PHH 10-K 26 Feb 14 2013 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2013	Feb. 17, 2014	Jun. 28, 2013
Document and Entity Information	'	'	'
Entity Registrant Name	'PHH CORP	'	'
Entity Central Index Key	'0000077776	'	'
Document Type	'10-K	'	'
Document Period End Date	31-Dec-13	'	'
Amendment Flag	'false	'	'
Current Fiscal Year End Date	'--12-31	'	'
Entity Well-known Seasoned Issuer	'Yes	'	'
Entity Voluntary Filers	'No	'	'
Entity Current Reporting Status	'Yes	'	'
Entity Filer Category	'Large Accelerated Filer	'	'
Entity Public Float	'	'	$1
Entity Common Stock, Shares Outstanding	'	57,302,075	'
Document Fiscal Year Focus	'2013	'	'
Document Fiscal Period Focus	'FY	'	'

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
REVENUES	'	'	'
Mortgage fees	$307	$346	$295
Fleet management fees	175	180	173
Net fee income	482	526	468
Fleet lease income	1,386	1,364	1,400
Gain on mortgage loans, net	575	942	567
Mortgage interest income	70	91	114
Mortgage interest expense	-185	-212	-202
Mortgage net finance expense	-115	-121	-88
Loan servicing income	436	449	456
Change in fair value of mortgage servicing rights	13	-497	-733
Net derivative loss related to mortgage servicing rights	-19	-5	-3
Valuation adjustments related to mortgage servicing rights, net	-6	-502	-736
Net loan servicing income (loss)	430	-53	-280
Other income	84	85	147
Net revenues	2,842	2,743	2,214
EXPENSES	'	'	'
Salaries and related expenses	623	595	507
Occupancy and other office expenses	65	59	59
Depreciation on operating leases	1,211	1,212	1,223
Fleet interest expense	58	68	79
Other depreciation and amortization	33	25	25
Other operating expenses	611	697	523
Total expenses	2,601	2,656	2,416
Income (loss) before income taxes	241	87	-202
Income tax expense (benefit)	77	-6	-100
Net income (loss)	164	93	-102
Less: net income attributable to noncontrolling interest	29	59	25
Net income (loss) attributable to PHH Corporation	$135	$34	($127)
Basic earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$2.36	$0.60	($2.26)
Diluted earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$2.06	$0.56	($2.26)

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'
Net income (loss)	$164	$93	($102)
Other comprehensive (loss) income, net of tax:	'	'	'
Currency translation adjustment	-14	5	-5
Change in unrealized gains on available-for-sale securities, net	-1	-1	1
Change in unfunded pension liability, net	5	1	-4
Total other comprehensive (loss) income, net of tax	-10	5	-8
Total comprehensive income (loss)	154	98	-110
Less: comprehensive income attributable to noncontrolling interest	29	59	25
Comprehensive income (loss) attributable to PHH Corporation	$125	$39	($135)

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Millions, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,245		$829
Restricted cash, cash equivalents and investments (including $0 and $121 of available-for-sale securities at fair value)	234		425
Mortgage loans held for sale	834		2,174
Accounts receivable, net	981		797
Net investment in fleet leases	3,653		3,636
Mortgage servicing rights	1,279		1,022
Property and equipment, net	75		79
Goodwill	25		25
Other assets	522		616
Total assets	8,848	[1]	9,603	[1]
LIABILITIES AND EQUITY	'		'
Accounts payable and accrued expenses	803		586
Debt	5,505		6,554
Deferred taxes	685		622
Other liabilities	165		279
Total liabilities	7,158	[1]	8,041	[1]
Commitments and contingencies (Note 16)	'		'
EQUITY	'		'
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding	'		'
Common stock, $0.01 par value; 273,910,000 shares authorized; 57,265,517 shares issued and outstanding at December 31, 2013; 56,975,991 shares issued and outstanding at December 31, 2012	1		1
Additional paid-in capital	1,142		1,127
Retained earnings	507		372
Accumulated other comprehensive income	16		26
Total PHH Corporation stockholders' equity	1,666		1,526
Noncontrolling interest	24		36
Total equity	1,690		1,562
Total liabilities and equity	$8,848		$9,603
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2013		Dec. 31, 2012
In Millions, except Share data, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,245		$829
Restricted cash, cash equivalents and investments	234		425
Mortgage loans held for sale	834		2,174
Accounts receivable, net	981		797
Net investment in fleet leases	3,653		3,636
Property and equipment, net	75		79
Other assets	522		616
Total assets	8,848	[1]	9,603	[1]
Restricted investments, at fair value	0		121
LIABILITIES	'		'
Accounts payable and accrued expenses	803		586
Debt	5,505		6,554
Other liabilities	165		279
Total liabilities	7,158	[1]	8,041	[1]
EQUITY	'		'
Preferred stock, par value (in dollars per share)	$0.01		$0.01
Preferred stock, shares authorized (in shares)	1,090,000		1,090,000
Preferred stock, shares issued (in shares)	0		0
Preferred stock, shares outstanding (in shares)	0		0
Common stock, par value (in dollars per share)	$0.01		$0.01
Common stock, shares authorized (in shares)	273,910,000		273,910,000
Common stock, shares issued (in shares)	57,265,517		56,975,991
Common stock, shares outstanding (in shares)	57,265,517		56,975,991
Variable Interest Entity	'		'
ASSETS	'		'
Cash and cash equivalents	99		66
Restricted cash, cash equivalents and investments	206		249
Mortgage loans held for sale	318		730
Accounts receivable, net	53		90
Net investment in fleet leases	3,581		3,531
Property and equipment, net	2		2
Other assets	25		39
Total assets	4,284		4,707
LIABILITIES	'		'
Accounts payable and accrued expenses	23		36
Debt	3,753		4,074
Other liabilities	12		13
Total liabilities	$3,788		$4,123
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
In Millions, except Share data, unless otherwise specified
Balance at Dec. 31, 2010	$1,578	$1	$1,069	$465	$29	$14
Balance (in shares) at Dec. 31, 2010	'	55,699,218	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive (loss) income	-110	'	'	-127	-8	25
Distributions to noncontrolling interest	-20	'	'	'	'	-20
Stock compensation expense	7	'	7	'	'	'
Stock issued under share-based payment plans	6	'	6	'	'	'
Stock issued under share-based payment plans (in shares)	'	661,937	'	'	'	'
Balance at Dec. 31, 2011	1,461	1	1,082	338	21	19
Balance (in shares) at Dec. 31, 2011	'	56,361,155	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive (loss) income	98	'	'	34	5	59
Distributions to noncontrolling interest	-42	'	'	'	'	-42
Stock compensation expense	6	'	6	'	'	'
Stock issued under share-based payment plans	3	'	3	'	'	'
Stock issued under share-based payment plans (in shares)	'	614,836	'	'	'	'
Conversion option related to Convertible note issuance, net (Note 12)	33	'	33	'	'	'
Recognition of deferred taxes related to Convertible notes	3	'	3	'	'	'
Balance at Dec. 31, 2012	1,562	1	1,127	372	26	36
Balance (in shares) at Dec. 31, 2012	56,975,991	56,975,991	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive (loss) income	154	'	'	135	-10	29
Distributions to noncontrolling interest	-41	'	'	'	'	-41
Stock compensation expense	9	'	9	'	'	'
Stock issued under share-based payment plans	2	'	2	'	'	'
Stock issued under share-based payment plans (in shares)	'	289,526	'	'	'	'
Recognition of deferred taxes related to Convertible notes	4	'	4	'	'	'
Balance at Dec. 31, 2013	$1,690	$1	$1,142	$507	$16	$24
Balance (in shares) at Dec. 31, 2013	57,265,517	57,265,517	'	'	'	'

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:	'	'	'
Net income (loss)	$164	$93	($102)
Adjustments to reconcile Net income (loss) to net cash provided by operating activities:	'	'	'
Capitalization of originated mortgage servicing rights	-244	-310	-499
Net loss on mortgage servicing rights and related derivatives	6	502	736
Vehicle depreciation	1,211	1,212	1,223
Other depreciation and amortization	33	25	25
Origination of mortgage loans held for sale	-25,914	-37,162	-38,929
Proceeds on sale of and payments from mortgage loans held for sale	27,837	38,711	41,263
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-527	-1,108	-516
Deferred income tax expense (benefit)	64	-23	-100
Other adjustments and changes in other assets and liabilities, net	79	117	-315
Net cash provided by operating activities	2,709	2,057	2,786
Cash flows from investing activities:	'	'	'
Investment in vehicles	-1,722	-1,702	-1,695
Proceeds on sale of investment vehicles	409	345	407
Net cash paid on derivatives related to mortgage servicing rights	-23	'	-3
Purchases of property and equipment	-32	-31	-25
Purchases of restricted investments	-85	-178	-250
Proceeds from sales and maturities of restricted investments	205	219	279
Decrease (increase) in restricted cash and cash equivalents	67	109	-71
Other, net	4	23	27
Net cash used in investing activities	-1,177	-1,215	-1,331
Cash flows from financing activities:	'	'	'
Proceeds from secured borrowings	43,342	62,799	63,002
Principal payments on secured borrowings	-44,443	-62,975	-64,284
Proceeds from unsecured borrowings	350	518	1,304
Principal payments on unsecured borrowings	-288	-671	-1,205
Issuances of common stock	3	5	8
Cash paid for debt issuance costs	-29	-57	-35
Distributions to noncontrolling interest	-41	-42	-20
Other, net	-6	-4	-4
Net cash used in financing activities	-1,112	-427	-1,234
Effect of changes in exchange rates on Cash and cash equivalents	-4	'	-2
Net increase in Cash and cash equivalents	416	415	219
Cash and cash equivalents at beginning of period	829	414	195
Cash and cash equivalents at end of period	1,245	829	414
Supplemental Disclosure of Cash Flows Information:	'	'	'
Payments for debt tender premium and costs	50	14	'
Interest payments	177	213	204
Income tax payments, net	$12	$11	$13

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	1.  Summary of Significant Accounting Policies
	Basis of Presentation
	PHH Corporation and subsidiaries (collectively, “PHH” or the “Company”) is a leading outsource provider of mortgage and fleet management services operating in the following business segments:
	§         Mortgage Production — provides mortgage loan origination services and sells mortgage loans.
	§         Mortgage Servicing — performs servicing activities for originated and purchased loans.
	§         Fleet Management Services — provides commercial fleet management services.
	The Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Consolidated Financial Statements and Realogy Corporation’s ownership interest is presented as a noncontrolling interest.  Intercompany balances and transactions have been eliminated from the Consolidated Financial Statements.
	On March 31, 2011, the Company sold 50.1% of the equity interests in its appraisal services business, Speedy Title and Appraisal Review Services, (“STARS”) to CoreLogic, Inc. for a total purchase price of $35 million.  For the year ended December 31, 2011, a $68 million gain on the sale of the 50.1% equity interest was recorded within Other income.  Subsequent to March 31, 2011, the Company participates in the appraisal services business through its 49.9% ownership interest in STARS, and is entitled to its proportionate share of STARS’ earnings.
	Consistent with our December 31, 2013 presentation, certain subservicing advance receivable balances at December 31, 2012 were reclassified from Other liabilities to Accounts payable and accrued expenses, upon the assumption of a large subservicing portfolio in 2013, to reflect the short-term operating nature of the advances payable. These reclassifications had no effect on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss.  See Note 10, “Accounts Payable and Accrued Expenses”, for further information.
	The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for mortgage loan repurchases and indemnifications and reinsurance losses, and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
	Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Consolidated Financial Statements are in millions.
	Changes In Accounting Policies
	Comprehensive Income.  In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income”.  This update to the comprehensive income guidance requires additional disclosure about the amounts reclassified out of Accumulated other comprehensive income, including disclosing the amounts that impact each line item in the Statement of Operations within a reporting period.  This update enhances the disclosure requirements for amounts reclassified out of Accumulated other comprehensive income but will not impact the Company’s financial position, results of operations or cash flows. The Company adopted the new accounting guidance prospectively effective January 1, 2013.  The updated disclosures are included in Note 18, “Accumulated Other Comprehensive Income”.
	Intangibles.  In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment”. This update amends the current guidance on testing indefinite-lived intangibles for impairment and allows for the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangibles are impaired. If it is more likely than not that the indefinite-lived intangibles are impaired, the entity is required to determine the fair value of the indefinite-lived intangibles and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company adopted the new accounting guidance effective January 1, 2013 and applied it prospectively.  The adoption of this update did not have an impact on the Company’s financial statements.
	Offsetting Assets and Liabilities.  In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities”.  This update requires disclosure of both gross and net information about instruments and transactions in the scope of these pronouncements.  Subsequently in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which limited the disclosures to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in accordance with current derivative and netting guidance, or subject to a master netting arrangement or similar agreement.   The Company adopted the new accounting guidance retrospectively effective January 1, 2013.  The updated disclosures are included in Note 6, “Derivatives”.
	Recently Issued Accounting Pronouncements
	Receivables.  In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”.  This update to the receivable guidance clarifies when a creditor is considered to have received physical possession of residential real estate resulting from an in substance repossession or foreclosure. In addition, the amendments require disclosure of both: (i) the amount of foreclosed residential real estate property held by the creditor; and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure.  The update requires the Company to apply the guidance using either a modified retrospective transition method or a prospective transition method for interim and annual periods beginning after December 15, 2014, with early adoption permitted.  The Company is currently evaluating the impact of adopting the new accounting standard.
	Income Taxes. In July 2013, the FASB issued ASU 2013-11,”Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”.  This update to the income tax guidance clarifies the diversity in practice in the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  This update requires the unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset or as a liability to the extent the entity cannot or does not intend to use the deferred tax asset for such purpose.  The new accounting guidance is effective beginning January 1, 2014 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date and retrospective application is permitted. The Company does not expect the adoption of ASU 2013-11 to have a material impact on its financial statements.
	Revenue Recognition
	Mortgage Production.  Mortgage production includes the origination and sale of residential mortgage loans. Mortgage loans are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties.  Mortgage fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on cancelled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private-label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned.
	Gain on mortgage loans, net includes the realized and unrealized gains and losses on Mortgage loans held for sale, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives.
	Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Each type of mortgage loan transfer is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor. To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
	Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
	Mortgage Servicing.  Mortgage servicing involves the servicing of residential mortgage loans on behalf of the investor. Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors as well as net reinsurance income or loss resulting from mortgage reinsurance contracts. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments.  For loans that are subserviced for others, a nominal stated amount per loan is received.  Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. Costs associated with loan servicing are charged to expense as incurred.
	Fleet Management and Leasing.  Fleet management services are provided to corporate clients and government agencies and include management and leasing of vehicles and other fee-based services for clients’ vehicle fleets. Vehicles are leased primarily to corporate fleet users under open-end operating and direct financing lease arrangements where the client bears substantially all of the vehicle’s residual value risk. The lease term under the open-end lease agreements provides for a minimum lease term of 12 months and after the minimum term, the leases may be continued at the lessees’ election for successive monthly renewals. In limited circumstances, vehicles are leased under closed-end leases where the Company bears all of the vehicle’s residual value risk. Gains or losses on the sales of vehicles under closed-end leases are recorded in Other income in the period of sale.
	Lease revenues for operating leases, which contain a depreciation component, an interest component and a management fee component, are recognized over the lease term of the vehicle, which encompasses the minimum lease term and the month-to-month renewals. Lease revenues for direct financing leases contain an interest component and a management fee component. The interest component is recognized using the effective interest method over the lease term of the vehicle, which encompasses the minimum lease term and the month-to-month renewals.  Direct finance leases are placed on non-accrual status when it is determined that the value of past due lease receivables will not be recoverable.
	The interest component of lease revenue is determined in accordance with the pricing supplement to the respective lease agreement.  The interest component of lease revenue is generally calculated on a variable-rate basis that fluctuates in accordance with changes in the variable-rate index; however, in certain circumstances, the lease may contain a fixed rate that would remain constant for the life of the lease. The depreciation component of lease revenue is based on the straight-line depreciation of the vehicle over its expected lease term. The management fee component of lease revenue is recognized on a straight-line basis over the life of the lease.
	Revenue for other fleet management services is recognized as earned when the services are provided to the lessee. These services include fuel cards, accident management services and maintenance services. Revenue for these services is based on a negotiated percentage of the purchase price for the underlying products or services provided by certain third-party suppliers.
	Certain truck and equipment leases are originated with the intention of syndicating to banks and other financial institutions. When operating leases are sold, the underlying assets are transferred and any rights to the leases and their future leasing revenues are assigned to the banks or financial institutions. Upon the transfer and assignment of the rights associated with the operating leases, the proceeds from the sale are recorded as revenue in Fleet lease income and an expense for the undepreciated cost of the asset sold is recognized in Other operating expenses. Upon the sale or transfer of rights to direct financing leases, the net gain or loss is recorded in Other income. Under certain of these sales agreements, a portion of residual risk in connection with the fair value of the asset at lease termination is retained and a liability is recorded for the retention of this risk.
	Income Taxes
	The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state, local and Canadian jurisdictions.  A consolidated federal income tax return is filed.  Depending upon the jurisdiction, the Company files consolidated or separate legal entity state and Canadian income tax returns.
	Income tax expense consists of two components: current and deferred.  Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss).  Income tax expense excludes the tax effects related to adjustments recorded to Accumulated other comprehensive income (loss) as well as the tax effects of cumulative effects of changes in accounting principles.  Interest and penalties related to income tax contingencies are recognized in Income tax expense (benefit) in the Consolidated Statements of Operations.
	Deferred income taxes are determined using the balance sheet method.  This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes.  Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized.  Generally, any change in the valuation allowance is recorded in Income tax expense (benefit); however, if the valuation allowance is adjusted in connection with an acquisition, such adjustment is recorded concurrently through Goodwill rather than Income tax expense (benefit).
	The Company must presume that an uncertain income tax position will be examined by the relevant taxing authority and must determine whether it is more likely than not that the position will be sustained upon examination based on its technical merit. An uncertain income tax position that meets the “more likely than not” recognition threshold is then measured to determine the amount of the benefit to recognize in the financial statements.  A liability is recorded for the amount of the unrecognized income tax benefit included in: (i) previously filed income tax returns and (ii) financial results expected to be included in income tax returns to be filed for periods through the date of the Consolidated Financial Statements.
	Cash and Cash Equivalents
	Marketable securities with original maturities of three months or less are included in Cash and cash equivalents.
	Restricted Cash, Cash Equivalents and Investments
	Restricted cash, cash equivalents and investments primarily relates to: (i) amounts specifically designated to purchase assets, repay debt, to support letters of credit and/or provide over-collateralization within asset-backed debt arrangements; (ii) funds collected and held for pending mortgage closings; and (iii) in 2012, accounts held in trust for the capital fund requirements of and potential claims related to mortgage reinsurance activities.  In 2013, the Company terminated its remaining reinsurance agreement.
	Restricted cash and cash equivalents include marketable securities with original maturities of three months or less.  Restricted investments are recorded at fair value and classified as available-for-sale. As of December 31, 2013, the Company no longer had any restricted investments classified as available-for-sale securities.
	Mortgage Loans Held for Sale
	Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market.  The servicing rights and servicing obligations of mortgage loans are generally retained upon sale in the secondary market.
	Mortgage loans held for sale are measured at fair value on a recurring basis.
	Net Investment in Fleet Leases
	Net investment in fleet leases includes vehicles under operating leases and direct financing lease receivables, as well as vehicles that are in transit awaiting delivery to clients or sale.  Vehicles under operating leases are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from vehicle manufacturers. Leased vehicles are depreciated on a straight-line basis over a term that generally ranges from 3 to 6 years.  Direct finance leases are stated at the net present value of future expected cash flows.
	An allowance for uncollectible lease receivables is recorded as a reduction to Net investment in fleet leases when it is determined that the past due lease receivables will not be recoverable upon sale of the underlying asset.  The exposure to losses typically arises from clients that file for bankruptcy protection, as pre-petition receivables are fully reserved and post-petition balances are reserved if the leases are rejected from the bankruptcy petition or if the client enters into liquidation.  Charge-offs are recorded after the leased vehicles have been disposed and final shortfall has been determined.
	Mortgage Servicing Rights
	A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan. Residential mortgage loans represent the single class of servicing rights which are measured at fair value on a recurring basis.
	The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on mortgage loans, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations.
	Property and Equipment
	Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation, recorded as a component of Other depreciation and amortization in the Consolidated Statements of Operations, is computed utilizing the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements and capital leases is computed utilizing the straight-line method over the estimated benefit period of the related assets or the lease term, if shorter. Estimated useful lives are 30 years for buildings and range from 3 to 5 years for capitalized software, lesser of the remaining lease term or 20 years for leasehold improvements, lesser of the remaining lease term or 5 years for capital leases and 3 to 7 years for furniture, fixtures and equipment.
	Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
	Goodwill and Other Intangible Assets
	The carrying value of Goodwill and indefinite-lived intangible assets is assessed for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill is assessed for impairment by first performing a qualitative assessment before calculating the fair value of the reporting unit.  The Company’s reporting units are the Fleet Management Services segment, PHH Home Loans, the Mortgage Production segment excluding PHH Home Loans and the Mortgage Servicing segment. If it is determined, based upon the qualitative factors noted above, that it is more likely than not that the fair value of the reporting units are less than their carrying amounts, the fair value of the reporting units will be estimated and compared to the carrying amounts.  The fair value of reporting units may be determined using an income approach, using discounted cash flows, or a combination of an income approach and a market approach, wherein comparative market multiples are used.
	Indefinite-lived intangible assets are comprised entirely of trademarks for all periods presented. Fair value of trademarks is determined by discounting cash flows determined from applying a hypothetical royalty rate to projected revenues associated with these trademarks.
	Intangible assets subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Amortizable intangible assets included on the Consolidated Balance Sheets consist primarily of customer lists that are amortized on a straight-line basis over a 20-year period.
	Costs to renew or extend recognized intangible assets are expensed as the costs are incurred.
	Derivative Instruments
	Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets.   The Company does not have any derivative instruments designated as hedging instruments.
	Fair Value
	A three-level valuation hierarchy is used to classify inputs into the measurement of assets and liabilities at fair value. The valuation hierarchy is based upon the relative reliability and availability to market participants of inputs for the valuation of an asset or liability as of the measurement date. When the valuation technique used in determining fair value of an asset or liability utilizes inputs from different levels of the hierarchy, the level within which the measurement in its entirety is categorized is based upon the lowest level input that is significant to the measurement in its entirety. The valuation hierarchy consists of the following levels:
	Level One. Level One inputs are unadjusted, quoted prices in active markets for identical assets or liabilities which the Company has the ability to access at the measurement date.
	Level Two. Level Two inputs are observable for that asset or liability, either directly or indirectly, and include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, observable inputs for the asset or liability other than quoted prices and inputs derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the inputs must be observable for substantially the full term of the asset or liability.
	Level Three. Level Three inputs are unobservable inputs for the asset or liability that reflect the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and are developed based on the best information available.
Fair value is based on quoted market prices, where available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability.  These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available.
When a determination is made to classify an asset or liability within Level Three of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement of the asset or liability. The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors.
Changes in the availability of observable inputs may result in the reclassification of certain assets or liabilities. Such reclassifications are reported as transfers in or out of Level Three as of the beginning of the period that the change occurs.
Mortgage Loan Repurchase and Indemnification Liability
The Company has exposure to potential mortgage loan repurchase and indemnifications in its capacity as a loan originator and servicer. The estimation of the liability for probable losses related to repurchase and indemnification obligations considers both (i) specific, non-performing loans currently in foreclosure where the Company believes it will be required to indemnify the investor for any losses and (ii) an estimate of probable future repurchase or indemnification obligations from breaches of representation and warranties.  The liability related to specific non-performing loans is based on a loan-level analysis considering the current collateral value, estimated sales proceeds and selling cost. The liability related to probable future repurchase or indemnification obligations is segregated by year of origination and considers the amount of unresolved repurchase and indemnification requests and includes an estimate for future repurchase demands based upon recent and historical repurchase and indemnification experience, as well as the success rate in appealing repurchase requests and an estimated loss severity, based on current loss rates for similar loans.  The liability for mortgage loan repurchases and indemnifications is included within Other liabilities in the Consolidated Balance Sheets.
Liability for Reinsurance Losses
In 2013, the Company terminated its remaining inactive reinsurance contract which settled the liability and exposure to loss under that contract.  See Note 15, “Credit Risk”, for further information.  The liability for reinsurance losses was included within Other liabilities in 2012 in the Consolidated Balance Sheets.  The liability for reinsurance losses was determined based upon the incurred and incurred but not reported losses provided by the primary mortgage insurance company for loans subject to reinsurance.
Custodial Accounts
The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.3 billion and $3.8 billion as of December 31, 2013 and 2012, respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Mortgage interest income or as a reduction of Mortgage interest expense.
Subsequent Events
Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.

Earnings_Per_Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2013
Earnings Per Share	'
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 for the period 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 for the period 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 the effect of securities that would be anti-dilutive.  Anti-dilutive securities may include:
	§        outstanding stock-based compensation awards representing shares from restricted stock units and stock options;
	§        stock assumed to be issued related to convertible notes; and
	§        sold warrants related to the Company’s Convertible notes due 2014.
	The computation also excludes shares related to the assumed issuance of the Convertible notes due 2014 and related purchased options as they are currently to be settled only in cash. Shares associated with anti-dilutive securities are outlined in the table below.
	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated:
		Year Ended December 31,
		2013		2012		2011
		(In millions, except share and per share data)
	Net income (loss) attributable to PHH Corporation	$	135	$	34	$	-127
	Weighted-average common shares outstanding — basic	57,357,339		56,815,473		56,349,478
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	230,584		188,340		—
	Conversion of debt securities	8,271,597		4,597,188		—
	Weighted-average common shares outstanding — diluted	65,859,520		61,601,001		56,349,478
	Basic earnings (loss) per share attributable to PHH Corporation	$	2.36	$	0.60	$	-2.26
	Diluted earnings (loss) per share attributable to PHH Corporation	$	2.06	$	0.56	$	-2.26
	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards	732,186		1,359,595		2,383,390
	Assumed conversion of debt securities	—		—		444,935
	(1)       Represents incremental shares from restricted stock units and stock options. For the year ended December 31, 2013, excludes 792,594 shares that are contingently issuable for which the contingency has not been met.

Restricted_Cash_Cash_Equivalen

Restricted Cash, Cash Equivalents and Investments	12 Months Ended
	Dec. 31, 2013
Restricted Cash, Cash Equivalents and Investments	'
Restricted Cash, Cash Equivalents and Investments	'
	3. Restricted Cash, Cash Equivalents and Investments
	The following table summarizes Restricted cash, cash equivalents and investment balances:
		December 31,
		2013		2012
		(In millions)
	Restricted cash and cash equivalents	$	234	$	304
	Restricted investments, at fair value	––		121
	Total	$	234	$	425
	In 2013, the Company terminated its remaining reinsurance agreement.  As a result, the restricted cash and investments held in trust to pay future losses were released and the remaining liability was settled with the primary mortgage insurer.  As of December 31, 2013, the Company no longer had any restricted investments classified as available-for-sale securities since the investments were sold in order to distribute unrestricted cash to the Company and primary mortgage insurer pursuant to the termination agreement.  See Note 15, “Credit Risk” for information regarding the termination.
	The following table summarizes Restricted investments, at fair value as of December 31, 2012:
		Amortized		Fair		Unrealized		Unrealized		Weighted-
		Cost		Value		Gains		Losses		average
										remaining
										maturity
		(In millions)
	Corporate securities	$	30	$	31	$	1	$	––	25 mos.
	Agency securities (1)	39		39		––		––		21 mos.
	Government securities	51		51		––		––		19 mos.
	Total	$	120	$	121	$	1	$	––	21 mos.
	(1)    Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.
	During the year ended December 31, 2013, $1 million of realized gains and $1 million of realized losses from the sale of available-for-sale securities were recorded.  During the years ended December 31, 2012 and 2011, realized gains of $1 million from the sale of available-for-sale securities were recorded and realized losses were not significant.

