PHH 10-Q 9 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 01, 2018
Document and Entity Information
Entity Registrant Name	PHH CORP
Entity Central Index Key	77,776
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding (in shares)		32,557,494

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Mar. 31, 2018	Dec. 31, 2017
ASSETS
Cash and cash equivalents		$ 480	$ 509
Restricted cash		50	33
Mortgage loans held for sale		41	103
Accounts receivable, net		56	73
Servicing advances, net		324	356
Mortgage servicing rights		496	476
Property and equipment, net		19	22
Other assets		30	25
Assets related to discontinued operations (Note 8)		17	214
Total assets	[1]	1,513	1,811
LIABILITIES
Accounts payable and accrued expenses		78	98
Subservicing advance liabilities		208	232
Mortgage servicing rights secured liability		443	419
Mortgage warehouse and advance facilities		46	117
Unsecured debt, net		118	118
Loan repurchase and indemnification liability		28	29
Other liabilities		44	46
Liabilities related to discontinued operations (Note 8)		25	199
Total liabilities	[1]	990	1,258
Commitments and contingencies (Note 11)
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; 32,553,522 shares issued and outstanding at March 31, 2018; 32,547,258 shares issued and outstanding at December 31, 2017		0	0
Additional paid-in capital		565	565
Retained deficit		(33)	(3)
Accumulated other comprehensive loss	[2]	(9)	(9)
Total PHH Corporation stockholders’ equity		523	553
Total liabilities and equity		$ 1,513	$ 1,811
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. Refer to Note 12, 'Variable Interest Entities' for information about PHH Home Loans, LLC, whose assets and liabilities are part of the Company's discontinued operations, and as of March 31, 2018 is no longer a variable interest entity. The following assets and liabilities relate solely to risks associated with the Company's ongoing involvement in Servicing Advance Receivables Trust: March 31, 2018 December 31, 2017ASSETS Restricted cash$17 $10Servicing advances, net52 56Total assets$69 $66Assets held as collateral$69 $66 LIABILITIES Mortgage warehouse and advance facilities$23 $32Total liabilities$23 $32
[2]	Includes amounts recorded related to the Company’s defined benefit pension plan, net of income tax benefits of $6 million as of both March 31, 2018 and December 31, 2017. During both the three months ended March 31, 2018 and 2017, there were no amounts reclassified out of Accumulated other comprehensive loss.

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Restricted cash		$ 50,000,000	$ 48,000,000	$ 33,000,000
Servicing advances, net		324,000,000		356,000,000
Total assets	[1]	1,513,000,000		1,811,000,000
Mortgage warehouse and advance facilities		46,000,000		117,000,000
Total liabilities	[1]	990,000,000		1,258,000,000
Pension adjustment, income tax benefit		6,000,000		$ 6,000,000
Amounts reclassified out of accumulated other comprehensive loss		$ 0	$ 0
EQUITY
Preferred stock, par value (in usd per share)		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)		1,090,000		1,090,000
Preferred stock, shares issued (in shares)		0		0
Preferred stock, shares outstanding (in shares)		0		0
Common stock, par value (in usd per share)		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)		273,910,000		273,910,000
Common stock, shares issued (in shares)		32,553,522		32,547,258
Common stock, shares outstanding (in shares)		32,553,522		32,547,258
Variable Interest Entity
Restricted cash		$ 17,000,000		$ 10,000,000
Servicing advances, net		52,000,000		56,000,000
Total assets		69,000,000		66,000,000
Assets held as collateral		69,000,000		66,000,000
Mortgage warehouse and advance facilities		23,000,000		32,000,000
Total liabilities		$ 23,000,000		$ 32,000,000
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. Refer to Note 12, 'Variable Interest Entities' for information about PHH Home Loans, LLC, whose assets and liabilities are part of the Company's discontinued operations, and as of March 31, 2018 is no longer a variable interest entity. The following assets and liabilities relate solely to risks associated with the Company's ongoing involvement in Servicing Advance Receivables Trust: March 31, 2018 December 31, 2017ASSETS Restricted cash$17 $10Servicing advances, net52 56Total assets$69 $66Assets held as collateral$69 $66 LIABILITIES Mortgage warehouse and advance facilities$23 $32Total liabilities$23 $32

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES
Loan servicing income, net	$ 43	$ 33
Gain on loans held for sale, net	5	12
Origination and other loan fees	1	1
Net interest expense	(14)	(8)
Other income	15	2
Total net revenues	50	40
EXPENSES
Salaries and related expenses	32	36
Foreclosure and repossession expenses	3	7
Professional and third-party service fees	18	31
Technology equipment and software expenses	7	7
Occupancy and other office expenses	6	5
Depreciation and amortization	3	4
Exit and disposal costs	0	9
Other operating expenses	7	18
Total expenses	76	117
Loss from continuing operations before income taxes	(26)	(77)
Income tax benefit	0	(24)
Loss from continuing operations, net of tax	(26)	(53)
Loss from discontinued operations, net of tax	(4)	(18)
Net loss	(30)	(71)
Less: net loss attributable to noncontrolling interest from discontinued operations	0	(4)
Net loss attributable to PHH Corporation	(30)	(67)
Comprehensive loss attributable to PHH Corporation	$ (30)	$ (67)
Basic and Diluted loss per share:
Basic and Diluted loss per share from continuing operations (in usd per share)	$ (0.80)	$ (0.99)
Basic and Diluted loss per share from discontinued operations (in usd per share)	(0.12)	(0.27)
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (0.92)	$ (1.26)

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - USD ($) $ in Millions	Total	Redeemable Noncontrolling Interest	Common Stock	Additional Paid-In Capital	Retained (Deficit) Earnings	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2016	$ 1,090		$ 1	$ 885	$ 214	$ (10)
Beginning Balance (in shares) at Dec. 31, 2016			53,599,433
PHH Corporation Stockholders’ Equity
Total comprehensive loss	(67)				(67)
Adjustment to redemption value of noncontrolling interest	(1)	$ 1		(1)
Stock compensation expense	3			3
Reclassification of stock awards	(4)			(4)
Stock issued under share-based payment plans (in shares)			13,368
Ending Balance at Mar. 31, 2017	1,021		$ 1	883	147	(10)
Ending Balance (in shares) at Mar. 31, 2017			53,612,801
Beginning Balance at Dec. 31, 2016		33
Redeemable Noncontrolling Interest
Total comprehensive loss		(4)
Adjustment to redemption value of noncontrolling interest	(1)	1		(1)
Ending Balance at Mar. 31, 2017		30
Beginning Balance at Dec. 31, 2017	$ 553		$ 0	565	(3)	(9)
Beginning Balance (in shares) at Dec. 31, 2017	32,547,258		32,547,258
PHH Corporation Stockholders’ Equity
Total comprehensive loss	$ (30)				(30)
Stock issued under share-based payment plans (in shares)			6,264
Ending Balance at Mar. 31, 2018	$ 523		$ 0	$ 565	$ (33)	$ (9)
Ending Balance (in shares) at Mar. 31, 2018	32,553,522		32,553,522
Beginning Balance at Dec. 31, 2017		0
Redeemable Noncontrolling Interest
Total comprehensive loss		0
Ending Balance at Mar. 31, 2018		$ 0

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net loss	$ (30)	$ (71)
Adjustments to reconcile Net loss to net cash provided by operating activities:
Capitalization of originated mortgage servicing rights	(3)	(11)
Change in fair value of mortgage servicing rights and related derivatives	(23)	29
Change in fair value of mortgage servicing rights secured liability	24	0
Origination of mortgage loans held for sale	(267)	(1,735)
Proceeds on sale of and payments from mortgage loans held for sale	497	2,009
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(7)	(53)
Depreciation and amortization	3	4
Deferred income tax benefit	0	(32)
Other adjustments and changes in other assets and liabilities, net	(31)	52
Net cash provided by operating activities	163	192
Cash flows from investing activities:
Net cash paid on derivatives related to mortgage servicing rights	0	(46)
Proceeds on sale of mortgage servicing rights	6	71
Purchases of property and equipment	(1)	0
Net cash provided by investing activities	5	25
Cash flows from financing activities:
Proceeds from secured borrowings	501	1,907
Principal payments on secured borrowings	(704)	(2,087)
Proceeds from mortgage servicing rights secured liability	7	0
Cash used to acquire mandatorily redeemable noncontrolling interest	(19)	0
Net cash used in financing activities	(215)	(180)
Net (decrease) increase in Cash, cash equivalents and restricted cash	(47)	37
Cash, cash equivalents and restricted cash at beginning of period	583	963
Cash, cash equivalents and restricted cash at end of period	536	1,000
Cash, cash equivalents and restricted cash at end of period - continuing operations	530	914
Cash, cash equivalents and restricted cash at end of period - discontinued operations	$ 6	$ 86

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
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 Servicing, which acts as a subservicer for clients that own the underlying mortgage servicing rights and performs servicing activities for owned mortgage servicing rights, and Mortgage Production, which provides portfolio origination retention services to subservicing clients and sells the related mortgage loans in the secondary market. During the three months ended March 31, 2018 , the Company completed substantially all of the run-off activities of the Private Label Services ("PLS") business and Real Estate channel, and the Company determined the disposal of these operations by other than sale met the criteria for presentation and disclosure as discontinued operations. Accordingly, the results of the PLS business and Real Estate channel have been presented as discontinued operations in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) , and are excluded from continuing operations and segment results for all periods presented. The assets and liabilities related to discontinued operations have been segregated in the Condensed Consolidated Balance Sheets . The cash flows related to these operations have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows for all periods presented. Amounts related to discontinued operations are excluded from the Notes to Condensed Consolidated Financial Statements unless otherwise noted. Refer to Note 8, 'Discontinued Operations' for additional information. The Mortgage Servicing segment has exposure to concentration risk and client retention risk with respect to its subservicing agreements. As of March 31, 2018 , 58% and 18% 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 19% , subservicing units off of our platform in multiple transfers beginning in May 2018, based upon notifications 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 units upon transfer to a new servicer. The originations of the Mortgage Production segment are sourced solely through portfolio retention services, which is limited to a small group of key clients primarily associated with the significant subservicing client relationships described above. 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. 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 MergerSub with and into PHH 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. Basis of Consolidation The Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC (“PHH Home Loans”) and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements for all periods presented. During the year ended December 31, 2017 , Realogy Services Venture Partner LLC, a subsidiary of Realogy Holdings Corp. ("Realogy") ownership interest was presented as a noncontrolling interest. On March 19, 2018, the Company acquired Realogy’s 49.9% ownership interests, and PHH Home Loans became a wholly-owned subsidiary of PHH. As of March 31, 2018, the Company's only variable interest entity relates to the Servicing Advance Receivables Trust. Refer to Note 12, 'Variable Interest Entities' for additional information. Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements . 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. 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 certain prior periods presented by revising the Condensed Consolidated Financial Statements appearing herein. Periods not presented herein will be revised, as applicable, in future filings. The impact of this revision to the Condensed Consolidated Statements of Changes in Equity was a reduction to Total equity of $30 million as of March 31, 2017 , 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 previously reported as Additional paid-in capital of $3 million as of March 31, 2017 . There was no effect to reported totals for assets, liabilities, cash flows or net loss. Unaudited Interim Financial Information The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in the Company’s 2017 Form 10-K. Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Condensed Consolidated Financial Statements are in millions. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights and the related secured liability , mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates. Accounting Pronouncements Adopted During the Period ASU 2014-09, "Revenue from Contracts with Customers." On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers and all of the related amendments (the “new revenue standard”) using a modified retrospective approach applied to contracts which were not completed as of the adoption date. The core principle of the new revenue standard requires a Company to recognize revenue when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. A majority of the Company's revenues are not subject to the new revenue standard. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings, and the transition adjustment was not significant. Beginning on January 1, 2018, the results for reporting periods are presented under ASC 606 for contracts subject to the new revenue standard, while prior period amounts have not been adjusted and continue to be reported in accordance with accounting standards in effect during those periods. Refer to Note 3, 'Revenues' for additional information. ASU 2016-18, "Restricted Cash." On January 1, 2018, the Company adopted ASU 2016-18 which requires amounts generally described as restricted cash to be included in the beginning and end-of-period total amounts shown in the Company’s Condensed Consolidated Statement of Cash Flows. The Company adopted ASU 2016-18 on a retrospective basis. As a result, the change in restricted cash is no longer presented as a separate line item within cash flows from investing activities since such balances have been included with total cash and cash equivalents when reconciling the beginning and end-of-period amounts in the Company’s Condensed Consolidated Statements of Cash Flows . The following table provides a reconciliation of the Company's cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows : March 31, 2018 2017 (In millions) Cash and cash equivalents $ 480 $ 866 Restricted cash (1) 50 48 Assets related to discontinued operations 6 86 Total Cash, cash equivalents and restricted cash $ 536 $ 1,000 ——————— (1) Represents 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 and to support letters of credit. Other Adoptions. The Company also adopted the following accounting standards during 2018 with an effective date of January 1, 2018, none of which had a significant impact to the Company's financial statements or disclosures: Accounting Standard Update ASU 2017-09 Stock Compensation: Scope of Modification Accounting ASU 2017-07 Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-05 Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ASU 2017-01 Business Combinations: Clarifying the Definition of a Business ASU 2016-15 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ASU 2016-01 Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Recently Issued Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and disclosures, from those included in the Company’s 2017 Form 10-K.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Earnings Per Share	2. 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. 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 includes outstanding stock-based compensation awards representing shares from restricted stock units and stock options. The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation and anti-dilutive securities excluded from the computation of diluted shares for the periods indicated: Three Months Ended 2018 2017 (In millions, except share and per share data) Loss from continuing operations, net of tax $ (26 ) $ (53 ) Loss from discontinued operations attributable to PHH Corporation, net of tax (4 ) (14 ) Net loss attributable to PHH Corporation $ (30 ) $ (67 ) Weighted-average common shares outstanding — basic & diluted 32,645,417 53,682,514 Basic and Diluted loss per share: From continuing operations $ (0.80 ) $ (0.99 ) From discontinued operations (0.12 ) (0.27 ) Total attributable to PHH Corporation $ (0.92 ) $ (1.26 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 925,828 973,788 ——————— (1) For the three months ended March 31, 2018 , excludes 62,201 shares that are contingently issuable for which the contingency has not been met.

