	$ (55)	$ (46)	$ (67)	$ (133)	$ (27)	$ (12)	$ (30)	$ (217)	$ (202)	$ (145)
Basic and Diluted loss per share attributable to PHH Corporation (in dollars per share)	$ (1.49)	$ (1.14)	$ (0.86)	$ (1.26)	$ (2.49)	$ (0.50)	$ (0.22)	$ (0.56)	$ (4.62)	$ (3.77)	$ (2.62)

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Feb. 27, 2018USD ($)
Subsequent Event
Subsequent Event [Line Items]
Business combination consideration transferred	$ 360

SCHEDULE II - VALUATION AND 104

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - Deferred tax valuation allowance - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	$ 44	$ 46	$ 35
Additions: Charged to costs and expenses	34	5	10
Additions: Charged to other accounts	0	(7)	1
Reductions	0	0	0
Balance, end of period	78	44	46
Parent Company
Valuation and Qualifying Accounts Disclosure [Line Items]
Balance, beginning of period	11	11	5
Additions: Charged to costs and expenses	16	2	6
Additions: Charged to other accounts	0	(2)	0
Reductions	0	0	0
Balance, end of period	$ 27	$ 11	$ 11