Goodwill_and_Other_Intangible_

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2013
Goodwill and Other Intangible Assets	'
Goodwill and Other Intangible Assets	'
	4. Goodwill and Other Intangible Assets
	Goodwill and intangible assets are recorded within the Fleet Management Services segment and consisted of:
		December 31, 2013						December 31, 2012
		Gross				Net		Gross				Net
		Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
		Amount		Amortization		Amount		Amount		Amortization		Amount
		(In millions)
	Amortized intangible assets:
	Other Assets:
	Customer lists	$	40	$	26	$	14	$	40	$	24	$	16
	Other	13		13		––		13		13		––
	Total	$	53	$	39	$	14	$	53	$	37	$	16
	Unamortized intangible assets:
	Goodwill	$	25					$	25
	Other Assets:
	Trademarks	15						15
	Total	$	40					$	40
	Amortization expense included within Other depreciation and amortization relating to intangible assets was as follows:
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Customer lists	$	2	$	1	$	3
	Other	––		1		––
	Total	$	2	$	2	$	3
	Based on the amortizable intangible assets as of December 31, 2013, estimated future amortization expense is expected to approximate $2 million for each of the next five fiscal years.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	12 Months Ended
	Dec. 31, 2013
Transfers and Servicing of Mortgage Loans	'
Transfers and Servicing of Mortgage Loans	'
	5. Transfers and Servicing of Mortgage Loans
	Residential mortgage loans are sold through one of the following methods: (i) sales to or pursuant to programs sponsored by Fannie Mae, Freddie Mac and Ginnie Mae, or (ii) sales to private investors. During the year ended December 31, 2013, 80% of mortgage loan sales were to, or pursuant to programs sponsored by, the GSEs and the remaining 20% were sold to private investors.
	The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: servicing rights and servicing obligations, recourse obligations and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests).  The Company is exposed to interest rate risk through its continuing involvement with mortgage loans sold, including mortgage servicing and other retained interests, as the value of those instruments fluctuate as changes in interest rates impact borrower prepayments on the underlying mortgage loans. See Note 6, “Derivatives” for additional information regarding interest rate risk.  During the years ended December 31, 2013 and 2012, the Company did not retain any interests from sales or securitizations other than mortgage servicing rights.
	During the year ended December 31, 2013, Mortgage servicing rights (“MSRs”) were retained on 81% of mortgage loans sold. Conforming conventional loans serviced are sold or securitized through Fannie Mae or Freddie Mac programs. Such servicing is generally performed on a non-recourse basis, whereby foreclosure losses are the responsibility of Fannie Mae or Freddie Mac. Government loans serviced are generally sold or securitized through Ginnie Mae programs and are either insured against loss by the Federal Housing Administration or partially guaranteed against loss by the Department of Veteran Affairs. Additionally, non-conforming mortgage loans are serviced for various private investors on a non-recourse basis.
	During the year ended December 31, 2013, the Company entered into an agreement and has agreed to sell a portion of its newly-created Mortgage servicing rights to a third party, and the Company will have continuing involvement as subservicer.  During the year ended December 31, 2013, no sales were completed under the terms of this arrangement.  As of December 31, 2013, the Company had commitments to sell servicing rights related to $171 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.
	A majority of mortgage loans are sold on a non-recourse basis; however, representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities, in connection with the sales of these assets. See Note 15, “Credit Risk” for a further description of representation and warranty obligations.
	The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the servicing portfolio associated with loans subserviced for others.  The total servicing portfolio, including loans subserviced for others was $226.8 billion, $183.7 billion, and $182.4 billion as of December 31, 2013, 2012 and 2011, respectively.  Mortgage servicing rights recorded in the Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created either through the direct purchase of servicing from a third party or through the sale of an originated loan.
	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Balance, beginning of period	$	140,381	$	147,088	$	134,753
	Additions	22,132		31,607		37,503
	Payoffs, sales and curtailments	-33,368		-38,314		-25,168
	Balance, end of period	$	129,145	$	140,381	$	147,088
	The activity in capitalized MSRs consisted of:
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Balance, beginning of period	$	1,022	$	1,209	$	1,442
	Additions	244		310		500
	Changes in fair value due to:
	Realization of expected cash flows	-263		-274		-223
	Changes in market inputs or assumptions used in the valuation model	276		-223		-510
	Balance, end of period	$	1,279	$	1,022	$	1,209
	The value of MSRs is driven by the net positive cash flows associated with servicing activities.  These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows:
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Servicing fees from capitalized portfolio	$	395	$	437	$	426
	Late fees	18		20		20
	Other ancillary servicing revenue	39		42		41
	As of December 31, 2013 and 2012, the MSRs had a weighted-average life of 6.5 years and 4.3 years, respectively.  As of December 31, 2013 and 2012, 51% and 56%, respectively, of the MSRs associated with the loan servicing portfolio were restricted from sale without prior approval from private-label clients or investors.  See Note 20, “Fair Value Measurements” for additional information regarding the valuation of MSRs.
	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Proceeds from new loan sales or securitizations	$	22,618	$	33,061	$	38,308
	Servicing fees from capitalized portfolio(1)	395		437		426
	Other cash flows on retained interests (2)	—		5		—
	Purchases of delinquent or foreclosed loans (3)	-56		-99		-46
	Servicing advances (4)	-1,460		-1,319		-1,678
	Repayment of servicing advances	1,361		1,270		1,616
	(1)                  Excludes late fees and other ancillary servicing revenue.
	(2)                  Represents cash flows received on retained interests other than servicing fees.
	(3)                  Excludes indemnification payments to investors and insurers of the related mortgage loans.
	(4)                  As of December 31, 2013 and 2012, outstanding servicing advance receivables of $565 million and $293 million, respectively, were included in Accounts receivable, net.
	During the years ended December 31, 2013, 2012, and 2011, pre-tax gains of $720 million, $920 million and $605 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on mortgage loans, net in the Consolidated Statements of Operations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2013
Derivatives	'
Derivatives	'
	6.  Derivatives
	The following is a description of the risk management policies related to market and foreign exchange risks.
	Market Risk
	The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. The Company also has exposure to LIBOR due to its impact on variable-rate borrowings, other interest rate sensitive liabilities and net investment in variable-rate lease assets. From time to time various financial instruments are used to manage and reduce this risk, including swap contracts, forward delivery commitments on mortgage-backed securities or whole loans, futures and options contracts.
	Interest Rate Lock Commitments.  Interest rate lock commitments (“IRLCs”) represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Company (subject to the loan approval process) to fund the loan at the specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of the commitment through the loan funding date or expiration date. The loan commitments generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Forward delivery commitments on mortgage-backed securities or whole loans and options on forward contracts are used to manage the interest rate and price risk. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs.  See Note 20, “Fair Value Measurements” for further discussion regarding IRLCs.
	Mortgage Loans Held for Sale.  The Company is subject to interest rate and price risk on Mortgage loans held for sale from the loan funding date until the date the loan is sold into the secondary market. Forward delivery commitments on mortgage-backed securities or whole loans are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Forward delivery commitments may not be available for all products that the Company originates; therefore, a combination of derivative instruments, including forward delivery commitments for similar products, may be used to minimize the interest rate and price risk. See Note 20, “Fair Value Measurements” for additional information regarding mortgage loans and related forward delivery commitments.
	Mortgage Servicing Rights.  Mortgage servicing rights (“MSRs”) are subject to substantial interest rate risk as the mortgage notes underlying the servicing rights permit the borrowers to prepay the loans. Therefore, the value of MSRs generally tend to diminish in periods of declining interest rates (as prepayments increase) and increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics. The amount and composition of derivatives used to hedge the value of MSRs, if any, will depend on the exposure to loss of value on the MSRs, the expected cost of the derivatives, expected liquidity needs, and the expected increase to earnings generated by the origination of new loans resulting from the decline in interest rates. This serves as an economic hedge of the MSRs, which provides a benefit when increased borrower refinancing activity results in higher production volumes, which would partially offset declines in the value of the MSRs thereby reducing the need to use derivatives. The benefit of this economic hedge depends on the decline in interest rates required to create an incentive for borrowers to refinance their mortgage loans and lower their interest rates; however, this benefit may not be realized under certain circumstances regardless of the change in interest rates.
	Debt.  The Company may use various hedging strategies and derivative financial instruments to create a desired mix of fixed- and variable-rate assets and liabilities. Derivative instruments used in these hedging strategies may include swaps and interest rate contracts. To more closely match the characteristics of the related assets, including the net investment in variable-rate lease assets, either variable-rate debt or fixed-rate debt is issued, which may be swapped to variable LIBOR-based rates.
	The conversion option (a derivative liability) and purchased options (a derivative asset) were issued in connection with the Convertible notes due 2014.  The conversion option and purchased options are recognized in Other liabilities and Other assets, respectively, with the offsetting changes in their fair value recognized in Mortgage interest expense. The conversion option allowed the Company to reduce the coupon rate of the Convertible notes due 2014 and the associated semiannual interest payments. The purchased options and sold warrants are intended to reduce the potential dilution to the Company’s Common stock upon conversion of the Convertible notes due 2014 and generally have the effect of increasing the conversion price from $25.805 to $34.74 per share.  See Note 12, “Debt and Borrowing Arrangements” for further discussion regarding the Convertible notes due 2014 and the related conversion option, purchased options and sold warrants.
	Foreign Exchange Risk
	The Company has exposure to foreign exchange risk through: (i) our investment in our Canadian operations; (ii) any U.S. dollar borrowing arrangements we may enter into to fund Canadian dollar denominated leases and operations; and (iii) any foreign exchange forward contracts that we may enter into.  Currency swap agreements are used to manage such risk.  The Company does not hold any foreign exchange-related derivatives as of December 31, 2013 and 2012, however such contracts were held during the respective years.
	Derivative Activity
	The following table summarizes the gross notional amount of derivatives:
		December 31,
		2013		2012
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,378	$	4,993
	Forward delivery commitments	4,527		12,303
	Option contracts	190		1,070
	Interest rate contracts	710		614
	Convertible note-related agreements(1)	—		—
	MSR-related agreements	860		3,915
	(1)                  The notional of derivative instruments underlying the Convertible-note related agreements is 9.6881 million shares of the Company’s Common stock.  These instruments relate to the issuance of the Convertible notes due 2014.
	The Company is exposed to risk in the event of non-performance by counterparties in our derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. The Company’s derivatives may also be governed by an ISDA or an MSFTA, and bilateral collateral agreements are in place with certain counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty and a legally enforceable master netting agreement is in effect with that counterparty, the Company considers its exposure to be the net fair value of all positions with that counterparty including the value of any cash collateral amounts posted or received.
	The Company also has collateral posting arrangements with certain counterparties that do not qualify for net presentation.  As of December 31, 2013 there was no collateral that did not qualify for net presentation.  As of December 31, 2012, $1 million, was recorded in Other assets in the Consolidated Balance Sheets for collateral that did not qualify for net presentation.
	In addition, the Company has global netting arrangements with certain counterparties whereby the Company’s outstanding derivative and cash collateral positions may be settled net against amounts outstanding under borrowing arrangements and other obligations when an event of default has occurred.  These amounts are not presented net in the Consolidated Balance Sheets as the netting provisions are contingent upon an event of default.
	Derivative instruments are recorded in Other assets and Other liabilities in the Consolidated Balance Sheets. The following tables presents the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:
		December 31, 2013
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Received
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	22	$	-13	$	-8	$	1
	MSR-related agreements	4		-4		—		—
	Derivative assets subject to netting	26		-17		-8		1
	Not subject to master netting arrangements:
	Interest rate lock commitments	23		—		—		23
	Forward delivery commitments	4		—		—		4
	Option contracts	2		—		—		2
	Interest rate contracts	2		—		—		2
	Convertible note-related agreements	16		—		—		16
	Derivative assets not subject to netting	47		—		—		47
	Total derivative assets	$	73	$	-17	$	-8	$	48
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	8	$	-13	$	5	$	—
	MSR-related agreements	—		-4		5		1
	Derivative liabilities subject to netting	8		-17		10		1
	Not subject to master netting arrangements:
	Interest rate lock commitments	1		—		—		1
	Forward delivery commitments	2		—		—		2
	Convertible note-related agreements	16		—		—		16
	Derivative liabilities not subject to netting	19		—		—		19
	Total derivative liabilities	$	27	$	-17	$	10	$	20
		December 31, 2012
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		(Received) Paid
		(In millions)
ASSETS
Subject to master netting arrangements:
Forward delivery commitments	$	10	$	-12	$	5	$	3
MSR-related agreements	5		-4		-1		—
Derivative assets subject to netting	15		-16		4		3
Not subject to master netting arrangements:
Interest rate lock commitments	140		—		—		140
Forward delivery commitments	5		—		—		5
Option contracts	2		—		—		2
Interest rate contracts	1		—		—		1
Convertible note-related agreements	27		—		—		27
Derivative assets not subject to netting	175		—		—		175
Total derivative assets	$	190	$	-16	$	4	$	178
	Gross Liabilities		Offsetting		Cash Collateral		Net Amount
			Receivables		(Paid) Received
	(In millions)
LIABILITIES
Subject to master netting arrangements:
Forward delivery commitments	$	14	$	-12	$	-1	$	1
MSR-related agreements	—		-4		9		5
Derivative liabilities subject to netting	14		-16		8		6
Not subject to master netting arrangements:
Interest rate lock commitments	1		—		—		1
Forward delivery commitments	5		—		—		5
Convertible note-related agreements	27		—		—		27
Derivative liabilities not subject to netting	33		—		—		33
Total derivative liabilities	$	47	$	-16	$	8	$	39
The following table summarizes the gains (losses) recorded in the Consolidated Statements of Operations for derivative instruments:
	Year Ended December 31,
	2013		2012		2011
	(In millions)
Gain on mortgage loans, net:
Interest rate lock commitments	$	475	$	1,461	$	1,353
Forward delivery commitments	234		-277		-402
Options contracts	16		-19		-25
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements	-19		-5		-3
Fleet interest expense:
Interest rate contracts	-1		-1		-3
Foreign exchange contracts	—		-1		-7

Vehicle_Leasing_Activities

Vehicle Leasing Activities	12 Months Ended
	Dec. 31, 2013
Vehicle Leasing Activities	'
Vehicle Leasing Activities	'
	7.  Vehicle Leasing Activities
	The following table summarizes the components of Net investment in fleet leases:
		December 31,
		2013		2012
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	7,974	$	8,174
	Vehicles under closed-end operating leases	137		154
	Vehicles under operating leases	8,111		8,328
	Less: Accumulated depreciation	-4,777		-4,959
	Net investment in operating leases	3,334		3,369
	Direct Financing Leases:
	Lease payments receivable	100		91
	Less: Unearned income	-2		—
	Net investment in direct financing leases	98		91
	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	217		169
	Vehicles held for sale	10		15
	Less: Accumulated depreciation	-6		-8
	Net investment in off-lease vehicles	221		176
	Total	$	3,653	$	3,636
		December 31,
		2013		2012
	Vehicles under open-end leases	98	%	98	%
	Vehicles under closed-end leases	2	%	2	%
	Vehicles under variable-rate leases	80	%	82	%
	Vehicles under fixed-rate leases	20	%	18	%
	The following table presents the future minimum lease payments to be received as of December 31, 2013.  Amounts presented include the monthly payments for the unexpired portion of the minimum lease term, which is 12 months under open-end lease agreements, and the residual value guaranteed by the lessee during the minimum lease term.  The interest component included in future minimum payments is based on the rate in effect at the inception of each lease.
		Future Minimum Lease Payments
		Operating		Direct
		Leases		Financing
				Leases
		(In millions)
	2014	$	1,069	$	42
	2015	29		1
	2016	18		1
	2017	12		1
	2018	6		—
	Thereafter	9		—
	Total	$	1,143	$	45
	Contingent rentals include amounts for excess mileage, wear and tear, early termination fees, and, for variable-rate leases, changes in interest rates subsequent to lease inception. Contingent rentals are recorded in Fleet lease income in the Consolidated Statements of Operations. Contingent rentals from operating leases were not significant for the years ended December 31, 2013 and 2012 and were $1 million for the year ended December 31, 2011.  Contingent rentals from direct financing leases were not significant for the years ended December 31, 2013, 2012, and 2011.

Property_and_Equipment_Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2013
Property and Equipment, Net	'
Property and Equipment, Net	'
	8.  Property and Equipment, Net
	Property and equipment, net consisted of:
		December 31,
		2013		2012
		(In millions)
	Capitalized software	$	179	$	161
	Furniture, fixtures and equipment	81		82
	Capital leases	29		22
	Building and leasehold improvements	19		16
		308		281
	Less: Accumulated depreciation and amortization	-233		-202
	Total	$	75	$	79

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2013
Other Assets	'
Other Assets	'
	9.  Other Assets
	Other assets consisted of:
		December 31,
		2013		2012
		(In millions)
	Mortgage loans in foreclosure, net	$	172	$	120
	Repurchase eligible loans(1)	94		99
	Real estate owned, net	51		53
	Derivatives	48		178
	Deferred financing costs	38		49
	Equity method investments(2)	37		38
	Intangible assets	29		31
	Other	53		48
	Total	$	522	$	616
	(1)                  Repurchase eligible loans represent mortgage loans sold to the Government National Mortgage Association where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent.  Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.
	(2)                  See Note 20, “Fair Value Measurements” for a discussion of the impairment analysis for this asset.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2013
Accounts Payable and Accrued Expenses	'
Accounts Payable and Accrued Expenses	'
	10.  Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consisted of:
		December 31,
		2013		2012
		(In millions)
	Subservicing advance liabilities(1)	$	302	24
	Accounts payable	284		331
	Repurchase eligible loans	94		99
	Accrued payroll and benefits	79		80
	Accrued interest	29		32
	Other	15		20
	Total	$	803	$	586
	(1)              Amounts were reclassified from prior presentation in Other liabilities.
	The Company is required under most of our mortgage servicing agreements to advance our own funds to meet contractual principal and interest payments for certain investors and to pay taxes, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Servicing advance receivables are reduced by the collection of principal and interest or escrow payments from the respective borrowers, or upon foreclosure or liquidation.  Amounts advanced as the servicer and subservicer of mortgage loans are recorded within Accounts receivable in the Consolidated Balance Sheets.
	Under the terms of certain subservicing arrangements, the Company has required the subservicing counterparty 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.  Amounts received from counterparties to fund subservicing advances are recorded within Accounts payable and accrued expenses in the Consolidated Balance Sheets.
	In 2013, the Company assumed the role of subservicer for a mortgage loan portfolio with an unpaid principal balance of $47 billion. As of December 31, 2013, the subservicing portfolio that was assumed had related balances of servicing advance receivables and liabilities of $271 million and $265 million, respectively.

Other_Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2013
Other Liabilities	'
Other Liabilities	'
	11.  Other Liabilities
	Other liabilities consisted of:
		December 31,
		2013		2012
		(In millions)
	Loan repurchase and indemnification liability	$	100	$	140
	Derivatives	20		39
	Lease syndication liability	11		16
	Pension and other post employment benefits liability	7		15
	Capital lease obligation	7		12
	Liability for reinsurance losses(1)	—		33
	Other	20		24
	Total	$	165	$	279
	(1)              Decrease in balance relates to the termination of the remaining inactive reinsurance contract.  See Note 15, “Credit Risk” for further discussion.

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	12 Months Ended
	Dec. 31, 2013
Debt and Borrowing Arrangements	'
Debt and Borrowing Arrangements	'
	12.  Debt and Borrowing Arrangements
	The following table summarizes the components of Debt:
		December 31, 2013				December 31, 2012
				Wt. Avg-					Wt. Avg-
				Interest					Interest
		Balance		Rate(1)		Balance			Rate(1)
		(In millions)
	Term notes, in amortization	$	1,406	1.00%		$	424		2.20%
	Term notes, in revolving period	700		0.70%		1,593			1.00%
	Variable-funding notes	1,358		1.40%		1,415			1.60%
	Other	17		5.00%		25			5.10%
	Vehicle Management Asset-Backed Debt	3,481				3,457
	Secured Canadian credit facility	—		—%		—			—%
	Committed warehouse facilities	709		2.10%		1,875			2.00%
	Uncommitted warehouse facilities	—		—%		—			—%
	Servicing advance facility	66		2.70%		66			2.70%
	Mortgage Asset-Backed Debt	775				1,941
	Term notes	795		7.30%		732			8.50%
	Convertible notes(2)	454		5.00%		424			5.00%
	Unsecured credit facilities	—		—%		—			—%
	Unsecured Debt	1,249				1,156
	Total	$	5,505			$	6,554
	(1)              Represents the weighted-average stated interest rate of outstanding debt as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts and issuance costs.  Facilities are variable-rate, except for the Unsecured Term notes and Convertible notes which are fixed-rate.
	(2)              Balance is net of unamortized discounts of $46 million and $76 million as of December 31, 2013 and 2012, respectively.  The effective interest rate of the Convertible notes is 13.1%, which includes the accretion of the discount and issuance costs.
	Assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company’s general obligations as of December 31, 2013 consisted of:
		Vehicle		Mortgage
		Asset-Backed		Asset-Backed
		Debt		Debt
		(In millions)
	Restricted cash and cash equivalents	$	203	$	6
	Accounts receivable	45		83
	Mortgage loans held for sale (unpaid principal balance)	—		740
	Net investment in fleet leases	3,603		—
	Total	$	3,851	$	829
	The following table provides the contractual debt maturities as of December 31, 2013:
		Vehicle		Mortgage
		Asset-Backed		Asset-Backed			Unsecured
		Debt(1)		Debt			Debt(2)			Total
		(In millions)
	Within one year	$	1,023	$	775		$	250		$	2,048
	Between one and two years	1,076		—			—			1,076
	Between two and three years	790		—			170			960
	Between three and four years	441		—			250			691
	Between four and five years	141		—			—			141
	Thereafter	10		—			625			635
		$	3,481	$	775		$	1,295		$	5,551
	(1)              Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.
	(2)              Maturities of convertible notes have been reflected based on the contractual maturity date.  Under certain circumstances prior to the contractual maturity date, the convertible notes may be converted. If this happens, the principal portion of the notes would be due in cash and the conversion premium, if any, may be settled in cash.
	Capacity under all borrowing agreements is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available capacity under asset-backed funding arrangements may be further limited by asset eligibility requirements. Available capacity under committed borrowing arrangements as of December 31, 2013 consisted of:
							Maximum
		Maximum		Utilized			Available
		Capacity		Capacity			Capacity
		(In millions)
	Vehicle Management Asset-Backed Debt:
	Term notes, in revolving period	$	700	$	700		$	—
	Variable-funding notes	2,069		1,358			711
	Secured Canadian credit facility	118		—			118
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities	2,289		709			1,580
	Unsecured credit facilities(1)	305		—			305
	(1)              Capacity amount shown reflects the contractual maximum capacity of the facility.  As of December 31, 2013, the available capacity of this facility is $79 million, after applying the borrowing base coverage ratio test.
	Capacity for Mortgage asset-backed debt shown above excludes $2.8 billion not drawn under uncommitted facilities.  See Note 20, “Fair Value Measurements,” for the measurement of the fair value of Debt.
	Vehicle Management Asset-Backed Debt
Vehicle management asset-backed debt primarily represents variable-rate debt issued by a wholly owned subsidiary, Chesapeake Funding LLC (“Chesapeake”), to support the acquisition of vehicles by the Fleet Management Services segment’s U.S. leasing operations and variable-rate debt issued by the consolidated special purpose trust, Fleet Leasing Receivables Trust (“FLRT”), the Canadian special purpose trust, used to finance leases originated by the Canadian fleet operation.  Vehicle-management asset-backed debt structures may provide creditors an interest in: (i) a pool of master leases or a pool of specific leases; (ii) the related vehicles under lease; and/or (iii) the related receivables billed to clients for the monthly collection of lease payments and ancillary service revenues (such as fuel and maintenance services).  This interest is generally granted to a specific series of note holders either on a pro-rata basis relative to their share of the total outstanding debt issued through the facility or through a direct interest in a specific pool of leases.  Repayment of the obligations of the facilities is non-recourse to the Company and is sourced from the monthly cash flow generated by lease payments and ancillary service payments made under the terms of the related master lease contracts.
Vehicle management asset-backed debt includes Term notes and Variable-funding notes.  Term notes provide a fixed funding amount at the time of issuance, and may be classified as:
Term notes, in amortization:  the monthly collection of lease payments allocable to the series is used in repayment of principal until the notes are paid in full. The amortization period will continue through the earlier of: (i) 125 months following the commencement of the amortization period; or (ii) when the respective series of notes are paid in full.
Term notes, in revolving period: contain provisions that allow the outstanding debt to revolve for a specified period of time.  During the revolving period, the monthly collection of lease payments allocable to each outstanding series creates availability to fund the acquisition of vehicles and/or equipment to be leased to customers.  Upon expiration of the revolving period, notes begin amortizing.
Variable-funding notes provide a committed capacity which may be drawn upon as needed during a commitment period, which is primarily 364 days in duration, but may extend to a two-year duration for some facilities.  Similar to revolving term notes, the monthly collection of lease payments creates availability to fund the acquisition of vehicles and/or equipment to be leased to customers.  Available committed capacity under Variable-funding notes may be used to fund growth in Net investment in fleet leases during the term of the commitment.
Term Notes
As of December 31, 2013, Term notes outstanding that are revolving in accordance with their terms are the Chesapeake Series 2013-1. The expiration date of the revolving period is May 22, 2014.
As of December 31, 2013, Term notes outstanding that are amortizing in accordance with their terms are the Chesapeake Series 2009-3, 2011-2, 2012-1, and 2012-2. Final repayment dates of Term notes in amortization range from September 7, 2014 to April 7, 2017.
On June 13, 2013, Chesapeake issued $700 million of Series 2013-1 Term notes.  Proceeds from the notes were used to repay a portion of the Series 2010-1 notes and Series 2011-1 notes.
On August 15, 2013, Chesapeake fully repaid the Series 2009-2 Term notes with available cash.
Variable-funding Notes
As of December 31, 2013, Variable-funding notes outstanding are the FLRT Series 2010-2 and the Chesapeake Series 2013-2 and 2013-3. Expiration dates of the revolving periods range from July 9, 2014 to July 10, 2015.
On July 10, 2013, Chesapeake issued Series 2013-2 and Series 2013-3 Variable-funding notes with available commitments of $780 million and $520 million, respectively.  The revolving periods of the Series 2013-2 and Series 2013-3 notes end July 9, 2014 and July 10, 2015, respectively.  Proceeds of the issuance were used to fully repay the existing Chesapeake Series 2010-1 and Series 2011-1 Variable-funding notes.
On August 30, 2013, the FLRT 2010-2 Series was amended to extend the maturity date to August 29, 2014.
Secured Canadian Credit Facility
PHH Vehicle Management Services Inc. (“PHH VMS Canada”), an indirect wholly-owned subsidiary, has a secured revolving credit facility with a group of lenders providing up to C$125 million ($118 million USD as of December 31, 2013) of committed revolving capacity.  Borrowings under the facility bear interest at a variable-rate, and the facility fee and interest rate margin are dependent on the Company’s senior unsecured long-term debt ratings issued by certain credit rating agencies.  The facility is scheduled to expire on August 2, 2015.
Available borrowing capacity under the facility is based on a borrowing base calculation which considers eligible unencumbered vehicle leases, vehicles not yet subject to lease, and account receivables for ancillary services.  PHH VMS Canada’s obligations under the facility are guaranteed by PHH Corporation and are secured by a first-priority lien on all of PHH VMS Canada’s present and future assets and property (and corresponding security in any jurisdiction), subject to certain eligibility exceptions.
Mortgage Asset-Backed Debt
Mortgage asset-backed debt primarily represents variable-rate warehouse 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.
Committed Facilities
Committed repurchase facilities typically have a 364-day term.  As of December 31, 2013, the Company has outstanding committed mortgage repurchase facilities with the Royal Bank of Scotland, plc, Credit Suisse First Boston Mortgage Capital LLC, Bank of America, N.A., Wells Fargo Bank, N.A., and Fannie Mae and the range of maturity dates is February 4, 2014 to December 30, 2014.
On May 22, 2013, $675 million of commitments under the variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC were extended.  The expiration of the facility is based on a 364-day rolling term and may continue, at CSFB’s option, until the stated expiration of May 22, 2015.
On June 21, 2013, the Company extended the term of $250 million of commitments with The Royal Bank of Scotland plc to June 20, 2014, and entered into terms for $250 million of uncommitted capacity with the lender.
On December 6, 2013, the Company extended the terms of the $450 million committed mortgage repurchase facilities with Wells Fargo Bank to February 4, 2014. In February 2014, a portion of the commitments of the facility were extended to February 3, 2015.
On December 11, 2013, the Company extended the terms of the Fannie Mae committed mortgage repurchase facility to December 13, 2014 and reduced the available capacity from $1.0 billion to $500 million.
Uncommitted Facilities
As of December 31, 2013, the Company has outstanding uncommitted mortgage repurchase facilities with Fannie Mae and the Royal Bank of Scotland plc.
The Fannie Mae uncommitted facility has total capacity of up to $3.0 billion as of as of December 31, 2013, less certain amounts outstanding under the $500 million committed Fannie Mae facility.  The Royal Bank of Scotland plc uncommitted facility has a total capacity of up to $250 million.
Servicing Advance Facility
The Company has a facility with Fannie Mae that provided for the early reimbursement of certain servicing advances made on behalf of Fannie Mae.  On December 31, 2013, the commitment period of this facility ended and the facility entered a repayment period, whereby Fannie Mae will receive reimbursement of amounts due through advance collections or through additional payments made by the Company.  The repayment period ends on June 30, 2015, and the Company is required to pay the outstanding balance by that date.
Unsecured Debt
The Company’s unsecured debt obligations include series of Term notes and Convertible notes, each of which are senior unsecured and unsubordinated obligations that rank equally with all existing and future senior unsecured debt.  Unsecured capacity also includes commitments available under Credit facilities.
Term Notes
Term Notes include:
Senior notes due 2016.  The 9.25% 2016 Senior note series has $170 million of principal due March 1, 2016 as of December 31, 2013.  During 2013, a portion of the issuance of the Senior notes due 2021 was used to repay $280 million of aggregate principal of the Senior notes due 2016 and to pay the $50 million tender premium plus related fees and expenses. A pre-tax loss of $54 million was recorded in Other operating expenses in the Consolidated Statements of Operations related to the early repayment of the notes.
Senior notes due 2019.  The 7.375% 2019 Senior note series has $275 million of principal due September 1, 2019 as of December 31, 2013.  Senior notes due 2019 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee.
Senior notes due 2021.  The 6.375% 2021 Senior note series has $350 million of principal due August 15, 2021 as of December 31, 2013.  On August 20, 2013, the Company completed the offering of this series under an existing indenture, dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee. The Company realized net proceeds of $342 million from the issuance after deducting underwriting fees. The notes are senior unsecured and unsubordinated obligations of the Company and rank equally with all existing and future senior unsecured debt. The notes are redeemable by the Company at any time after August 15, 2017 and in accordance with the optional redemption clause in the indenture. Interest on the notes is payable semi-annually in arrears on February 15 and August 15 of each year, beginning February 15, 2014. The notes will mature on August 15, 2021, unless previously redeemed in accordance with their terms.  Proceeds from the offering were used to repay a portion of the Senior notes due 2016, as discussed above.
Convertible Notes
As of December 31, 2013, Convertible notes included: (i) $250 million of 4.0% Convertible notes with a maturity date of September 1, 2014; and (ii) $250 million of 6.0% Convertible notes with a maturity date of June 15, 2017.
2014 Convertible Notes.  The Convertible notes due 2014 are governed by an indenture dated September 29, 2009 with The Bank of New York Mellon, as trustee. As of December 31, 2013 and 2012, the carrying amount of the Convertible notes due 2014 is net of an unamortized discount of $3 million and $22 million, respectively.  The stated interest rate is 4.0%, and the effective interest rate, which includes the accretion of the discount and issuance costs, is 13.1%.  The Convertible notes due 2014 are not redeemable by the Company prior to the maturity date.  There have been no conversions since issuance.
Conversion Features:
Holders may convert all or any portion of the notes at any time (i) in the event of the occurrence of certain triggering events related to the price of the notes, the price of the Company’s Common stock or certain corporate events or (ii) from, and including, March 1, 2014 through the third business day immediately preceding their maturity on September 1, 2014.  The conversion price is $25.805 per share.
Subject to certain exceptions, the holders may require the Company to repurchase all or a portion of their notes upon a fundamental change, as defined under the respective indentures. The Company will generally be required to increase the conversion rate for holders that elect to convert their notes in connection with a make-whole fundamental change, or upon the occurrence of certain events.
The Convertible notes due 2014 currently may only be settled in cash upon conversion because the Company has not sought shareholder approval, as required by the New York Stock Exchange, to allow for the issuance of shares of common stock or securities convertible into common stock that will, or will upon issuance, equal or exceed 20% of outstanding shares.
Related derivatives:
The Company entered into hedging transactions in connection with the issuance of the Convertible notes due 2014, including transactions with respect to the Conversion Premium (or, purchased options) and warrant transactions whereby the Company sold warrants to acquire, subject to certain anti-dilution adjustments, shares of its Common stock. The purchased options and sold warrants are intended to reduce the potential dilution of the Company’s Common stock upon conversion.  The initial conversion rates were 38.7522 shares per $1,000 principal amount for the notes.  Based on the initial conversion rates, these transactions generally have the effect of increasing the conversion price to $34.74 per share.
The Company determined that at the time of issuance that the conversion option and purchased options did not meet all the criteria for equity classification based on the settlement terms of the notes.  The conversion option and purchased options are recognized as derivatives and are presented in Other liabilities and Other assets, respectively, with the offsetting changes in their fair value recognized in Mortgage interest expense in the Consolidated Financial Statements. See Note 6, “Derivatives” for additional information regarding the conversion option and purchased options.
The sold warrants meet all the criteria for equity classification because they are indexed to the Company’s stock.  As such, these derivative instruments are recorded within Additional paid-in capital and have no impact on the Consolidated Statements of Operations.
As of December 31, 2013, the Convertible notes due 2014 do not meet the requirements for conversion and there have been no conversions of the notes since issuance.
2017 Convertible Notes.  The Convertible notes due 2017 are governed by an indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A., as trustee.  As of December 31, 2013 and 2012, the carrying amount of the Convertible notes due 2017 is net of an unamortized discount of $43 million and $54 million, respectively.  The stated interest rate is 6.0% and the effective interest rate, which includes the accretion of the discount and issuance costs, is 13.0%.  The Convertible notes due 2017 mature on June 15, 2017, and are not redeemable by the Company prior to the maturity date.  There have been no conversions since issuance.
At the time of issuance, the liability and equity components of the Convertible notes due 2017 were separately accounted for based on estimates of the Company’s non-convertible debt borrowing rate.  The Company determined that the conversion option was indexed to the Company’s own stock and met all of the criteria for equity classification.  The initial valuation of the equity component was $33 million, net of $22 million of deferred taxes, recorded within Additional paid-in capital in the Consolidated Balance Sheets during the year ended December 31, 2012.  Since the conversion option met all of the criteria for equity classification, there have been no changes in value recorded from the date of issuance.
Conversion Features:
Holders may convert all or any portion of the notes, at their option, prior to December 15, 2016 only upon the occurrence of certain triggering events related to (i) the price of the notes, (ii) the price of the Company’s Common stock, or (iii) upon the occurrence of specified corporate events.  Holders may also convert all or any portion of the notes at any time, at their option from, and including, December 15, 2016 through the third scheduled trading day immediately preceding the maturity date.
Conversion Based on Note Price.  Prior to the close of business on the scheduled trading day immediately preceding December 15, 2016, the notes may be converted during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 in principal amount of the notes for each day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s Common stock and the applicable conversion rate for the notes of such date.
Conversion Based on Stock Price. Prior to the close of business on the scheduled trading day immediately preceding December 15, 2016, the notes may be converted during any calendar quarter after the calendar quarter ending March 31, 2012 and only during such calendar quarter, if the last reported sale price of the Company’s Common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the applicable conversion price in effect for the notes on each such trading day.
The conversion price is $12.79 per share (based on an initial conversion rate of 78.2014 shares per $1,000 principal amount of notes).  Upon conversion, the principal amount of the converted notes is payable in cash and the Company will pay or deliver (at its election): (i) cash; (ii) shares of the Company’s Common stock; or (iii) a combination of cash and shares of the Company’s Common stock; to settle amounts due if the conversion value exceeds the principal of the converted notes.  As of December 31, 2013, the if-converted value exceeded the principal amount of the notes by $226 million, and the notes met the requirements for conversion.
Subject to certain exceptions, the holders of the Convertible notes due 2017 may require the Company to repurchase all or a portion of their notes upon a fundamental change, as defined under the indenture.  The Company will generally be required to increase the conversion rate for holders that elect to convert their notes in connection with a make-whole fundamental change, as defined under the indenture.  The conversion rate and the conversion price will be subject to adjustment upon the occurrence of certain events as specified in the indenture; however, in no circumstance will the conversion rate exceed 97.7517 shares per $1,000 in principal amount of notes, subject to certain anti-dilution adjustments.
Credit Facilities
As of December 31, 2013, unsecured borrowing arrangements include a Revolving Credit Facility with $300 million of aggregate commitments and other minor facilities with $5 million of aggregate commitments.
Revolving Credit Facility.  The Company has an unsecured Revolving Credit Facility that is operating under an Amended and Restated Credit Agreement dated August 2, 2012 among PHH, a group of lenders and JPMorgan Chase Bank, N.A., as administrative agent. The facility has $300 million of aggregate commitments (scheduled to expire between July 1, 2014 and August 2, 2015), as discussed further below.
The Amended Credit Facility consists of two tranches: (i) a $250 million revolving credit tranche (“Tranche A”) that is scheduled to expire on August 2, 2015 and (ii) a $50 million revolving credit tranche (“Tranche B”) that is scheduled to expire on July 1, 2014.  No borrowing may be made under Tranche B if there is unused availability under Tranche A.  Borrowings under the facility are subject to satisfaction of certain conditions, including compliance with a borrowing base coverage ratio test of unencumbered assets (less any balance held in escrow for the 2014 Convertible Notes) to unsecured debt of at least 1.2 to 1.
The Company’s obligations under Tranche A are guaranteed by each of its direct, indirect, existing and future domestic subsidiaries, subject to exceptions for (i) securitization subsidiaries, (ii) subsidiaries which are not substantially wholly-owned by the Company and (iii) certain other subsidiaries. The Company’s obligations under Tranche B are not guaranteed by any of its existing subsidiaries.
The Revolving Credit Facility is variable-rate and the facility fee and interest rate margin under the facility are subject to change if the Company’s senior unsecured long-term debt ratings are changed by certain credit rating agencies.
Debt Covenants
Certain debt arrangements require the maintenance of certain financial ratios and contain other affirmative and negative covenants, termination events, and other restrictions, including, but not limited to, covenants relating to material adverse changes, consolidated net worth, liquidity, profitability, and available borrowing capacity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, sale and leaseback transactions, and restrictions on certain types of payments, including dividends and stock repurchases. Certain other debt arrangements, including the Fannie Mae committed facility, contain provisions that permit the Company or our counterparty to terminate the arrangement upon the occurrence of certain events, including those described below.
Among other covenants, the Revolving Credit Facility and certain mortgage repurchase facilities require that the Company maintain:  (i) on the last day of each fiscal quarter, net worth of at least $1.0 billion; (ii) a ratio of indebtedness to tangible net worth no greater than 5.75 to 1; (iii) a minimum of $1.0 billion in committed mortgage warehouse financing capacity excluding any mortgage warehouse capacity provided by GSEs and certain mortgage gestation facilities; and (iv)  a minimum of $750 million in committed third party fleet vehicle lease financing capacity.  These covenants represent the most restrictive net worth and debt to equity covenants; however, certain other outstanding debt agreements contain debt to equity covenants that are less restrictive.
During 2013, the termination events for the Fannie Mae committed facility were amended to require the Company to maintain (i) on the last day of each fiscal quarter, consolidated net worth of at least $1.0 billion; (ii) on the last day of each fiscal quarter, a ratio of indebtedness to tangible net worth no greater than 6.0 to 1; (iii) a minimum of $1.0 billion in committed mortgage warehouse or gestation facilities, with no more than $500 million of gestation facilities included towards the minimum, but excluding committed or uncommitted loan purchase arrangements or other funding arrangements from Fannie Mae and any mortgage warehouse capacity provided by government sponsored enterprises; and (iv) compliance with certain loan repurchase trigger event criteria related to the aging of outstanding loan repurchase demands by Fannie Mae.
As of December 31, 2013, the Company was in compliance with all financial covenants related to its debt arrangements.
Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the operative documents and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If the Company does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of certain debt agreements could be accelerated and the ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of the Company’s other agreements and instruments.
See Note 17, “Stock-Related Matters” for information regarding restrictions on the Company’s ability to pay dividends pursuant to certain debt arrangements.