Revenues

Revenues	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenues	3. Revenues The following table summarizes total net revenues disaggregated by revenue source: Three Months Ended March 31, 2018 Mortgage Servicing Segment Mortgage Production Segment Subservicing Owned Servicing Portfolio Retention Total Continuing Operations Discontinued Operations (In millions) Loan servicing income $ 24 $ 20 $ — $ 44 $ — Changes in fair value of MSRs and secured liability — (1 ) — (1 ) — Origination and other loan fees — — 1 1 3 Gain on loans held for sale, net — — 5 5 1 Net interest expense — (14 ) — (14 ) — Other income (1) — 15 — 15 3 Total net revenues (2) $ 24 $ 20 $ 6 $ 50 $ 7 ——————— (1) Other income within the Mortgage Servicing segment includes a $15 million gain related to a settlement with an insurance carrier for certain claims related to the Company's previously disclosed legal and regulatory settlements. Refer to Note 11, 'Commitments and Contingencies' for additional information. (2) Discontinued Operations includes $4 million of revenue that was accounted for under ASC 606 as discussed below. During the three months ended March 31, 2018 , there were no other significant amounts within Total net revenues that have been accounted for under ASC 606. Refer to the Company’s 2017 Form 10-K for a description of the accounting policies for significant revenue streams that are not subject to the new revenue standard, including those associated with origination and servicing activities that have been accounted for under ASC 860, "Transfers and Servicing of Financial Assets" and ASC 825, "Financial Instruments." Revenue from Contracts with Customers Subject to ASC 606 Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. There were no significant differences between the amounts of revenue recognized under ASC 606 compared to the amount that would have resulted from the application of previous standards. The following descriptions represent the Company's accounting policies for significant revenue streams subject to the new revenue standard, all of which relate to discontinued operations: • Origination and other loan fees. The Company provided origination and fulfillment services to PLS clients under Origination Assistance Agreements ("OAA"), and the origination assistance fees associated with fee-based closings under these agreements are subject to the new revenue standard. The services performed under the OAA represent a stand-ready obligation, and the Company has applied the practical expedient to recognize revenue in the amount it has the right to invoice, which occurs at the time the loan is originated and funded. The right to invoice practical expedient is consistent with the historical accounting treatment of origination assistance fees in prior periods. During the three months ended March 31, 2018 , within revenues from Discontinued Operations, Origination and other loans fees includes $2 million of origination assistance fees that were accounted for under ASC 606. • Other income. In connection with the exit of the PLS business, the Company is contractually required to provide certain transition support services to its clients, which includes the return of records and loan document images. The Company is entitled to certain transition support fees associated with these services, and the fees are recognized upon the transfer of control of the records and loan document images to the customer. During the three months ended March 31, 2018 , within revenues from Discontinued Operations, Other income includes $2 million of transition support fees that were accounted for under ASC 606.

Servicing Activities

Servicing Activities	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 53 $ 7,853 $ 57 $ 8,592 Capitalized MSRs under secured borrowing arrangements and subserviced 443 47,738 419 49,193 Total capitalized MSRs $ 496 $ 55,591 $ 476 $ 57,785 Subserviced 87,534 89,844 Other servicing 330 526 Total $ 143,455 $ 148,155 Loan Servicing Income, Net The following table summarizes the components of Loan servicing income, net: Three Months Ended 2018 2017 (In millions) Servicing fees from capitalized portfolio $ 6 $ 54 Subservicing fees 17 11 MSR yield on secured asset (1) 14 — Late fees and other ancillary revenue 8 9 Loss on sale of MSRs and related costs — (9 ) Curtailment interest paid to investors (1 ) (3 ) Loan servicing income 44 62 Change in fair value of MSRs, net of related derivatives (2) 23 (29 ) Change in fair value of MSRs secured liability (24 ) — Loan servicing income, net $ 43 $ 33 ____________________ (1) Amounts are related to the secured borrowing treatment of the MSR sales to New Residential. The income from the MSR yield on secured asset is fully offset by the implied interest cost recognized on the MSRs secured liability within Net interest expense. Refer to Note 9, 'Debt and Borrowing Arrangements' for additional information on the components of Net interest expense. (2) There was no MSR derivative activity during the three months ended March 31, 2018 . MSR derivative gains during the three months ended March 31, 2017 were not significant. Mortgage Servicing Rights Capitalized MSRs owned recorded in the Condensed Consolidated Balance Sheets are created primarily through sales of originated loans on a servicing-retained basis. The activity in the total loan servicing portfolio unpaid principal balance associated with capitalized mortgage servicing rights consisted of: Three Months Ended Three Months Ended 2018 2017 2018 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 8,592 $ 84,657 $ 49,193 Additions from loans sold with servicing retained 733 926 — Payoffs and curtailments (347 ) (3,459 ) (1,962 ) Sales that have been derecognized (618 ) (10,316 ) — Sales accounted for as secured borrowing (507 ) — 507 Balance, end of period $ 7,853 $ 71,808 $ 47,738 The activity in total capitalized MSRs consisted of: Three Months Ended Three Months Ended 2018 2017 2018 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 57 $ 690 $ 419 Additions from loans sold with servicing retained 3 11 — Sales that have been derecognized (6 ) (76 ) — Changes in fair value due to: Realization of expected cash flows (2 ) (27 ) (18 ) Changes in market inputs or assumptions used in the valuation model 1 (2 ) 42 Balance, end of period $ 53 $ 596 $ 443 MSR Sales. During the three months ended March 31, 2018 , the Company received $6 million in cash from sales of MSRs that have been derecognized and removed from the Condensed Consolidated Balance Sheets . During the three months ended March 31, 2018 , the Company received an additional $7 million in cash related to document holdback from sales of MSRs that have been accounted for as a secured borrowing arrangement. As of March 31, 2018 , the Company has a $35 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 Condensed Consolidated Balance Sheets . MSR Sale Commitments. The following table summarizes the Company's MSRs and its commitments under sale agreements, based on the portfolio as of March 31, 2018 : March 31, 2018 UPB Fair Value (In millions) MSR commitments: New Residential $ 5,616 $ 32 Other counterparties 29 1 MSRs capitalized under secured borrowing arrangements and subserviced 47,738 443 Non-committed 2,208 20 Total MSRs $ 55,591 $ 496 If the remaining sales of private investor MSRs to New Residential are completed, the Company does not anticipate retaining a significant amount of capitalized MSRs in the future. The final proceeds the Company may receive from New Residential is dependent on the portfolio composition at each transfer date and are subject to the approvals of multiple counterparties, including origination sources, investors and trustees, as well as other customary closing requirements. In addition, the Company has commitments to transfer approximately $100 million of Servicing advances to the counterparties of these agreements (based on the March 31, 2018 portfolio). 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; or (iii) agreements for small portfolio sales of existing MSRs, consistent with its intention to not retain a significant amount of MSRs in the future. In addition to the commitments presented on the preceding table, as of March 31, 2018 , the Company had commitments to sell MSRs through third-party flow sales related to $10 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. Sales of Mortgage Loans Residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by Fannie Mae, Freddie Mac and the Government National Mortgage Association (collectively, the "Agencies") or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining MSRs and/or recourse obligations, as discussed further in Note 11, 'Commitments and Contingencies' . The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Three Months Ended 2018 2017 (In millions) Proceeds from new loan sales or securitizations $ 438 $ 950 Servicing fees from capitalized portfolio (1) 14 63 Purchases of previously sold loans (2) (1 ) (8 ) Servicing advances (3) (127 ) (389 ) Repayment of servicing advances (3) 159 418 ____________________ (1) Includes servicing fees, late fees and other ancillary servicing revenue in which the Company has continuing involvement. (2) Includes purchases of repurchase eligible loans and excludes indemnification payments to investors and insurers of the related mortgage loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Condensed Consolidated Balance Sheets , except for advances related to loans in foreclosure or real estate owned, which are included in Other assets. During the three months ended March 31, 2017, repayment of servicing advances includes $66 million received for advances associated with 2017 sales of MSRs. During the three months ended March 31, 2018 and 2017 , pre-tax gains of $13 million and $49 million , respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) .

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives	5. Derivatives The Company's primary derivative instrument is forward delivery commitments, which relate to interest rate and price risk for mortgage loans held for sale and interest rate lock commitments. Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets . The Company does not have any derivative instruments designated as hedging instruments. The following table summarizes the gross notional amount of derivatives: March 31, December 31, (In millions) Interest rate lock commitments $ 89 $ 139 Forward delivery commitments 348 614 As of March 31, 2018 , there were $3 million of interest rate lock commitment assets not subject to master netting arrangements and $1 million of forward delivery commitment liabilities subject to master netting arrangements for which there was no significant impact from the application of counterparty and collateral netting. As of December 31, 2017 , there were no significant assets or liabilities subject to master netting arrangements, and there were $4 million of interest rate lock commitment assets not subject to master netting arrangements. The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for derivative instruments: Three Months Ended 2018 2017 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 3 $ 12 Forward delivery commitments 5 (1 )

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements The Company updates the valuation of each instrument recorded at fair value on a quarterly basis, evaluating all available observable information, which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data. The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants. If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate. Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs. During the three months ended March 31, 2018 , there have been no changes in the valuation methodologies and classification pursuant to the valuation hierarchy. The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of March 31, 2018 or December 31, 2017 . Recurring Fair Value Measurements The following summarizes the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis: March 31, 2018 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 33 $ 8 $ — $ 41 Mortgage servicing rights — — 496 — 496 Other assets—Derivative assets: Interest rate lock commitments — — 3 — 3 Assets related to discontinued operations — 8 — — 8 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 443 $ — $ 443 Other liabilities: Derivative liabilities—Forward delivery commitments — 1 — — 1 Liability to deliver MSRs — — 1 — 1 December 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 94 $ 9 $ — $ 103 Mortgage servicing rights — — 476 — 476 Other assets—Derivative assets: Interest rate lock commitments — — 4 — 4 Assets related to discontinued operations — 167 1 — 168 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 419 $ — $ 419 Other liabilities: Liability to deliver MSRs — — 2 — 2 Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows: Mortgage Loans Held for Sale (“MLHS”). The Company has elected to record MLHS at fair value which is intended to better reflect the underlying economics and eliminate the operational complexities of risk management activities and hedge accounting requirements. The following table reflects the difference between the carrying amounts of MLHS measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity: March 31, 2018 December 31, 2017 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 $ 41 $ 1 $ 103 $ 1 Aggregate unpaid principal balance 43 1 103 2 Difference $ (2 ) $ — $ — $ (1 ) Mortgage Servicing Rights. MSRs are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets. The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates, the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. On a quarterly basis, assumptions used in estimating fair value are validated against a number of third-party sources, which may include peer surveys, MSR broker surveys, third-party valuations and other market-based sources. As of March 31, 2018 , 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: Three Months Ended 2018 2017 Initial capitalization rate of additions to MSRs owned 1.14 % 1.17 % March 31, December 31, MSRs Owned Capitalization servicing rate 0.66 % 0.67 % Capitalization servicing multiple 2.3 2.3 Weighted-average servicing fee (in basis points) 30 29 Weighted-average life (years) 6.0 5.7 March 31, December 31, MSRs Under Secured Borrowing Arrangement Capitalization servicing rate 0.93 % 0.85 % Capitalization servicing multiple 3.5 3.2 Weighted-average servicing fee (in basis points) 27 27 Weighted-average life (years) 6.0 5.6 The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): March 31, December 31, MSRs Owned Weighted-average prepayment speed (CPR) 8.2 % 9.2 % Option adjusted spread, in basis points (OAS) 562 393 Weighted-average delinquency rate 11.7 % 12.4 % March 31, December 31, MSRs Under Secured Borrowing Arrangement Weighted-average prepayment speed (CPR) 9.6 % 11.2 % Option adjusted spread, in basis points (OAS) 935 928 Weighted-average delinquency rate 3.4 % 4.0 % The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions: March 31, 2018 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) MSRs Owned Impact on fair value of 10% adverse change $ (2 ) $ (2 ) $ (4 ) Impact on fair value of 20% adverse change (4 ) (4 ) (7 ) MSRs Under Secured Borrowing Arrangement Impact on fair value of 10% adverse change $ (14 ) $ (20 ) $ (6 ) Impact on fair value of 20% adverse change (26 ) (38 ) (12 ) The Company's exposure to the change in fair value of MSRs from adverse changes in the significant assumptions is limited to those associated with the MSRs owned in the preceding table. Any changes in fair value associated with the MSRs under secured borrowing arrangements would fully offset between the MSRs secured asset and the MSRs secured liability, and have no impact to the Company. These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on adverse changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Additionally, the impact of a variation in a particular assumption on the fair value is calculated while holding other assumptions constant. In reality, changes in one factor may lead to changes in other factors, which could impact the above hypothetical effects. Mortgage Servicing Rights Secured Liability . 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): March 31, December 31, Weighted-average prepayment speed (CPR) 9.6 % 11.2 % Option adjusted spread, in basis points (OAS) 935 928 Weighted-average delinquency rate 3.4 % 4.0 % Derivative Instruments . Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy. The average pull through percentage used in measuring the fair value of interest rate lock commitments ("IRLCs") as of March 31, 2018 and December 31, 2017 was 60% and 66% , respectively. The pull through percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data. Actual loan pull through is compared to the modeled estimates in order to evaluate this assumption each period based on current trends. Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pull through percentage, and the impact to fair value of a change in pull through would be partially offset by the related change in price. Liability to Deliver MSRs. 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 Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) until the MSR is delivered to the counterparty. Level Three Measurements Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Three Months Ended Three Months Ended MLHS MSRs IRLCs, net MSRs Secured Liability Liability to Deliver MSRs MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 9 $ 476 $ 4 $ (419 ) $ (2 ) $ 47 $ 690 $ 9 Purchases, Issuances, Sales and Settlements: Purchases 3 — — — — 2 — — Issuances — 3 — — — 1 11 — Sales (5 ) (6 ) — — — (16 ) (76 ) — Settlements — — (4 ) — 2 (3 ) — (17 ) (2 ) (3 ) (4 ) — 2 (16 ) (65 ) (17 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 3 — (1 ) — — 12 Change in fair value of MSRs — 23 — (24 ) — — (29 ) — Interest income — — — — — 1 — — — 23 3 (24 ) (1 ) 1 (29 ) 12 Transfers into Level Three 2 — — — — 5 — — Transfers out of Level Three (1 ) — — — — (5 ) — — Balance, end of period $ 8 $ 496 $ 3 $ (443 ) $ (1 ) $ 32 $ 596 $ 4 Transfers into Level Three generally represent mortgage loans held for sale with performance issues, origination flaws, or other characteristics that impact their salability in active secondary market transactions. Transfers out of Level Three represent Scratch and Dent loans that were foreclosed upon and loans that have been cured. Unrealized gains (losses) included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows: Three Months Ended 2018 2017 (In millions) Gain on loans held for sale, net $ 2 $ 3 Loan servicing income, net 1 (2 ) Fair Value of Other Financial Instruments As of March 31, 2018 and December 31, 2017 , all financial instruments were either recorded at fair value or the carrying value approximated fair value, with the exception of Debt. For financial instruments that were not recorded at fair value, such as Cash and cash equivalents, Restricted cash, Accounts receivable and Servicing advance receivables, the carrying value approximates fair value due to the short-term nature of such instruments. Debt. The total fair value of Debt as of March 31, 2018 and December 31, 2017 was $168 million and $244 million , respectively, and is measured using Level Two and Level Three inputs. As of March 31, 2018 , the fair value was estimated using the following valuation techniques: (i) Level Two, $46 million was measured using observable spreads and terms for recent pricing of similar instruments; and (ii) Level Three, $122 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.

Exit Costs

Exit Costs	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Exit Costs	7. Exit Costs PLS Exit In November 2016, the Company announced its plan to exit the PLS business which has been previously reported within the Mortgage Production segment. This business channel provided end-to-end origination services to financial institution clients, and represented a significant percentage of the Company's historical total mortgage production volume. The Company made the decision to exit this business due to elevated operating losses, increasing regulatory and client customization costs and a shrinking market for financial institution origination services. Refer to Note 8, 'Discontinued Operations' for additional information. All of the exit costs related to the PLS exit program relate to Discontinued Operations and have been presented within Loss from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . The following is a summary of expenses incurred to-date for the PLS exit program, including an estimate of remaining and total program costs: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments Total (In millions) Costs incurred this period $ — $ — $ 2 $ — $ 2 Cumulative costs recognized in prior periods 34 6 17 11 68 Estimate of remaining costs (1) 1 16 3 — 20 Total $ 35 $ 22 $ 22 $ 11 $ 90 ——————— (1) The Company expects to incur substantially all of the remaining exit costs during the remainder of 2018, a significant portion of which relate to facility costs that are dependent upon the timing of when we vacate certain facilities. 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 following is a summary of expenses incurred to-date for the Reorganization exit program, including an estimate of remaining and total program costs: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments Total (In millions) Costs incurred this period $ 1 $ — $ — $ 1 $ 2 Cumulative costs recognized in prior periods 30 2 1 2 35 Estimate of remaining costs 1 — — — 1 Total Exit and disposal costs 32 2 1 3 38 Less: Exit and disposal costs related to discontinued operations (1) 19 2 1 3 25 Total Exit and disposal costs related to continuing operations $ 13 $ — $ — $ — $ 13 ——————— (1) Amounts include the estimate of remaining program costs. The following is a summary of the Reorganization program costs by segment as of March 31, 2018 : Continuing Operations Mortgage Servicing Segment Other Discontinued Operations Total (In millions) Costs incurred this period $ — $ — $ 2 $ 2 Cumulative costs recognized in prior periods 2 11 22 35 Estimate of remaining costs — — 1 1 Total $ 2 $ 11 $ 25 $ 38 Exit Cost Liability The following tables provide a summary of the aggregate activity of the exit cost liability for both the PLS exit program and the Reorganization exit program, including those balances related to discontinued operations: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 43 $ 2 $ 8 $ 53 Charges 1 — 2 3 Paid (15 ) — (7 ) (22 ) Balance, end of period $ 29 $ 2 $ 3 $ 34 Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 21 4 — 25 Paid — (4 ) — (4 ) Adjustments (1) 4 — — 4 Balance, end of period $ 47 $ — $ 3 $ 50 ——————— (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	8. Discontinued Operations In November 2016, the Company announced its plan to exit the PLS business. In February 2017, the Company announced its intention to operate as a smaller business that is focused solely on subservicing and portfolio retention services, and exit the Real Estate channel. As a result, the Company would exit the PLS business through the run-off of operations, and exit the Real Estate channel through the sale of certain assets of PHH Home Loans and its subsidiaries and subsequent run-off of the operations, both of which were previously reported within the Mortgage Production segment. Refer to Note 7, 'Exit Costs' and Note 12, 'Variable Interest Entities' for additional information. The Company determined that the exits of the PLS business and Real Estate channel represented a strategic shift that met the criteria to be reported as discontinued operations upon completion of substantially all of the run-off activities of these businesses, which occurred during the three months ended March 31, 2018 . Accordingly, the results of the PLS business and Real Estate channel have been presented as Discontinued Operations in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) , and are excluded from continuing operations and segment results for all periods presented. Certain corporate overhead costs that were previously allocated to the PLS business and Real Estate channel for segment reporting purposes were determined to not directly support the discontinued operations, and those costs are presented in continuing operations. Results of Operations The results of discontinued operations are summarized below: Three Months Ended 2018 2017 (In millions) Net revenues $ 7 $ 74 Total expenses 11 102 Loss before income taxes (4 ) (28 ) Income tax benefit — (10 ) Net loss (4 ) (18 ) Less: net loss attributable to noncontrolling interest — (4 ) Loss from discontinued operations attributable to PHH Corporation, net of tax $ (4 ) $ (14 ) Assets and Liabilities The carrying amounts of major classes of assets and liabilities related to discontinued operations consisted of the following: March 31, 2018 December 31, 2017 (In millions) ASSETS Cash and cash equivalents $ — $ 33 Restricted cash 6 8 Mortgage loans held for sale 8 167 Accounts receivable, net 3 5 Other assets — 1 Total assets related to discontinued operations $ 17 $ 214 LIABILITIES Accounts payable and accrued expenses $ 22 $ 43 Mortgage warehouse and advance facilities 3 135 Mandatorily redeemable noncontrolling interest — 20 Other liabilities — 1 Total liabilities related to discontinued operations $ 25 $ 199 Cash Flows The cash flows related to discontinued operations have not been segregated, and are included in the Condensed Consolidated Statements of Cash Flows . There was no significant depreciation and amortization or capital expenditures for discontinued operations during either period. The following table summarizes the significant adjustments necessary to reconcile Net loss to net cash provided by operating activities that relate to discontinued operations: Three Months Ended 2018 2017 (In millions) Capitalization of originated mortgage servicing rights $ (2 ) $ (5 ) Origination of mortgage loans held for sale (51 ) (1,289 ) Proceeds on sale of and payments from mortgage loans held for sale 198 1,490 Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives — (41 ) Deferred income tax benefit — (10 ) Continuing Involvement The Company's continuing involvement with these businesses is generally limited to certain indemnification and guarantee obligations, including those associated with lease arrangements and loan repurchases and indemnifications as described below. Lease Arrangements. During 2017, the Company entered into assignments with LenderLive Network, LLC ("LenderLive") and Guaranteed Rate Affinity, LLC ("GRA") related to certain facility leases that were transferred in connection with transactions associated with the PLS business and Real Estate channel exits. Under the terms of the original facility leases, the Company remains jointly and severally obligated with LenderLive and GRA for performance under the lease agreements. As of March 31, 2018 , the total amount of potential future lease payments under this guarantee with LenderLive was $13 million and extend into 2023. The total amount of potential future lease payments under this guarantee with GRA was $1 million and extend into 2021. However, the Company does not believe any amount of loss under these guarantees is probable. Loan Repurchases and Indemnifications. At the time a loan is sold, representations and warranties are provided to investors and insurers which may result in a repurchase of the mortgage loan, or an indemnification to the investor against loss in the event of a breach of representations and warranties. The representation and warranties made by us are set forth in our loan sale agreements and relate to, among other things, the ownership of the loan, the validity of the lien securing the loan, the underwriting standards required by the investor and the loan’s compliance with applicable local, state and federal laws. Refer to Note 11, 'Commitments and Contingencies' for additional information.

Debt and Borrowing Arrangements

Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Debt and Borrowing Arrangements	9. Debt and Borrowing Arrangements The following table summarizes the components of Debt: March 31, 2018 December 31, Balance Interest (1) Available (2) Balance (In millions) Committed warehouse facilities $ 23 4.1 % $ 124 $ 67 Uncommitted warehouse facilities — — 225 18 Servicing advance facility 23 3.8 % 2 32 Mortgage warehouse and advance facilities 46 117 Term notes due in 2019 97 7.375 % n/a 97 Term notes due in 2021 22 6.375 % n/a 22 Unsecured credit facilities — — 3 — Unsecured debt, face value 119 119 Debt issuance costs (1 ) (1 ) Unsecured debt, net 118 118 Total $ 164 $ 235 ______________ (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. Available capacity has been reduced by amounts that have been drawn related to discontinued operations, as detailed in Note 8, 'Discontinued Operations' . Assets held as collateral that are not available to pay the Company’s general obligations as of March 31, 2018 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ — $ 17 $ — $ — Servicing advances — 52 208 — Mortgage loans held for sale (unpaid principal balance) 24 — — — Mortgage servicing rights — — — 443 Total $ 24 $ 69 $ 208 $ 443 ______________ (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. The following table provides the contractual debt maturities as of March 31, 2018 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 23 $ 23 $ — $ 46 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 — — — — $ 23 $ 23 $ 119 $ 165 See Note 6, 'Fair Value Measurements' for the measurement of the fair value of Debt. Net Interest Expense The following table summarizes the components of Net interest expense: Three Months Ended March 31, 2018 2018 2017 (In millions) Interest income $ 3 $ 6 Secured interest expense (2 ) (4 ) MSRs secured interest expense (1) (14 ) — Unsecured interest expense (1 ) (10 ) Net interest expense $ (14 ) $ (8 ) _____________ (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. During the three months ended March 31, 2018 , the Company reduced its total capacity in response to lower forecasted capacity needs, and from the substantial completion of the run-off activities of PHH Home Loans. On January 30, 2018, the Company extended the mortgage repurchase facility with Barclays Bank PLC through April 30, 2018 with a committed capacity of $100 million , and the uncommitted capacity was reduced to $25 million . In April 2018, the committed capacity was further reduced to $50 million at the Company's request, and the facility was extended to October 29, 2018. On February 20, 2018, the committed mortgage repurchase facility with Wells Fargo was reduced to $100 million at the Company's request. On March 29, 2018, the committed mortgage repurchase facility was further reduced to $50 million at the Company's request, and was extended to October 2, 2018. On April 3, 2018, the committed repurchase facility with Bank of America expired and was not renewed at the Company's request. Servicing Advance Facility PHH Servicer Advance Receivables Trust 2013-1 (“PSART”), an indirect, wholly-owned subsidiary of the Company, is a special purpose bankruptcy remote trust formed for the purpose of issuing non-recourse asset-backed notes, secured by servicing advance receivables. On March 15, 2018, the Company extended the revolving period and the final maturity date of the note purchase agreement with Wells Fargo Bank for the Series 2015-1 variable funding notes to April 16, 2018, and the aggregate maximum principal amount was reduced to $25 million . On April 16, 2018, the revolving period and the final maturity was further extended to October 15, 2018 at the same maximum principal amount. Debt Covenants In connection with the extension of the mortgage warehouse and servicing advance facilities, certain financial covenants have been modified. Among other covenants, certain committed facilities require that the Company maintain: (i) net worth, adjusted to include any capital distributions and changes in fair value of mortgage servicing rights up to a maximum aggregate amount of $334 million , of at least $400 million on the last day of each fiscal month of the second quarter of 2018 and $365 million on the last day of each fiscal month thereafter; (ii) a ratio of indebtedness to tangible net worth (adjusted to include any capital distributions and changes in fair value of mortgage servicing rights up to a maximum aggregate amount of $334 million ) of no greater than 4.50 to 1 ; (iii) a ratio of unsecured indebtedness (reduced by cash and cash equivalents in excess of $40 million ) to tangible net worth (adjusted to include any capital distributions and changes in fair value of mortgage servicing rights up to a maximum aggregate amount of $334 million ) of not more than 1.25 to 1; and (iv) maintenance of $250 million of cash and cash equivalents (adjusted to include capital distributions up to a maximum aggregate amount of $150 million ) in excess of its recorded liability for legal and regulatory matters through June 30, 2018, and $225 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. The Company was in compliance with all financial covenants related to its debt arrangements for the three months ended March 31, 2018 .