Pension_and_Other_Post_Employm

Pension and Other Post Employment Benefits	12 Months Ended
	Dec. 31, 2013
Pension and Other Post Employment Benefits	'
Pension and Other Post Employment Benefits	'
	13.  Pension and Other Post Employment Benefits
	Defined Contribution Savings Plans.  The Company and PHH Home Loans sponsor separate defined contribution savings plans that provide certain eligible employees an opportunity to accumulate funds for retirement. Contributions of participating employees are matched on the basis specified by these plans. The costs for contributions to these plans are included in Salaries and related expenses in the Consolidated Statements of Operations and were $11 million, $10 million, and $9 million for the years ended December 31, 2013, 2012 and 2011, respectively.
	Defined Benefit Pension Plan and Other Employee Benefit Plan.  The Company sponsors a domestic non-contributory defined benefit pension plan, which covers certain eligible employees. Benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. In addition, a post employment benefits plan is maintained for retiree health and welfare costs of certain eligible employees. Both the defined benefit pension plan and the other post employment benefits plan are frozen, wherein the plans only accrue additional benefits for a very limited number of employees.
	The measurement date for all benefit obligations and plan assets is December 31.  The following table provides benefit obligations, plan assets and the funded status of the plans:
		Pension Benefits				Other Post Employment
						Benefits
		2013		2012		2013		2012
		(In millions)
	Benefit obligation	$	44	$	48	$	2	$	1
	Fair value of plan assets	39		34		—		—
	Unfunded status	-5		-14		-2		-1
	Unfunded pension liability recorded in Accumulated other comprehensive income (loss):
	Net loss	10		19		—		—
	Net amount recognized	$	5	$	5	$	-2	$	-1
	During both the years ended December 31, 2013 and 2012 the net periodic benefit cost related to the defined benefit pension plan was $1 million and the expense recorded for the other post employment benefits plan was not significant. During the year ended December 31, 2011, both the net periodic benefit cost related to the defined benefit pension plan and the expense recorded for the other post employment benefits plan were not significant.
	As of December 31, 2013, future expected benefit payments to be made from the defined benefit pension plan’s assets, which reflect expected future service, are $2 million in the years ending December 31, 2014 through 2018 and $13 million for the five years ending December 31, 2023.
	The Company’s policy is to contribute amounts to the defined benefit pension plan sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts at the discretion of the Company.  Contributions made to the plan during the year ended December 31, 2013 were $1 million and contributions made during the year ended December 31, 2012 were not significant. An estimate of the expected contributions to the defined benefit pension plan is $1 million for the year ending December 31, 2014.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Income Taxes	'
	14.  Income Taxes
	The following table summarizes Income tax expense (benefit):
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Current:
	Federal	$	—		$	—		$	—
	State	5			11			-1
	Foreign	8			5			10
	Income tax contingencies:
	Change in income tax contingencies	—			1			-6
	Interest and penalties	—			—			-1
	Total current income tax expense	13			17			2
	Deferred:
	Federal	63			-4			-90
	State	2			-20			-9
	Foreign	-1			1			-3
	Total deferred income tax expense (benefit)	64			-23			-102
	Income tax expense (benefit)	$	77		$	-6		$	-100
	The following table summarizes Income (loss) before income taxes:
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Domestic operations	$	217		$	61		$	-220
	Foreign operations	24			26			18
	Income (loss) before income taxes	$	241		$	87		$	-202
	No provision has been made for federal deferred taxes on $150 million of accumulated and undistributed earnings of foreign subsidiaries at December 31, 2013 since it is the present intention of management to reinvest the undistributed earnings indefinitely in those foreign operations. The determination of the amount of unrecognized federal deferred tax liability for unremitted earnings is not practicable.
	Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income-tax returns purposes.  The following table summarizes the significant components of deferred tax assets and liabilities:
		December 31,
		2013			2012
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	72		$	98
	Federal loss carryforwards and credits	415			376
	State loss carryforwards and credits	46			49
	Alternative minimum tax credit carryforward	22			22
	Other	2			4
	Gross deferred tax assets	557			549
	Valuation allowance	-26			-30
	Deferred tax assets, net of valuation allowance	531			519
	Deferred tax liabilities:
	Originated mortgage servicing rights	311			231
	Purchased mortgage servicing rights	107			99
	Depreciation and amortization	798			811
	Deferred tax liabilities	1,216			1,141
	Net deferred tax liability	$	685		$	622
	The deferred tax assets valuation allowance primarily relates to state loss carryforwards. The valuation allowance will be reduced when and if it is determined that it is more likely than not that all or a portion of the deferred tax assets will be realized. The federal and state loss carryforwards will expire from 2017 to 2033 and from 2014 to 2033, respectively.
	The total alternative minimum tax credit is not subject to limitations, and primarily consists of credits existing at the time of the spin-off from Cendant Corporation (now known as Avis Budget Group, Inc.) that are available to the Company. As of December 31, 2013, it has been determined that all alternative minimum tax carryforwards can be utilized in future years; therefore, no reserve or valuation allowance has been recorded.
	The deferred tax liabilities represent the future tax liability generated upon reversal of the differences between the tax basis and book basis of certain of our assets.  Deferred liabilities related to our mortgage servicing rights arise due to differences in the timing of income recognition for accounting and tax purposes for certain servicing rights, which generate an associated basis difference between book and tax. Deferred liabilities related to depreciation and amortization result primarily from differences in the net book value and tax basis of vehicles in our fleet business due to differences in depreciation methods.
	Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows:
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Income (loss) before income taxes	$	241		$	87		$	-202
	Statutory federal income tax rate	-35		%	-35		%	-35		%
	Income taxes computed at statutory federal rate	$	84		$	30		$	-71
	State and local income taxes, net of federal tax benefits	9			3			-12
	Liabilities for income tax contingencies	—			1			-7
	Changes in rate and apportionment factors	-6			-10			-5
	Changes in valuation allowance	2			-2			6
	Noncontrolling interest	-11			-22			-10
	Other	-1			-6			-1
	Income tax expense (benefit)	$	77		$	-6		$	-100
Effective tax rate	31.8		%	-7		%	-49.7		%
State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income and loss from the operations by entity and state income tax jurisdiction. The effective state tax rate was higher for the year ended December 31, 2013 as compared to 2012.
Liabilities for income tax contingencies. Represents the impact to the effective tax rate from changes in the liabilities for income tax contingencies associated with new uncertain tax positions taken during the period or the resolution and settlement of prior uncertain tax positions with various taxing authorities. During the year ended December 31, 2011, the change was the result of the IRS concluding its examination and review of the Company’s taxable years 2006 through 2009.
Changes in rate and apportionment factors. Represents the impact to the effective tax rate from deferred tax items for changes in apportionment factors and tax rate.  For the years ended December 31, 2013 and 2012, the amounts represent the impact of applying statutory changes to apportionment weight, apportionment sourcing and corporate income tax rates that were enacted by various states, primarily New Jersey.
Changes in valuation allowance. Represents the impact to the effective tax rate from state loss carryforwards generated during the year for which the Company believes it is more likely than not that the amounts will not be realized. For the year ended December 31, 2011, the change was primarily driven by state tax losses generated by our mortgage business.
Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans.  The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members.  Accordingly, the Company’s Income tax expense or benefit includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans.
The activity in the liability for unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of:
	Year Ended December 31,
	2013			2012			2011
	(In millions)
Balance, beginning of period	$	4		$	3		$	9
Activity related to tax positions taken during the current year	—			1			2
Activity related to tax positions taken during prior years	—			—			-8
Balance, end of period	$	4		$	4		$	3
The effective income tax rate would be positively impacted by $4 million in the event of a favorable resolution of income tax contingencies or reductions in valuation allowances as of both December 31, 2013 and 2012 and $3 million as of December 31, 2011.
The amount of unrecognized income tax benefits may change in the next twelve months primarily due to activity in future reporting periods related to income tax positions taken during prior years. This change may be material; however, the impact of these unrecognized income tax benefits cannot be projected on the results of operations or financial position for future reporting periods due to the volatility of market and other factors.
The estimated liability for the potential payment of interest and penalties included in the liability for unrecognized income tax benefits was $1 million as of both December 31, 2013 and 2012.
The Company and its subsidiaries remain subject to examination by the IRS for the tax years ended December 31, 2010 through 2013.  As of December 31, 2013, foreign and state income tax filings were subject to examination for periods including and subsequent to 2006, dependent upon jurisdiction.

Credit_Risk

Credit Risk	12 Months Ended
	Dec. 31, 2013
Credit Risk	'
Credit Risk	'
	15.   Credit Risk
	The Company is subject to the following forms of credit risk:
	§     Consumer credit risk—through mortgage banking activities as a result of originating and servicing residential mortgage loans
	§     Commercial credit risk—through fleet management and leasing activities
	§     Counterparty credit risk—through derivative transactions, sales agreements and various mortgage loan origination and servicing agreements
	Accounts Receivable
	Accounts receivable is primarily related to advances on mortgage loans serviced, trade accounts receivable from fleet management and leasing activities and receivables from loan production activities.  The following table summarizes Accounts receivable, net:
		December 31,
		2013			2012
		(In millions)
	Mortgage servicing advances	$	565		$	293
	Fleet management trade receivables	345			426
	Other	77			82
	Accounts receivable, gross	987			801
	Allowance for doubtful accounts	-6			-4
	Accounts receivable, net	$	981		$	797
	Mortgage servicing advance receivables represent funds that were advanced by the Company, in accordance with the requirements of mortgage servicing relationships, to meet contractual principal and interest payments for certain investors and to pay taxes, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced. Under the terms of servicing arrangements, the Company is entitled to receive repayment of such advances from borrowers (through collection of principal, interest and escrow payments), investors, or insurance proceeds, and the Company is exposed to losses from the receivables only to the extent that the respective servicing guidelines are not followed.  Under certain subservicing arrangements, the Company has required the subservicing counterparty to fund advances for their respective portfolios of subserviced loans.  Amounts received to fund subservicing advances are recorded within Accounts payable and accrued expenses in the Consolidated Balance Sheets.  See further information in Note 10, “Accounts Payable and Accrued Expenses”.
	Fleet management trade receivables represent amounts receivable from fleet lease agreements and from revenue for other fleet management services.
	An allowance for uncollectible receivables is recorded when it becomes probable, based on the age of outstanding receivables, that the receivables will not be collected.  As of December 31, 2013, the allowance for doubtful accounts primarily relates to Mortgage servicing advance receivables.
	Consumer Credit Risk
	The Company is not subject to the majority of the risks inherent in maintaining a mortgage loan portfolio because loans are not held for investment purposes and are generally sold to investors within 30 days of origination.  The majority of mortgage loan sales are on a non-recourse basis; however, the Company has exposure in certain circumstances in its capacity as a loan originator and servicer to loan repurchases and indemnifications through representation and warranty provisions.
	The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others:
		December 31,
		2013				2012
		(In millions)
	Loan Servicing Portfolio Composition
	Owned	$	130,494			$	142,930
	Subserviced(2)	96,343				40,800
	Total	$	226,837			$	183,730
	Conventional loans	$	191,916			$	149,432
	Government loans	29,200				29,842
	Home equity lines of credit	5,721				4,456
	Total	$	226,837			$	183,730
	Weighted-average interest rate	4.0		%		4.3		%
		December 31,
		2013						2012
		Number of			Unpaid			Number of		Unpaid
		Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days	2.43	%		1.82	%		2.45	%	1.93	%
	60 days	0.83	%		0.62	%		0.64	%	0.52	%
	90 or more days	1.08	%		0.90	%		0.80	%	0.70	%
	Total(2)	4.34	%		3.34	%		3.89	%	3.15	%
	Foreclosure/real estate owned(3)	2.46	%		2.36	%		2.05	%	1.92	%
	(1)       Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
	(2)       The total servicing portfolio increased during 2013 due to the assumption of a new subservicing portfolio.  Excluding the subservicing portfolio assumed during 2013, the Company’s total portfolio delinquency and foreclosure/real estate owned based on the number of loans were 3.90% and 1.89%, respectively, and based on the unpaid principal balance were 2.86% and 1.64%, respectively.
	(3)       As of December 31, 2013 and 2012, the total servicing portfolio included 24,892 and 17,329 of loans in foreclosure with an unpaid principal balance of $4.7 billion and $3.0 billion, respectively. Excluding the subservicing portfolio assumed during 2013, the Company’s total servicing portfolio included 14,650 of loans in foreclosure with an unpaid principal balance of $2.6 billion.
	Repurchase and Foreclosure-Related Reserves
	Representations and warranties are provided to investors and insurers on a significant portion of loans sold and are also assumed on purchased mortgage servicing rights.  In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss.  If there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss.  In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator.  Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned.
	A summary of the activity in repurchase and foreclosure-related reserves is as follows:
		Year Ended
		December 31,
		2013			2012
		(In millions)
	Balance, beginning of period	$	191		$	127
	Realized losses	-73			-136
	Increase in reserves due to:
	Changes in assumptions	7			182
	New loan sales	17			18
	Balance, end of period	$	142		$	191
	Repurchase and foreclosure-related reserves consist of the following:
	Loan Repurchases and Indemnifications
	The maximum exposure to representation and warranty provisions exceeds the amount of loans in the capitalized portfolio of $129.1 billion; however, the maximum amount of losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties.  As of December 31, 2013, $214 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; 15% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).
As of December 31, 2013 and 2012, liabilities for probable losses related to repurchase and indemnification obligations of $100 million and $140 million, respectively, are included in Other liabilities in the Consolidated Balance Sheets. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions.  These assumptions include the estimated amount and timing of repurchase and indemnification requests, the expected success rate in defending against requests, estimated insurance claim proceeds and denials and estimated loss severities on repurchases and indemnifications.  The liability for loan repurchases and indemnifications does not reflect losses from litigation or governmental and regulatory examinations, investigations or inquiries. While the Company uses the best information available in estimating the liability, actual experience can vary significantly from the assumptions as the estimation process is inherently uncertain.
Given the inherent uncertainties involved in estimating losses associated with future repurchase and indemnification requests, there is a reasonable possibility that future losses may be in excess of the recorded liability.  As of December 31, 2013, the estimated amount of reasonably possible losses in excess of the recorded liability was approximately $30 million which relates to our estimate of repurchase and foreclosure-related charges that may not be reimbursed pursuant to government mortgage insurance programs in the event we do not file insurance claims.  The estimate is based on our expectation of future defaults and the historical defect rate for government insured loans.  The Company’s estimate of reasonably possible losses does not represent probable losses and is based upon significant judgments and assumptions which can be influenced by many factors, including: (i) home prices and the levels of home equity; (ii) the quality of our underwriting procedures; (iii) borrower delinquency and default patterns; and (iv) general economic conditions.
Mortgage Loans in Foreclosure and Real Estate Owned
Mortgage loans in foreclosure represent the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances made on those loans. These amounts are recorded net of an allowance for probable losses on such mortgage loans and related advances.
Real estate owned, which are acquired from mortgagors in default, are recorded at the lower of the adjusted carrying amount at the time the property is acquired or fair value. Fair value is determined based upon the estimated net realizable value of the underlying collateral less the estimated costs to sell.
The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Consolidated Balance Sheets as follows:
	December 31,
	2013			2012
	(In millions)
Mortgage loans in foreclosure(1)	$	192		$	148
Allowance for probable foreclosure losses	-20			-28
Mortgage loans in foreclosure, net	$	172		$	120
Real estate owned	$	73		$	76
Adjustment to value for real estate owned	-22			-23
Real estate owned, net	$	51		$	53
(1)                   Includes $118 million and $65 million of recoverable advances as of December 31, 2013 and 2012, respectively.
Mortgage Reinsurance
In 2013, the Company terminated its remaining inactive reinsurance contract which settled the liability and exposure to loss under that contract and released the $118 million restricted cash and investments held in trust to pay future losses.  The primary mortgage insurer received a $49 million termination payment from the trust account and the Company received the remaining $69 million unrestricted cash balance. During the year ended December 31, 2013, the termination resulted in a pre-tax loss of $21 million which was recorded in Loan servicing income in the Consolidated Statements of Operations.
In 2012, the Company terminated one of its inactive reinsurance contracts.  During the year ended December 31, 2012, this termination resulted in a pre-tax loss of $16 million which was recorded in Loan servicing income in the Consolidated Statements of Operations.
A summary of the activity in the liability for reinsurance losses is as follows:
	Year Ended
	December 31,
	2013			2012
	(In millions)
Balance, beginning of period	$	33		$	84
Realized losses(1)	-35			-65
Increase in liability for reinsurance losses	2			14
Balance, end of period	$	—		$	33
(1)              Realized losses for the year ended December 31, 2013 and 2012 includes $28 million and $21 million, respectively, related to the release of reserves associated with the termination of inactive reinsurance agreements.
Commercial Credit Risk
The Company is exposed to commercial credit risk for its clients under the vehicle lease and fleet management service agreements.  Such risk is managed through an evaluation of the financial position and creditworthiness of the client, which is performed on at least an annual basis.  The lease agreements generally allow the Company to refuse any additional orders upon the occurrence of certain credit events; however, the obligation remains for all leased vehicle units under contract at that time.  The fleet management service agreements can generally be terminated upon 30 days written notice.  As of December 31, 2013 and 2012, there were no significant client concentrations related to vehicle leases.
Vehicle leases are primarily classified as operating leases; however, certain leases are classified as direct financing leases and recorded within Net investment in fleet leases in the Consolidated Balance Sheets.  During the years ended December 31, 2013 and 2012, the amount of direct financing leases sold were $41 million and $58 million, respectively.
The following table summarizes the status of direct financing leases:
	December 31,
	2013			2012
	(In millions)
Current amount	$	87		$	73
30-59 days	11			12
60-89 days	—			1
Greater than 90 days(1)	—			5
Direct financing lease receivables, gross(2)	98			91
Allowance for credit losses	—			—
Direct financing lease receivables, net	$	98		$	91
(1)       As of December 31, 2013, the amount of leases that were still accruing interest was not significant.  As of December 31, 2012, there were $5 million of leases that were still accruing interest.
(2)       There were no direct financing leases on non-accrual status as of December 31, 2013 and 2012, respectively.
The status of direct financing leases presented in the table above is based on the most aged monthly lease billing of each lessee.  Historical credit losses for receivables related to vehicle leasing and fleet management services have not been significant.  Receivables are charged-off after leased vehicles have been disposed and final shortfall has been determined.
Counterparty Credit Risk
Counterparty credit risk exposure includes risk of non-performance by counterparties to various agreements and sales transactions. Such risk is managed by evaluating the financial position and creditworthiness of such counterparties and/or requiring collateral, typically cash, in derivative and financing transactions. The Company attempts to mitigate counterparty credit risk associated with derivative contracts by monitoring the amount for which it is at risk with each counterparty to such contracts, requiring collateral posting, typically cash, above established credit limits, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing the risk among multiple counterparties.
As of December 31, 2013, there were no significant concentrations of credit risk with any individual counterparty or groups of counterparties with respect to derivative transactions. Concentrations of credit risk associated with receivables are considered minimal due to a diverse client base.
During the year ended December 31, 2013, 21% of mortgage loan originations were derived from our relationships with Realogy and its affiliates, 29% were derived from Merrill Lynch Home Loans, a division of Bank of America, National Association and 12% were derived from Morgan Stanley Private Bank, N.A.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Commitments and Contingencies	'
	16.  Commitments and Contingencies
	Legal Contingencies
	The Company and its subsidiaries are defendants in various legal proceedings, which include private and civil litigation as well as government and regulatory examinations, investigations and inquiries or other requests for information.  These matters are at varying procedural stages and primarily relate to contractual disputes and other commercial, employment and tax claims.  The resolution of these various 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.  Alternately, the Company may engage in settlement discussions on certain matters in order to avoid the additional costs of engaging in litigation.
	Reserves are established for pending or threatened litigation, claims or assessments when it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated.  In light of the inherent uncertainties involved in litigation and other legal proceedings, 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.  Given the inherent uncertainties and status of the Company’s outstanding legal proceedings, the range of reasonably possible loss cannot be estimated for all matters.  For matters where the Company can estimate the range of losses, the aggregate estimated amount of reasonably possible losses in excess of the recorded liability was $10 million as of December 31, 2013.
	As of December 31, 2013, the Company’s recorded reserves associated with legal and regulatory contingencies were not material.  However, there can be no assurance that the ultimate resolution of the Company’s pending or threatened litigation, claims or assessments will not result in losses in excess of the Company’s recorded reserves.  As a result, the ultimate resolution of any particular legal matter, or matters, could be material to the Company’s results of operations or cash flows for the period in which such matter is resolved.
	The following are descriptions of the Company’s significant legal and regulatory matters, which may involve loss contingencies.
	Contingencies Involving Mortgage Origination and Servicing Practices
	The Company has received inquiries and requests for information from, and is subject to investigations by, regulators and attorneys general of certain states, the U.S. Department of Housing and Urban Development, the U.S. Attorney’s Office for the Southern District of New York, the Committee on Oversight and Government Reform of the U.S. House of Representatives and the U.S. Senate Judiciary Committee, requesting information as to the Company’s mortgage origination and servicing practices, including its foreclosure processes and procedures.
	During the second quarter of 2013, the Company received document subpoenas from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) and the U.S. Attorney’s Office for the Southern District of New York.  The HUD subpoenas request production of certain documents related to, among other things, our origination and underwriting process for loans insured by the Federal Housing Administration (“FHA”).  The U.S. Attorney’s Office subpoena requests production of certain documents related to, among other things, foreclosure expenses that we incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac. The Company has also undergone a regulatory examination by a multistate coalition of certain mortgage banking regulators and such regulators have alleged various violations of federal and state laws related to the Company’s mortgage servicing practices prior to July 2011.
	The Company believes it has meritorious defenses to these various allegations.  However, there can be no assurance that claims or litigation will not arise from these inquiries, or similar inquiries by other governmental authorities, or that fines, penalties or increased legal costs will not be incurred in connection with these matters.
	In addition to the increased regulatory focus on origination and servicing practices described above, Fannie Mae and Freddie Mac have also had a continued focus on foreclosure practices.  They have assessed compensatory fees against the Company for failing to meet certain foreclosure timelines specified in their respective servicing guides.  Although such compensatory fees have not been material to date, there can be no assurance that the assessment of any such compensatory fees will not be material to the Company’s results in the future.
	CFPB Investigation
	In January 2012, the Company was notified that the Bureau of Consumer Financial Protection (the “CFPB”) had opened an investigation to determine whether the Company’s mortgage insurance premium ceding practices to captive reinsurers comply with the Real Estate Settlement Procedures Act 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.  The Company did not provide reinsurance on loans originated after 2009.  In January 2014, the CFPB initiated an administrative proceeding alleging that the Company’s reinsurance activities violated certain provisions of the Real Estate Settlement Procedures Act.  The Company believes that it has complied with the Real Estate Settlement Procedures Act and other laws applicable to its former mortgage reinsurance activities, and intends to vigorously defend against the CFPB’s allegations.  Given the nature of this investigation and the related allegations, the Company cannot estimate the amount of loss or a range of possible losses, if any, and there can be no assurance that the ultimate resolution of this matter will not result in losses, which could be material to the Company’s results of operations, cash flows or financial position.
	Lease and Purchase Commitments
	The Company is committed to making rental payments under noncancelable operating and capital leases related to various facilities and equipment.  In addition, during the normal course of business, various commitments are made to purchase goods or services from specific suppliers, including those related to capital expenditures.
	During the years ended December 31, 2013, 2012, and 2011, rental expense of $26 million, $25 million, and $24 million, respectively, was recorded in Occupancy and other office expenses in the Consolidated Statements of Operations.
	The following table summarizes the Company’s commitments as of December 31, 2013:
		Future Minimum		Future Minimum
		Operating Lease		Capital Lease		Purchase
		Payments		Payments		Commitments
		(In millions)
	2014	$	21	$	6	$	124
	2015	21		1		5
	2016	20		—		2
	2017	17		—		—
	2018	16		—		—
	Thereafter	63		—		—
	Total	$	158	$	7	$	131
	Off-Balance Sheet Arrangements and Guarantees
	In the ordinary course of business, numerous agreements are entered into that contain guarantees and indemnities where a third-party is indemnified for breaches of representations and warranties. Such guarantees or indemnifications are granted under various agreements, including those governing leases of real estate, access to credit facilities, use of derivatives and issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the buyers in sale agreements and sellers in purchase agreements, landlords in lease contracts, financial institutions in credit facility arrangements and derivative contracts and underwriters in debt or equity security issuances.
	While some guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, and the maximum potential amount of future payments cannot be estimated. With respect to certain guarantees, such as indemnifications of landlords against third-party claims, insurance coverage is maintained that mitigates any potential payments.
	Representations and warranties are provided to purchasers and insurers on a significant portion of loans sold and are assumed on purchased mortgage servicing rights.  See further discussion in Note 15, “Credit Risk”.
	In connection with certain of Mortgage-asset-backed borrowing arrangements, we have entered into agreements to unconditionally and irrevocably guarantee payment on the obligations of our subsidiaries.
	Committed mortgage gestation facilities are a component of the Company’s financing arrangements.  Certain gestation agreements are accounted for as sale transactions and result in mortgage loans and related debt that are not included in the Consolidated Balance Sheets.  As of December 31, 2013, there were $179 million of commitments available under off-balance sheet gestation facilities.