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes For the three months ended March 31, 2018 and 2017 , interim income tax benefits were recorded by applying a projected full-year effective income tax rate to the quarterly Loss before income taxes for results that are deemed to be reliably estimable. For 2017, certain items are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those items. The Company conducts periodic evaluations of positive and negative evidence to determine whether it is more likely than not that the deferred tax asset can be realized in future periods. In these evaluations, the Company gives more significant weight to objective evidence, such as actual financial condition and historical results of operations, as compared to subjective evidence, such as projections of future taxable income or loss. For the three-year periods ended December 31, 2017, the Company is in a material cumulative pre-tax loss position. The Company expects to maintain a full valuation allowance on our deferred tax assets until there is sufficient evidence to support the reversal of all, or some portion of, those allowances. As a result of these evaluations, the effective tax rate was not significant for the three months ended March 31, 2018 and the Company has recognized a full valuation allowance of $85 million for the deferred tax assets at March 31, 2018 . The effective tax rate for the three months ended March 31, 2017 was (30.9)% on pre-tax losses from continuing operations of $77 million .

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. 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, laws governing our mortgage servicing and lending activities, 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 are 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 March 31, 2018 , the Company’s recorded liability associated with legal and regulatory contingencies was $17 million and is presented in Other liabilities in the Condensed Consolidated Balance Sheets . Given the inherent uncertainties and status of the Company’s outstanding legal proceedings, the range of reasonably possible losses cannot be estimated for all matters. For matters where the Company can estimate the range, the Company believes reasonably possible losses in excess of the recorded liability are no t significant as of March 31, 2018 . 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. In March 2018, the Company entered into a Release and Settlement Agreement with an insurance carrier to settle certain claims and other matters associated with the Company's previously disclosed legal and regulatory settlements. The Company received a settlement payment of $15 million during the three months ended March 31, 2018 which was accounted for as a gain when the payment was received, and recorded within Other income in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . The following are descriptions of the Company’s significant legal and regulatory matters: CFPB Enforcement Action. In January 2014, the Bureau of Consumer Financial Protection (the “CFPB”) initiated an administrative proceeding alleging that the Company’s reinsurance activities, including its mortgage insurance premium ceding practices, have violated certain provisions of RESPA and other laws enforced by the CFPB. Through its reinsurance subsidiaries, the Company assumed risk in exchange for premiums ceded from primary mortgage insurance companies. In June 2015, the Director of the CFPB issued a final order requiring the Company to pay $109 million , based upon the gross reinsurance premiums the Company received on or after July 21, 2008. Subsequently, the Company filed an appeal to the United States Court of Appeals for the District of Columbia Circuit (the “Court of Appeals”). In October 2016, the Court of Appeals issued its decision, vacating the decision of the Director of the CFPB, and finding in favor of the Company’s arguments, among others, around the correct interpretations of Section 8 of RESPA, the applicability of prior HUD interpretations around captive re-insurance and the applicability of statute of limitations to administrative enforcement proceedings at the CFPB. 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. Other Subpoenas and Investigations. The Company previously disclosed that it had received a document subpoena from the U.S. Attorney’s Office for the Southern District of New York which requested production of certain documents related to, among other things, foreclosure expenses that the Company incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac. In March 2018, the United States District Court for the Southern District of New York entered an order unsealing a qui tam lawsuit that originally had been filed in that District in 2012, and which had been the basis for the government’s investigation. At that time, the Court also disclosed that the U.S. Attorney’s Office for the Southern District of New York has declined to intervene against all servicer defendants named in the qui tam complaint, including the Company. Notwithstanding the decision of the U.S. Attorney's Office, in April 2018 the private plaintiff that had initiated the qui tam suit filed a Third Amended Complaint in that action naming a number of servicer defendants and other defendants, including the Company. That action remains pending. Repurchase and Foreclosure-Related Reserves Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned. A summary of the activity in repurchase and foreclosure-related reserves is as follows: Three Months Ended 2018 2017 (In millions) Balance, beginning of period $ 40 $ 73 Realized losses (1 ) (6 ) Increase (decrease) in reserves due to: Changes in assumptions (1 ) (1 ) New loan sales — 1 Balance, end of period $ 38 $ 67 Repurchase and foreclosure-related reserves consist of the following: March 31, December 31, (In millions) Loan repurchase and indemnification liability $ 28 $ 29 Adjustment to value for real estate owned 8 9 Allowance for probable foreclosure losses 2 2 Total $ 38 $ 40 Loan Repurchases and Indemnifications. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions including borrower performance, investor demand patterns, expected relief from the expiration of repurchase obligations, the expected success rate in defending against requests and estimated loss severities. The Company's exposure to repurchase and indemnification claims consists primarily of estimates for claims from private investors, losses for specific non-performing loans where the Company believes it will be required to indemnify the investor and losses from government mortgage insurance programs. As of March 31, 2018 , 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 March 31, 2018 , $41 million of loans have been identified in which the Company has full risk of loss or has identified a breach of representation and warranty provisions; 22% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2018
Variable Interest Entities
Variable Interest Entities	12. Variable Interest Entities Servicing Advance Receivables Trust As of March 31, 2018, the Company's only variable interest entity relates to the PHH Servicer Advance Receivables Trust (“PSART”) and the PHH Servicer Advance Funding Depositor, LLC (the “Depositor”) (collectively, the “Servicing Advance Receivables Trust”). 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 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, or impact their status as a variable interest entity. Refer to the Condensed Consolidated Balance Sheets for the assets and liabilities of PSART. PHH Home Loans PHH Home Loans was a joint venture between the Company and Realogy, which provided mortgage origination services for brokers associated with brokerages owned or franchised by Realogy, and represented substantially all of the Real Estate channel. As of December 31, 2017 , the Company was contractually obligated to purchase Realogy's 49.9% ownership interest in the PHH Home Loans joint venture ("JV Interests Purchase") on or before March 19, 2018, for an amount equal to its interest in the residual equity of PHH Home Loans. During the three months ended March 31, 2018 , the Company completed the JV Interests Purchase for a total of $19 million in cash. Since the settlement of the JV Interests Purchase agreement was not fixed and PHH Home Loans generated a net loss during the three months ended March 31, 2018 , the Company did not adjust the carrying amount of the liability below the initially recorded amount as of December 31, 2017 . As a result, the Company recognized a $1 million extinguishment gain upon purchase which represented the difference between the redemption amount and the carrying amount of Realogy's interests, and was recorded in Loss from discontinued operations, net of tax within the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) . As of March 31, 2018 , PHH Home Loans is a wholly-owned subsidiary of PHH. During the three months ended March 31, 2018 , the Company reconsidered PHH Home Loans entity's status as a variable interest entity due to the changes in PHH Home Loans governing documents upon settlement of the JV Interests Purchase and the completion of substantially all of the wind-down activities of the Real Estate channel. Upon the completion of the JV Interests Purchase, the Company determined that PHH Home Loans was no longer a variable interest entity. In addition, the results of PHH Home Loans are now presented as discontinued operations as part of the Real Estate channel, as further discussed in Note 8, 'Discontinued Operations' . As of December 31, 2017, the total assets and liabilities of PHH Home Loans were $98 million and $51 million , respectively.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segment Information	13. Segment Information During the three months ended March 31, 2018 , the Company completed substantially all of the run-off activities of the PLS business and Real Estate channel. Accordingly, the results of these businesses have been presented as discontinued operations, and excluded from continuing operations and segment results for all periods presented. Refer to Note 8, 'Discontinued Operations' for additional information. Continuing operations are conducted through the following two reportable segments: ▪ Mortgage Servicing — acts as a subservicer for clients that own the underlying mortgage servicing rights and performs servicing activities for owned mortgage servicing rights. ▪ Mortgage Production — provides portfolio origination retention services to subservicing clients and sells the related mortgage loans in the secondary market. 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 certain Exit and disposal costs, Professional and third-party service fees incurred related to strategic actions and certain general corporate overhead expenses that were previously allocated to the PLS business and Real Estate channel. 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. Segment results were as follows: Total Assets March 31, December 31, 2017 (In millions) Mortgage Servicing segment $ 904 $ 919 Mortgage Production segment 106 191 Other 486 487 Assets related to discontinued operations 17 214 Total $ 1,513 $ 1,811 Net Revenues Segment Profit (Loss) Three Months Ended Three Months Ended 2018 2017 2018 2017 (In millions) Mortgage Servicing segment $ 44 $ 27 $ (6 ) $ (34 ) Mortgage Production segment 6 13 (16 ) (8 ) Other — — (4 ) (35 ) Total $ 50 $ 40 $ (26 ) $ (77 )

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC (“PHH Home Loans”) and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements for all periods presented. During the year ended December 31, 2017 , Realogy Services Venture Partner LLC, a subsidiary of Realogy Holdings Corp. ("Realogy") ownership interest was presented as a noncontrolling interest. On March 19, 2018, the Company acquired Realogy’s 49.9% ownership interests, and PHH Home Loans became a wholly-owned subsidiary of PHH. As of March 31, 2018, the Company's only variable interest entity relates to the Servicing Advance Receivables Trust. Refer to Note 12, 'Variable Interest Entities' for additional information. Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights and the related secured liability , mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
Accounting Pronouncements Adopted During the Period and Recently Issued Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Adopted During the Period ASU 2014-09, "Revenue from Contracts with Customers." On January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers and all of the related amendments (the “new revenue standard”) using a modified retrospective approach applied to contracts which were not completed as of the adoption date. The core principle of the new revenue standard requires a Company to recognize revenue when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. A majority of the Company's revenues are not subject to the new revenue standard. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings, and the transition adjustment was not significant. Beginning on January 1, 2018, the results for reporting periods are presented under ASC 606 for contracts subject to the new revenue standard, while prior period amounts have not been adjusted and continue to be reported in accordance with accounting standards in effect during those periods. Refer to Note 3, 'Revenues' for additional information. ASU 2016-18, "Restricted Cash." On January 1, 2018, the Company adopted ASU 2016-18 which requires amounts generally described as restricted cash to be included in the beginning and end-of-period total amounts shown in the Company’s Condensed Consolidated Statement of Cash Flows. The Company adopted ASU 2016-18 on a retrospective basis. As a result, the change in restricted cash is no longer presented as a separate line item within cash flows from investing activities since such balances have been included with total cash and cash equivalents when reconciling the beginning and end-of-period amounts in the Company’s Condensed Consolidated Statements of Cash Flows . The following table provides a reconciliation of the Company's cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows : March 31, 2018 2017 (In millions) Cash and cash equivalents $ 480 $ 866 Restricted cash (1) 50 48 Assets related to discontinued operations 6 86 Total Cash, cash equivalents and restricted cash $ 536 $ 1,000 ——————— (1) Represents 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 and to support letters of credit. Other Adoptions. The Company also adopted the following accounting standards during 2018 with an effective date of January 1, 2018, none of which had a significant impact to the Company's financial statements or disclosures: Accounting Standard Update ASU 2017-09 Stock Compensation: Scope of Modification Accounting ASU 2017-07 Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-05 Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ASU 2017-01 Business Combinations: Clarifying the Definition of a Business ASU 2016-15 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ASU 2016-01 Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities Recently Issued Accounting Pronouncements Not Yet Adopted There have been no developments to recently issued accounting standards, including the expected dates of adoption and estimated effects on the Company’s consolidated financial statements and disclosures, from those included in the Company’s 2017 Form 10-K.
Revenue Recognition, Discontinued Operations ASC 606	Revenue from Contracts with Customers Subject to ASC 606 Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less and contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. There were no significant differences between the amounts of revenue recognized under ASC 606 compared to the amount that would have resulted from the application of previous standards. The following descriptions represent the Company's accounting policies for significant revenue streams subject to the new revenue standard, all of which relate to discontinued operations: • Origination and other loan fees. The Company provided origination and fulfillment services to PLS clients under Origination Assistance Agreements ("OAA"), and the origination assistance fees associated with fee-based closings under these agreements are subject to the new revenue standard. The services performed under the OAA represent a stand-ready obligation, and the Company has applied the practical expedient to recognize revenue in the amount it has the right to invoice, which occurs at the time the loan is originated and funded. The right to invoice practical expedient is consistent with the historical accounting treatment of origination assistance fees in prior periods. During the three months ended March 31, 2018 , within revenues from Discontinued Operations, Origination and other loans fees includes $2 million of origination assistance fees that were accounted for under ASC 606. • Other income. In connection with the exit of the PLS business, the Company is contractually required to provide certain transition support services to its clients, which includes the return of records and loan document images. The Company is entitled to certain transition support fees associated with these services, and the fees are recognized upon the transfer of control of the records and loan document images to the customer. During the three months ended March 31, 2018 , within revenues from Discontinued Operations, Other income includes $2 million of transition support fees that were accounted for under ASC 606.
Discontinued Operations	The Company determined that the exits of the PLS business and Real Estate channel represented a strategic shift that met the criteria to be reported as discontinued operations upon completion of substantially all of the run-off activities of these businesses, which occurred during the three months ended March 31, 2018 . Accordingly, the results of the PLS business and Real Estate channel have been presented as Discontinued Operations in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) , and are excluded from continuing operations and segment results for all periods presented. Certain corporate overhead costs that were previously allocated to the PLS business and Real Estate channel for segment reporting purposes were determined to not directly support the discontinued operations, and those costs are presented in continuing operations.
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 Accoun21