StockRelated_Matters

Stock-Related Matters	12 Months Ended
	Dec. 31, 2013
Stock-Related Matters	'
Stock-Related Matters	'
	17.  Stock-Related Matters
	Restrictions on Paying Dividends
	The Company’s ability to declare and pay of dividends in the future is contingent upon many factors, including capital requirements of our operating subsidiaries and provisions of our debt arrangements, as well as other legal requirements and regulatory constraints.
	Many of the Company’s subsidiaries (including certain consolidated partnerships, trusts and other non-corporate entities) are subject to restrictions on their ability to pay dividends or otherwise transfer funds to other consolidated subsidiaries and, ultimately, to PHH Corporation (the parent company). These restrictions include, but are not limited to, those are pursuant to the Revolving Credit facility, certain asset-backed debt agreements, unrestricted cash available for use by variable interest entities and unrestricted cash held for use in Canada by subsidiaries of the Fleet Management Services segment. The aggregate restricted net assets of these subsidiaries totaled $748 million as of December 31, 2013; however, these restrictions on net assets of certain subsidiaries do not directly limit the ability to pay dividends from consolidated Retained earnings.
	Certain debt arrangements require the maintenance of financial ratios and contain restrictive covenants applicable to consolidated financial statement elements, as well as restricted payment covenants that potentially could limit the ability to pay dividends.  Requirements of debt arrangements that could limit the ability to pay dividends include, but are not limited to:
	§                  Pursuant to the Revolving Credit Facility:
	a)             the Company may declare or pay any dividend only so long as the Company’s corporate ratings are equal to or better than at least two of the following: Baa3 from Moody’s Investors Service, BBB- from Standard & Poor’s and BBB- from Fitch Ratings (in each case on stable outlook or better);
	b)             if the provisions of (a) are not met,  the Company may declare or pay any dividend only so long as:
	§                  the Company is not in default under the Revolving Credit Facility; and
	§                  (i) the Convertible Notes due in 2014 have been repaid, prefunded, extended or refinanced; (ii)  the aggregate unrestricted Cash and cash equivalents is at least $50 million; and (iii) no amounts are borrowed under the Revolving Credit Facility and no more than $35 million of letters of credit are outstanding.
	c)     If the provisions of (a) and (b) are not met, the Company may declare or pay any dividend only with the written consent of the lenders representing more than 50% of the aggregate commitments under the Revolving Credit Facility.
	§                  Pursuant to the Senior Note indenture, the Company is restricted from paying dividends if, after giving effect to the dividend payment, the debt to tangible equity ratio exceeds 6 to 1 on the last day of each month.
	As of December 31, 2013, the Company may not pay dividends without the written consent of the lenders of the Revolving Credit facility or until the Convertible Notes due in 2014 have been repaid, prefunded, extended or refinanced, among other provisions.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income	'
Accumulated Other Comprehensive Income	'
	18.  Accumulated Other Comprehensive Income
	The after-tax components of Accumulated other comprehensive income (loss) were as follows:
		December 31,
		2013		2012
		(In millions)
	Currency translation adjustment	$	22	$	36
	Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	—		1
	Pension adjustment, net of income tax benefit of $(4) and $(8)	-6		-11
	Total	$	16	$	26
	All components of Accumulated other comprehensive income (loss) are net of income taxes; however, currency translation adjustment excludes income taxes on undistributed earnings of foreign subsidiaries, which are considered to be indefinitely invested.
	There were no amounts of Accumulated other comprehensive income (loss) attributable to noncontrolling interests as of December 31, 2013 and 2012, or during the respective periods.
	Amounts reclassified out of Accumulated other comprehensive income (loss) related to realized gains and losses from the sale of available-for-sale securities were recorded within Other income in the Consolidated Statements of Operations.   During the year ended December 31, 2013, $1 million of gains and $1 million of losses from the sale of available-for-sale securities were realized.

StockBased_Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2013
Stock-Based Compensation	'
Stock-Based Compensation	'
	19.  Stock-Based Compensation
	The PHH Corporation Amended and Restated 2005 Equity and Incentive Plan (the “Plan”) governs awards of share based compensation.  The plan allows awards in the form of stock options, restricted stock units (“RSUs”), stock appreciation rights, and other stock- or cash-based awards.  Employees have been awarded stock options, service-based RSUs, performance-based RSUs and market-based RSUs to purchase shares of Common stock and performance-based restricted cash units and service-based restricted cash units to be settled in cash under the Plan.  RSUs granted entitle employees to receive one share of PHH Common stock upon the vesting of each RSU. The aggregate number of shares of PHH Common stock issuable under the Plan is 11,050,000.
	The stock option awards have a maximum contractual term of ten years from the grant date. Service-based stock awards generally vest upon the fulfillment of a service condition ratably over a period of up to five years from the grant date.  Performance-based stock awards require the fulfillment of a service condition and the achievement of certain operating performance criteria and vest between two and three years from the grant date if both conditions are met. The performance criteria may also impact the number of awards that may vest.  Market-based stock awards require the fulfillment of a service condition and the achievement of certain targets associated with the Company’s stock price and vest three years from the grant date if both conditions are met.  All outstanding and unvested stock options and RSUs have vesting conditions pursuant to a change in control.
	In addition, RSUs are granted to non-employee Directors as part of their compensation for services rendered as members of the Company’s Board of Directors. These RSUs vest immediately when granted. New shares of Common stock are issued to employees and Directors to satisfy the stock option exercise and RSU conversion obligations.
	Compensation cost for service-based stock and cash awards is generally recognized on a straight-line basis over the requisite service period, net of estimated forfeitures. Compensation cost for performance-based stock and cash awards is recognized over the requisite service period for the portion of the award for which it is probable that the performance condition will be achieved. Compensation cost for market-based stock awards is recognized over the requisite service period, regardless if the market condition is met.
	The following table summarizes expense recognized related to stock-based compensation arrangements:
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Stock-based compensation expense	$	9		$	6		$	7
	Income tax benefit related to stock-based compensation expense	-4			-2			-3
	Stock-based compensation expense, net of income taxes	$	5		$	4		$	4
	As of December 31, 2013, there was $20 million of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest and be recognized over a weighted-average period of 2.1 years.  As of December 31, 2013, $6 million of unrecognized compensation cost related to outstanding and unvested stock options and RSUs would be recognized upon a change in control.
	Stock Options
	The following table summarizes stock option activity for the year ended December 31, 2013:
							Weighted-
							Average
				Weighted-			Remaining		Aggregate
				Average			Contractual		Intrinsic
		Number of		Exercise			Term		Value
		Options		Price			(In years)		(In millions)
	Outstanding at January 1, 2013	1,818,738		$	18.15
	Granted	351,829		21.94
	Exercised	-147,466		18.75
	Forfeited or expired	-88,700		20.19
	Outstanding at December 31, 2013	1,934,401		$	18.7		7.4		$	11
	Exercisable at December 31, 2013	555,260		$	19.61		4.5		$	3
	Stock options vested and expected to vest	1,894,986		$	18.65		7.4		$	11
	Generally, options are granted with exercise prices at the fair market value of the Company’s shares of Common stock, which is considered equal to the closing share price on the date of grant.
	The weighted-average grant-date fair value per stock option for awards granted during the years ended December 31, 2013, 2012 and 2011 was $11.27, $8.68 and $7.93, respectively.  The weighted-average grant-date fair value of stock options was estimated using the Black-Scholes option valuation model with the following assumptions:
		Year Ended December 31,
		2013			2012			2011
	Expected life (in years)	6.5			6.5			5.9
	Risk-free interest rate	1.14	%		1.10	%		1.40	%
	Expected volatility	52.3	%		51.7	%		51.3	%
	Dividend yield	—			—			—
	The expected life of each stock option is estimated based on their vesting and contractual terms. The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the stock options. The expected volatility was based on the historical volatility of the Company’s Common stock.
	The intrinsic value of options exercised was $1 million and $2 million during the years ended December 31, 2013 and 2012, respectively. The amount was not significant during the year ended December 31, 2011.
	Restricted Stock Units
	The following tables summarize restricted stock unit activity for the year ended December 31, 2013:
					Weighted-
					Average
					Grant-
		Number of			Date Fair
		RSUs(1)			Value
	Performance-Based & Market-Based RSUs
	Outstanding at January 1, 2013	556,813			$	7.63
	Granted	299,186			14.67
	Forfeited	(63,405	)		15.33
	Outstanding at December 31, 2013	792,594			$	9.67
	RSUs expected to be converted into shares of Common stock	772,456			$	9.65
	Service-Based RSUs
	Outstanding at January 1, 2013	432,031			$	17.06
	Granted(2)	410,009			23.18
	Converted	(205,934	)		16.91
	Forfeited	(12,991	)		16.12
	Outstanding at December 31, 2013	623,115			$	21.16
	RSUs expected to be converted into shares of Common stock	623,115			$	21.16
	(1)              The performance criteria impact the number of awards that may vest.  The number of RSUs related to these performance-based awards represents the expected number to be earned.
	(2)              Includes 62,757 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
	In 2013 and 2012, certain executives were awarded RSUs with market-based vesting conditions.  The weighted-average grant-date fair value per market-based RSU for awards granted during the years ended December 31, 2013 and 2012 was $12.47 and $6.69, respectively. The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions:
		Year Ended December 31,
		2013				2012
Grant date stock price	$	22.28			$	17.09
Risk-free interest rate	0.42		%		0.40		%
Expected volatility	38.6		%		42.8		%
Dividend yield	—				—
The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the RSUs.  The expected volatility was based on historical volatility of the Company’s Common stock.
The total fair value of RSUs converted into shares of Common stock was $5 million during the years ended December 31, 2013 and 2012 and $9 million during the year ended December 31, 2011.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2013
Fair Value Measurements	'
Fair Value Measurements	'
	20.  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.
	The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of December 31, 2013 or 2012.
	Recurring Fair Value Measurements
	A discussion of the measurement of fair value for the assets and liabilities measured on a recurring basis are as follows:
	Restricted Investments. Restricted investments are classified within Level Two of the valuation hierarchy.  The fair value of restricted investments is estimated using current broker prices from multiple pricing sources. Significant assumptions impacting the valuation of these instruments include interest rates and the levels of credit risk.  See Note 3, “Restricted Cash, Cash Equivalents and Investments” for additional information.
	Mortgage Loans Held for Sale.  The Company elected to record Mortgage loans held for sale (“MLHS”) at fair value.  This election is intended to both better reflect the underlying economics and eliminate the operational complexities of risk management activities related to MLHS and hedge accounting requirements.
	For Level Two MLHS, fair value is estimated through a market approach by using either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan including the value attributable to servicing rights and credit risk; (ii) current commitments to purchase loans; or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. The Agency mortgage-backed security market is a highly liquid and active secondary market for conforming conventional loans whereby quoted prices exist for securities at the pass-through level, which are published on a regular basis. The Company has the ability to access this market and it is the market into which conforming mortgage loans are typically sold.
	As of December 31, 2013 and 2012, Level Three MLHS include second lien and Scratch and Dent loans.  Second lien loans are valued using a discounted cash flow model.
	Scratch & Dent loans represent mortgage loans with origination flaws or performance issues.  During the year ended December 31, 2012, certain S&D loans were transferred from Level Two to Level Three of the valuation hierarchy based on the lack of available observable market-based inputs.  Despite the consistency seen in the volume of trades of S&D loans, the type of demand for specific collateral has become more unique to investors. The S&D population is primarily valued using internally-developed collateral-based models based on characteristics of the underlying loan populations.
	The following table reflects the 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:
		December 31, 2013						December 31, 2012
		Total			Loans 90 days or			Total			Loans 90 days or
					more past due and						more past due and
					on non-accrual						on non-accrual
					status						status
		(In millions)
	Mortgage loans held for sale:
	Carrying amount	$	834		$	12		$	2,174		$	17
	Aggregate unpaid principal balance	837			17			2,126			25
	Difference	$	-3		$	-5		$	48		$	-8
	The following table summarizes the components of Mortgage loans held for sale:
		December 31,
		2013				2012
		(In millions)
	First mortgages:
	Conforming	$	737			$	1,966
	Non-conforming	48				143
	Total first mortgages	785				2,109
	Second lien	5				8
	Scratch and Dent	44				56
	Other	—				1
	Total	$	834			$	2,174
	Mortgage Servicing Rights. Mortgage servicing rights (“MSRs”) are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets.
	The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates (developed using a model described below), the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. A probability weighted option adjusted spread (“OAS”) model generates and discounts cash flows for the MSR valuation. The OAS model generates numerous interest rate paths, then calculates the MSR cash flow at each monthly point for each interest rate path and discounts those cash flows back to the current period. The MSR value is determined by averaging the discounted cash flows from each of the interest rate paths. The interest rate paths are generated with a random distribution centered around implied forward interest rates, which are determined from the interest rate yield curve at any given point of time.
	A key assumption in the estimate of the fair value of MSRs is forecasted prepayments. A third-party model is used as a basis to forecast prepayment rates at each monthly point for each interest rate path in the OAS model. Prepayment rates used in the development of expected future cash flows are based on historical observations of prepayment behavior in similar periods, comparing current mortgage interest rates to the mortgage interest rates in the servicing portfolio. The rates incorporate loan characteristics (e.g., loan type and note rate) and factors such as recent prepayment experience, the relative sensitivity of the capitalized loan servicing portfolio to refinance if interest rates decline and estimated levels of home equity. On a quarterly basis, assumptions used in estimating fair value are validated against a number of third-party sources, which may include peer surveys, MSR broker surveys, third-party valuations and other market-based sources.
	The following summarize certain information regarding the initial and ending capitalization rate of MSRs:
		Year Ended
		December 31,
		2013			2012
	Initial capitalization rate of additions to MSRs	1.1	%		0.98	%
		December 31,
		2013			2012
	Capitalization servicing rate	0.99	%		0.73	%
	Capitalization servicing multiple	3.4			2.4
	Weighted-average servicing fee (in basis points)	29			30
	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates):
		December 31,
		2013			2012
	Weighted-average prepayment speed (CPR)	9	%		16.8	%
	Option adjusted spread, in basis points	1,056			1,013
	Weighted-average delinquency rate	5.8	%		6.8	%
	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:
		December 31, 2013
		Weighted-								Weighted-
		Average				Option				Average
		Prepayment				Adjusted				Delinquency
		Speed				Spread				Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	(49	)		$	(67	)		$	(25	)
	Impact on fair value of 20% adverse change	(96		)		(127		)		(49		)
	These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations.
	The effect of a variation in a particular assumption is calculated without changing any other assumption and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others.  The prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity.  These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics.  The OAS is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset.  The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns.
Derivative Instruments. Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy.  See Note 6, “Derivatives” for additional information regarding derivative instruments.
Interest Rate Lock Commitments (“IRLCs”) are classified within Level Three of the valuation hierarchy. IRLCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected net future cash flows related to servicing the mortgage loan, adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (or “pullthrough”).
The average pullthrough percentage used in measuring the fair value of IRLCs as of December 31, 2013 and 2012 was 77% and 74%, respectively. The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data.  Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends.  Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price.
Forward Delivery Commitments are classified within Level Two of the valuation hierarchy. Forward delivery commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best effort sales commitments are also executed for certain loans at the time the borrower commitment is made. These best effort sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale.
Option Contracts are classified within Level Two of the valuation hierarchy. Option contracts represent the right to buy or sell mortgage-backed securities at specified prices in the future. The fair value of option contracts is based upon the underlying current to be announced pricing of the agency mortgage-backed security market, and a market-based volatility.
MSR-Related Agreements are classified within Level Two of the valuation hierarchy.  MSR-related agreements represent a combination of derivatives used to offset possible adverse changes in the fair value of MSRs, which include options on swap contracts, to-be-announced securities and interest rate swap contracts, among other instruments.  The fair value of MSR-related agreements is determined using quoted prices for similar instruments.
Interest Rate Contracts are classified within Level Two of the valuation hierarchy.  Interest rate contracts represent interest rate cap and swap agreements which are used to mitigate the impact of increases in short-term interest rates on variable-rate debt used to fund fixed-rate leases.  The fair value of interest rate contracts is based upon projected short term interest rates and a market-based volatility.
Convertible Note-Related Agreements relate to the Convertible notes due in 2014 and include conversion options and purchased options.  Convertible note-related agreements are classified within Level Three of the valuation hierarchy due to the inactive, illiquid market for the agreements.  The fair value of the conversion option and purchased options is determined using an option pricing model and is primarily impacted by changes in the market price and volatility of the Company’s Common stock. The convertible notes and related purchased options and conversion option are further discussed in Note 12, “Debt and Borrowing Arrangements”.
Foreign Exchange Contracts are classified within Level Two of the valuation hierarchy.  Foreign exchange contracts are used to mitigate the exchange risk associated with Canadian dollar denominated lease assets collateralizing U.S. dollar denominated borrowings.  The fair value of foreign exchange contracts is determined using current exchange rates.  As of December 31, 2013 and 2012, the Company did not hold any foreign exchange contracts.
Assets and liabilities measured at fair value on a recurring basis were included in the Consolidated Balance Sheets as follows:
	December 31, 2013
										Cash
	Level			Level			Level			Collateral
	One			Two			Three			and Netting		Total
	(In millions)
ASSETS
Mortgage loans held for sale	$	—		$	785		$	49		$	—	$	834
Mortgage servicing rights	—			—			1,279			—		1,279
Other assets—Derivative assets:
Interest rate lock commitments	—			—			23			—		23
Forward delivery commitments	—			26			—			-21		5
Option contracts	—			2			—			—		2
MSR-related agreements	—			4			—			-4		—
Interest rate contracts	—			2			—			—		2
Convertible note-related agreements	—			—			16			—		16
LIABILITIES
Other liabilities—Derivative liabilities:
Interest rate lock commitments	$	—		$	—		$	1		$	—	$	1
Forward delivery commitments	—			10			—			-8		2
MSR-related agreements	—			—			—			1		1
Convertible note-related agreements	—			—			16			—		16
	December 31, 2012
										Cash
	Level			Level			Level			Collateral
	One			Two			Three			and Netting		Total
	(In millions)
ASSETS
Restricted investments	$	—		$	121		$	—		$	—	$	121
Mortgage loans held for sale	—			2,110			64			—		2,174
Mortgage servicing rights	—			—			1,022			—		1,022
Other assets—Derivative assets:
Interest rate lock commitments	—			—			140			—		140
Forward delivery commitments	—			15			—			-7		8
Option contracts	—			2			—			—		2
MSR-related agreements	—			5			—			-5		—
Interest rate contracts	—			1			—			—		1
Convertible note-related agreements	—			—			27			—		27
LIABILITIES
Other liabilities—Derivative liabilities:
Interest rate lock commitments	$	—		$	—		$	1		$	—	$	1
Forward delivery commitments	—			19			—			-13		6
MSR-related agreements	—			—			—			5		5
Convertible note-related agreements	—			—			27			—		27
Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of:
	Year Ended December 31, 2013
							Interest
	Mortgage			Mortgage			rate lock
	loans held			servicing			commitments,
	for sale			rights			net
	(In millions)
Balance, beginning of period	$	64		$	1,022		$	139
Realized and unrealized gains (losses)	-10			13			475
Purchases	73			—			—
Issuances	2			244			—
Settlements	-85			—			-592
Transfers into Level Three	46			—			—
Transfers out of Level Three	-41			—			—
Balance, end of period	$	49		$	1,279		$	22
	Year Ended December 31, 2012
														Mortgage
							Interest							loan
	Mortgage			Mortgage			rate lock					Securitized		securitization
	loans held			servicing			commitments,			Investment		mortgage		debt
	for sale			rights			net			securities		loans(1)		certificates(1)
	(In millions)
Balance, beginning of period	$	17		$	1,209		$	184		$	—	$	28	$	21
Realized and unrealized gains (losses)	-10			-497			1,461			-2		—		—
Purchases	36			—			—			—		—		—
Issuances	8			310			—			—		—		—
Settlements	-40			—			-1,506			-5		—		—
Transfers into Level Three	67			—			—			—		—		—
Transfers out of Level Three	-14			—			—			—		—		—
Deconsolidation of entity	—			—			—			7		-28		-21
Balance, end of period	$	64		$	1,022		$	139		$	—	$	—	$	—
(1)        Represents loans securitized and the related senior securitization debt certificates payable to third-parties through a securitization trust that was consolidated as a variable interest entity. In 2012, the Company sold its investment in the subordinated debt and residual interests of the trust and the entity was deconsolidated.
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.  Mortgage loans in foreclosure are measured at fair value on a non-recurring basis.
Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Consolidated Statements of Operations as follows:
	Year Ended
	December 31,
	2013			2012
	(In millions)
Gain on mortgage loans, net:
Mortgage loans held for sale	$	-15		$	-13
Interest rate lock commitments	475			1,461
Change in fair value of mortgage servicing rights:
Mortgage servicing rights	13			-497
Mortgage interest income:
Mortgage loans held for sale	5			3
Other income:
Investment securities	—			-2
Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows:
	Year Ended December 31,
	2013			2012
	(In millions)
Gain on mortgage loans, net	$	16		$	124
Change in fair value of mortgage servicing rights	276			-223
Fair Value of Other Financial Instruments
As of December 31, 2013 and 2012, all financial instruments were either recorded at fair value or the carrying value approximated fair value, with the exception of Debt and derivative instruments included in Total PHH Corporation stockholders’ equity. For financial instruments that were not recorded at fair value, such as Cash and cash equivalents and Restricted cash and cash equivalents, the carrying value approximates fair value due to the short-term nature of such instruments.  These financial instruments are classified within Level One of the valuation hierarchy.
Debt.  As of December 31, 2013 and 2012, the total fair value of Debt was $5.9 billion and $7.0 billion, respectively, and substantially all of the debt is measured using Level Two inputs. As of December 31, 2013, the fair value of Level Two Debt was estimated using the following valuation techniques: (i) $3.8 billion was measured using a market based approach, considering the current market pricing of recent trades for similar instruments or the current expected ask price for the Company’s debt instruments; (ii) $0.8 billion was measured using observable spreads and terms for recent pricing of similar instruments; and (iii) $1.3 billion was measured using a discounted cash flow model incorporating assumptions based on current market information available for similar debt instruments.
Non-Recurring Fair Value Measurements
The Company measures certain assets, including its equity method investments, intangible assets and mortgage loans in foreclosure and real estate owned (“REO”) at fair value on a non-recurring basis.
Other Assets – Equity method investments and Intangible assets.  Other assets that incorporate fair value measurements into impairment analyses include equity method investments and intangible assets.  Fair value of equity method investments is determined by discounting cash flows of the projected financial results of the investment and the use of a market valuation approach.  Fair value of intangible assets is determined by discounting cash flows determined from applying a hypothetical royalty rate to projected revenues associated with these trademarks.   Due to the use of significant unobservable inputs and the inactive market for these assets, the measurements are classified within Level Three of the valuation hierarchy.
During the year ended December 31, 2013, the impairment analyses resulted in a $5 million charge to reduce the value of our equity method investments (recorded within Other income in the Consolidated Statement of Operations) and there were no adjustments to value for the intangible assets.  During the years ended December 31, 2012 and 2011, the Company did not recognize any other-than-temporary impairments in the equity method investments and intangible assets.
Other Assets – Mortgage loans in foreclosure and Real estate owned.  Other assets that are evaluated for impairment using fair value measurements on a non-recurring basis consist of mortgage loans in foreclosure and real estate owned (“REO”). The evaluation of impairment reflects an estimate of losses currently incurred at the balance sheet date, which will likely not be recoverable from guarantors, insurers or investors. The impairment of mortgage loans in foreclosure, which represents the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances on those loans, is based on the fair value of the underlying collateral, determined on a loan level basis, less costs to sell. Fair value of the collateral is estimated by considering appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions. REO, which are acquired from mortgagors in default, are recorded at the lower of adjusted carrying amount at the time the property is acquired or fair value of the property, less estimated costs to sell. Fair value of REO is estimated using appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions.
The allowance for probable losses associated with mortgage loans in foreclosure and the adjustment to record REO at their estimated net realizable value were based upon fair value measurements with assumptions primarily from Level Three of the valuation hierarchy.  During the years ended December 31, 2013 and 2012, total repurchase and foreclosure-related charges of $7 million and $182 million, respectively, were recorded in Other operating expenses, which include changes in the estimate of losses related to off-balance sheet exposure to loan repurchases and indemnifications in addition to the provision for valuation adjustments for mortgage loans in foreclosure and REO. See Note 15, “Credit Risk” for further discussion regarding the balances of mortgage loans in foreclosure, REO, and the off-balance sheet exposure to loan repurchases and indemnifications.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2013
Variable Interest Entities	'
Variable Interest Entities	'
	21. Variable Interest Entities
	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Consolidated Financial Statements.
	The Company’s involvement in variable interest entities primarily relate to PHH Home Loans, a joint venture with Realogy Corporation, and fleet vehicle financing activities.  The activities of significant variable interest entities are more fully described below.
	Assets and liabilities of significant consolidated variable interest entities are included in the Consolidated Balance Sheets as follows:
		December 31, 2013
				Chesapeake		FLRT and
		PHH Home		and D.L.		PHH Lease
		Loans		Peterson Trust		Receivables LP
	ASSETS	(In millions)
	Cash	$	91	$	5	$	—
	Restricted cash(1)	3		157		46
	Mortgage loans held for sale	308		—		—
	Accounts receivable, net	7		46		—
	Net investment in fleet leases	—		2,982		599
	Property and equipment, net	2		—		—
	Other assets	7		12		6
	Total assets	$	418	$	3,202	$	651
	Assets held as collateral(2)	$	300	$	3,185	$	645
	LIABILITIES
	Accounts payable and accrued expenses	$	15	$	2	$	5
	Debt	280		2,866		598
	Other liabilities	11		—		—
	Total liabilities(3)	$	306	$	2,868	$	603
		December 31, 2012
				Chesapeake		FLRT and
		PHH Home		and D.L.		PHH Lease
		Loans		Peterson Trust		Receivables LP
		(In millions)
	ASSETS
	Cash	$	59	$	2	$	—
	Restricted cash(1)	4		186		59
	Mortgage loans held for sale	716		—		—
	Accounts receivable, net	17		73		—
	Net investment in fleet leases	—		2,856		675
	Property and equipment, net	2		—		—
	Other assets	20		12		7
	Total assets	$	818	$	3,129	$	741
	Assets held as collateral(2)	$	691	$	3,114	$	731
	LIABILITIES
	Accounts payable and accrued expenses	$	25	$	2	$	8
	Debt	629		2,771		662
	Other liabilities	13		—		—
	Total liabilities(3)	$	667	$	2,773	$	670
	(1)         Represents amounts specifically designated to purchase assets, repay debt and/or provide over-collateralization related to vehicle management asset-backed debt arrangements.
	(2)         Represents amounts not available to pay the Company’s general obligations. See Note 12, “Debt and Borrowing Arrangements” for further information.
	(3)         Excludes intercompany payables.
	In addition to the assets and liabilities of significant variable interest entities that were consolidated as outlined above, the Company had the following involvement with these entities as of and for the year ended December 31:
		Net income (loss)(1)
		2013		2012		2011
		(In millions)
	PHH Home Loans	$	43	$	111	$	46
	Chesapeake and D.L. Peterson Trust	64		58		53
	FLRT and PHH Lease Receivables LP	12		11		7
	Mortgage Securitization Trust (2)	—		—		-3
		PHH Corporation				Intercompany
		Investment(3)				receivable (payable)(3)
		2013		2012		2013		2012
		(In millions)
	PHH Home Loans	$	57	$	57	$	15	$	22
	Chesapeake and D.L. Peterson Trust	613		766		-273		-238
	FLRT and PHH Lease Receivables LP	23		107		-9		-36
	(1)   Includes adjustments for the elimination of intercompany transactions.
	(2)   In 2012, the Company sold its investment in the subordinated debt and residual interest of a Mortgage loan securitization trust that had been consolidated as a variable interest entity.
(3)   Amounts are eliminated in the Consolidated Balance Sheets.
PHH Home Loans
Purpose and Structure. The Company owns 50.1% of PHH Home Loans and Realogy Corporation owns the remaining 49.9%. The operations of PHH Home Loans are governed by the PHH Home Loans Operating Agreement.  PHH Home Loans was formed for the purpose of originating and selling mortgage loans primarily sourced through Realogy’s owned real estate brokerage business, NRT, and corporate relocation business, Cartus.  All loans originated by PHH Home Loans are sold to PHH Mortgage or to unaffiliated third-party investors at arm’s-length terms. The PHH Home Loans Operating Agreement provides that at least 15% of the total loans originated by PHH Home Loans are sold to unaffiliated third party investors. PHH Home Loans does not hold any mortgage loans for investment purposes or retain mortgage servicing rights for any loans it originates.
During the years ended December 31, 2013, 2012 and 2011, PHH Home Loans originated residential mortgage loans of $9.3 billion, $12.1 billion and $9.6 billion, respectively, and PHH Home Loans brokered or sold $5.0 billion, $6.0 billion and $6.2 billion, respectively, of mortgage loans to the Company under the terms of a loan purchase agreement.  For the year ended December 31, 2013, 21% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which 85% were originated by PHH Home Loans.  As of December 31, 2013, the Company had outstanding commitments to purchase or fund $269 million of mortgage loans and lock commitments expected to result in closed mortgage loans from PHH Home Loans.
The Company manages PHH Home Loans through its subsidiary, PHH Broker Partner, with the exception of certain specified actions that are subject to approval by Realogy through PHH Home Loans’ board of advisors, which consists of representatives of Realogy and the Company. The board of advisors has no managerial authority, and its primary purpose is to provide a means for Realogy to exercise its approval rights over those specified actions of PHH Home Loans for which Realogy’s approval is required. PHH Mortgage operates under a Management Services Agreement with PHH Home Loans, pursuant to which PHH Mortgage provides certain mortgage origination processing and administrative services for PHH Home Loans. In exchange for such services, PHH Home Loans pays PHH Mortgage a fee per service and a fee per loan, subject to a minimum amount.
Realogy’s ownership interest is presented in the Consolidated Financial Statements as a noncontrolling interest. The Company’s determination of the primary beneficiary was based on both quantitative and qualitative factors, which indicated that its variable interests will absorb a majority of the expected losses and receive a majority of the expected residual returns of PHH Home Loans. The Company has maintained the most significant variable interests in the entity, which include the majority ownership of common equity interests, the outstanding Intercompany Line of Credit, PHH Home Loans Loan Purchase and Sale Agreement, and the Management Services Agreement. The Company has been the primary beneficiary of PHH Home Loans since its inception, and there have been no current period events that would change the decision regarding whether or not to consolidate PHH Home Loans.
Contributions and Distributions.  PHH Home Loans is financed through equity contributions, sales of mortgage loans to PHH Mortgage and other investors, and secured and unsecured subordinated indebtedness. The Company did not make any capital contributions to support the operations of PHH Home Loans during the years ended December 31, 2013, 2012 and 2011.  The Company is not solely obligated to provide additional financial support to PHH Home Loans.
Subject to certain regulatory and financial covenant requirements, net income generated by PHH Home Loans is distributed quarterly to its members pro rata based upon their respective ownership interests. PHH Home Loans may also require additional capital contributions from the Company and Realogy under the terms of the Operating Agreement if it is required to meet minimum regulatory capital and reserve requirements imposed by any governmental authority or any creditor of PHH Home Loans or its subsidiaries. Distributions received from PHH Home Loans were $40 million, $42 million and $20 million during the years ended December 31, 2013, 2012 and 2011, respectively.
Other Support. The Company maintains an unsecured subordinated Intercompany Line of Credit with PHH Home Loans with $60 million in available capacity as of December 31, 2013.  This indebtedness is not collateralized by the assets of PHH Home Loans. The Company has extended the subordinated financing to increase PHH Home Loans’ capacity to fund mortgage loans and to support certain covenants of the entity. There were no borrowings outstanding under this Intercompany Line of Credit as of December 31, 2013 or 2012.
Realogy Agreements. Unless terminated earlier, the Company’s relationship with Realogy continues until January 31, 2055.  Realogy has the right to terminate the Strategic Relationship Agreement and terminate this venture upon the occurrence of certain events. In addition, beginning on February 1, 2015, Realogy will have the right, at any time upon two years’ notice to us, to terminate its interest in PHH Home Loans. Upon Realogy’s termination of the agreement, Realogy will have the option either to require that PHH purchase their interest in PHH Home Loans at fair value, plus, in certain cases, liquidated damages, or to cause the Company to sell its interest in PHH Home Loans to a third party designated by Realogy at fair value plus, in certain cases, liquidated damages. In the case of a termination by Realogy following a change in control of PHH, the Company may be required to make a cash payment to Realogy in an amount equal to PHH Home Loans’ trailing 12 months net income multiplied by the greater of (i) the number of years remaining in the first 12 years of the term of the agreement or (ii) two years.
The Company has the right to terminate the Operating Agreement upon, among other things, a material breach by Realogy of a material provision of the agreement, in which case the Company has the right to purchase Realogy’s interest in PHH Home Loans at a price derived from an agreed-upon formula based upon fair market value (which is determined with reference to that trailing 12 months EBITDA) for PHH Home Loans and the average market EBITDA multiple for mortgage banking companies.
Upon termination, all of PHH Home Loans agreements will terminate automatically (excluding certain privacy, non-competition, venture-related transition provisions and other general provisions), and Realogy will be released from any restrictions under the PHH Home Loans agreements that may restrict its ability to pursue a partnership, joint venture or another arrangement with any third-party mortgage operation.  The termination of this joint venture and other Realogy agreements would have a significant impact on our volumes of mortgage loan originations and related Net revenues.
Chesapeake and D.L. Peterson Trust
Purpose and Structure.  Vehicle acquisitions in the U.S. for the Fleet Management services segment are primarily financed through the issuance of asset-backed variable funding notes issued by the Company’s wholly owned subsidiary Chesapeake Funding LLC.  D.L. Peterson Trust (“DLPT”), a bankruptcy remote statutory trust, holds the title to all vehicles that collateralize the debt issued by Chesapeake Funding. DLPT also acts as a lessor under both operating and direct financing lease agreements.  Chesapeake Funding’s assets primarily consist of a loan made to Chesapeake Finance Holdings LLC, a wholly owned subsidiary of the Company. Chesapeake Finance owns all of the special units of beneficial interest in the leased vehicles and eligible leases and certain other assets issued by DLPT, representing all interests in DLPT.
The Company determined that each of Chesapeake Funding, Chesapeake Finance and DLPT are VIEs and that it is the primary beneficiary due to insufficient equity investment at risk. The determination was made on a qualitative basis, considering the nature and purpose of each of the entities and how risk transfers to interest holders through their variable interests.  The Company holds the significant variable interests, which include equity interests, ownership of certain amounts of asset-backed debt issued by Chesapeake and interests in DLPT. There are no significant variable interests that would absorb losses prior to the Company or that hold variable interests that exceed those of the Company.
In accordance with the Amended and Restated Servicer Agreement, the Company acts as a servicer for Chesapeake Finance and DLPT and in accordance with the Administrative Agreement, the Company acts as an administrator of the entities.  The Company received related fees from Chesapeake of $6 million during each of the years ended December 31, 2013, 2012 and 2011, respectively.
Contributions and Distributions.  Certain capital transactions are executed between the Company and Chesapeake whereby the Company makes contributions to Chesapeake for increased escrow requirements, debt issuance costs and additional paydown of outstanding notes of Chesapeake.  During the years ended December 31, 2013, 2012 and 2011, these contributions were $5 million, $5 million, and $10 million, respectively.  Chesapeake may also distribute capital to the Company from the release of overcollateralization from asset-backed debt arrangements, leveraging existing series of asset-backed notes or from issuance of new note series.  Distributions received from Chesapeake were $158 million, $38 million and $33 million during the years December 31, 2013, 2012 and 2011, respectively.
Other Support.  The Chesapeake Finance LLC agreement and a separate Demand Note agreement require the Company to contribute up to $345 million of additional capital to Chesapeake Finance, upon the demand from Chesapeake Finance.  This additional support arrangement was issued to support Chesapeake Finance in meeting certain required capitalization levels.
Fleet Leasing Receivables Trust
Purpose and Structure.  Fleet Leasing Receivables Trust (“FLRT”) is a Canadian special purpose trust and its primary business activities include the acquisition, disposition and administration of purchased or acquired lease assets from our other Canadian subsidiaries and the borrowing of funds or the issuance of securities to finance such acquisitions. PHH Fleet Lease Receivables LP is a bankruptcy remote special purpose entity that holds the beneficial ownership of lease assets transferred from Canadian subsidiaries.
The Company determined that FLRT and PHH Fleet Lease Receivables LP are VIEs based on a qualitative basis after considering the nature and purpose of the entities and how the risk transferred to interest holders through their variable interests.
The Company acts as initial servicer, collections agent and financial services agent of FLRT and PHH Fleet Lease Receivables LP.  Related fees of $1 million were paid to the Company by FLRT during each of the years ended December 31, 2013, 2012 and 2011.
Contributions and Distributions. Certain FLRT debt transactions are structured whereby subsidiaries of the Company contribute the beneficial ownership in vehicles under lease to PHH Fleet Lease Receivables LP and receive distributions upon the issuance of the debt by FLRT.  During the years ended December 31, 2013, 2012 and 2011, the Company and its subsidiaries contributed $275 million, $379 million and $349 million of vehicles to PHH Fleet Lease Receivables LP, respectively and received distributions of $333 million, $380 million and $339 million, respectively.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2013
Related Party Transactions	'
Related Party Transactions	'
	22.  Related Party Transactions
	Certain Business Relationships
	Thomas P. (Todd) Gibbons, one of the Company’s Directors is Vice Chairman and Chief Financial Officer of the Bank of New York Mellon Corporation, the Bank of New York Mellon, and BNY Mellon, N.A. (collectively “BNY Mellon”).  The Company has certain relationships with BNY Mellon, including financial services, commercial banking and other transactions. BNY Mellon participates as a lender in several of the Company’s credit facilities, functions as the custodian for loan files, and functions as the indenture trustee on the Convertible notes due in 2014 and 2017, and the Senior notes due in 2016, 2019 and 2021 as well as several of the Vehicle management asset-backed debt facilities.  The Company also executes forward loan sales agreements and interest rate contracts with BNY Mellon.  These transactions were entered into in the ordinary course of business upon terms, including interest rate and collateral, substantially the same as those prevailing at the time. The fees paid to BNY Mellon, including interest expense, during the years ended December 31, 2013 and 2012 were not significant.