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Schedule of Restricted Cash	The following table provides a reconciliation of the Company's cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows : March 31, 2018 2017 (In millions) Cash and cash equivalents $ 480 $ 866 Restricted cash (1) 50 48 Assets related to discontinued operations 6 86 Total Cash, cash equivalents and restricted cash $ 536 $ 1,000 ——————— (1) Represents 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 and to support letters of credit.
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of the Company's cash, cash equivalents, and restricted cash as presented in the Condensed Consolidated Statements of Cash Flows : March 31, 2018 2017 (In millions) Cash and cash equivalents $ 480 $ 866 Restricted cash (1) 50 48 Assets related to discontinued operations 6 86 Total Cash, cash equivalents and restricted cash $ 536 $ 1,000 ——————— (1) Represents 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 and to support letters of credit.
Schedule of Other New Accounting Pronouncements Adopted	The Company also adopted the following accounting standards during 2018 with an effective date of January 1, 2018, none of which had a significant impact to the Company's financial statements or disclosures: Accounting Standard Update ASU 2017-09 Stock Compensation: Scope of Modification Accounting ASU 2017-07 Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ASU 2017-05 Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets ASU 2017-01 Business Combinations: Clarifying the Definition of a Business ASU 2016-15 Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments ASU 2016-01 Financial Instruments—Overall: Recognition and Measurement of Financial Assets and Financial Liabilities

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation and anti-dilutive securities excluded from the computation of diluted shares for the periods indicated: Three Months Ended 2018 2017 (In millions, except share and per share data) Loss from continuing operations, net of tax $ (26 ) $ (53 ) Loss from discontinued operations attributable to PHH Corporation, net of tax (4 ) (14 ) Net loss attributable to PHH Corporation $ (30 ) $ (67 ) Weighted-average common shares outstanding — basic & diluted 32,645,417 53,682,514 Basic and Diluted loss per share: From continuing operations $ (0.80 ) $ (0.99 ) From discontinued operations (0.12 ) (0.27 ) Total attributable to PHH Corporation $ (0.92 ) $ (1.26 ) Anti-dilutive securities excluded from the computation of diluted shares: Outstanding stock-based compensation awards (1) 925,828 973,788 ——————— (1) For the three months ended March 31, 2018 , excludes 62,201 shares that are contingently issuable for which the contingency has not been met.

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table summarizes total net revenues disaggregated by revenue source: Three Months Ended March 31, 2018 Mortgage Servicing Segment Mortgage Production Segment Subservicing Owned Servicing Portfolio Retention Total Continuing Operations Discontinued Operations (In millions) Loan servicing income $ 24 $ 20 $ — $ 44 $ — Changes in fair value of MSRs and secured liability — (1 ) — (1 ) — Origination and other loan fees — — 1 1 3 Gain on loans held for sale, net — — 5 5 1 Net interest expense — (14 ) — (14 ) — Other income (1) — 15 — 15 3 Total net revenues (2) $ 24 $ 20 $ 6 $ 50 $ 7 ——————— (1) Other income within the Mortgage Servicing segment includes a $15 million gain related to a settlement with an insurance carrier for certain claims related to the Company's previously disclosed legal and regulatory settlements. Refer to Note 11, 'Commitments and Contingencies' for additional information. (2) Discontinued Operations includes $4 million of revenue that was accounted for under ASC 606 as discussed below. During the three months ended March 31, 2018 , there were no other significant amounts within Total net revenues that have been accounted for under ASC 606.

Servicing Activities (Tables)

Servicing Activities (Tables)	3 Months Ended
	Mar. 31, 2018
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: March 31, December 31, Fair Value UPB Fair Value UPB (In millions) Capitalized MSRs owned $ 53 $ 7,853 $ 57 $ 8,592 Capitalized MSRs under secured borrowing arrangements and subserviced 443 47,738 419 49,193 Total capitalized MSRs $ 496 $ 55,591 $ 476 $ 57,785 Subserviced 87,534 89,844 Other servicing 330 526 Total $ 143,455 $ 148,155
Summary of components of loan servicing income, net	The following table summarizes the components of Loan servicing income, net: Three Months Ended 2018 2017 (In millions) Servicing fees from capitalized portfolio $ 6 $ 54 Subservicing fees 17 11 MSR yield on secured asset (1) 14 — Late fees and other ancillary revenue 8 9 Loss on sale of MSRs and related costs — (9 ) Curtailment interest paid to investors (1 ) (3 ) Loan servicing income 44 62 Change in fair value of MSRs, net of related derivatives (2) 23 (29 ) Change in fair value of MSRs secured liability (24 ) — Loan servicing income, net $ 43 $ 33 ____________________ (1) Amounts are related to the secured borrowing treatment of the MSR sales to New Residential. The income from the MSR yield on secured asset is fully offset by the implied interest cost recognized on the MSRs secured liability within Net interest expense. Refer to Note 9, 'Debt and Borrowing Arrangements' for additional information on the components of Net interest expense. (2) There was no MSR derivative activity during the three months ended March 31, 2018 . MSR derivative gains during the three months ended March 31, 2017 were not significant.
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: Three Months Ended Three Months Ended 2018 2017 2018 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 8,592 $ 84,657 $ 49,193 Additions from loans sold with servicing retained 733 926 — Payoffs and curtailments (347 ) (3,459 ) (1,962 ) Sales that have been derecognized (618 ) (10,316 ) — Sales accounted for as secured borrowing (507 ) — 507 Balance, end of period $ 7,853 $ 71,808 $ 47,738
Schedule of activity in capitalized MSRs	The activity in total capitalized MSRs consisted of: Three Months Ended Three Months Ended 2018 2017 2018 MSRs Owned MSRs Secured Asset (In millions) Balance, beginning of period $ 57 $ 690 $ 419 Additions from loans sold with servicing retained 3 11 — Sales that have been derecognized (6 ) (76 ) — Changes in fair value due to: Realization of expected cash flows (2 ) (27 ) (18 ) Changes in market inputs or assumptions used in the valuation model 1 (2 ) 42 Balance, end of period $ 53 $ 596 $ 443
Schedule of MSRs committed under sale agreements	The following table summarizes the Company's MSRs and its commitments under sale agreements, based on the portfolio as of March 31, 2018 : March 31, 2018 UPB Fair Value (In millions) MSR commitments: New Residential $ 5,616 $ 32 Other counterparties 29 1 MSRs capitalized under secured borrowing arrangements and subserviced 47,738 443 Non-committed 2,208 20 Total MSRs $ 55,591 $ 496
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: Three Months Ended 2018 2017 (In millions) Proceeds from new loan sales or securitizations $ 438 $ 950 Servicing fees from capitalized portfolio (1) 14 63 Purchases of previously sold loans (2) (1 ) (8 ) Servicing advances (3) (127 ) (389 ) Repayment of servicing advances (3) 159 418 ____________________ (1) Includes servicing fees, late fees and other ancillary servicing revenue in which the Company has continuing involvement. (2) Includes purchases of repurchase eligible loans and excludes indemnification payments to investors and insurers of the related mortgage loans. (3) Outstanding servicing advance receivables are presented in Servicing advances, net in the Condensed Consolidated Balance Sheets , except for advances related to loans in foreclosure or real estate owned, which are included in Other assets. During the three months ended March 31, 2017, repayment of servicing advances includes $66 million received for advances associated with 2017 sales of MSRs.

Derivatives (Tables)

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of gross notional amount of derivatives	The following table summarizes the gross notional amount of derivatives: March 31, December 31, (In millions) Interest rate lock commitments $ 89 $ 139 Forward delivery commitments 348 614
Schedule of gains (losses) recorded in the Consolidated Statements of Operations	The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for derivative instruments: Three Months Ended 2018 2017 (In millions) Gain on loans held for sale, net: Interest rate lock commitments $ 3 $ 12 Forward delivery commitments 5 (1 )

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
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 assets and liabilities measured at fair value on a recurring basis: March 31, 2018 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 33 $ 8 $ — $ 41 Mortgage servicing rights — — 496 — 496 Other assets—Derivative assets: Interest rate lock commitments — — 3 — 3 Assets related to discontinued operations — 8 — — 8 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 443 $ — $ 443 Other liabilities: Derivative liabilities—Forward delivery commitments — 1 — — 1 Liability to deliver MSRs — — 1 — 1 December 31, 2017 Level One Level Two Level Three Cash Collateral and Netting Total (In millions) ASSETS Mortgage loans held for sale $ — $ 94 $ 9 $ — $ 103 Mortgage servicing rights — — 476 — 476 Other assets—Derivative assets: Interest rate lock commitments — — 4 — 4 Assets related to discontinued operations — 167 1 — 168 LIABILITIES Mortgage servicing rights secured liability $ — $ — $ 419 $ — $ 419 Other liabilities: Liability to deliver MSRs — — 2 — 2
Schedule of difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity	The following table reflects the difference between the carrying amounts of MLHS measured at fair value and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity: March 31, 2018 December 31, 2017 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 $ 41 $ 1 $ 103 $ 1 Aggregate unpaid principal balance 43 1 103 2 Difference $ (2 ) $ — $ — $ (1 )
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs: Three Months Ended 2018 2017 Initial capitalization rate of additions to MSRs owned 1.14 % 1.17 % March 31, December 31, MSRs Owned Capitalization servicing rate 0.66 % 0.67 % Capitalization servicing multiple 2.3 2.3 Weighted-average servicing fee (in basis points) 30 29 Weighted-average life (years) 6.0 5.7 March 31, December 31, MSRs Under Secured Borrowing Arrangement Capitalization servicing rate 0.93 % 0.85 % Capitalization servicing multiple 3.5 3.2 Weighted-average servicing fee (in basis points) 27 27 Weighted-average life (years) 6.0 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 secured liability were as follows (in annual rates): March 31, December 31, Weighted-average prepayment speed (CPR) 9.6 % 11.2 % Option adjusted spread, in basis points (OAS) 935 928 Weighted-average delinquency rate 3.4 % 4.0 % The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates): March 31, December 31, MSRs Owned Weighted-average prepayment speed (CPR) 8.2 % 9.2 % Option adjusted spread, in basis points (OAS) 562 393 Weighted-average delinquency rate 11.7 % 12.4 % March 31, December 31, MSRs Under Secured Borrowing Arrangement Weighted-average prepayment speed (CPR) 9.6 % 11.2 % Option adjusted spread, in basis points (OAS) 935 928 Weighted-average delinquency rate 3.4 % 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: March 31, 2018 Weighted- Average Prepayment Speed Option Adjusted Spread Weighted- Average Delinquency Rate (In millions) MSRs Owned Impact on fair value of 10% adverse change $ (2 ) $ (2 ) $ (4 ) Impact on fair value of 20% adverse change (4 ) (4 ) (7 ) MSRs Under Secured Borrowing Arrangement Impact on fair value of 10% adverse change $ (14 ) $ (20 ) $ (6 ) Impact on fair value of 20% adverse change (26 ) (38 ) (12 )
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of: Three Months Ended Three Months Ended MLHS MSRs IRLCs, net MSRs Secured Liability Liability to Deliver MSRs MLHS MSRs IRLCs, net (In millions) Balance, beginning of period $ 9 $ 476 $ 4 $ (419 ) $ (2 ) $ 47 $ 690 $ 9 Purchases, Issuances, Sales and Settlements: Purchases 3 — — — — 2 — — Issuances — 3 — — — 1 11 — Sales (5 ) (6 ) — — — (16 ) (76 ) — Settlements — — (4 ) — 2 (3 ) — (17 ) (2 ) (3 ) (4 ) — 2 (16 ) (65 ) (17 ) Realized and unrealized gains (losses) included in: Gain on loans held for sale, net — — 3 — (1 ) — — 12 Change in fair value of MSRs — 23 — (24 ) — — (29 ) — Interest income — — — — — 1 — — — 23 3 (24 ) (1 ) 1 (29 ) 12 Transfers into Level Three 2 — — — — 5 — — Transfers out of Level Three (1 ) — — — — (5 ) — — Balance, end of period $ 8 $ 496 $ 3 $ (443 ) $ (1 ) $ 32 $ 596 $ 4
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	Unrealized gains (losses) included in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows: Three Months Ended 2018 2017 (In millions) Gain on loans held for sale, net $ 2 $ 3 Loan servicing income, net 1 (2 )

Exit Costs (Tables)

Exit Costs (Tables)	3 Months Ended
	Mar. 31, 2018
Restructuring Cost and Reserve [Line Items]
Schedule of exit cost liability	The following tables provide a summary of the aggregate activity of the exit cost liability for both the PLS exit program and the Reorganization exit program, including those balances related to discontinued operations: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 43 $ 2 $ 8 $ 53 Charges 1 — 2 3 Paid (15 ) — (7 ) (22 ) Balance, end of period $ 29 $ 2 $ 3 $ 34 Three Months Ended March 31, 2017 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Total (In millions) Balance, beginning of period $ 22 $ — $ 3 $ 25 Charges 21 4 — 25 Paid — (4 ) — (4 ) Adjustments (1) 4 — — 4 Balance, end of period $ 47 $ — $ 3 $ 50 ——————— (1) This adjustment represents previously accrued amounts of existing retention and incentive awards for exiting employees that will be paid out upon termination.
PLS exit program
Restructuring Cost and Reserve [Line Items]
Summary of expenses incurred to date	The following is a summary of expenses incurred to-date for the PLS exit program, including an estimate of remaining and total program costs: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments Total (In millions) Costs incurred this period $ — $ — $ 2 $ — $ 2 Cumulative costs recognized in prior periods 34 6 17 11 68 Estimate of remaining costs (1) 1 16 3 — 20 Total $ 35 $ 22 $ 22 $ 11 $ 90 ——————— (1) The Company expects to incur substantially all of the remaining exit costs during the remainder of 2018, a significant portion of which relate to facility costs that are dependent upon the timing of when we vacate certain facilities.
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, including an estimate of remaining and total program costs: Three Months Ended March 31, 2018 Severance and Termination Benefits Facility Exit Costs Contract Termination & Other Costs Non-Cash Charges & Impairments Total (In millions) Costs incurred this period $ 1 $ — $ — $ 1 $ 2 Cumulative costs recognized in prior periods 30 2 1 2 35 Estimate of remaining costs 1 — — — 1 Total Exit and disposal costs 32 2 1 3 38 Less: Exit and disposal costs related to discontinued operations (1) 19 2 1 3 25 Total Exit and disposal costs related to continuing operations $ 13 $ — $ — $ — $ 13 ——————— (1) Amounts include the estimate of remaining program costs.
Summary of expenses incurred to date by segment	The following is a summary of the Reorganization program costs by segment as of March 31, 2018 : Continuing Operations Mortgage Servicing Segment Other Discontinued Operations Total (In millions) Costs incurred this period $ — $ — $ 2 $ 2 Cumulative costs recognized in prior periods 2 11 22 35 Estimate of remaining costs — — 1 1 Total $ 2 $ 11 $ 25 $ 38

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Discontinued Operations	The results of discontinued operations are summarized below: Three Months Ended 2018 2017 (In millions) Net revenues $ 7 $ 74 Total expenses 11 102 Loss before income taxes (4 ) (28 ) Income tax benefit — (10 ) Net loss (4 ) (18 ) Less: net loss attributable to noncontrolling interest — (4 ) Loss from discontinued operations attributable to PHH Corporation, net of tax $ (4 ) $ (14 ) Assets and Liabilities The carrying amounts of major classes of assets and liabilities related to discontinued operations consisted of the following: March 31, 2018 December 31, 2017 (In millions) ASSETS Cash and cash equivalents $ — $ 33 Restricted cash 6 8 Mortgage loans held for sale 8 167 Accounts receivable, net 3 5 Other assets — 1 Total assets related to discontinued operations $ 17 $ 214 LIABILITIES Accounts payable and accrued expenses $ 22 $ 43 Mortgage warehouse and advance facilities 3 135 Mandatorily redeemable noncontrolling interest — 20 Other liabilities — 1 Total liabilities related to discontinued operations $ 25 $ 199 The following table summarizes the significant adjustments necessary to reconcile Net loss to net cash provided by operating activities that relate to discontinued operations: Three Months Ended 2018 2017 (In millions) Capitalization of originated mortgage servicing rights $ (2 ) $ (5 ) Origination of mortgage loans held for sale (51 ) (1,289 ) Proceeds on sale of and payments from mortgage loans held for sale 198 1,490 Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives — (41 ) Deferred income tax benefit — (10 )

Debt and Borrowing Arrangemen29

Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Summary of the components of Debt	The following table summarizes the components of Debt: March 31, 2018 December 31, Balance Interest (1) Available (2) Balance (In millions) Committed warehouse facilities $ 23 4.1 % $ 124 $ 67 Uncommitted warehouse facilities — — 225 18 Servicing advance facility 23 3.8 % 2 32 Mortgage warehouse and advance facilities 46 117 Term notes due in 2019 97 7.375 % n/a 97 Term notes due in 2021 22 6.375 % n/a 22 Unsecured credit facilities — — 3 — Unsecured debt, face value 119 119 Debt issuance costs (1 ) (1 ) Unsecured debt, net 118 118 Total $ 164 $ 235 ______________ (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. Available capacity has been reduced by amounts that have been drawn related to discontinued operations, as detailed in Note 8, 'Discontinued Operations' .
Schedule of assets held as collateral that are not available to pay the Company's general obligations	Assets held as collateral that are not available to pay the Company’s general obligations as of March 31, 2018 consisted of: Warehouse Facilities Servicing Advance Facility Subservicing Advance Liabilities (1) MSRs Secured Liability (2) (In millions) Restricted cash $ — $ 17 $ — $ — Servicing advances — 52 208 — Mortgage loans held for sale (unpaid principal balance) 24 — — — Mortgage servicing rights — — — 443 Total $ 24 $ 69 $ 208 $ 443 ______________ (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.
Schedule of contractual debt maturities	The following table provides the contractual debt maturities as of March 31, 2018 : Warehouse Facilities Servicing Advance Facility Unsecured Debt Total (In millions) Within one year $ 23 $ 23 $ — $ 46 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 — — — — $ 23 $ 23 $ 119 $ 165
Summary of components of net interest expense	The following table summarizes the components of Net interest expense: Three Months Ended March 31, 2018 2018 2017 (In millions) Interest income $ 3 $ 6 Secured interest expense (2 ) (4 ) MSRs secured interest expense (1) (14 ) — Unsecured interest expense (1 ) (10 ) Net interest expense $ (14 ) $ (8 ) _____________ (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.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Summary of the activity in repurchase and foreclosure-related reserves	A summary of the activity in repurchase and foreclosure-related reserves is as follows: Three Months Ended 2018 2017 (In millions) Balance, beginning of period $ 40 $ 73 Realized losses (1 ) (6 ) Increase (decrease) in reserves due to: Changes in assumptions (1 ) (1 ) New loan sales — 1 Balance, end of period $ 38 $ 67 Repurchase and foreclosure-related reserves consist of the following: March 31, December 31, (In millions) Loan repurchase and indemnification liability $ 28 $ 29 Adjustment to value for real estate owned 8 9 Allowance for probable foreclosure losses 2 2 Total $ 38 $ 40

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Schedule of segment results	Segment results were as follows: Total Assets March 31, December 31, 2017 (In millions) Mortgage Servicing segment $ 904 $ 919 Mortgage Production segment 106 191 Other 486 487 Assets related to discontinued operations 17 214 Total $ 1,513 $ 1,811 Net Revenues Segment Profit (Loss) Three Months Ended Three Months Ended 2018 2017 2018 2017 (In millions) Mortgage Servicing segment $ 44 $ 27 $ (6 ) $ (34 ) Mortgage Production segment 6 13 (16 ) (8 ) Other — — (4 ) (35 ) Total $ 50 $ 40 $ (26 ) $ (77 )

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Details) Loan in Thousands, $ in Millions	Feb. 27, 2018USD ($)	Mar. 31, 2018USD ($)segment	Dec. 31, 2018ClientLoan	Mar. 19, 2018	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Accounting Policies [Line Items]
Number of reportable segments | segment		2
Total merger consideration to be received at closing	$ 360
Notice period of purchase requirement		2 years
Total PHH Corporation stockholders’ equity		$ 523			$ 553	$ 1,021	$ 1,090
Additional paid-in capital		565			565
Cash and cash equivalents		480			509	866
Restricted cash		50			33	48
Assets related to discontinued operations		6				86
Total Cash, cash equivalents and restricted cash		$ 536			$ 583	1,000	$ 963
Forecast
Accounting Policies [Line Items]
Number of subservicing units expected to be transferred | Loan			115
Number of subservicing units expected to be transferred, percent			19.00%
Number of largest subservicing clients involved in subservicing units transfer | Client			2
Number of subservicing units expected to be transferred, subject to portfolio defense agreement | Loan			65
Restatement adjustment
Accounting Policies [Line Items]
Total PHH Corporation stockholders’ equity						(30)
Redeemable noncontrolling interest						30
Additional paid-in capital						$ (3)
Subservicing portfolio | Customer concentration risk | New Residential Mortgage, LLC
Accounting Policies [Line Items]
Concentration risk, percentage		58.00%
Subservicing portfolio | Customer concentration risk | Pingora Loan Servicing, LLC
Accounting Policies [Line Items]
Concentration risk, percentage		18.00%
PHH Home Loans | Realogy
Accounting Policies [Line Items]
Percentage of interests acquired				49.90%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Loss from continuing operations, net of tax	$ (26)	$ (53)
Loss from discontinued operations attributable to PHH Corporation, net of tax	(4)	(14)
Net loss attributable to PHH Corporation	$ (30)	$ (67)
Weighted-average common shares outstanding — basic & diluted (in shares)	32,645,417	53,682,514
Basic and Diluted loss per share:
Basic and Diluted loss per share from continuing operations (in usd per share)	$ (0.80)	$ (0.99)
Basic and Diluted loss per share from discontinued operations (in usd per share)	(0.12)	(0.27)
Basic and Diluted loss per share attributable to PHH Corporation (in usd per share)	$ (0.92)	$ (1.26)
Contingently Issuable Shares
Contingently issuable shares for which the contingency has not been met	62,201
Outstanding stock-based compensation awards
Anti-dilutive securities excluded from the computation of diluted shares:
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	925,828	973,788

Revenues (Details)

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	$ 50	$ 40
Net revenues, discontinued operations	7	$ 74
Gain related to litigation settlement	15
Loan servicing income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	44
Net revenues, discontinued operations	0
Changes in fair value of MSRs and secured liability
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	(1)
Net revenues, discontinued operations	0
Origination and other loan fees
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	1
Net revenues, discontinued operations	3
Gain on loans held for sale, net
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	5
Net revenues, discontinued operations	1
Net interest expense
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	(14)
Net revenues, discontinued operations	0
Other income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	15
Net revenues, discontinued operations	3
Mortgage Production segment
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	6
Mortgage Production segment | Loan servicing income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Mortgage Production segment | Changes in fair value of MSRs and secured liability
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Mortgage Production segment | Origination and other loan fees
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	1
Mortgage Production segment | Gain on loans held for sale, net
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	5
Mortgage Production segment | Net interest expense
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Mortgage Production segment | Other income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Subservicing | Mortgage Servicing segment
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	24
Subservicing | Mortgage Servicing segment | Loan servicing income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	24
Subservicing | Mortgage Servicing segment | Changes in fair value of MSRs and secured liability
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Subservicing | Mortgage Servicing segment | Origination and other loan fees
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Subservicing | Mortgage Servicing segment | Gain on loans held for sale, net
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Subservicing | Mortgage Servicing segment | Net interest expense
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Subservicing | Mortgage Servicing segment | Other income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Owned Servicing | Mortgage Servicing segment
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	20
Owned Servicing | Mortgage Servicing segment | Loan servicing income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	20
Owned Servicing | Mortgage Servicing segment | Changes in fair value of MSRs and secured liability
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	(1)
Owned Servicing | Mortgage Servicing segment | Origination and other loan fees
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Owned Servicing | Mortgage Servicing segment | Gain on loans held for sale, net
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	0
Owned Servicing | Mortgage Servicing segment | Net interest expense
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	(14)
Owned Servicing | Mortgage Servicing segment | Other income
Disaggregation of Revenue [Line Items]
Net revenues, continuing operations	15
Discontinued Operations | Accounting Standards Update 2014-09
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	4
Discontinued Operations | Accounting Standards Update 2014-09 | Origination and other loan fees
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	2
Discontinued Operations | Accounting Standards Update 2014-09 | Other income
Disaggregation of Revenue [Line Items]
Revenue from contract with customers	$ 2