Segment_Information

Segment Information	12 Months Ended
	Dec. 31, 2013
Segment Information	'
Segment Information	'
	23.  Segment Information
	Operations are conducted through three business segments: Mortgage Production, Mortgage Servicing and Fleet Management Services.
	§                  Mortgage Production — provides mortgage loan origination services and sells mortgage loans.
	§                  Mortgage Servicing — performs servicing activities for originated and purchased loans.
	§                  Fleet Management Services — provides commercial fleet management services.
	The heading Other includes certain income and expenses not allocated to the three reportable segments and intersegment eliminations.  The operations of the Mortgage Production and Mortgage Servicing segments are located in the U.S, and the operations of the Fleet Management Services segment are located in the U.S. and Canada.
	Management evaluates the operating results of each of the reportable segments based upon Net revenues and Segment profit or loss, which is presented as the Income or loss before income tax expense or benefit and after Net income or loss attributable to noncontrolling interest. The Mortgage Production segment profit or loss excludes Realogy Corporation’s noncontrolling interest in the profit or loss of PHH Home Loans.
	Segment results as of and for the year ended December 31, were as follows:
		Total Assets
		2013		2012
		(In millions)
	Mortgage Production segment	$	1,127	$	2,587
	Mortgage Servicing segment	2,244		1,791
	Fleet Management Services segment	4,453		4,502
	Other	1,024		723
	Total	$	8,848	$	9,603
		Net Revenues						Segment Profit (Loss)(3)
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment(1)	$	821	$	1,234	$	914	$	22	$	416	$	258
	Mortgage Servicing segment	381		-106		-343		157		-462		-557
	Fleet Management Services segment	1,642		1,617		1,646		88		87		75
	Other(2)	-2		-2		-3		-55		-13		-3
	Total	$	2,842	$	2,743	$	2,214	$	212	$	28	$	-227
	(1)              For the year ended December 31, 2011, Net revenues and segment profit for the Mortgage Production segment includes a $68 million gain on the 50.1% sale of the equity interests in the Company’s appraisal services business.
	(2)              For the years ended December 31, 2013 and 2012, Other primarily represents the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments.
	(3)              The following is a reconciliation of Income (loss) before income taxes to segment profit (loss):
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Income (loss) before income taxes	$	241	$	87	$	-202
	Less: net income attributable to noncontrolling interest	29		59		25
	Segment profit (loss)	$	212	$	28	$	-227
		Interest Income						Interest Expense
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment	$	63	$	84	$	101	$	127	$	150	$	125
	Mortgage Servicing segment	9		9		15		58		62		76
	Fleet Management Services segment	3		3		3		60		70		82
	Other	-2		-2		-2		-2		-2		-2
	Total	$	73	$	94	$	117	$	243	$	280	$	281
		Depreciation on Operating Leases						Other Depreciation and Amortization
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment	$	—	$	—	$	—	$	13	$	7	$	9
	Mortgage Servicing segment	—		—		—		1		—		1
	Fleet Management Services segment	1,211		1,212		1,223		10		10		11
	Other	—		—		—		9		8		4
	Total	$	1,211	$	1,212	$	1,223	$	33	$	25	$	25
	Amounts attributable to the domestic and foreign operations of our Fleet Management Services segment as of and for the year ended December 31, were as follows:
		Total Assets				Net Revenues
		2013		2012		2013		2012		2011
		(In millions)
	Domestic	$	3,555	$	3,534	$	1,323	$	1,295	$	1,352
	Foreign (Canada)	898		968		319		322		294
	Fleet Management Services Segment	$	4,453	$	4,502	$	1,642	$	1,617	$	1,646

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data-(unaudited)	12 Months Ended
	Dec. 31, 2013
Selected Quarterly Financial Data-(unaudited)	'
Selected Quarterly Financial Data-(unaudited)	'
	24.  Selected Quarterly Financial Data—(unaudited)
	The following tables present selected unaudited quarterly financial data:
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2013		2013		2013		2013
		(In millions, except per share data)
	Net revenues	$	730	$	822	$	615	$	675
	Income (loss) before income taxes	96		158		-74		61
	Net income (loss)	64		102		-46		44
	Net income (loss) attributable to PHH Corporation	52		90		-52		45
	Basic earnings (loss) per share attributable to PHH Corporation	$	0.9	$	1.58	$	-0.9	$	0.78
	Diluted earnings (loss) per share attributable to PHH Corporation	0.79		1.4		-0.9		0.67
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2012		2012		2012		2012
		(In millions, except per share data)
	Net revenues	$	777	$	559	$	624	$	783
	Income (loss) before income taxes	124		-80		-56		99
	Net income (loss)	85		-42		-23		73
	Net income (loss) attributable to PHH Corporation	75		-57		-42		58
	Basic earnings (loss) per share attributable to PHH Corporation	$	1.32	$	-1	$	-0.74	$	1.01
	Diluted earnings (loss) per share attributable to PHH Corporation	1.3		-1		-0.74		0.89

SCHEDULE_I_CONDENSED_FINANCIAL

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2013
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	'
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	'
	PHH CORPORATION AND SUBSIDIARIES
	SUPPLEMENTARY FINANCIAL DATA
	SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	PHH CORPORATION
	CONDENSED STATEMENTS OF OPERATIONS
	(In millions)
		Year Ended December 31,
		2013		2012		2011
	Revenues
	Net revenues from consolidated subsidiaries	$	326	$	279	$	254
	Interest income	—		1		4
	Net revenues	326		280		258
	Expenses
	Salaries and related expenses	73		77		71
	Interest expense	126		134		128
	Other depreciation and amortization	9		8		4
	Other operating expenses	146		74		59
	Total expenses	354		293		262
	Loss before income taxes and equity in earnings (loss) of subsidiaries	-28		-13		-4
	Income tax benefit	-13		-6		-3
	Loss before equity in earnings (loss) of subsidiaries	-15		-7		-1
	Equity in earnings (loss) of subsidiaries	150		41		-126
	Net income (loss)	$	135	$	34	$	-127
	Other comprehensive (loss) income, net of tax:
	Currency translation adjustment	-14		5		-5
	Change in unrealized gains on available-for-sale securities, net	-1		-1		1
	Change in unfunded pension liability, net	5		1		-4
	Total other comprehensive (loss) income, net of tax:	-10		5		-8
	Total comprehensive income (loss)	$	125	$	39	$	-135
	PHH CORPORATION
	CONDENSED BALANCE SHEETS
	(In millions)
		December 31,
		2013		2012
	ASSETS
	Cash and cash equivalents	$	969	$	634
	Restricted cash and cash equivalents	10		23
	Accounts receivable	27		4
	Due from consolidated subsidiaries	309		696
	Investment in consolidated subsidiaries	1,502		1,244
	Property and equipment, net	15		21
	Other assets	174		183
	Total assets	$	3,006	$	2,805
	LIABILITIES AND EQUITY
	Debt	$	1,249	$	1,156
	Other liabilities	91		123
	Total liabilities	1,340		1,279
	Commitments and contingencies	—		—
	EQUITY
	Preferred stock	—		—
	Common stock	1		1
	Additional paid-in capital	1,142		1,127
	Retained earnings	507		372
	Accumulated other comprehensive income	16		26
	Total PHH Corporation stockholders’ equity	1,666		1,526
	Total liabilities and equity	$	3,006	$	2,805
	PHH CORPORATION
	CONDENSED STATEMENTS OF CASH FLOWS
	(In millions)
		Year Ended December 31,
		2013		2012		2011
	Net cash (used in) provided by operating activities	$	-6	$	115	$	62
	Cash flows from investing activities:
Purchases of property and equipment	-4		-6		(5		)
Decrease (increase) in restricted cash	13		-23		—
Dividends from consolidated subsidiaries	106		40		7
Net cash provided by investing activities	115		11		2
Cash flows from financing activities:
Net cash provided by consolidated subsidiaries	175		373		50
Proceeds from unsecured borrowings	350		518		1,304
Principal payments on unsecured borrowings	-288		-671		(1,205		)
Issuances of common stock	3		5		8
Cash paid for debt issuance costs	-9		-19		(2		)
Other, net	-5		-5		(4		)
Net cash provided by financing activities	226		201		151
Net increase in Cash and cash equivalents	335		327		215
Cash and cash equivalents at beginning of period	634		307		92
Cash and cash equivalents at end of period	$	969	$	634	$	307

SCHEDULE_II_VALUATION_AND_QUAL

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2013
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	'
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	'
	PHH CORPORATION AND SUBSIDIARIES
	SUPPLEMENTARY FINANCIAL DATA
	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
		PHH Corporation and						PHH Corporation
		Subsidiaries
		2013		2012		2011		2013		2012		2011
						(In millions)
	Deferred tax valuation allowance:
	Balance, beginning of period	$	30	$	44	$	54	$	6	$	7	$	6
	Additions:
	Charged to costs and expenses	2		2		6		—		—		—
	Charged to other accounts	—		-8		-16		—		—		1
	Reductions	-6		-8		—		-1		-1		—
	Balance, end of period	$	26	$	30	$	44	$	5	$	6	$	7

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2013
Summary of Significant Accounting Policies	'
Reclassifications	'
	Consistent with our December 31, 2013 presentation, certain subservicing advance receivable balances at December 31, 2012 were reclassified from Other liabilities to Accounts payable and accrued expenses, upon the assumption of a large subservicing portfolio in 2013, to reflect the short-term operating nature of the advances payable. These reclassifications had no effect on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss.  See Note 10, “Accounts Payable and Accrued Expenses”, for further information.
Use of Estimates	'
	The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for mortgage loan repurchases and indemnifications and reinsurance losses, and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
Changes In Accounting Policies and Recently Issued Accounting Pronouncements	'
	Changes In Accounting Policies
	Comprehensive Income.  In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income”.  This update to the comprehensive income guidance requires additional disclosure about the amounts reclassified out of Accumulated other comprehensive income, including disclosing the amounts that impact each line item in the Statement of Operations within a reporting period.  This update enhances the disclosure requirements for amounts reclassified out of Accumulated other comprehensive income but will not impact the Company’s financial position, results of operations or cash flows. The Company adopted the new accounting guidance prospectively effective January 1, 2013.  The updated disclosures are included in Note 18, “Accumulated Other Comprehensive Income”.
	Intangibles.  In July 2012, the FASB issued ASU 2012-02, “Testing Indefinite-Lived Intangible Assets for Impairment”. This update amends the current guidance on testing indefinite-lived intangibles for impairment and allows for the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more likely than not that the indefinite-lived intangibles are impaired. If it is more likely than not that the indefinite-lived intangibles are impaired, the entity is required to determine the fair value of the indefinite-lived intangibles and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company adopted the new accounting guidance effective January 1, 2013 and applied it prospectively.  The adoption of this update did not have an impact on the Company’s financial statements.
	Offsetting Assets and Liabilities.  In December 2011, the FASB issued ASU 2011-11, “Disclosures about Offsetting Assets and Liabilities”.  This update requires disclosure of both gross and net information about instruments and transactions in the scope of these pronouncements.  Subsequently in January 2013, the FASB issued ASU 2013-01, “Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities” which limited the disclosures to derivatives including bifurcated embedded derivatives, repurchase agreements and reverse repurchase agreements, and securities borrowing and securities lending transactions that are offset in accordance with current derivative and netting guidance, or subject to a master netting arrangement or similar agreement.   The Company adopted the new accounting guidance retrospectively effective January 1, 2013.  The updated disclosures are included in Note 6, “Derivatives”.
	Recently Issued Accounting Pronouncements
	Receivables.  In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure”.  This update to the receivable guidance clarifies when a creditor is considered to have received physical possession of residential real estate resulting from an in substance repossession or foreclosure. In addition, the amendments require disclosure of both: (i) the amount of foreclosed residential real estate property held by the creditor; and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure.  The update requires the Company to apply the guidance using either a modified retrospective transition method or a prospective transition method for interim and annual periods beginning after December 15, 2014, with early adoption permitted.  The Company is currently evaluating the impact of adopting the new accounting standard.
	Income Taxes. In July 2013, the FASB issued ASU 2013-11,”Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”.  This update to the income tax guidance clarifies the diversity in practice in the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists.  This update requires the unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset or as a liability to the extent the entity cannot or does not intend to use the deferred tax asset for such purpose.  The new accounting guidance is effective beginning January 1, 2014 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date and retrospective application is permitted. The Company does not expect the adoption of ASU 2013-11 to have a material impact on its financial statements.
Revenue Recognition	'
	Revenue Recognition
	Mortgage Production.  Mortgage production includes the origination and sale of residential mortgage loans. Mortgage loans are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties.  Mortgage fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on cancelled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private-label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned.
	Gain on mortgage loans, net includes the realized and unrealized gains and losses on Mortgage loans held for sale, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives.
	Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors. Each type of mortgage loan transfer is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor. To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
	Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
	Mortgage Servicing.  Mortgage servicing involves the servicing of residential mortgage loans on behalf of the investor. Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors as well as net reinsurance income or loss resulting from mortgage reinsurance contracts. Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments.  For loans that are subserviced for others, a nominal stated amount per loan is received.  Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected. Costs associated with loan servicing are charged to expense as incurred.
	Fleet Management and Leasing.  Fleet management services are provided to corporate clients and government agencies and include management and leasing of vehicles and other fee-based services for clients’ vehicle fleets. Vehicles are leased primarily to corporate fleet users under open-end operating and direct financing lease arrangements where the client bears substantially all of the vehicle’s residual value risk. The lease term under the open-end lease agreements provides for a minimum lease term of 12 months and after the minimum term, the leases may be continued at the lessees’ election for successive monthly renewals. In limited circumstances, vehicles are leased under closed-end leases where the Company bears all of the vehicle’s residual value risk. Gains or losses on the sales of vehicles under closed-end leases are recorded in Other income in the period of sale.
	Lease revenues for operating leases, which contain a depreciation component, an interest component and a management fee component, are recognized over the lease term of the vehicle, which encompasses the minimum lease term and the month-to-month renewals. Lease revenues for direct financing leases contain an interest component and a management fee component. The interest component is recognized using the effective interest method over the lease term of the vehicle, which encompasses the minimum lease term and the month-to-month renewals.  Direct finance leases are placed on non-accrual status when it is determined that the value of past due lease receivables will not be recoverable.
	The interest component of lease revenue is determined in accordance with the pricing supplement to the respective lease agreement.  The interest component of lease revenue is generally calculated on a variable-rate basis that fluctuates in accordance with changes in the variable-rate index; however, in certain circumstances, the lease may contain a fixed rate that would remain constant for the life of the lease. The depreciation component of lease revenue is based on the straight-line depreciation of the vehicle over its expected lease term. The management fee component of lease revenue is recognized on a straight-line basis over the life of the lease.
	Revenue for other fleet management services is recognized as earned when the services are provided to the lessee. These services include fuel cards, accident management services and maintenance services. Revenue for these services is based on a negotiated percentage of the purchase price for the underlying products or services provided by certain third-party suppliers.
	Certain truck and equipment leases are originated with the intention of syndicating to banks and other financial institutions. When operating leases are sold, the underlying assets are transferred and any rights to the leases and their future leasing revenues are assigned to the banks or financial institutions. Upon the transfer and assignment of the rights associated with the operating leases, the proceeds from the sale are recorded as revenue in Fleet lease income and an expense for the undepreciated cost of the asset sold is recognized in Other operating expenses. Upon the sale or transfer of rights to direct financing leases, the net gain or loss is recorded in Other income. Under certain of these sales agreements, a portion of residual risk in connection with the fair value of the asset at lease termination is retained and a liability is recorded for the retention of this risk.
Income Taxes	'
	Income Taxes
	The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state, local and Canadian jurisdictions.  A consolidated federal income tax return is filed.  Depending upon the jurisdiction, the Company files consolidated or separate legal entity state and Canadian income tax returns.
	Income tax expense consists of two components: current and deferred.  Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss).  Income tax expense excludes the tax effects related to adjustments recorded to Accumulated other comprehensive income (loss) as well as the tax effects of cumulative effects of changes in accounting principles.  Interest and penalties related to income tax contingencies are recognized in Income tax expense (benefit) in the Consolidated Statements of Operations.
	Deferred income taxes are determined using the balance sheet method.  This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes.  Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized.  Generally, any change in the valuation allowance is recorded in Income tax expense (benefit); however, if the valuation allowance is adjusted in connection with an acquisition, such adjustment is recorded concurrently through Goodwill rather than Income tax expense (benefit).
	The Company must presume that an uncertain income tax position will be examined by the relevant taxing authority and must determine whether it is more likely than not that the position will be sustained upon examination based on its technical merit. An uncertain income tax position that meets the “more likely than not” recognition threshold is then measured to determine the amount of the benefit to recognize in the financial statements.  A liability is recorded for the amount of the unrecognized income tax benefit included in: (i) previously filed income tax returns and (ii) financial results expected to be included in income tax returns to be filed for periods through the date of the Consolidated Financial Statements.
Cash and Cash Equivalents	'
	Cash and Cash Equivalents
	Marketable securities with original maturities of three months or less are included in Cash and cash equivalents.
Restricted Cash, Cash Equivalents and Investments	'
	Restricted Cash, Cash Equivalents and Investments
	Restricted cash, cash equivalents and investments primarily relates to: (i) amounts specifically designated to purchase assets, repay debt, to support letters of credit and/or provide over-collateralization within asset-backed debt arrangements; (ii) funds collected and held for pending mortgage closings; and (iii) in 2012, accounts held in trust for the capital fund requirements of and potential claims related to mortgage reinsurance activities.  In 2013, the Company terminated its remaining reinsurance agreement.
	Restricted cash and cash equivalents include marketable securities with original maturities of three months or less.  Restricted investments are recorded at fair value and classified as available-for-sale. As of December 31, 2013, the Company no longer had any restricted investments classified as available-for-sale securities.
Mortgage Loans Held for Sale	'
	Mortgage Loans Held for Sale
	Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market.  The servicing rights and servicing obligations of mortgage loans are generally retained upon sale in the secondary market.
	Mortgage loans held for sale are measured at fair value on a recurring basis.
Net Investment in Fleet Leases	'
	Net Investment in Fleet Leases
	Net investment in fleet leases includes vehicles under operating leases and direct financing lease receivables, as well as vehicles that are in transit awaiting delivery to clients or sale.  Vehicles under operating leases are stated at cost, net of accumulated depreciation. The initial cost of the vehicles is recorded net of incentives and allowances from vehicle manufacturers. Leased vehicles are depreciated on a straight-line basis over a term that generally ranges from 3 to 6 years.  Direct finance leases are stated at the net present value of future expected cash flows.
	An allowance for uncollectible lease receivables is recorded as a reduction to Net investment in fleet leases when it is determined that the past due lease receivables will not be recoverable upon sale of the underlying asset.  The exposure to losses typically arises from clients that file for bankruptcy protection, as pre-petition receivables are fully reserved and post-petition balances are reserved if the leases are rejected from the bankruptcy petition or if the client enters into liquidation.  Charge-offs are recorded after the leased vehicles have been disposed and final shortfall has been determined.
Mortgage Servicing Rights	'
	Mortgage Servicing Rights
	A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan. Residential mortgage loans represent the single class of servicing rights which are measured at fair value on a recurring basis.
	The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on mortgage loans, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations.
Property and Equipment	'
	Property and Equipment
	Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation, recorded as a component of Other depreciation and amortization in the Consolidated Statements of Operations, is computed utilizing the straight-line method over the estimated useful lives of the related assets. Amortization of leasehold improvements and capital leases is computed utilizing the straight-line method over the estimated benefit period of the related assets or the lease term, if shorter. Estimated useful lives are 30 years for buildings and range from 3 to 5 years for capitalized software, lesser of the remaining lease term or 20 years for leasehold improvements, lesser of the remaining lease term or 5 years for capital leases and 3 to 7 years for furniture, fixtures and equipment.
	Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
Goodwill and Other Intangible Assets	'
	Goodwill and Other Intangible Assets
	The carrying value of Goodwill and indefinite-lived intangible assets is assessed for impairment annually, or more frequently if circumstances indicate impairment may have occurred. Goodwill is assessed for impairment by first performing a qualitative assessment before calculating the fair value of the reporting unit.  The Company’s reporting units are the Fleet Management Services segment, PHH Home Loans, the Mortgage Production segment excluding PHH Home Loans and the Mortgage Servicing segment. If it is determined, based upon the qualitative factors noted above, that it is more likely than not that the fair value of the reporting units are less than their carrying amounts, the fair value of the reporting units will be estimated and compared to the carrying amounts.  The fair value of reporting units may be determined using an income approach, using discounted cash flows, or a combination of an income approach and a market approach, wherein comparative market multiples are used.
	Indefinite-lived intangible assets are comprised entirely of trademarks for all periods presented. Fair value of trademarks is determined by discounting cash flows determined from applying a hypothetical royalty rate to projected revenues associated with these trademarks.
	Intangible assets subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Amortizable intangible assets included on the Consolidated Balance Sheets consist primarily of customer lists that are amortized on a straight-line basis over a 20-year period.
	Costs to renew or extend recognized intangible assets are expensed as the costs are incurred.
Derivative Instruments	'
	Derivative Instruments
	Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets.   The Company does not have any derivative instruments designated as hedging instruments.
Fair Value	'
	Fair Value
	A three-level valuation hierarchy is used to classify inputs into the measurement of assets and liabilities at fair value. The valuation hierarchy is based upon the relative reliability and availability to market participants of inputs for the valuation of an asset or liability as of the measurement date. When the valuation technique used in determining fair value of an asset or liability utilizes inputs from different levels of the hierarchy, the level within which the measurement in its entirety is categorized is based upon the lowest level input that is significant to the measurement in its entirety. The valuation hierarchy consists of the following levels:
	Level One. Level One inputs are unadjusted, quoted prices in active markets for identical assets or liabilities which the Company has the ability to access at the measurement date.
	Level Two. Level Two inputs are observable for that asset or liability, either directly or indirectly, and include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, observable inputs for the asset or liability other than quoted prices and inputs derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified contractual term, the inputs must be observable for substantially the full term of the asset or liability.
	Level Three. Level Three inputs are unobservable inputs for the asset or liability that reflect the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and are developed based on the best information available.
	Fair value is based on quoted market prices, where available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability.  These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available.
	When a determination is made to classify an asset or liability within Level Three of the valuation hierarchy, the determination is based upon the significance of the unobservable factors to the overall fair value measurement of the asset or liability. The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors.
	Changes in the availability of observable inputs may result in the reclassification of certain assets or liabilities. Such reclassifications are reported as transfers in or out of Level Three as of the beginning of the period that the change occurs.
Mortgage Loan Repurchase and Indemnification Liability	'
	Mortgage Loan Repurchase and Indemnification Liability
	The Company has exposure to potential mortgage loan repurchase and indemnifications in its capacity as a loan originator and servicer. The estimation of the liability for probable losses related to repurchase and indemnification obligations considers both (i) specific, non-performing loans currently in foreclosure where the Company believes it will be required to indemnify the investor for any losses and (ii) an estimate of probable future repurchase or indemnification obligations from breaches of representation and warranties.  The liability related to specific non-performing loans is based on a loan-level analysis considering the current collateral value, estimated sales proceeds and selling cost. The liability related to probable future repurchase or indemnification obligations is segregated by year of origination and considers the amount of unresolved repurchase and indemnification requests and includes an estimate for future repurchase demands based upon recent and historical repurchase and indemnification experience, as well as the success rate in appealing repurchase requests and an estimated loss severity, based on current loss rates for similar loans.  The liability for mortgage loan repurchases and indemnifications is included within Other liabilities in the Consolidated Balance Sheets.
Liability for Reinsurance Losses	'
	Liability for Reinsurance Losses
	In 2013, the Company terminated its remaining inactive reinsurance contract which settled the liability and exposure to loss under that contract.  See Note 15, “Credit Risk”, for further information.  The liability for reinsurance losses was included within Other liabilities in 2012 in the Consolidated Balance Sheets.  The liability for reinsurance losses was determined based upon the incurred and incurred but not reported losses provided by the primary mortgage insurance company for loans subject to reinsurance.
Custodial Accounts	'
	Custodial Accounts
	The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.3 billion and $3.8 billion as of December 31, 2013 and 2012, respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Mortgage interest income or as a reduction of Mortgage interest expense.
Subsequent Events	'
	Subsequent Events
	Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.
Variable Interest Entities	'
	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the Consolidated Financial Statements.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2013
Earnings Per Share	'
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	'
		Year Ended December 31,
		2013		2012		2011
		(In millions, except share and per share data)
	Net income (loss) attributable to PHH Corporation	$	135	$	34	$	-127
	Weighted-average common shares outstanding — basic	57,357,339		56,815,473		56,349,478
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	230,584		188,340		—
	Conversion of debt securities	8,271,597		4,597,188		—
	Weighted-average common shares outstanding — diluted	65,859,520		61,601,001		56,349,478
	Basic earnings (loss) per share attributable to PHH Corporation	$	2.36	$	0.60	$	-2.26
	Diluted earnings (loss) per share attributable to PHH Corporation	$	2.06	$	0.56	$	-2.26
	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards	732,186		1,359,595		2,383,390
	Assumed conversion of debt securities	—		—		444,935
	(1)       Represents incremental shares from restricted stock units and stock options. For the year ended December 31, 2013, excludes 792,594 shares that are contingently issuable for which the contingency has not been met.