Servicing Activities - Total Se

Servicing Activities - Total Servicing Portfolio (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Loan Servicing Portfolio [Abstract]
MSRs, UPB	$ 143,455	$ 148,155
MSRs, Fair Value	496	476
Capitalized MSRs owned
Loan Servicing Portfolio [Abstract]
MSRs, UPB	7,853	8,592
MSRs, Fair Value	53	57
Capitalized MSRs under secured borrowing arrangements and subserviced
Loan Servicing Portfolio [Abstract]
MSRs, UPB	47,738	49,193
MSRs, Fair Value	443	419
Capitalized MSRs
Loan Servicing Portfolio [Abstract]
MSRs, UPB	55,591	57,785
MSRs, Fair Value	496	476
Subserviced
Loan Servicing Portfolio [Abstract]
MSRs, UPB	87,534	89,844
Other servicing
Loan Servicing Portfolio [Abstract]
MSRs, UPB	$ 330	$ 526

Servicing Activities - Loan Ser

Servicing Activities - Loan Servicing Income, Net (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Transfers and Servicing [Abstract]
Servicing fees from capitalized portfolio	$ 6	$ 54
Subservicing fees	17	11
MSR yield on secured asset	14	0
Late fees and other ancillary revenue	8	9
Loss on sale of MSRs and related costs	0	(9)
Curtailment interest paid to investors	(1)	(3)
Loan servicing income	44	62
Change in fair value of mortgage servicing rights and related derivatives	23	(29)
Change in fair value of MSRs secured liability	(24)	0
Net loan servicing income	$ 43	$ 33

Servicing Activities - Activity

Servicing Activities - Activity in the total loan servicing portfolio unpaid principal balance associated with capitalized MSRs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 148,155
Balance, end of period	143,455
Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, end of period	55,591
MSRs Under Secured Borrowing Arrangement | Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	49,193
Additions from loans sold with servicing retained	0
Payoffs and curtailments	(1,962)
Sales that have been derecognized	0
Sales accounted for as secured borrowing	507
Balance, end of period	47,738
MSRs Owned | Capitalized MSRs
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	8,592	$ 84,657
Additions from loans sold with servicing retained	733	926
Payoffs and curtailments	(347)	(3,459)
Sales that have been derecognized	(618)	(10,316)
Sales accounted for as secured borrowing	(507)	0
Balance, end of period	$ 7,853	$ 71,808

Servicing Activities - Activi38

Servicing Activities - Activity in total capitalized MSRs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Activity in capitalized MSRs
Balance, beginning of period	$ 476
Changes in fair value due to:
Balance, end of period	496
MSRs Owned
Activity in capitalized MSRs
Balance, beginning of period	57	$ 690
Additions from loans sold with servicing retained	3	11
Sales that have been derecognized	(6)	(76)
Changes in fair value due to:
Realization of expected cash flows	(2)	(27)
Changes in market inputs or assumptions used in the valuation model	1	(2)
Balance, end of period	53	$ 596
MSRs Secured Asset
Activity in capitalized MSRs
Balance, beginning of period	419
Additions from loans sold with servicing retained	0
Sales that have been derecognized	0
Changes in fair value due to:
Realization of expected cash flows	(18)
Changes in market inputs or assumptions used in the valuation model	42
Balance, end of period	$ 443

Servicing Activities - MSR Sale

Servicing Activities - MSR Sales and MSR Sale Commitments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 143,455		$ 148,155
MSRs, Fair Value	496		476
Proceeds on sale of mortgage servicing rights	6	$ 71
Proceeds from mortgage servicing rights secured liability	7	$ 0
Accounts receivable related to holdback from executed MSRs sales and transfers	35
Servicing advances	324		356
MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	20
New Residential Investment Corp. | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	32
Other counterparties | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, Fair Value	1
Servicing advances committed
Transfers and Servicing of Mortgage Loans
Servicing advances	100
Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB	55,591
Capitalized MSRs | MSR Non-committed
Transfers and Servicing of Mortgage Loans
MSRs, UPB	2,208
Capitalized MSRs | New Residential Investment Corp. | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB	5,616
Capitalized MSRs | Other counterparties | MSR commitments
Transfers and Servicing of Mortgage Loans
MSRs, UPB	29
Interest rate lock commitments and mortgage loans held for sale | Other counterparties
Transfers and Servicing of Mortgage Loans
Commitment to sell Mortgage Servicing Rights	10
Capitalized MSRs owned
Transfers and Servicing of Mortgage Loans
MSRs, UPB	7,853		8,592
MSRs, Fair Value	53		57
Capitalized MSRs under secured borrowing arrangements and subserviced
Transfers and Servicing of Mortgage Loans
MSRs, UPB	47,738		49,193
MSRs, Fair Value	443		$ 419
Capitalized MSRs under secured borrowing arrangements and subserviced | Capitalized MSRs
Transfers and Servicing of Mortgage Loans
MSRs, UPB	$ 47,738

Servicing Activities - Sales of

Servicing Activities - Sales of Mortgage Loans (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash Flows Between Transferor and Transferee [Abstract]
Proceeds from new loan sales or securitizations	$ 438	$ 950
Servicing fees from capitalized portfolio	14	63
Purchases of previously sold loans	(1)	(8)
Servicing advances	(127)	(389)
Repayment of servicing advances	159	418
Realized Gain on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	$ 13	49
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) - Not designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Interest rate lock commitments
Notional amount of derivatives
Notional	$ 89	$ 139
Forward delivery commitments
Notional amount of derivatives
Notional	$ 348	$ 614

Derivatives - Additional Inform

Derivatives - Additional Information (Details) - Not designated as hedging instruments - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Interest rate lock commitments
Derivatives
Derivative assets not subject to master netting agreements	$ 3	$ 4
Forward delivery commitments
Derivatives
Derivative liability subject to master netting arrangement	$ 1

Derivatives - Summary of gains

Derivatives - Summary of gains (losses) for derivative instruments (Details) - Gain on loans held for sale, net - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Interest rate lock commitments
Derivatives
Gains on derivative instruments	$ 3	$ 12
Forward delivery commitments
Derivatives
Gains on derivative instruments	$ 5	$ (1)

Fair Value Measurements - Instr

Fair Value Measurements - Instruments measured at fair value on a recurring basis (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Fair Value Measurements
Mortgage servicing rights	$ 496	$ 476
Assets related to discontinued operations	17	214
Recurring basis | Level One
Fair Value Measurements
Mortgage loans held for sale	0	0
Mortgage servicing rights	0	0
Assets related to discontinued operations	0	0
Mortgage servicing rights secured liability	0	0
Liability to deliver MSRs	0	0
Recurring basis | Level One | Interest rate lock commitments
Fair Value Measurements
Interest rate lock commitments	0	0
Recurring basis | Level One | Forward delivery commitments
Fair Value Measurements
Derivative liabilities—Forward delivery commitments	0
Recurring basis | Level Two
Fair Value Measurements
Mortgage loans held for sale	33	94
Mortgage servicing rights	0	0
Assets related to discontinued operations	8	167
Mortgage servicing rights secured liability	0	0
Liability to deliver MSRs	0	0
Recurring basis | Level Two | Interest rate lock commitments
Fair Value Measurements
Interest rate lock commitments	0	0
Recurring basis | Level Two | Forward delivery commitments
Fair Value Measurements
Derivative liabilities—Forward delivery commitments	1
Recurring basis | Level Three
Fair Value Measurements
Mortgage loans held for sale	8	9
Mortgage servicing rights	496	476
Assets related to discontinued operations	0	1
Mortgage servicing rights secured liability	443	419
Liability to deliver MSRs	1	2
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Interest rate lock commitments	3	4
Recurring basis | Level Three | Forward delivery commitments
Fair Value Measurements
Derivative liabilities—Forward delivery commitments	0
Recurring basis | Total
Fair Value Measurements
Mortgage loans held for sale	41	103
Mortgage servicing rights	496	476
Assets related to discontinued operations	8	168
Mortgage servicing rights secured liability	443	419
Liability to deliver MSRs	1	2
Recurring basis | Total | Interest rate lock commitments
Fair Value Measurements
Interest rate lock commitments	3	$ 4
Recurring basis | Total | Forward delivery commitments
Fair Value Measurements
Derivative liabilities—Forward delivery commitments	$ 1

Fair Value Measurements - Diffe

Fair Value Measurements - Difference between carrying amounts of MLHS measured at fair value and aggregate unpaid principal amount (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$ 41	$ 103
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	41	103
Carrying amount, Loans 90 days or more past due and on non-accrual status	1	1
Aggregate unpaid principal balance, Total	43	103
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	1	2
Difference, Total	(2)	0
Difference, Loans 90 days or more past due and on non-accrual status	$ 0	$ (1)

Fair Value Measurements - Assum

Fair Value Measurements - Assumptions used in MSRs and MSRs secured liability (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
MSRs Secured Liability
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	9.60%		11.20%
Option adjusted spread	9.35%		9.28%
Weighted-average delinquency rate	3.40%		4.00%
MSRs Owned
Significant assumptions used in estimating fair value
Initial capitalization rate of additions to MSRs owned	1.14%	1.17%
Capitalization servicing rate	0.66%		0.67%
Capitalization servicing multiple	230.00%		230.00%
Weighted-average servicing fee (in basis points)	0.30%		0.29%
Weighted-average life (years)	6 years		5 years 7 months 30 days
MSRs Owned | Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	8.20%		9.20%
Option adjusted spread	5.62%		3.93%
Weighted-average delinquency rate	11.70%		12.40%
MSRs Under Secured Borrowing Arrangement
Significant assumptions used in estimating fair value
Capitalization servicing rate	0.93%		0.85%
Capitalization servicing multiple	350.00%		320.00%
Weighted-average servicing fee (in basis points)	0.27%		0.27%
Weighted-average life (years)	6 years		5 years 7 months
MSRs Under Secured Borrowing Arrangement | Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR)	9.60%		11.20%
Option adjusted spread	9.35%		9.28%
Weighted-average delinquency rate	3.40%		4.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of estimated change in fair value of MSRs from adverse changes in significant assumptions (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	60.00%	66.00%
MSRs Under Secured Borrowing Arrangement | Mortgage servicing rights
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	$ (14)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(26)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(20)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(38)
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)
MSRs Owned | Mortgage servicing rights
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	(2)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(4)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(2)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(4)
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	$ (7)

Fair Value Measurements - Level

Fair Value Measurements - Level Three Measurements (Details) - Level Three - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
IRLCs, net
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$ 4	$ 9
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	0	0
Sales	0	0
Settlements	(4)	(17)
Purchases, Issuances, Sales and Settlements Total	(4)	(17)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	3	12
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	3	4
IRLCs, net | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	3	12
IRLCs, net | Change in fair value of MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
IRLCs, net | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
MLHS
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	9	47
Purchases, Issuances, Sales and Settlements:
Purchases	3	2
Issuances	0	1
Sales	(5)	(16)
Settlements	0	(3)
Purchases, Issuances, Sales and Settlements Total	(2)	(16)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	1
Transfers into Level Three	2	5
Transfers out of Level Three	(1)	(5)
Balance, end of period	8	32
MLHS | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
MLHS | Change in fair value of MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
MLHS | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	1
MSRs
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	476	690
Purchases, Issuances, Sales and Settlements:
Purchases	0	0
Issuances	3	11
Sales	(6)	(76)
Settlements	0	0
Purchases, Issuances, Sales and Settlements Total	(3)	(65)
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	23	(29)
Transfers into Level Three	0	0
Transfers out of Level Three	0	0
Balance, end of period	496	596
MSRs | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0	0
MSRs | Change in fair value of MSRs
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	23	(29)
MSRs | Interest income
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	(419)
Purchases, Issuances, Sales and Settlements:
Purchases	0
Issuances	0
Sales	0
Settlements	0
Purchases, Issuances, Sales and Settlements Total	0
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(24)
Transfers into Level Three	0
Transfers out of Level Three	0
Balance, end of period	(443)
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)	(24)
MSRs Secured Liability | Interest income
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	0
Liability to Deliver MSRs
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	(2)
Purchases, Issuances, Sales and Settlements:
Purchases	0
Issuances	0
Sales	0
Settlements	2
Purchases, Issuances, Sales and Settlements Total	2
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(1)
Transfers into Level Three	0
Transfers out of Level Three	0
Balance, end of period	(1)
Liability to Deliver MSRs | Gain on loans held for sale, net
Realized and unrealized gains (losses) included in:
Realized and unrealized gains (losses)	(1)
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 - Unrea

Fair Value Measurements - Unrealized gains (losses) related to assets and liabilities classified with Level Three valuation hierarchy (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Gain on loans held for sale, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	$ 2	$ 3
Loan servicing income, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	$ 1	$ (2)

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Level Two
Debt
Fair value of debt	$ 168	$ 244
Market approach valuation technique | Level Two
Debt
Fair value of debt	46
Observable recent pricing of similar instruments valuation technique | Level Three
Debt
Fair value of debt	$ 122