Restricted_Cash_Cash_Equivalen1

Restricted Cash, Cash Equivalents and Investments (Tables)	12 Months Ended
	Dec. 31, 2013
Restricted Cash, Cash Equivalents and Investments	'
Schedule of Restricted cash, cash equivalents and investment balances	'
		December 31,
		2013		2012
		(In millions)
	Restricted cash and cash equivalents	$	234	$	304
	Restricted investments, at fair value	––		121
	Total	$	234	$	425
Schedule of Restricted investments, at fair value	'
		Amortized		Fair		Unrealized		Unrealized		Weighted-
		Cost		Value		Gains		Losses		average
										remaining
										maturity
		(In millions)
	Corporate securities	$	30	$	31	$	1	$	––	25 mos.
	Agency securities (1)	39		39		––		––		21 mos.
	Government securities	51		51		––		––		19 mos.
	Total	$	120	$	121	$	1	$	––	21 mos.
	(1)    Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.

Goodwill_and_Other_Intangible_1

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2013
Goodwill and Other Intangible Assets	'
Summary of goodwill and intangible assets	'
		December 31, 2013						December 31, 2012
		Gross				Net		Gross				Net
		Carrying		Accumulated		Carrying		Carrying		Accumulated		Carrying
		Amount		Amortization		Amount		Amount		Amortization		Amount
		(In millions)
	Amortized intangible assets:
	Other Assets:
	Customer lists	$	40	$	26	$	14	$	40	$	24	$	16
	Other	13		13		––		13		13		––
	Total	$	53	$	39	$	14	$	53	$	37	$	16
	Unamortized intangible assets:
	Goodwill	$	25					$	25
	Other Assets:
	Trademarks	15						15
	Total	$	40					$	40
Schedule of amortization expense included within other depreciation and amortization relating to intangible assets	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Customer lists	$	2	$	1	$	3
	Other	––		1		––
	Total	$	2	$	2	$	3

Transfers_and_Servicing_of_Mor1

Transfers and Servicing of Mortgage Loans (Tables)	12 Months Ended
	Dec. 31, 2013
Transfers and Servicing of Mortgage Loans	'
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Balance, beginning of period	$	140,381	$	147,088	$	134,753
	Additions	22,132		31,607		37,503
	Payoffs, sales and curtailments	-33,368		-38,314		-25,168
	Balance, end of period	$	129,145	$	140,381	$	147,088
Schedule of activity in capitalized MSRs	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Balance, beginning of period	$	1,022	$	1,209	$	1,442
	Additions	244		310		500
	Changes in fair value due to:
	Realization of expected cash flows	-263		-274		-223
	Changes in market inputs or assumptions used in the valuation model	276		-223		-510
	Balance, end of period	$	1,279	$	1,022	$	1,209
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Servicing fees from capitalized portfolio	$	395	$	437	$	426
	Late fees	18		20		20
	Other ancillary servicing revenue	39		42		41
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Proceeds from new loan sales or securitizations	$	22,618	$	33,061	$	38,308
	Servicing fees from capitalized portfolio(1)	395		437		426
	Other cash flows on retained interests (2)	—		5		—
	Purchases of delinquent or foreclosed loans (3)	-56		-99		-46
	Servicing advances (4)	-1,460		-1,319		-1,678
	Repayment of servicing advances	1,361		1,270		1,616
	(1)                  Excludes late fees and other ancillary servicing revenue.
	(2)                  Represents cash flows received on retained interests other than servicing fees.
	(3)                  Excludes indemnification payments to investors and insurers of the related mortgage loans.
	(4)                  As of December 31, 2013 and 2012, outstanding servicing advance receivables of $565 million and $293 million, respectively, were included in Accounts receivable, net.

Derivatives_Tables

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2013
Derivatives	'
Summary of gross notional amount of derivatives	'
		December 31,
		2013		2012
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,378	$	4,993
	Forward delivery commitments	4,527		12,303
	Option contracts	190		1,070
	Interest rate contracts	710		614
	Convertible note-related agreements(1)	—		—
	MSR-related agreements	860		3,915
	(1)                  The notional of derivative instruments underlying the Convertible-note related agreements is 9.6881 million shares of the Company’s Common stock.  These instruments relate to the issuance of the Convertible notes due 2014.
Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting	'
		December 31, 2013
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Received
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	22	$	-13	$	-8	$	1
	MSR-related agreements	4		-4		—		—
	Derivative assets subject to netting	26		-17		-8		1
	Not subject to master netting arrangements:
	Interest rate lock commitments	23		—		—		23
	Forward delivery commitments	4		—		—		4
	Option contracts	2		—		—		2
	Interest rate contracts	2		—		—		2
	Convertible note-related agreements	16		—		—		16
	Derivative assets not subject to netting	47		—		—		47
	Total derivative assets	$	73	$	-17	$	-8	$	48
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	8	$	-13	$	5	$	—
	MSR-related agreements	—		-4		5		1
	Derivative liabilities subject to netting	8		-17		10		1
	Not subject to master netting arrangements:
	Interest rate lock commitments	1		—		—		1
	Forward delivery commitments	2		—		—		2
	Convertible note-related agreements	16		—		—		16
	Derivative liabilities not subject to netting	19		—		—		19
	Total derivative liabilities	$	27	$	-17	$	10	$	20
		December 31, 2012
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		(Received) Paid
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	10	$	-12	$	5	$	3
	MSR-related agreements	5		-4		-1		—
	Derivative assets subject to netting	15		-16		4		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	140		—		—		140
	Forward delivery commitments	5		—		—		5
	Option contracts	2		—		—		2
	Interest rate contracts	1		—		—		1
	Convertible note-related agreements	27		—		—		27
	Derivative assets not subject to netting	175		—		—		175
	Total derivative assets	$	190	$	-16	$	4	$	178
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		(Paid) Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	14	$	-12	$	-1	$	1
	MSR-related agreements	—		-4		9		5
	Derivative liabilities subject to netting	14		-16		8		6
	Not subject to master netting arrangements:
	Interest rate lock commitments	1		—		—		1
	Forward delivery commitments	5		—		—		5
	Convertible note-related agreements	27		—		—		27
	Derivative liabilities not subject to netting	33		—		—		33
	Total derivative liabilities	$	47	$	-16	$	8	$	39
Schedule of gains (losses) recorded in the Consolidated Statements of Operations	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Gain on mortgage loans, net:
	Interest rate lock commitments	$	475	$	1,461	$	1,353
	Forward delivery commitments	234		-277		-402
	Options contracts	16		-19		-25
	Net derivative gain (loss) related to mortgage servicing rights:
	MSR-related agreements	-19		-5		-3
	Fleet interest expense:
	Interest rate contracts	-1		-1		-3
	Foreign exchange contracts	—		-1		-7

Vehicle_Leasing_Activities_Tab

Vehicle Leasing Activities (Tables)	12 Months Ended
	Dec. 31, 2013
Vehicle Leasing Activities	'
Schedule of components of Net investment in fleet leases	'
		December 31,
		2013		2012
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	7,974	$	8,174
	Vehicles under closed-end operating leases	137		154
	Vehicles under operating leases	8,111		8,328
	Less: Accumulated depreciation	-4,777		-4,959
	Net investment in operating leases	3,334		3,369
	Direct Financing Leases:
	Lease payments receivable	100		91
	Less: Unearned income	-2		—
	Net investment in direct financing leases	98		91
	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	217		169
	Vehicles held for sale	10		15
	Less: Accumulated depreciation	-6		-8
	Net investment in off-lease vehicles	221		176
	Total	$	3,653	$	3,636
		December 31,
		2013		2012
	Vehicles under open-end leases	98	%	98	%
	Vehicles under closed-end leases	2	%	2	%
	Vehicles under variable-rate leases	80	%	82	%
	Vehicles under fixed-rate leases	20	%	18	%
Schedule of future minimum payments to be received	'
		Future Minimum Lease Payments
		Operating		Direct
		Leases		Financing
				Leases
		(In millions)
	2014	$	1,069	$	42
	2015	29		1
	2016	18		1
	2017	12		1
	2018	6		—
	Thereafter	9		—
	Total	$	1,143	$	45

Property_and_Equipment_Net_Tab

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2013
Property and Equipment, Net	'
Schedule of components of property and equipment, net	'
		December 31,
		2013		2012
		(In millions)
	Capitalized software	$	179	$	161
	Furniture, fixtures and equipment	81		82
	Capital leases	29		22
	Building and leasehold improvements	19		16
		308		281
	Less: Accumulated depreciation and amortization	-233		-202
	Total	$	75	$	79

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2013
Other Assets	'
Schedule of other assets	'
		December 31,
		2013		2012
		(In millions)
	Mortgage loans in foreclosure, net	$	172	$	120
	Repurchase eligible loans(1)	94		99
	Real estate owned, net	51		53
	Derivatives	48		178
	Deferred financing costs	38		49
	Equity method investments(2)	37		38
	Intangible assets	29		31
	Other	53		48
	Total	$	522	$	616
	(1)                  Repurchase eligible loans represent mortgage loans sold to the Government National Mortgage Association where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent.  Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.
	(2)                  See Note 20, “Fair Value Measurements” for a discussion of the impairment analysis for this asset.

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2013
Accounts Payable and Accrued Expenses	'
Summary of components of accounts payable and accrued expenses	'
		December 31,
		2013		2012
		(In millions)
	Subservicing advance liabilities(1)	$	302	24
	Accounts payable	284		331
	Repurchase eligible loans	94		99
	Accrued payroll and benefits	79		80
	Accrued interest	29		32
	Other	15		20
	Total	$	803	$	586
	(1)              Amounts were reclassified from prior presentation in Other liabilities.

Other_Liabilities_Tables

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2013
Other Liabilities	'
Schedule of other liabilities	'
		December 31,
		2013		2012
		(In millions)
	Loan repurchase and indemnification liability	$	100	$	140
	Derivatives	20		39
	Lease syndication liability	11		16
	Pension and other post employment benefits liability	7		15
	Capital lease obligation	7		12
	Liability for reinsurance losses(1)	—		33
	Other	20		24
	Total	$	165	$	279
	(1)              Decrease in balance relates to the termination of the remaining inactive reinsurance contract.  See Note 15, “Credit Risk” for further discussion.

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2013
Debt and Borrowing Arrangements	'
Summary of the components of Debt	'
		December 31, 2013				December 31, 2012
				Wt. Avg-					Wt. Avg-
				Interest					Interest
		Balance		Rate(1)		Balance			Rate(1)
		(In millions)
	Term notes, in amortization	$	1,406	1.00%		$	424		2.20%
	Term notes, in revolving period	700		0.70%		1,593			1.00%
	Variable-funding notes	1,358		1.40%		1,415			1.60%
	Other	17		5.00%		25			5.10%
	Vehicle Management Asset-Backed Debt	3,481				3,457
	Secured Canadian credit facility	—		—%		—			—%
	Committed warehouse facilities	709		2.10%		1,875			2.00%
	Uncommitted warehouse facilities	—		—%		—			—%
	Servicing advance facility	66		2.70%		66			2.70%
	Mortgage Asset-Backed Debt	775				1,941
	Term notes	795		7.30%		732			8.50%
	Convertible notes(2)	454		5.00%		424			5.00%
	Unsecured credit facilities	—		—%		—			—%
	Unsecured Debt	1,249				1,156
	Total	$	5,505			$	6,554
	(1)              Represents the weighted-average stated interest rate of outstanding debt as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts and issuance costs.  Facilities are variable-rate, except for the Unsecured Term notes and Convertible notes which are fixed-rate.
	(2)              Balance is net of unamortized discounts of $46 million and $76 million as of December 31, 2013 and 2012, respectively.  The effective interest rate of the Convertible notes is 13.1%, which includes the accretion of the discount and issuance costs.
Schedule of assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company's general obligations	'
		Vehicle		Mortgage
		Asset-Backed		Asset-Backed
		Debt		Debt
		(In millions)
	Restricted cash and cash equivalents	$	203	$	6
	Accounts receivable	45		83
	Mortgage loans held for sale (unpaid principal balance)	—		740
	Net investment in fleet leases	3,603		—
	Total	$	3,851	$	829
Schedule of contractual debt maturities	'
		Vehicle		Mortgage
		Asset-Backed		Asset-Backed			Unsecured
		Debt(1)		Debt			Debt(2)			Total
		(In millions)
	Within one year	$	1,023	$	775		$	250		$	2,048
	Between one and two years	1,076		—			—			1,076
	Between two and three years	790		—			170			960
	Between three and four years	441		—			250			691
	Between four and five years	141		—			—			141
	Thereafter	10		—			625			635
		$	3,481	$	775		$	1,295		$	5,551
	(1)              Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.
	(2)              Maturities of convertible notes have been reflected based on the contractual maturity date.  Under certain circumstances prior to the contractual maturity date, the convertible notes may be converted. If this happens, the principal portion of the notes would be due in cash and the conversion premium, if any, may be settled in cash.
Schedule of available capacity under committed borrowing arrangements	'
							Maximum
		Maximum		Utilized			Available
		Capacity		Capacity			Capacity
		(In millions)
	Vehicle Management Asset-Backed Debt:
	Term notes, in revolving period	$	700	$	700		$	—
	Variable-funding notes	2,069		1,358			711
	Secured Canadian credit facility	118		—			118
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities	2,289		709			1,580
	Unsecured credit facilities(1)	305		—			305
	(1)              Capacity amount shown reflects the contractual maximum capacity of the facility.  As of December 31, 2013, the available capacity of this facility is $79 million, after applying the borrowing base coverage ratio test.

Pension_and_Other_Post_Employm1

Pension and Other Post Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2013
Pension and Other Post Employment Benefits	'
Schedule of benefit obligations, plan assets and funded status of the plans	'
		Pension Benefits				Other Post Employment
						Benefits
		2013		2012		2013		2012
		(In millions)
	Benefit obligation	$	44	$	48	$	2	$	1
	Fair value of plan assets	39		34		—		—
	Unfunded status	-5		-14		-2		-1
	Unfunded pension liability recorded in Accumulated other comprehensive income (loss):
	Net loss	10		19		—		—
	Net amount recognized	$	5	$	5	$	-2	$	-1

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2013
Income Taxes	'
Summary of income tax expense (benefit)	'
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Current:
	Federal	$	—		$	—		$	—
	State	5			11			-1
	Foreign	8			5			10
	Income tax contingencies:
	Change in income tax contingencies	—			1			-6
	Interest and penalties	—			—			-1
	Total current income tax expense	13			17			2
	Deferred:
	Federal	63			-4			-90
	State	2			-20			-9
	Foreign	-1			1			-3
	Total deferred income tax expense (benefit)	64			-23			-102
	Income tax expense (benefit)	$	77		$	-6		$	-100
Summary of income (loss) before income taxes	'
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Domestic operations	$	217		$	61		$	-220
	Foreign operations	24			26			18
	Income (loss) before income taxes	$	241		$	87		$	-202
Summary of components of deferred tax assets and liabilities	'
		December 31,
		2013			2012
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	72		$	98
	Federal loss carryforwards and credits	415			376
	State loss carryforwards and credits	46			49
	Alternative minimum tax credit carryforward	22			22
	Other	2			4
	Gross deferred tax assets	557			549
	Valuation allowance	-26			-30
	Deferred tax assets, net of valuation allowance	531			519
	Deferred tax liabilities:
	Originated mortgage servicing rights	311			231
	Purchased mortgage servicing rights	107			99
	Depreciation and amortization	798			811
	Deferred tax liabilities	1,216			1,141
	Net deferred tax liability	$	685		$	622
Schedule of reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate	'
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Income (loss) before income taxes	$	241		$	87		$	-202
	Statutory federal income tax rate	-35		%	-35		%	-35		%
	Income taxes computed at statutory federal rate	$	84		$	30		$	-71
	State and local income taxes, net of federal tax benefits	9			3			-12
	Liabilities for income tax contingencies	—			1			-7
	Changes in rate and apportionment factors	-6			-10			-5
	Changes in valuation allowance	2			-2			6
	Noncontrolling interest	-11			-22			-10
	Other	-1			-6			-1
	Income tax expense (benefit)	$	77		$	-6		$	-100
	Effective tax rate	31.8		%	-7		%	-49.7		%
Summary of activity in the liability for unrecognized income tax benefits	'
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Balance, beginning of period	$	4		$	3		$	9
	Activity related to tax positions taken during the current year	—			1			2
	Activity related to tax positions taken during prior years	—			—			-8
	Balance, end of period	$	4		$	4		$	3

Credit_Risk_Tables

Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2013
Credit Risk	'
Summary of accounts receivable, net	'
		December 31,
		2013			2012
		(In millions)
	Mortgage servicing advances	$	565		$	293
	Fleet management trade receivables	345			426
	Other	77			82
	Accounts receivable, gross	987			801
	Allowance for doubtful accounts	-6			-4
	Accounts receivable, net	$	981		$	797
Schedule of information regarding the total loan servicing portfolio	'
		December 31,
		2013				2012
		(In millions)
	Loan Servicing Portfolio Composition
	Owned	$	130,494			$	142,930
	Subserviced(2)	96,343				40,800
	Total	$	226,837			$	183,730
	Conventional loans	$	191,916			$	149,432
	Government loans	29,200				29,842
	Home equity lines of credit	5,721				4,456
	Total	$	226,837			$	183,730
	Weighted-average interest rate	4.0		%		4.3		%
Schedule of portfolio delinquency	'
		December 31,
		2013						2012
		Number of			Unpaid			Number of		Unpaid
		Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days	2.43	%		1.82	%		2.45	%	1.93	%
	60 days	0.83	%		0.62	%		0.64	%	0.52	%
	90 or more days	1.08	%		0.90	%		0.80	%	0.70	%
	Total(2)	4.34	%		3.34	%		3.89	%	3.15	%
	Foreclosure/real estate owned(3)	2.46	%		2.36	%		2.05	%	1.92	%
	(1)       Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
	(2)       The total servicing portfolio increased during 2013 due to the assumption of a new subservicing portfolio.  Excluding the subservicing portfolio assumed during 2013, the Company’s total portfolio delinquency and foreclosure/real estate owned based on the number of loans were 3.90% and 1.89%, respectively, and based on the unpaid principal balance were 2.86% and 1.64%, respectively.
	(3)       As of December 31, 2013 and 2012, the total servicing portfolio included 24,892 and 17,329 of loans in foreclosure with an unpaid principal balance of $4.7 billion and $3.0 billion, respectively. Excluding the subservicing portfolio assumed during 2013, the Company’s total servicing portfolio included 14,650 of loans in foreclosure with an unpaid principal balance of $2.6 billion.
Summary of the activity in repurchase and foreclosure-related reserves	'
		Year Ended
		December 31,
		2013			2012
		(In millions)
	Balance, beginning of period	$	191		$	127
	Realized losses	-73			-136
	Increase in reserves due to:
	Changes in assumptions	7			182
	New loan sales	17			18
	Balance, end of period	$	142		$	191
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned	'
		December 31,
		2013			2012
		(In millions)
	Mortgage loans in foreclosure(1)	$	192		$	148
	Allowance for probable foreclosure losses	-20			-28
	Mortgage loans in foreclosure, net	$	172		$	120
	Real estate owned	$	73		$	76
	Adjustment to value for real estate owned	-22			-23
	Real estate owned, net	$	51		$	53
	(1)                   Includes $118 million and $65 million of recoverable advances as of December 31, 2013 and 2012, respectively.
Schedule of the activity in the liability for reinsurance losses	'
		Year Ended
		December 31,
		2013			2012
		(In millions)
	Balance, beginning of period	$	33		$	84
	Realized losses(1)	-35			-65
	Increase in liability for reinsurance losses	2			14
	Balance, end of period	$	—		$	33
	(1)              Realized losses for the year ended December 31, 2013 and 2012 includes $28 million and $21 million, respectively, related to the release of reserves associated with the termination of inactive reinsurance agreements.
Summary of status of direct financing leases	'
		December 31,
		2013			2012
		(In millions)
	Current amount	$	87		$	73
	30-59 days	11			12
	60-89 days	—			1
	Greater than 90 days(1)	—			5
	Direct financing lease receivables, gross(2)	98			91
	Allowance for credit losses	—			—
	Direct financing lease receivables, net	$	98		$	91
	(1)       As of December 31, 2013, the amount of leases that were still accruing interest was not significant.  As of December 31, 2012, there were $5 million of leases that were still accruing interest.
	(2)       There were no direct financing leases on non-accrual status as of December 31, 2013 and 2012, respectively.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2013
Commitments and Contingencies	'
Summary of the Company's Commitments	'
		Future Minimum		Future Minimum
		Operating Lease		Capital Lease		Purchase
		Payments		Payments		Commitments
		(In millions)
	2014	$	21	$	6	$	124
	2015	21		1		5
	2016	20		—		2
	2017	17		—		—
	2018	16		—		—
	Thereafter	63		—		—
	Total	$	158	$	7	$	131

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2013
Accumulated Other Comprehensive Income	'
Schedule of after-tax components of Accumulated other comprehensive income (loss)	'
		December 31,
		2013		2012
		(In millions)
	Currency translation adjustment	$	22	$	36
	Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	—		1
	Pension adjustment, net of income tax benefit of $(4) and $(8)	-6		-11
	Total	$	16	$	26

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2013
Stock-Based Compensation	'
Summary of stock-based compensation expense	'
		Year Ended December 31,
		2013			2012			2011
		(In millions)
	Stock-based compensation expense	$	9		$	6		$	7
	Income tax benefit related to stock-based compensation expense	-4			-2			-3
	Stock-based compensation expense, net of income taxes	$	5		$	4		$	4
Summary of stock option activity	'
							Weighted-
							Average
				Weighted-			Remaining		Aggregate
				Average			Contractual		Intrinsic
		Number of		Exercise			Term		Value
		Options		Price			(In years)		(In millions)
	Outstanding at January 1, 2013	1,818,738		$	18.15
	Granted	351,829		21.94
	Exercised	-147,466		18.75
	Forfeited or expired	-88,700		20.19
	Outstanding at December 31, 2013	1,934,401		$	18.7		7.4		$	11
	Exercisable at December 31, 2013	555,260		$	19.61		4.5		$	3
	Stock options vested and expected to vest	1,894,986		$	18.65		7.4		$	11
Schedule of assumptions used for estimating weighted-average grant-date fair value of stock options using the Black-Scholes option valuation model	'
		Year Ended December 31,
		2013			2012			2011
	Expected life (in years)	6.5			6.5			5.9
	Risk-free interest rate	1.14	%		1.10	%		1.40	%
	Expected volatility	52.3	%		51.7	%		51.3	%
	Dividend yield	—			—			—
Summary of restricted stock unit activity	'
					Weighted-
					Average
					Grant-
		Number of			Date Fair
		RSUs(1)			Value
	Performance-Based & Market-Based RSUs
	Outstanding at January 1, 2013	556,813			$	7.63
	Granted	299,186			14.67
	Forfeited	(63,405	)		15.33
	Outstanding at December 31, 2013	792,594			$	9.67
	RSUs expected to be converted into shares of Common stock	772,456			$	9.65
	Service-Based RSUs
	Outstanding at January 1, 2013	432,031			$	17.06
	Granted(2)	410,009			23.18
	Converted	(205,934	)		16.91
	Forfeited	(12,991	)		16.12
	Outstanding at December 31, 2013	623,115			$	21.16
	RSUs expected to be converted into shares of Common stock	623,115			$	21.16
	(1)              The performance criteria impact the number of awards that may vest.  The number of RSUs related to these performance-based awards represents the expected number to be earned.
	(2)              Includes 62,757 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
Schedule of assumptions used for estimating weighted-average grant-date fair value of market-based RSUs using a Monte Carlo simulation valuation model	'
		Year Ended December 31,
		2013				2012
	Grant date stock price	$	22.28			$	17.09
	Risk-free interest rate	0.42		%		0.40		%
	Expected volatility	38.6		%		42.8		%
	Dividend yield	—				—

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2013
Fair Value Measurements	'
Schedule of difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity	'
		December 31, 2013						December 31, 2012
		Total			Loans 90 days or			Total			Loans 90 days or
					more past due and						more past due and
					on non-accrual						on non-accrual
					status						status
		(In millions)
	Mortgage loans held for sale:
	Carrying amount	$	834		$	12		$	2,174		$	17
	Aggregate unpaid principal balance	837			17			2,126			25
	Difference	$	-3		$	-5		$	48		$	-8
Schedule of components of Mortgage loans held for sale	'
		December 31,
		2013				2012
		(In millions)
	First mortgages:
	Conforming	$	737			$	1,966
	Non-conforming	48				143
	Total first mortgages	785				2,109
	Second lien	5				8
	Scratch and Dent	44				56
	Other	—				1
	Total	$	834			$	2,174
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	'
		Year Ended
		December 31,
		2013			2012
	Initial capitalization rate of additions to MSRs	1.1	%		0.98	%
		December 31,
		2013			2012
	Capitalization servicing rate	0.99	%		0.73	%
	Capitalization servicing multiple	3.4			2.4
	Weighted-average servicing fee (in basis points)	29			30
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)	'
		December 31,
		2013			2012
	Weighted-average prepayment speed (CPR)	9	%		16.8	%
	Option adjusted spread, in basis points	1,056			1,013
	Weighted-average delinquency rate	5.8	%		6.8	%
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	'
		December 31, 2013
		Weighted-								Weighted-
		Average				Option				Average
		Prepayment				Adjusted				Delinquency
		Speed				Spread				Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	(49	)		$	(67	)		$	(25	)
	Impact on fair value of 20% adverse change	(96		)		(127		)		(49		)
Schedule of assets and liabilities measured at fair value on a recurring basis	'
		December 31, 2013
											Cash
		Level			Level			Level			Collateral
		One			Two			Three			and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—		$	785		$	49		$	—	$	834
	Mortgage servicing rights	—			—			1,279			—		1,279
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—			23			—		23
	Forward delivery commitments	—			26			—			-21		5
	Option contracts	—			2			—			—		2
	MSR-related agreements	—			4			—			-4		—
	Interest rate contracts	—			2			—			—		2
	Convertible note-related agreements	—			—			16			—		16
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Interest rate lock commitments	$	—		$	—		$	1		$	—	$	1
	Forward delivery commitments	—			10			—			-8		2
	MSR-related agreements	—			—			—			1		1
	Convertible note-related agreements	—			—			16			—		16
		December 31, 2012
											Cash
		Level			Level			Level			Collateral
		One			Two			Three			and Netting		Total
		(In millions)
	ASSETS
	Restricted investments	$	—		$	121		$	—		$	—	$	121
	Mortgage loans held for sale	—			2,110			64			—		2,174
	Mortgage servicing rights	—			—			1,022			—		1,022
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—			140			—		140
	Forward delivery commitments	—			15			—			-7		8
	Option contracts	—			2			—			—		2
	MSR-related agreements	—			5			—			-5		—
	Interest rate contracts	—			1			—			—		1
	Convertible note-related agreements	—			—			27			—		27
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Interest rate lock commitments	$	—		$	—		$	1		$	—	$	1
	Forward delivery commitments	—			19			—			-13		6
	MSR-related agreements	—			—			—			5		5
	Convertible note-related agreements	—			—			27			—		27
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	'
		Year Ended December 31, 2013
								Interest
		Mortgage			Mortgage			rate lock
		loans held			servicing			commitments,
		for sale			rights			net
		(In millions)
	Balance, beginning of period	$	64		$	1,022		$	139
	Realized and unrealized gains (losses)	-10			13			475
	Purchases	73			—			—
	Issuances	2			244			—
	Settlements	-85			—			-592
	Transfers into Level Three	46			—			—
	Transfers out of Level Three	-41			—			—
	Balance, end of period	$	49		$	1,279		$	22
		Year Ended December 31, 2012
															Mortgage
								Interest							loan
		Mortgage			Mortgage			rate lock					Securitized		securitization
		loans held			servicing			commitments,			Investment		mortgage		debt
		for sale			rights			net			securities		loans(1)		certificates(1)
		(In millions)
	Balance, beginning of period	$	17		$	1,209		$	184		$	—	$	28	$	21
	Realized and unrealized gains (losses)	-10			-497			1,461			-2		—		—
	Purchases	36			—			—			—		—		—
	Issuances	8			310			—			—		—		—
	Settlements	-40			—			-1,506			-5		—		—
	Transfers into Level Three	67			—			—			—		—		—
	Transfers out of Level Three	-14			—			—			—		—		—
	Deconsolidation of entity	—			—			—			7		-28		-21
	Balance, end of period	$	64		$	1,022		$	139		$	—	$	—	$	—
	(1)        Represents loans securitized and the related senior securitization debt certificates payable to third-parties through a securitization trust that was consolidated as a variable interest entity. In 2012, the Company sold its investment in the subordinated debt and residual interests of the trust and the entity was deconsolidated.
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Year Ended
		December 31,
		2013			2012
		(In millions)
	Gain on mortgage loans, net:
	Mortgage loans held for sale	$	-15		$	-13
	Interest rate lock commitments	475			1,461
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	13			-497
	Mortgage interest income:
	Mortgage loans held for sale	5			3
	Other income:
	Investment securities	—			-2
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Year Ended December 31,
		2013			2012
		(In millions)
	Gain on mortgage loans, net	$	16		$	124
	Change in fair value of mortgage servicing rights	276			-223

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2013
Variable Interest Entities	'
Schedule of significant variable interest entities included in the Consolidated Balance Sheets	'
		December 31, 2013
				Chesapeake		FLRT and
		PHH Home		and D.L.		PHH Lease
		Loans		Peterson Trust		Receivables LP
	ASSETS	(In millions)
	Cash	$	91	$	5	$	—
	Restricted cash(1)	3		157		46
	Mortgage loans held for sale	308		—		—
	Accounts receivable, net	7		46		—
	Net investment in fleet leases	—		2,982		599
	Property and equipment, net	2		—		—
	Other assets	7		12		6
	Total assets	$	418	$	3,202	$	651
	Assets held as collateral(2)	$	300	$	3,185	$	645
	LIABILITIES
	Accounts payable and accrued expenses	$	15	$	2	$	5
	Debt	280		2,866		598
	Other liabilities	11		—		—
	Total liabilities(3)	$	306	$	2,868	$	603
		December 31, 2012
				Chesapeake		FLRT and
		PHH Home		and D.L.		PHH Lease
		Loans		Peterson Trust		Receivables LP
		(In millions)
	ASSETS
	Cash	$	59	$	2	$	—
	Restricted cash(1)	4		186		59
	Mortgage loans held for sale	716		—		—
	Accounts receivable, net	17		73		—
	Net investment in fleet leases	—		2,856		675
	Property and equipment, net	2		—		—
	Other assets	20		12		7
	Total assets	$	818	$	3,129	$	741
	Assets held as collateral(2)	$	691	$	3,114	$	731
	LIABILITIES
	Accounts payable and accrued expenses	$	25	$	2	$	8
	Debt	629		2,771		662
	Other liabilities	13		—		—
	Total liabilities(3)	$	667	$	2,773	$	670
	(1)         Represents amounts specifically designated to purchase assets, repay debt and/or provide over-collateralization related to vehicle management asset-backed debt arrangements.
	(2)         Represents amounts not available to pay the Company’s general obligations. See Note 12, “Debt and Borrowing Arrangements” for further information.
	(3)         Excludes intercompany payables.
Schedule of financial position and results of operations	'
		Net income (loss)(1)
		2013		2012		2011
		(In millions)
	PHH Home Loans	$	43	$	111	$	46
	Chesapeake and D.L. Peterson Trust	64		58		53
	FLRT and PHH Lease Receivables LP	12		11		7
	Mortgage Securitization Trust (2)	—		—		-3
		PHH Corporation				Intercompany
		Investment(3)				receivable (payable)(3)
		2013		2012		2013		2012
		(In millions)
	PHH Home Loans	$	57	$	57	$	15	$	22
	Chesapeake and D.L. Peterson Trust	613		766		-273		-238
	FLRT and PHH Lease Receivables LP	23		107		-9		-36
	(1)   Includes adjustments for the elimination of intercompany transactions.
	(2)   In 2012, the Company sold its investment in the subordinated debt and residual interest of a Mortgage loan securitization trust that had been consolidated as a variable interest entity.
	(3)   Amounts are eliminated in the Consolidated Balance Sheets.

Segment_Information_Tables

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2013
Segment Information	'
Schedule of segment results	'
		Total Assets
		2013		2012
		(In millions)
	Mortgage Production segment	$	1,127	$	2,587
	Mortgage Servicing segment	2,244		1,791
	Fleet Management Services segment	4,453		4,502
	Other	1,024		723
	Total	$	8,848	$	9,603
		Net Revenues						Segment Profit (Loss)(3)
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment(1)	$	821	$	1,234	$	914	$	22	$	416	$	258
	Mortgage Servicing segment	381		-106		-343		157		-462		-557
	Fleet Management Services segment	1,642		1,617		1,646		88		87		75
	Other(2)	-2		-2		-3		-55		-13		-3
	Total	$	2,842	$	2,743	$	2,214	$	212	$	28	$	-227
	(1)              For the year ended December 31, 2011, Net revenues and segment profit for the Mortgage Production segment includes a $68 million gain on the 50.1% sale of the equity interests in the Company’s appraisal services business.
	(2)              For the years ended December 31, 2013 and 2012, Other primarily represents the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments.
	(3)              The following is a reconciliation of Income (loss) before income taxes to segment profit (loss):
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Income (loss) before income taxes	$	241	$	87	$	-202
	Less: net income attributable to noncontrolling interest	29		59		25
	Segment profit (loss)	$	212	$	28	$	-227
		Interest Income						Interest Expense
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment	$	63	$	84	$	101	$	127	$	150	$	125
	Mortgage Servicing segment	9		9		15		58		62		76
	Fleet Management Services segment	3		3		3		60		70		82
	Other	-2		-2		-2		-2		-2		-2
	Total	$	73	$	94	$	117	$	243	$	280	$	281
		Depreciation on Operating Leases						Other Depreciation and Amortization
		2013		2012		2011		2013		2012		2011
		(In millions)
	Mortgage Production segment	$	—	$	—	$	—	$	13	$	7	$	9
	Mortgage Servicing segment	—		—		—		1		—		1
	Fleet Management Services segment	1,211		1,212		1,223		10		10		11
	Other	—		—		—		9		8		4
	Total	$	1,211	$	1,212	$	1,223	$	33	$	25	$	25
Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss)	'
		Year Ended December 31,
		2013		2012		2011
		(In millions)
	Income (loss) before income taxes	$	241	$	87	$	-202
	Less: net income attributable to noncontrolling interest	29		59		25
	Segment profit (loss)	$	212	$	28	$	-227
Schedule of amounts of total assets and net revenues attributable to domestic and foreign operations	'
		Total Assets				Net Revenues
		2013		2012		2013		2012		2011
		(In millions)
	Domestic	$	3,555	$	3,534	$	1,323	$	1,295	$	1,352
	Foreign (Canada)	898		968		319		322		294
	Fleet Management Services Segment	$	4,453	$	4,502	$	1,642	$	1,617	$	1,646

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data-(unaudited) (Tables)	12 Months Ended
	Dec. 31, 2013
Selected Quarterly Financial Data-(unaudited)	'
Summary of selected unaudited quarterly financial data	'
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2013		2013		2013		2013
		(In millions, except per share data)
	Net revenues	$	730	$	822	$	615	$	675
	Income (loss) before income taxes	96		158		-74		61
	Net income (loss)	64		102		-46		44
	Net income (loss) attributable to PHH Corporation	52		90		-52		45
	Basic earnings (loss) per share attributable to PHH Corporation	$	0.9	$	1.58	$	-0.9	$	0.78
	Diluted earnings (loss) per share attributable to PHH Corporation	0.79		1.4		-0.9		0.67
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2012		2012		2012		2012
		(In millions, except per share data)
	Net revenues	$	777	$	559	$	624	$	783
	Income (loss) before income taxes	124		-80		-56		99
	Net income (loss)	85		-42		-23		73
	Net income (loss) attributable to PHH Corporation	75		-57		-42		58
	Basic earnings (loss) per share attributable to PHH Corporation	$	1.32	$	-1	$	-0.74	$	1.01
	Diluted earnings (loss) per share attributable to PHH Corporation	1.3		-1		-0.74		0.89

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details) (USD $)	0 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2011	Dec. 31, 2013	Dec. 31, 2011
Summary of Significant Accounting Policies	'	'	'
Percentage of equity interest sold in STARS	50.10%	'	50.10%
Sale price of STARS equity interest	$35	'	'
Gain on sale of STARS	'	'	$68
Retained equity interest in STARS (as a percent)	49.90%	'	'
Days past due for loans to be placed on non-accrual status	'	'90 days	'
Fleet Management and Leasing	'	'	'
Minimum lease term under open-end lease agreements	'	'12 months	'
Minimum	'	'	'
Depreciable term	'	'	'
Leased vehicles, depreciable term	'	'3 years	'
Maximum	'	'	'
Depreciable term	'	'	'
Leased vehicles, depreciable term	'	'6 years	'

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details 2)	12 Months Ended
	Dec. 31, 2013
Buildings	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'30 years
Capitalized software | Minimum	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'3 years
Capitalized software | Maximum	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'5 years
Leasehold improvements	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'20 years
Capital leases	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'5 years
Furniture, fixtures and equipment | Minimum	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'3 years
Furniture, fixtures and equipment | Maximum	'
PROPERTY, PLANT AND EQUIPMENT	'
Estimated useful life	'7 years

Summary_of_Significant_Account4

Summary of Significant Accounting Policies (Details 3) (Customer lists, USD $)	12 Months Ended
In Billions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Customer lists	'	'
GOODWILL AND OTHER INTANGIBLE ASSETS	'	'
Estimated Useful life	'20 years	'
Custodial Accounts	'	'
Customer escrow funds and custodial funds due to investors	$3.30	$3.80

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Earnings Per Share	'	'	'	'	'	'	'	'	'	'	'
Net income (loss) attributable to PHH Corporation (in dollars)	$45	($52)	$90	$52	$58	($42)	($57)	$75	$135	$34	($127)
Weighted-average common shares outstanding - basic (in shares)	'	'	'	'	'	'	'	'	57,357,339	56,815,473	56,349,478
Effect of potentially dilutive securities:	'	'	'	'	'	'	'	'	'	'	'
Share-based payment arrangements (in shares)	'	'	'	'	'	'	'	'	230,584	188,340	'
Conversion of debt securities (in shares)	'	'	'	'	'	'	'	'	8,271,597	4,597,188	'
Weighted-average common shares outstanding - diluted (in shares)	'	'	'	'	'	'	'	'	65,859,520	61,601,001	56,349,478
Basic earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$0.78	($0.90)	$1.58	$0.90	$1.01	($0.74)	($1)	$1.32	$2.36	$0.60	($2.26)
Diluted earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$0.67	($0.90)	$1.40	$0.79	$0.89	($0.74)	($1)	$1.30	$2.06	$0.56	($2.26)
Contingently issuable shares	'	'	'	'	'	'	'	'	'	'	'
Contingently issuable shares for which the contingency has not been met	792,594	'	'	'	'	'	'	'	792,594	'	'
Outstanding stock-based compensation awards	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive securities	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	'	'	'	'	'	'	'	'	732,186	1,359,595	2,383,390
Debt securities	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive securities	'	'	'	'	'	'	'	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	'	'	'	'	'	'	'	'	'	'	444,935

Restricted_Cash_Cash_Equivalen2

Restricted Cash, Cash Equivalents and Investments (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Restricted Cash, Cash Equivalents and Investments	'	'	'
Restricted cash and cash equivalents	$234	$304	'
Restricted investments, at fair value	0	121	'
Restricted cash, cash equivalents and investments	234	425	'
Available-for-sale securities, restricted	'	'	'
Realized gains from sale of available-for-sale securities	1	1	1
Realized losses from sale of available-for-sale securities	1	'	'
Restricted investments	'	'	'
Available-for-sale securities, restricted	'	'	'
Amortized Cost	'	120	'
Fair Value	'	121	'
Unrealized Gains	'	1	'
Weighted-average remaining maturity	'	'21 months	'
Corporate securities | Restricted investments	'	'	'
Available-for-sale securities, restricted	'	'	'
Amortized Cost	'	30	'
Fair Value	'	31	'
Unrealized Gains	'	1	'
Weighted-average remaining maturity	'	'25 months	'
Agency securities | Restricted investments	'	'	'
Available-for-sale securities, restricted	'	'	'
Amortized Cost	'	39	'
Fair Value	'	39	'
Weighted-average remaining maturity	'	'21 months	'
Government securities | Restricted investments	'	'	'
Available-for-sale securities, restricted	'	'	'
Amortized Cost	'	51	'
Fair Value	'	$51	'
Weighted-average remaining maturity	'	'19 months	'

Goodwill_and_Other_Intangible_2

Goodwill and Other Intangible Assets (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Other Assets:	'	'	'
Gross Carrying Amount	$53	$53	'
Accumulated Amortization	39	37	'
Net Carrying Amount	14	16	'
Amortization expense	2	2	3
Estimated future amortization expense for each of the next five fiscal years	'	'	'
Year one	2	'	'
Year two	2	'	'
Year three	2	'	'
Year four	2	'	'
Year five	2	'	'
Unamortized intangible assets:	'	'	'
Goodwill	25	25	'
Other Assets:	'	'	'
Trademarks	15	15	'
Total	40	40	'
Customer lists	'	'	'
Other Assets:	'	'	'
Gross Carrying Amount	40	40	'
Accumulated Amortization	26	24	'
Net Carrying Amount	14	16	'
Amortization expense	2	1	3
Other	'	'	'
Other Assets:	'	'	'
Gross Carrying Amount	13	13	'
Accumulated Amortization	13	13	'
Amortization expense	'	$1	'

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Transfers and Servicing of Mortgage Loans	'	'	'
Percentage of mortgage loans sold to GSEs	80.00%	'	'
Percentage of mortgage loans sold to private investors	20.00%	'	'
Percentage of mortgage loans sold on which mortgage servicing rights were retained	81.00%	'	'
Sale of Mortgage servicing rights	$0	'	'
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	171	'	'
Servicing portfolio	226,837	'	182,400
Activity in the loan servicing portfolio associated with capitalized servicing rights	'	'	'
Balance, beginning of period	183,730	'	'
Balance, end of period	226,837	'	182,400
Capitalized servicing rights	'	'	'
Transfers and Servicing of Mortgage Loans	'	'	'
Servicing portfolio	129,145	140,381	147,088
Activity in the loan servicing portfolio associated with capitalized servicing rights	'	'	'
Balance, beginning of period	140,381	147,088	134,753
Additions	22,132	31,607	37,503
Payoffs, sales and curtailments	-33,368	-38,314	-25,168
Balance, end of period	$129,145	$140,381	$147,088

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Activity in capitalized MSRs	'	'	'
Balance, beginning of period	$1,022	$1,209	$1,442
Additions	244	310	500
Changes in fair value due to:	'	'	'
Realization of expected cash flows	-263	-274	-223
Changes in market inputs or assumptions used in the valuation model	276	-223	-510
Balance, end of period	1,279	1,022	1,209
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:	'	'	'
Servicing fees from capitalized portfolio	395	437	426
Late fees	18	20	20
Other ancillary servicing revenue	39	42	41
Weighted average life of MSRs	'6 years 6 months	'4 years 3 months 18 days	'
Percentage of MSRs associated with loan servicing portfolio restricted from sale without prior approval from private-label clients or investors	51.00%	56.00%	'
Cash flows relating to loan sales in which the Company has continuing involvement	'	'	'
Proceeds from new loan sales or securitizations	22,618	33,061	38,308
Servicing fees from capitalized portfolio	395	437	426
Other cash flows on retained interests	'	5	'
Purchases of delinquent or foreclosed loans	-56	-99	-46
Servicing advances	-1,460	-1,319	-1,678
Repayment of servicing advances	1,361	1,270	1,616
Advance receivables	'	'	'
Accounts receivable, gross	987	801	'
Realized Gain Loss on Sale	'	'	'
Pre-tax gains related to sale or securitization of residential mortgage loans	720	920	605
Mortgage servicing advances	'	'	'
Advance receivables	'	'	'
Accounts receivable, gross	$565	$293	'

Derivatives_Details

Derivatives (Details) (USD $)

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

In Millions, except Share data, unless otherwise specified

2014 Convertible notes

Interest rate lock commitments

Interest rate lock commitments

Purchased options and sold warrants

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Not designated as hedging instruments

Minimum

Maximum

2014 Convertible notes

Common stock

Interest rate lock commitments

Interest rate lock commitments

Forward delivery commitments

Forward delivery commitments

Option contracts

Option contracts

Interest rate contracts

Interest rate contracts

MSR-related agreements

MSR-related agreements

2014 Convertible notes

Derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan commitment period

'

'30 days

'90 days

'

'

'

'

'

'

'

'

'

'

'

'

Conversion price of shares (in dollars per share)

$25.80

'

'

$34.74

'

'

'

'

'

'

'

'

'

'

'

Notional amount of derivatives

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional

'

'

'

'

'

$1,378

$4,993

$4,527

$12,303

$190

$1,070

$710

$614

$860

$3,915

Notional amount (in shares)

'

'

'

'

9,688,100

'

'

'

'

'

'

'

'

'

'

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
ASSETS	'	'
Net Amount, asset	$48	$178
LIABILITIES	'	'
Net Amount, liability	20	39
Not designated as hedging instruments	'	'
Derivatives	'	'
Cash collateral posted for derivative agreements that did not qualify for net presentation	0	1
ASSETS	'	'
Gross Assets, Total	73	190
Offsetting Payables	-17	-16
Cash Collateral (Received) Paid	-8	4
Net Amount, asset	48	178
LIABILITIES	'	'
Gross Liabilities, Total	27	47
Offsetting Receivables	-17	-16
Cash Collateral (Paid) Received	10	8
Net Amount, liability	20	39
Not designated as hedging instruments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	26	15
Offsetting Payables	-17	-16
Cash Collateral (Received) Paid	-8	4
Net Amount, asset	1	3
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	8	14
Offsetting Receivables	-17	-16
Cash Collateral (Paid) Received	10	8
Net Amount, liability	1	6
Not designated as hedging instruments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	47	175
Net Amount, asset	47	175
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	19	33
Net Amount, liability	19	33
Not designated as hedging instruments | Forward delivery commitments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	22	10
Offsetting Payables	-13	-12
Cash Collateral (Received) Paid	-8	5
Net Amount, asset	1	3
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	8	14
Offsetting Receivables	-13	-12
Cash Collateral (Paid) Received	5	-1
Net Amount, liability	'	1
Not designated as hedging instruments | Forward delivery commitments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	4	5
Net Amount, asset	4	5
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	2	5
Net Amount, liability	2	5
Not designated as hedging instruments | MSR-related agreements | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	4	5
Offsetting Payables	-4	-4
Cash Collateral (Received) Paid	'	-1
LIABILITIES	'	'
Offsetting Receivables	-4	-4
Cash Collateral (Paid) Received	5	9
Net Amount, liability	1	5
Not designated as hedging instruments | Interest rate lock commitments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	23	140
Net Amount, asset	23	140
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	1	1
Net Amount, liability	1	1
Not designated as hedging instruments | Option contracts | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	2	2
Net Amount, asset	2	2
Not designated as hedging instruments | Interest rate contracts | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	2	1
Net Amount, asset	2	1
Not designated as hedging instruments | Convertible note-related agreements | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	16	27
Net Amount, asset	16	27
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	16	27
Net Amount, liability	$16	$27

Derivatives_Details_3

Derivatives (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Interest rate lock commitments | Gain on mortgage loans, net	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	$475	$1,461	$1,353
Forward delivery commitments | Gain on mortgage loans, net	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	234	-277	-402
Option contracts | Gain on mortgage loans, net	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	16	-19	-25
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	-19	-5	-3
Interest rate contracts | Fleet interest expense	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	-1	-1	-3
Foreign exchange contracts | Fleet interest expense	'	'	'
Derivatives	'	'	'
Gains (losses) on derivative instruments	'	($1)	($7)

Vehicle_Leasing_Activities_Det

Vehicle Leasing Activities (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2011	Dec. 31, 2012
Operating Leases:	'	'	'
Vehicles under operating leases	$8,111	'	$8,328
Less: Accumulated depreciation	-4,777	'	-4,959
Net investment in operating leases	3,334	'	3,369
Direct Financing Leases:	'	'	'
Lease payments receivable	100	'	91
Less: Unearned income	-2	'	'
Net investment in direct financing leases	98	'	91
Off-Lease Vehicles:	'	'	'
Vehicles not yet subject to a lease	217	'	169
Vehicles held for sale	10	'	15
Less: Accumulated depreciation	-6	'	-8
Net investment in off-lease vehicles	221	'	176
Net investment in fleet leases	3,653	'	3,636
Vehicles under open-end leases (as a percent)	98.00%	'	98.00%
Vehicles under closed-end leases (as a percent)	2.00%	'	2.00%
Vehicles under variable-rate leases (as a percent)	80.00%	'	82.00%
Vehicles under fixed-rate leases (as a percent)	20.00%	'	18.00%
Unexpired portion of minimum lease term	'12 months	'	'
Operating Leases	'	'	'
2014	1,069	'	'
2015	29	'	'
2016	18	'	'
2017	12	'	'
2018	6	'	'
Thereafter	9	'	'
Total	1,143	'	'
Contingent rental from operating leases	'	1	'
Direct Financing Leases	'	'	'
2014	42	'	'
2015	1	'	'
2016	1	'	'
2017	1	'	'
Total	45	'	'
Vehicles under open-end operating leases	'	'	'
Operating Leases:	'	'	'
Vehicles under operating leases	7,974	'	8,174
Vehicles under closed-end operating leases	'	'	'
Operating Leases:	'	'	'
Vehicles under operating leases	$137	'	$154

Property_and_Equipment_Net_Det

Property and Equipment, Net (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Property and equipment	'	'
Property and equipment, gross	$308	$281
Less: Accumulated depreciation and amortization	-233	-202
Property and equipment, net	75	79
Capitalized software	'	'
Property and equipment	'	'
Property and equipment, gross	179	161
Furniture, fixtures and equipment	'	'
Property and equipment	'	'
Property and equipment, gross	81	82
Capital leases	'	'
Property and equipment	'	'
Property and equipment, gross	29	22
Building and leasehold improvements	'	'
Property and equipment	'	'
Property and equipment, gross	$19	$16

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Other Assets	'	'
Mortgage loans in foreclosure, net	$172	$120
Repurchase eligible loans	94	99
Real estate owned, net	51	53
Derivatives	48	178
Deferred financing costs	38	49
Equity method investments	37	38
Intangible assets	29	31
Other	53	48
Total	$522	$616

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Millions, unless otherwise specified
Accounts payable and accrued expenses	'	'	'
Subservicing advance liabilities	$302	$24	'
Accounts payable	284	331	'
Repurchase eligible loans	94	99	'
Accrued payroll and benefits	79	80	'
Accrued interest	29	32	'
Other	15	20	'
Total	803	586	'
Mortgage loan unpaid principal balance of assumed subservicing portfolio	226,837	183,730	182,400
Servicing advance receivables	987	801	'
New subservicing portfolio	'	'	'
Accounts payable and accrued expenses	'	'	'
Subservicing advance liabilities	265	'	'
Mortgage loan unpaid principal balance of assumed subservicing portfolio	47,000	'	'
Servicing advance receivables	$271	'	'

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Millions, unless otherwise specified
Other Liabilities	'	'	'
Loan repurchase and indemnification liability	$100	$140	'
Derivatives	20	39	'
Lease syndication liability	11	16	'
Pension and other post employment benefits liability	7	15	'
Capital lease obligation	7	12	'
Liability for reinsurance losses	'	33	84
Other	20	24	'
Total	$165	$279	'

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Total Debt	$5,505	$6,554
Vehicle Management Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	3,481	3,457
Term notes, in amortization	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,406	424
Weighted Avg-Interest Rate (as a percent)	1.00%	2.20%
Term notes, in revolving period	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	700	1,593
Weighted Avg-Interest Rate (as a percent)	0.70%	1.00%
Variable-funding notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,358	1,415
Weighted Avg-Interest Rate (as a percent)	1.40%	1.60%
Other	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	17	25
Weighted Avg-Interest Rate (as a percent)	5.00%	5.10%
Mortgage Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	775	1,941
Committed warehouse facilities	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	709	1,875
Weighted Avg-Interest Rate (as a percent)	2.10%	2.00%
Servicing advance facility	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	66	66
Weighted Avg-Interest Rate (as a percent)	2.70%	2.70%
Unsecured Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,249	1,156
Term notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	795	732
Weighted Avg-Interest Rate (as a percent)	7.30%	8.50%
Convertible notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	454	424
Weighted Avg-Interest Rate (as a percent)	5.00%	5.00%
Unamortized discount	$46	$76
Effective interest rate (as a percent)	13.10%	13.10%

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	$234	$304
Accounts receivable	981	797
Mortgage loans held for sale (unpaid principal balance)	834	2,174
Net investment in fleet leases	3,653	3,636
Vehicle Asset-Backed Debt | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	203	'
Accounts receivable	45	'
Net investment in fleet leases	3,603	'
Total	3,851	'
Mortgage Asset-Backed Debt | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash and cash equivalents	6	'
Accounts receivable	83	'
Mortgage loans held for sale (unpaid principal balance)	740	'
Total	$829	'

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Dec. 31, 2013
In Millions, unless otherwise specified
Contractual debt maturities	'
Within one year	$2,048
Between one and two years	1,076
Between two and three years	960
Between three and four years	691
Between four and five years	141
Thereafter	635
Total	5,551
Vehicle Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	1,023
Between one and two years	1,076
Between two and three years	790
Between three and four years	441
Between four and five years	141
Thereafter	10
Total	3,481
Mortgage Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	775
Total	775
Unsecured Debt	'
Contractual debt maturities	'
Within one year	250
Between two and three years	170
Between three and four years	250
Thereafter	625
Total	$1,295

Debt_and_Borrowing_Arrangement5

Debt and Borrowing Arrangements (Details 4) (USD $)	Dec. 31, 2013
Debt and Borrowing Arrangements	'
Capacity	$179,000,000
Term notes, in revolving period	'
Debt and Borrowing Arrangements	'
Utilized Capacity	700,000,000
Term notes, in revolving period | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	700,000,000
Variable-funding notes	'
Debt and Borrowing Arrangements	'
Utilized Capacity	1,358,000,000
Variable-funding notes | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	2,069,000,000
Available Capacity	711,000,000
Secured Canadian credit facility | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	118,000,000
Available Capacity	118,000,000
Committed warehouse facilities	'
Debt and Borrowing Arrangements	'
Utilized Capacity	709,000,000
Committed warehouse facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	2,289,000,000
Available Capacity	1,580,000,000
Unsecured credit facilities	'
Debt and Borrowing Arrangements	'
Available Capacity	305,000,000
Unsecured credit facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	305,000,000
Available Capacity	305,000,000
Available capacity after applying the borrowing base coverage ratio test	79,000,000
Uncommitted facilities	'
Debt and Borrowing Arrangements	'
Available Capacity	$2,800,000,000

Debt_and_Borrowing_Arrangement6

Debt and Borrowing Arrangements (Details 5)

12 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

0 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 13, 2013

Jul. 10, 2013

Jul. 10, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

22-May-13

Jun. 21, 2013

Dec. 06, 2013

Dec. 31, 2013

Dec. 11, 2013

Dec. 31, 2013

Dec. 31, 2013

Jun. 21, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Aug. 20, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Dec. 31, 2013

USD ($)

USD ($)

USD ($)

Maximum

Minimum

Vehicle Management Asset-Backed Debt

Vehicle Management Asset-Backed Debt

Chesapeake Series 2013-1 term notes

Chesapeake Series 2013-2 Variable funding notes

Chesapeake Series 2013-3 Variable funding notes

Secured Canadian Credit facility

Secured Canadian Credit facility

Secured Canadian Credit facility

Committed Facilities

Committed Facilities

Committed Facilities

Committed Facilities

Committed Facilities

Committed Facilities

Committed Facilities

Uncommitted warehouse facilities

Uncommitted warehouse facilities

Uncommitted warehouse facilities

Senior notes due 2016

7.375% Senior notes due 2019

6.375% Senior notes due 2021

6.375% Senior notes due 2021

Amended Credit Facility

Amended Credit Facility

Amended Credit Facility

Tranche A

Tranche B

Other minor facilities

Convertible Notes

Convertible Notes

4.0% Convertible notes due 2014

4.0% Convertible notes due 2014

4.0% Convertible notes due 2014

6.0% Convertible Notes due 2017

6.0% Convertible Notes due 2017

6.0% Convertible Notes due 2017

6.0% Convertible Notes due 2017

Fannie Mae

Fannie Mae

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

CAD

Maximum

Credit Suisse First Boston Mortgage Capital LLC

The Royal Bank of Scotland plc

Wells Fargo Bank

Fannie Mae

Fannie Mae

Maximum

The Royal Bank of Scotland plc

The Royal Bank of Scotland plc

Fannie Mae

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Maximum

Minimum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Purchased options and sold warrants

USD ($)

USD ($)

Maximum

Minimum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

item

USD ($)

USD ($)

USD ($)

Debt and Borrowing Arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period to make repayments on series of notes following commencement of amortization period

'

'

'

'

'

'125 months

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment period

'

'

'

'

'

'364 days

'2 years

'

'

'

'

'

'

'364 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt issued

'

'

'

'

'

'

'

$700,000,000

$780,000,000

$520,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$350,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

'

'

'

'

'

'

'

118,000,000

125,000,000

'

'

'

'

'

'

'

'

250,000,000

'

'

'

'

'

'

'

'

'

250,000,000

50,000,000

5,000,000

'

'

'

'

'

'

'

'

'

Borrowing capacity

179,000,000

'

'

'

'

'

'

'

'

'

'

'

118,000,000

'

675,000,000

250,000,000

450,000,000

500,000,000

'

2,289,000,000

250,000,000

250,000,000

3,000,000,000

'

'

'

'

'

305,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Rolling term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'364 days

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available credit facility before extending term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Available Capacity

'

'

'

'

'

'

'

'

'

'

'

'

118,000,000

'

'

'

'

'

500,000,000

1,580,000,000

'

'

'

'

'

'

'

305,000,000

305,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9.25%

7.38%

6.38%

6.38%

'

'

'

'

'

'

'

'

4.00%

'

'

6.00%

'

'

'

Principal amount of notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

170,000,000

275,000,000

'

350,000,000

'

'

'

'

'

'

'

'

250,000,000

'

'

250,000,000

'

'

'

Repayment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

280,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Payments for tender premium plus related fees and expenses

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pre-tax loss on extinguishment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

54,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Proceeds from issuance of unsecured debt

350,000,000

518,000,000

1,304,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

342,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Unamortized discount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

46,000,000

76,000,000

3,000,000

22,000,000

'

43,000,000

54,000,000

'

'

Effective interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13.10%

13.10%

13.10%

'

'

13.00%

'

'

'

Conversion price of shares (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$25.80

'

$34.74

$12.79

'

'

'

Share Issuance, outstanding share percentage not approved to exceed

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

'

'

'

'

'

Conversation ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

0.0387522

'

'

0.0782014

'

0.0977517

'

Equity component of notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

33,000,000

'

'

Deferred taxes on equity component

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,000,000

'

'

Number of business days preceding the maturity date during which holders of convertible notes may convert all or any portion of the notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 days

'

'

'