Exit Costs - Summary of expense

Exit Costs - Summary of expenses incurred to date (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	$ 0	$ 9
PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	2
Cumulative costs recognized in prior periods			$ 68
Estimate of remaining costs (1)	20
Total Exit and disposal costs	90
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	2
Cumulative costs recognized in prior periods			35
Estimate of remaining costs (1)	1
Total Exit and disposal costs	38
Less: Exit and disposal costs related to discontinued operations	25
Total Exit and disposal costs related to continuing operations	13
Severance and Termination Benefits | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			34
Estimate of remaining costs (1)	1
Total Exit and disposal costs	35
Severance and Termination Benefits | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	1
Cumulative costs recognized in prior periods			30
Estimate of remaining costs (1)	1
Total Exit and disposal costs	32
Less: Exit and disposal costs related to discontinued operations	19
Total Exit and disposal costs related to continuing operations	13
Facility Exit Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			6
Estimate of remaining costs (1)	16
Total Exit and disposal costs	22
Facility Exit Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			2
Estimate of remaining costs (1)	0
Total Exit and disposal costs	2
Less: Exit and disposal costs related to discontinued operations	2
Total Exit and disposal costs related to continuing operations	0
Contract Termination & Other Costs | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	2
Cumulative costs recognized in prior periods			17
Estimate of remaining costs (1)	3
Total Exit and disposal costs	22
Contract Termination & Other Costs | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			1
Estimate of remaining costs (1)	0
Total Exit and disposal costs	1
Less: Exit and disposal costs related to discontinued operations	1
Total Exit and disposal costs related to continuing operations	0
Non-Cash Charges & Impairments | PLS exit program
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			11
Estimate of remaining costs (1)	0
Total Exit and disposal costs	11
Non-Cash Charges & Impairments | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	1
Cumulative costs recognized in prior periods			$ 2
Estimate of remaining costs (1)	0
Total Exit and disposal costs	3
Less: Exit and disposal costs related to discontinued operations	3
Total Exit and disposal costs related to continuing operations	$ 0

Exit Costs - Summary of expen52

Exit Costs - Summary of expenses incurred to date by segment (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	$ 0	$ 9
Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	2
Cumulative costs recognized in prior periods			$ 35
Estimate of remaining costs (1)	1
Program expected costs	38
Continuing Operations | Operating segment | Mortgage Servicing Segment | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			2
Estimate of remaining costs (1)	0
Program expected costs	2
Continuing Operations | Other | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	0
Cumulative costs recognized in prior periods			11
Estimate of remaining costs (1)	0
Program expected costs	11
Discontinued Operations | Other | Reorganization
Restructuring Cost and Reserve [Line Items]
Costs incurred this period	2
Cumulative costs recognized in prior periods			$ 22
Estimate of remaining costs (1)	1
Program expected costs	$ 25

Exit Costs - Schedule of exit c

Exit Costs - Schedule of exit cost liability (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Restructuring Reserve [Roll Forward]
Balance, beginning of period	$ 53	$ 25
Charges	3	25
Paid	(22)	(4)
Adjustments		4
Balance, end of period	34	50
Severance and Termination Benefits
Restructuring Reserve [Roll Forward]
Balance, beginning of period	43	22
Charges	1	21
Paid	(15)	0
Adjustments		4
Balance, end of period	29	47
Facility Exit Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	2	0
Charges	0	4
Paid	0	(4)
Adjustments		0
Balance, end of period	2	0
Contract Termination & Other Costs
Restructuring Reserve [Roll Forward]
Balance, beginning of period	8	3
Charges	2	0
Paid	(7)	0
Adjustments		0
Balance, end of period	$ 3	$ 3

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Results of Operations
Net revenues	$ 7	$ 74
Total expenses	11	102
Loss before income taxes	(4)	(28)
Income tax benefit	0	(10)
Net loss	(4)	(18)
Less: net loss attributable to noncontrolling interest	0	(4)
Loss from discontinued operations attributable to PHH Corporation, net of tax	(4)	(14)
ASSETS
Cash and cash equivalents	0		$ 33
Restricted cash	6		8
Mortgage loans held for sale	8		167
Accounts receivable, net	3		5
Other assets	0		1
Total assets related to discontinued operations	17		214
LIABILITIES
Accounts payable and accrued expenses	22		43
Mortgage warehouse and advance facilities	3		135
Mandatorily redeemable noncontrolling interest	0		20
Other liabilities	0		1
Total liabilities related to discontinued operations	25		$ 199
Cash Flows
Capitalization of originated mortgage servicing rights	(2)	(5)
Origination of mortgage loans held for sale	(51)	(1,289)
Proceeds on sale of and payments from mortgage loans held for sale	198	1,490
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	0	(41)
Deferred income tax benefit	0	$ (10)
Lease related guaranty | LenderLive Network, LLC
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee	13
Lease related guaranty | Guaranteed Rate Affinity, LLC
Off-Balance Sheet Arrangements and Guarantees
Amount of potential future lease payments under guarantee	$ 1

Debt and Borrowing Arrangemen55

Debt and Borrowing Arrangements - Components of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017
Debt and Borrowing Arrangements
Mortgage warehouse and advance facilities	$ 46	$ 117
Unsecured debt, face value	119	119
Debt issuance costs	(1)	(1)
Unsecured debt, net	118	118
Total	164	235
Committed warehouse facilities
Debt and Borrowing Arrangements
Mortgage warehouse and advance facilities	$ 23	67
Weighted Avg-Interest Rate (as a percent)	4.10%
Available Capacity	$ 124
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Mortgage warehouse and advance facilities	$ 0	18
Weighted Avg-Interest Rate (as a percent)	0.00%
Available Capacity	$ 225
Servicing advance facility
Debt and Borrowing Arrangements
Mortgage warehouse and advance facilities	$ 23	32
Weighted Avg-Interest Rate (as a percent)	3.80%
Available Capacity	$ 2
Term notes due in 2019
Debt and Borrowing Arrangements
Unsecured debt, face value	$ 97	97
Stated interest rate (as a percent)	7.375%
Term notes due in 2021
Debt and Borrowing Arrangements
Unsecured debt, face value	$ 22	22
Stated interest rate (as a percent)	6.375%
Unsecured credit facilities
Debt and Borrowing Arrangements
Unsecured debt, face value	$ 0	$ 0
Stated interest rate (as a percent)	0.00%
Available Capacity	$ 3

Debt and Borrowing Arrangemen56

Debt and Borrowing Arrangements - Assets pledged as collateral or funded by subservicing clients (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Debt and Borrowing Arrangements
Restricted cash	$ 50	$ 33	$ 48
Servicing advances	324	356
Mortgage loans held for sale (unpaid principal balance)	41	103
Mortgage servicing rights	496	$ 476
Collateral Pledged | Warehouse Facilities
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances	0
Mortgage loans held for sale (unpaid principal balance)	24
Mortgage servicing rights	0
Total	24
Collateral Pledged | Servicing Advance Facility
Debt and Borrowing Arrangements
Restricted cash	17
Servicing advances	52
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	69
Collateral Pledged | Subservicing Advance Liabilities
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances	208
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	0
Total	208
Collateral Pledged | MSRs Secured Liability
Debt and Borrowing Arrangements
Restricted cash	0
Servicing advances	0
Mortgage loans held for sale (unpaid principal balance)	0
Mortgage servicing rights	443
Total	$ 443

Debt and Borrowing Arrangemen57

Debt and Borrowing Arrangements - Schedule of Contractual Debt Maturities (Details) $ in Millions	Mar. 31, 2018USD ($)
Contractual debt maturities
Within one year	$ 46
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	165
Warehouse Facilities
Contractual debt maturities
Within one year	23
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	23
Servicing Advance Facility
Contractual debt maturities
Within one year	23
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	23
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 Arrangemen58

Debt and Borrowing Arrangements - Components of Net interest expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Debt Disclosure [Abstract]
Interest income	$ 3	$ 6
Secured interest expense	(2)	(4)
MSRs secured interest expense	(14)	0
Unsecured interest expense	(1)	(10)
Net interest expense	$ (14)	$ (8)

Debt and Borrowing Arrangemen59

Debt and Borrowing Arrangements - Narrative (Details)	6 Months Ended
	Jun. 30, 2018USD ($)	Jul. 31, 2018USD ($)	Jul. 01, 2018USD ($)	Apr. 30, 2018USD ($)	Mar. 29, 2018USD ($)	Mar. 15, 2018USD ($)	Feb. 20, 2018USD ($)	Jan. 30, 2018USD ($)
Committed warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity								$ 100,000,000
Committed warehouse facilities | Wells Fargo Bank
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity					$ 50,000,000		$ 100,000,000
Uncommitted warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity								$ 25,000,000
Variable Funding Notes | Wells Fargo Bank
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity						$ 25,000,000
Subsequent Event | Committed warehouse facilities | Barclays Bank PLC
Debt and Borrowing Arrangements
Debt instrument current borrowing capacity				$ 50,000,000
Forecast | Subsequent Event | Mortgage Warehouse and Servicing Advance Facilities
Debt and Borrowing Arrangements
Debt covenant, net worth threshold amount				334,000,000
Debt covenant, net worth on last day of each fiscal month (up to)	$ 400,000,000	$ 365,000,000
Debt covenant, ratio indebtedness to tangible net worth (no greater than)	4.50
Debt covenant, ratio Of unsecured indebtedness to tangible net worth, cash and cash equivalents adjustment (in excess of)				$ 40,000,000
Debt covenant, maximum unsecured indebtedness to tangible net worth ratio				1.25
Debt covenant, cash and cash equivalents in excess of liability			$ 225,000,000	$ 250,000,000
Debt covenant, capital distribution aggregate amount (up to)				$ 150,000,000

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Deferred tax assets, valuation allowance	$ 85
Effective tax rate (as a percent)		(30.90%)
Loss from continuing operations before income taxes	$ (26)	$ (77)

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Jun. 30, 2015	Mar. 31, 2018
Loss Contingencies [Line Items]
Liability associated with legal and regulatory contingencies		$ 17
Gain related to litigation settlement		$ 15
Unfavorable Regulatory Action
Loss Contingencies [Line Items]
Final order amount company must pay	$ 109

Commitments and Contingencies62

Commitments and Contingencies - Repurchase and Foreclosure-Related Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$ 40	$ 73
Realized losses	(1)	(6)
Increase (decrease) in reserves due to:
Changes in assumptions	(1)	(1)
New loan sales	0	1
Balance, end of period	40	73	$ 38	$ 40	$ 67
Components of Repurchase and Foreclosure-related Reserves [Abstract]
Loan repurchase and indemnification liability			28	29
Adjustment to value for real estate owned			8	9
Allowance for probable foreclosure losses			2	2
Total	$ 40	$ 73	38	$ 40	$ 67
Loan Repurchases and Indemnifications
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions			$ 41
Percentage of loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions and are at least 90 days delinquent			22.00%

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017	Mar. 19, 2018	Dec. 31, 2017
Variable Interest Entities Additional Information [Abstract]
Payment for JV interests purchase		$ 19	$ 0
Total assets	[1]	1,513			$ 1,811
Total liabilities	[1]	990			1,258
Variable Interest Entity
Variable Interest Entities Additional Information [Abstract]
Total assets		69			66
Total liabilities		23			32
PHH Home Loans | Variable Interest Entity
Variable Interest Entities Additional Information [Abstract]
Total assets					98
Total liabilities					$ 51
Realogy
Variable Interest Entities Additional Information [Abstract]
Payment for JV interests purchase		19
Extinguishment gain on purchase of mandatorily redeemable noncontrolling interest		$ 1
PHH Home Loans | Realogy
Variable Interest Entities Additional Information [Abstract]
Percentage of interests acquired				49.90%
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. Refer to Note 12, 'Variable Interest Entities' for information about PHH Home Loans, LLC, whose assets and liabilities are part of the Company's discontinued operations, and as of March 31, 2018 is no longer a variable interest entity. The following assets and liabilities relate solely to risks associated with the Company's ongoing involvement in Servicing Advance Receivables Trust: March 31, 2018 December 31, 2017ASSETS Restricted cash$17 $10Servicing advances, net52 56Total assets$69 $66Assets held as collateral$69 $66 LIABILITIES Mortgage warehouse and advance facilities$23 $32Total liabilities$23 $32

Segment Information (Details)

Segment Information (Details) $ in Millions		3 Months Ended
		Mar. 31, 2018USD ($)segment	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment		2
Segment Information
Total assets	[1]	$ 1,513		$ 1,811
Net Revenues		50	$ 40
Segment Profit (Loss)		(26)	(77)
Other
Segment Information
Net Revenues		0	0
Segment Profit (Loss)		(4)	(35)
Mortgage Servicing segment | Operating segment
Segment Information
Net Revenues		44	27
Segment Profit (Loss)		(6)	(34)
Mortgage Production segment
Segment Information
Net Revenues		6
Mortgage Production segment | Operating segment
Segment Information
Net Revenues		6	13
Segment Profit (Loss)		(16)	$ (8)
Continuing Operations | Other
Segment Information
Total assets		486		487
Continuing Operations | Mortgage Servicing segment | Operating segment
Segment Information
Total assets		904		919
Continuing Operations | Mortgage Production segment | Operating segment
Segment Information
Total assets		106		191
Discontinued Operations
Segment Information
Total assets		$ 17		$ 214
[1]	The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities which can be used only to settle the obligations and liabilities of the variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries. Refer to Note 12, 'Variable Interest Entities' for information about PHH Home Loans, LLC, whose assets and liabilities are part of the Company's discontinued operations, and as of March 31, 2018 is no longer a variable interest entity. The following assets and liabilities relate solely to risks associated with the Company's ongoing involvement in Servicing Advance Receivables Trust: March 31, 2018 December 31, 2017ASSETS Restricted cash$17 $10Servicing advances, net52 56Total assets$69 $66Assets held as collateral$69 $66 LIABILITIES Mortgage warehouse and advance facilities$23 $32Total liabilities$23 $32