Number of consecutive trading days during which the conversion price exceed the principal amount in order for the notes to be redeemable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 days

'

'

'30 days

Percentage of the last reported sales price of the entity's common stock that the conversion price must equal or exceed per conversion eligibility terms, minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

98.00%

'

'

'

Number of trading days within 30 consecutive trading days required per the conversion eligibility terms, minimum

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'20 days

'

'

'

Target ratio of closing share price to conversion price as a condition for conversion or redemption of Convertible Notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

130.00%

'

'

'

Amount by which the if-converted value exceeded its principle amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

226,000,000

'

'

'

Borrowing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of tranches

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing base coverage ratio

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1.2

'

'

'

'

'

'

'

'

'

'

'

'

Net worth threshold, base amount

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Ratio of indebtedness to tangible net worth

'

'

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5.75

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount to be maintained in committed warehouse mortgage facilities

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount to be maintained in committed third party fleet vehicle lease financing capacity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

750,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount to be maintained in gestation facilities

'

'

'

$500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Pension_and_Other_Post_Employm2

Pension and Other Post Employment Benefits (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Defined Contribution Savings Plans	'	'	'
Cost for contributions to defined contribution savings plans	$11	$10	$9
Pension Benefits	'	'	'
Defined Benefit Pension Plan and Other Employee Benefit Plan	'	'	'
Benefit obligation	44	48	'
Fair value of plan assets	39	34	'
Unfunded status	-5	-14	'
Unfunded pension liability recorded in Accumulated other comprehensive income (loss):	'	'	'
Net loss	10	19	'
Net amount recognized	5	5	'
Net periodic benefit cost	1	1	'
Future expected benefit payments	'	'	'
Future expected benefit payments in the year ending December 31, 2014	2	'	'
Future expected benefit payments in the year ending December 31, 2015	2	'	'
Future expected benefit payments in the year ending December 31, 2016	2	'	'
Future expected benefit payments in the year ending December 31, 2017	2	'	'
Future expected benefit payments in the year ending December 31, 2018	2	'	'
Future expected benefit payments for five years ending December 31, 2023	13	'	'
Contributions made to the plan	1	'	'
Estimate of the expected contribution in the next fiscal year	1	'	'
Other Post Employment Benefits	'	'	'
Defined Benefit Pension Plan and Other Employee Benefit Plan	'	'	'
Benefit obligation	2	1	'
Unfunded status	-2	-1	'
Unfunded pension liability recorded in Accumulated other comprehensive income (loss):	'	'	'
Net amount recognized	($2)	($1)	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Current:	'	'	'	'	'	'	'	'	'	'	'
State	'	'	'	'	'	'	'	'	$5	$11	($1)
Foreign	'	'	'	'	'	'	'	'	8	5	10
Income tax contingencies:	'	'	'	'	'	'	'	'	'	'	'
Changes in income tax contingencies	'	'	'	'	'	'	'	'	'	1	-6
Interest and penalties	'	'	'	'	'	'	'	'	'	'	-1
Total current income tax expense	'	'	'	'	'	'	'	'	13	17	2
Deferred:	'	'	'	'	'	'	'	'	'	'	'
Federal	'	'	'	'	'	'	'	'	63	-4	-90
State	'	'	'	'	'	'	'	'	2	-20	-9
Foreign	'	'	'	'	'	'	'	'	-1	1	-3
Total deferred income tax expense (benefit)	'	'	'	'	'	'	'	'	64	-23	-102
Income tax expense (benefit)	'	'	'	'	'	'	'	'	77	-6	-100
Income (Loss) before income taxes	'	'	'	'	'	'	'	'	'	'	'
Domestic operations	'	'	'	'	'	'	'	'	217	61	-220
Foreign operations	'	'	'	'	'	'	'	'	24	26	18
Income (loss) before income taxes	61	-74	158	96	99	-56	-80	124	241	87	-202
Accumulated and undistributed earnings of foreign subsidiaries	150	'	'	'	'	'	'	'	150	'	'
Deferred tax assets:	'	'	'	'	'	'	'	'	'	'	'
Accrued liabilities, provisions for losses and deferred income	72	'	'	'	98	'	'	'	72	98	'
Federal loss carryforwards and credits	415	'	'	'	376	'	'	'	415	376	'
State loss carryforwards and credits	46	'	'	'	49	'	'	'	46	49	'
Alternative minimum tax credit carryforward	22	'	'	'	22	'	'	'	22	22	'
Other	2	'	'	'	4	'	'	'	2	4	'
Gross Deferred tax assets	557	'	'	'	549	'	'	'	557	549	'
Valuation allowance	-26	'	'	'	-30	'	'	'	-26	-30	'
Deferred tax assets, net of valuation allowance	531	'	'	'	519	'	'	'	531	519	'
Deferred tax liabilities:	'	'	'	'	'	'	'	'	'	'	'
Originated mortgage servicing rights	311	'	'	'	231	'	'	'	311	231	'
Purchased mortgage servicing rights	107	'	'	'	99	'	'	'	107	99	'
Depreciation and amortization	798	'	'	'	811	'	'	'	798	811	'
Deferred tax liabilities	1,216	'	'	'	1,141	'	'	'	1,216	1,141	'
Net deferred tax liability	685	'	'	'	622	'	'	'	685	622	'
Minimum tax credit valuation allowance reserve	0	'	'	'	'	'	'	'	0	'	'
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate	'	'	'	'	'	'	'	'	'	'	'
Income (loss) before income taxes	61	-74	158	96	99	-56	-80	124	241	87	-202
Statutory federal income tax rate (as a percent)	'	'	'	'	'	'	'	'	-35.00%	-35.00%	-35.00%
Income taxes computed at statutory federal rate	'	'	'	'	'	'	'	'	84	30	-71
State and local income taxes, net of federal tax benefits	'	'	'	'	'	'	'	'	9	3	-12
Liabilities for income tax contingencies	'	'	'	'	'	'	'	'	'	1	-7
Changes in rate and apportionment factors	'	'	'	'	'	'	'	'	-6	-10	-5
Changes in valuation allowance	'	'	'	'	'	'	'	'	2	-2	6
Noncontrolling interest	'	'	'	'	'	'	'	'	-11	-22	-10
Other	'	'	'	'	'	'	'	'	-1	-6	-1
Income tax expense (benefit)	'	'	'	'	'	'	'	'	77	-6	-100
Effective tax rate (as a percent)	'	'	'	'	'	'	'	'	31.80%	-7.00%	-49.70%
Unrecognized income tax benefits	'	'	'	'	'	'	'	'	'	'	'
Balance, beginning of period	'	'	'	4	'	'	'	3	4	3	9
Activity related to tax positions taken during the current year	'	'	'	'	'	'	'	'	'	1	2
Activity related to tax positions taken during prior years	'	'	'	'	'	'	'	'	'	'	-8
Balance, end of period	4	'	'	'	4	'	'	'	4	4	3
Impact of resolution of income tax contingencies or reductions in valuation allowances on effective income tax rate	4	'	'	'	4	'	'	'	4	4	3
Estimated liability for potential payment of interest and penalties	$1	'	'	'	$1	'	'	'	$1	$1	'

Credit_Risk_Details

Credit Risk (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Accounts Receivable	'	'
Accounts receivable, gross	$987	$801
Allowance for doubtful accounts	-6	-4
Accounts receivable, net	981	797
Mortgage servicing advances	'	'
Accounts Receivable	'	'
Accounts receivable, gross	565	293
Fleet management trade receivables	'	'
Accounts Receivable	'	'
Accounts receivable, gross	345	426
Other	'	'
Accounts Receivable	'	'
Accounts receivable, gross	$77	$82

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
	loan	loan
Credit Risk	'	'	'
Period of origination of loans within which they are sold to investors	'30 days	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	$226,837,000,000	$183,730,000,000	$182,400,000,000
Weighted-average interest rate (as a percent)	4.00%	4.30%	'
Portfolio Delinquency	'	'	'
Number of Loans (as a percent)	4.34%	3.89%	'
Unpaid Balance (as a percent)	3.34%	3.15%	'
Foreclosure/real estate owned	'	'	'
Number of Loans (as a percent)	2.46%	2.05%	'
Unpaid Balance (as a percent)	2.36%	1.92%	'
Number of loans in foreclosure	24,892	17,329	'
Unpaid principal balance of loans in foreclosure	4,700,000,000	3,000,000,000	'
30 days	'	'	'
Portfolio Delinquency	'	'	'
Number of Loans (as a percent)	2.43%	2.45%	'
Unpaid Balance (as a percent)	1.82%	1.93%	'
60 days	'	'	'
Portfolio Delinquency	'	'	'
Number of Loans (as a percent)	0.83%	0.64%	'
Unpaid Balance (as a percent)	0.62%	0.52%	'
90 or more days	'	'	'
Portfolio Delinquency	'	'	'
Number of Loans (as a percent)	1.08%	0.80%	'
Unpaid Balance (as a percent)	0.90%	0.70%	'
Conventional loans	'	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	191,916,000,000	149,432,000,000	'
Government loans	'	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	29,200,000,000	29,842,000,000	'
Home equity lines of credit	'	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	5,721,000,000	4,456,000,000	'
Owned	'	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	130,494,000,000	142,930,000,000	'
Subserviced	'	'	'
Loan Servicing Portfolio Composition	'	'	'
Total servicing portfolio	96,343,000,000	40,800,000,000	'
Total servicing portfolio excluding new subservicing portfolio assumed	'	'	'
Portfolio Delinquency	'	'	'
Number of Loans (as a percent)	3.90%	'	'
Unpaid Balance (as a percent)	2.86%	'	'
Foreclosure/real estate owned	'	'	'
Number of Loans (as a percent)	1.89%	'	'
Unpaid Balance (as a percent)	1.64%	'	'
Number of loans in foreclosure	14,650	'	'
Unpaid principal balance of loans in foreclosure	$2,600,000,000	'	'

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2013	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
				Recourse obligations	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio
Changes in repurchase and foreclosure-related reserves	'	'	'	'	'	'	'	'
Balance, beginning of period	$191	$127	'	'	'	'	'	'
Realized losses	-73	-136	'	'	'	'	'	'
Increase in reserves due to:	'	'	'	'	'	'	'	'
Changes in assumptions	7	182	'	'	'	'	'	'
New loan sales	17	18	'	'	'	'	'	'
Balance, end of period	142	191	'	'	'	'	'	'
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	214	'	'	'	'	'	'	'
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	15.00%	'	'	'	'	'	'	'
Liabilities for probable losses related to repurchase and indemnification obligations	100	140	'	'	'	'	'	'
Loss contingencies	'	'	'	'	'	'	'	'
Estimated amount of reasonably possible losses in excess of the recorded liability	'	'	'	30	'	'	'	'
Transfers and servicing of loans in servicing portfolio	'	'	'	'	'	'	'	'
Servicing portfolio	$226,837	$183,730	$182,400	'	$129,145	$140,381	$147,088	$134,753

Credit_Risk_Details_4

Credit Risk (Details 4) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Carrying values of the mortgage loans in foreclosure and real estate owned	'	'
Mortgage loans in foreclosure	$192	$148
Allowance for probable foreclosure losses	-20	-28
Mortgage loans in foreclosure, net	172	120
Real estate owned	73	76
Adjustment to value for real estate owned	-22	-23
Real estate owned, net	51	53
Advances on mortgage loans in foreclosure	$118	$65

Credit_Risk_Details_5

Credit Risk (Details 5) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
		item
Credit Risk	'	'
Amount of restricted cash and investments released	$118	'
Termination payment received by primary mortgage insurer	49	'
Amount of restricted cash released to the Company	69	'
Pre-tax loss on reinsurance contract termination	21	16
Number of reinsurance agreements terminated	'	1
Summary of the activity in the liability for reinsurance losses	'	'
Balance, beginning of period	33	84
Realized losses	-35	-65
Increase in liability for reinsurance losses	2	14
Balance, end of period	'	33
Realized losses related to release of reserves on termination of inactive reinsurance agreements	28	21
Commercial Credit Risk	'	'
Period prior which written notice is required to be given for termination of fleet management service agreements	'30 days	'
Direct lease financing sold	41	58
Status of direct financing leases	'	'
Current amount	87	73
30-59 days	11	12
60-89 days	'	1
Greater than 90 days	'	5
Direct financing lease receivables, gross	98	91
Net investment in direct financing leases	98	91
Direct financing leases on non-accrual status	0	0
Receivables greater than 90 days past due and still accruing interest	'	$5

Credit_Risk_Details_6

Credit Risk (Details 6) (Credit concentration, Mortgage loan originations)	12 Months Ended
	Dec. 31, 2013
Realogy and its affiliates	'
Counterparty credit risk	'
Percentage derived	21.00%
Merrill Lynch Home Loans	'
Counterparty credit risk	'
Percentage derived	29.00%
Morgan Stanley Private Bank, N.A.	'
Counterparty credit risk	'
Percentage derived	12.00%

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Lease and Purchase Commitments	'	'	'
Rental expense	$26	$25	$24
Future Minimum Operating Lease Payments	'	'	'
2014	21	'	'
2015	21	'	'
2016	20	'	'
2017	17	'	'
2018	16	'	'
Thereafter	63	'	'
Total	158	'	'
Future Minimum Capital Lease Payments	'	'	'
2014	6	'	'
2015	1	'	'
Total	7	'	'
Purchase Commitments	'	'	'
2014	124	'	'
2015	5	'	'
2016	2	'	'
Total	131	'	'
Off-Balance Sheet Arrangements and Guarantees	'	'	'
Available commitments	179	'	'
Pending Litigation	'	'	'
Commitments and Contingencies	'	'	'
Reasonably possible losses in excess of recorded litigation liability	$10	'	'

StockRelated_Matters_Details

Stock-Related Matters (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013
	item
Stock-Related Matters	'
Aggregate restricted net assets of reinsurance subsidiaries	$748
Minimum number of corporate ratings that the company must be equal to or exceed for restrictions to be suspended	2
Minimum aggregate unrestricted cash and cash equivalents required for declaration or payment of dividends	50
Borrowing under revolving credit facility	0
Maximum amount of letters of credit outstanding required for declaration or payment of dividends	$35
Minimum percentage of aggregate commitments, the lenders of which must give written consent for the company to be able to declare or pay dividend	50.00%
Minimum ratio of consolidated indebtedness to consolidated EBITDA pursuant to the senior note indenture, restricted from paying dividends	6

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Accumulated Other Comprehensive Income	'	'
Currency translation adjustment	$22	$36
Unrealized gains on available-for-sale securities, net of income taxes of $0 and $0	'	1
Pension adjustment, net of income tax benefit of $(4) and $(8)	-6	-11
Accumulated other comprehensive income	16	26
Accumulated Other Comprehensive Income (Loss)	'	'
Unrealized gains on available for sale securities, income taxes	0	0
Pension adjustment, income tax (benefit) expense	-4	-8
Accumulated other comprehensive income (loss) attributable to noncontrolling interests	0	0
Reclassifications	'	'
Realized gains from sale of available-for-sale securities	1	'
Realized losses from sale of available-for-sale securities	$1	'

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Stock-Based Compensation	'	'	'
Aggregate number of shares issuable under the plan	11,050,000	'	'
Expense recognized related to stock-based compensation arrangements	'	'	'
Stock-based compensation expense	$9	$6	$7
Income tax benefit related to stock based compensation expense	-4	-2	-3
Stock-based compensation expense, net of income taxes	5	4	4
Unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest	20	'	'
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest	'2 years 1 month 6 days	'	'
Unrecognized compensation cost related to outstanding and unvested stock options and RSUs which would be recognized upon a change in control	6	'	'
Performance-Based Awards | Minimum	'	'	'
Stock-Based Compensation	'	'	'
Vesting period	'2 years	'	'
Performance-Based Awards | Maximum	'	'	'
Stock-Based Compensation	'	'	'
Vesting period	'3 years	'	'
Service-Based Awards | Maximum	'	'	'
Stock-Based Compensation	'	'	'
Vesting period	'5 years	'	'
Service-Based Awards | Non-employee directors	'	'	'
Number of RSUs	'	'	'
Granted (in shares)	62,757	'	'
Market-based stock awards	'	'	'
Stock-Based Compensation	'	'	'
Vesting period	'3 years	'	'
Total Stock Options	'	'	'
Number of Options	'	'	'
Outstanding at the beginning of the period (in shares)	1,818,738	'	'
Granted (in shares)	351,829	'	'
Exercised (in shares)	-147,466	'	'
Forfeited or expired (in shares)	-88,700	'	'
Outstanding at the end of the period (in shares)	1,934,401	1,818,738	'
Exercisable at the end of the period (in shares)	555,260	'	'
Stock options vested and expected to vest (in shares)	1,894,986	'	'
Weighted-Average Exercise Price	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$18.15	'	'
Granted (in dollars per share)	$21.94	'	'
Exercised (in dollars per share)	$18.75	'	'
Forfeited or expired (in dollars per share)	$20.19	'	'
Outstanding at the end of the period (in dollars per share)	$18.70	$18.15	'
Exercisable at the end of the period (in dollars per share)	$19.61	'	'
Stock options vested and expected to vest (in dollars per share)	$18.65	'	'
Weighted-Average Remaining Contractual Term	'	'	'
Outstanding at the end of the period	'7 years 4 months 24 days	'	'
Exercisable at the end of the period	'4 years 6 months	'	'
Stock options vested and expected to vest	'7 years 4 months 24 days	'	'
Aggregate Intrinsic Value	'	'	'
Outstanding at the end of the period	11	'	'
Exercisable at the end of the period	3	'	'
Stock options vested and expected to vest	11	'	'
Weighted-average grant-date fair value per stock option for awards granted (in dollars per share)	$11.27	$8.68	$7.93
Intrinsic value of options exercised (in dollars)	1	2	'
Assumptions used for estimating weighted-average grant-date fair value of stock options	'	'	'
Expected life	'6 years 6 months	'6 years 6 months	'5 years 10 months 24 days
Risk-free interest rate (as a percent)	1.14%	1.10%	1.40%
Expected volatility (as a percent)	52.30%	51.70%	51.30%
Total Stock Options | Maximum	'	'	'
Stock-Based Compensation	'	'	'
Contractual term	'10 years	'	'
Performance-Based & Market-Based RSUs	'	'	'
Number of RSUs	'	'	'
Outstanding at the beginning of the period (in shares)	556,813	'	'
Granted (in shares)	299,186	'	'
Forfeited (in shares)	-63,405	'	'
Outstanding at the end of the period (in shares)	792,594	'	'
RSUs expected to be converted into shares of Common stock (in shares)	772,456	'	'
Weighted-Average Grant-Date Fair Value	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$7.63	'	'
Granted (in dollars per share)	$14.67	'	'
Forfeited (in dollars per share)	$15.33	'	'
Outstanding at the end of the period (in dollars per share)	$9.67	'	'
RSUs expected to be converted into shares of Common stock (in dollars per share)	$9.65	'	'
Market-based RSUs	'	'	'
Assumptions used for estimating weighted-average grant-date fair value of stock options	'	'	'
Grant date stock price	$22.28	$17.09	'
Risk-free interest rate (as a percent)	0.42%	0.40%	'
Expected volatility (as a percent)	38.60%	42.80%	'
Weighted-Average Grant-Date Fair Value	'	'	'
Granted (in dollars per share)	$12.47	$6.69	'
Service-Based RSUs	'	'	'
Number of RSUs	'	'	'
Outstanding at the beginning of the period (in shares)	432,031	'	'
Granted (in shares)	410,009	'	'
Converted (in shares)	-205,934	'	'
Forfeited (in shares)	-12,991	'	'
Outstanding at the end of the period (in shares)	623,115	'	'
RSUs expected to be converted into shares of Common stock (in shares)	623,115	'	'
Weighted-Average Grant-Date Fair Value	'	'	'
Outstanding at the beginning of the period (in dollars per share)	$17.06	'	'
Granted (in dollars per share)	$23.18	'	'
Converted (in dollars per share)	$16.91	'	'
Forfeited (in dollars per share)	$16.12	'	'
Outstanding at the end of the period (in dollars per share)	$21.16	'	'
RSUs expected to be converted into shares of Common stock (in dollars per share)	$21.16	'	'
Total RSUs	'	'	'
Stock-Based Compensation	'	'	'
Number of shares of common stock of the entity that employees are entitled to receive for each RSU granted	1	'	'
Weighted-Average Grant-Date Fair Value	'	'	'
Total fair value of RSUs converted into shares of Common stock (in dollars)	$5	$5	$9

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	$834	$2,174
Mortgage loans held for sale	'	'
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	834	2,174
Carrying amount, Loans 90 days or more past due and on non-accrual status	12	17
Aggregate unpaid principal balance, Total	837	2,126
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	17	25
Difference, Total	-3	48
Difference, Loans 90 days or more past due and on non-accrual status	($5)	($8)

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Dec. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$834	$2,174
First mortgages	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	785	2,109
First mortgages, Conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	737	1,966
First mortgages, Non-conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	48	143
Second lien	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	5	8
Scratch and Dent	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	44	56
Other	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	'	$1

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Information regarding the initial and ending capitalization rate of MSRs	'	'
Initial capitalization rate of additions to MSRs (as a percent)	1.10%	0.98%
Capitalization servicing rate (as a percent)	0.99%	0.73%
Capitalization servicing multiple	3.4	2.4
Weighted-average servicing fee (in basis points)	0.0029	0.003
Mortgage servicing rights	'	'
Significant assumptions used in estimating fair value	'	'
Weighted-average prepayment speed (CPR) (as a percent)	9.00%	16.80%
Option adjusted spread, in basis points (as a percent)	10.56%	10.13%
Weighted-average delinquency rate (as a percent)	5.80%	6.80%

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Derivative Instruments	'	'
Average pull through percentage used in measuring fair value of interest rate lock commitments	77.00%	74.00%
Mortgage servicing rights	'	'
Estimated change in fair value from adverse changes in significant assumptions	'	'
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	-49	'
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-96	'
Impact on fair value of 10% adverse change, Option Adjusted Spread	-67	'
Impact on fair value of 20% adverse change, Option Adjusted Spread	-127	'
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	-25	'
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	-49	'

Fair_Value_Measurements_Detail4

Fair Value Measurements (Details 5) (USD $)	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011	Dec. 31, 2010
In Millions, unless otherwise specified
Fair Value Measurements	'	'	'	'
Restricted investments	$0	$121	'	'
Mortgage servicing rights	1,279	1,022	1,209	1,442
Derivative assets	48	178	'	'
Derivative liabilities	20	39	'	'
Recurring basis | Level Two	'	'	'	'
Fair Value Measurements	'	'	'	'
Restricted investments	'	121	'	'
Mortgage loans held for sale	785	2,110	'	'
Recurring basis | Level Two | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	26	15	'	'
Derivative liabilities	10	19	'	'
Recurring basis | Level Two | Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	2	'	'
Recurring basis | Level Two | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	4	5	'	'
Recurring basis | Level Two | Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	1	'	'
Recurring basis | Level Three	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	49	64	'	'
Mortgage servicing rights	1,279	1,022	'	'
Recurring basis | Level Three | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	23	140	'	'
Derivative liabilities	1	1	'	'
Recurring basis | Level Three | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	16	27	'	'
Derivative liabilities	16	27	'	'
Recurring basis | Cash Collateral and Netting | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-21	-7	'	'
Derivative liabilities	-8	-13	'	'
Recurring basis | Cash Collateral and Netting | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-4	-5	'	'
Derivative liabilities	1	5	'	'
Recurring basis | Total	'	'	'	'
Fair Value Measurements	'	'	'	'
Restricted investments	'	121	'	'
Mortgage loans held for sale	834	2,174	'	'
Mortgage servicing rights	1,279	1,022	'	'
Recurring basis | Total | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	23	140	'	'
Derivative liabilities	1	1	'	'
Recurring basis | Total | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	5	8	'	'
Derivative liabilities	2	6	'	'
Recurring basis | Total | Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	2	'	'
Recurring basis | Total | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative liabilities	1	5	'	'
Recurring basis | Total | Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	1	'	'
Recurring basis | Total | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	16	27	'	'
Derivative liabilities	$16	$27	'	'

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Interest rate lock commitments, net	'	'
Activity in assets and liabilities, net classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	$139	$184
Realized and unrealized gains (losses)	475	1,461
Settlements	-592	-1,506
Balance, end of period	22	139
Mortgage loan Securitization debt certificates	'	'
Activity in liabilities classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	'	21
Deconsolidation of entity	'	-21
Mortgage loans held for sale	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	64	17
Realized and unrealized gains (losses)	-10	-10
Purchases	73	36
Issuances	2	8
Settlements	-85	-40
Transfers into level Three	46	67
Transfers out of level Three	-41	-14
Balance, end of period	49	64
Mortgage servicing rights	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	1,022	1,209
Realized and unrealized gains (losses)	13	-497
Issuances	244	310
Balance, end of period	1,279	1,022
Investment securities	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Realized and unrealized gains (losses)	'	-2
Settlements	'	-5
Deconsolidation of entity	'	7
Securitized mortgage loans	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	'	28
Deconsolidation of entity	'	($28)

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Non-Recurring Fair Value Measurements	'	'
Impairment to equity method investments	$5,000,000	'
Gain on mortgage loans, 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	16,000,000	124,000,000
Change in fair value of mortgage servicing rights	'	'
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets	'	'
Unrealized Gain or Loss for Level 3 Fair Value instruments	276,000,000	-223,000,000
Interest rate lock commitments | Gain on mortgage loans, net	'	'
Realized and unrealized gains and losses related to assets and liabilities	'	'
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	475,000,000	1,461,000,000
Mortgage loans held for sale | Gain on mortgage loans, net	'	'
Realized and unrealized gains and losses related to assets and liabilities	'	'
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	-15,000,000	-13,000,000
Mortgage loans held for sale | Mortgage interest income	'	'
Realized and unrealized gains and losses related to assets and liabilities	'	'
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	5,000,000	3,000,000
Mortgage servicing rights | Change in fair value of mortgage servicing rights	'	'
Realized and unrealized gains and losses related to assets and liabilities	'	'
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	13,000,000	-497,000,000
Investment securities | Other income	'	'
Realized and unrealized gains and losses related to assets and liabilities	'	'
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	'	-2,000,000
Level Two	'	'
Debt	'	'
Fair value of debt	5,900,000,000	7,000,000,000
Level Two | Market based approach	'	'
Debt	'	'
Fair value of debt	3,800,000,000	'
Level Two | Observable spreads and terms for recent pricing of similar instruments	'	'
Debt	'	'
Fair value of debt	800,000,000	'
Level Two | Discounted cash flow model	'	'
Debt	'	'
Fair value of debt	1,300,000,000	'
Non-recurring basis | Level Three	'	'
Non-Recurring Fair Value Measurements	'	'
Repurchase and foreclosure-related charges	$7,000,000	$182,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)

3 Months Ended

12 Months Ended

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Dec. 31, 2010

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

Cash

$1,245,000,000

'

'

'

$829,000,000

'

'

'

$1,245,000,000

$829,000,000

$414,000,000

$195,000,000

Restricted Cash

234,000,000

'

'

'

425,000,000

'

'

'

234,000,000

425,000,000

'

'

Mortgage loans held for sale

834,000,000

'

'

'

2,174,000,000

'

'

'

834,000,000

2,174,000,000

'

'

Accounts receivable, net

981,000,000

'

'

'

797,000,000

'

'

'

981,000,000

797,000,000

'

'

Net investment in fleet leases

3,653,000,000

'

'

'

3,636,000,000

'

'

'

3,653,000,000

3,636,000,000

'

'

Property and equipment, net

75,000,000

'

'

'

79,000,000

'

'

'

75,000,000

79,000,000

'

'

Other assets

522,000,000

'

'

'

616,000,000

'

'

'

522,000,000

616,000,000

'

'

Total assets

8,848,000,000

[1]

'

'

'

9,603,000,000

[1]

'

'

'

8,848,000,000

[1]

9,603,000,000

[1]

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable and accrued expenses

803,000,000

'

'

'

586,000,000

'

'

'

803,000,000

586,000,000

'

'

Debt

5,505,000,000

'

'

'

6,554,000,000

'

'

'

5,505,000,000

6,554,000,000

'

'

Other liabilities

165,000,000

'

'

'

279,000,000

'

'

'

165,000,000

279,000,000

'

'

Total liabilities

7,158,000,000

[1]

'

'

'

8,041,000,000

[1]

'

'

'

7,158,000,000

[1]

8,041,000,000

[1]

'

'

Company Involvement with Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss) income

44,000,000

-46,000,000

102,000,000

64,000,000

73,000,000

-23,000,000

-42,000,000

85,000,000

164,000,000

93,000,000

-102,000,000

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Amount of loans originated from Realogy Corporation's affiliates (as a percent)

'

'

'

'

'

'

'

'

21.00%

'

'

'

Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

Cash

99,000,000

'

'

'

66,000,000

'

'

'

99,000,000

66,000,000

'

'

Restricted Cash

206,000,000

'

'

'

249,000,000

'

'

'

206,000,000

249,000,000

'

'

Mortgage loans held for sale

318,000,000

'

'

'

730,000,000

'

'

'

318,000,000

730,000,000

'

'

Accounts receivable, net

53,000,000

'

'

'

90,000,000

'

'

'

53,000,000

90,000,000

'

'

Net investment in fleet leases

3,581,000,000

'

'

'

3,531,000,000

'

'

'

3,581,000,000

3,531,000,000

'

'

Property and equipment, net

2,000,000

'

'

'

2,000,000

'

'

'

2,000,000

2,000,000

'

'

Other assets

25,000,000

'

'

'

39,000,000

'

'

'

25,000,000

39,000,000

'

'

Total assets

4,284,000,000

'

'

'

4,707,000,000

'

'

'

4,284,000,000

4,707,000,000

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable and accrued expenses

23,000,000

'

'

'

36,000,000

'

'

'

23,000,000

36,000,000

'

'

Debt

3,753,000,000

'

'

'

4,074,000,000

'

'

'

3,753,000,000

4,074,000,000

'

'

Other liabilities

12,000,000

'

'

'

13,000,000

'

'

'

12,000,000

13,000,000

'

'

Total liabilities

3,788,000,000

'

'

'

4,123,000,000

'

'

'

3,788,000,000

4,123,000,000

'

'

PHH Home Loans | Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

Cash

91,000,000

'

'

'

59,000,000

'

'

'

91,000,000

59,000,000

'

'

Restricted Cash

3,000,000

'

'

'

4,000,000

'

'

'

3,000,000

4,000,000

'

'

Mortgage loans held for sale

308,000,000

'

'

'

716,000,000

'

'

'

308,000,000

716,000,000

'

'

Accounts receivable, net

7,000,000

'

'

'

17,000,000

'

'

'

7,000,000

17,000,000

'

'

Property and equipment, net

2,000,000

'

'

'

2,000,000

'

'

'

2,000,000

2,000,000

'

'

Other assets

7,000,000

'

'

'

20,000,000

'

'

'

7,000,000

20,000,000

'

'

Total assets

418,000,000

'

'

'

818,000,000

'

'

'

418,000,000

818,000,000

'

'

Assets held as collateral

300,000,000

'

'

'

691,000,000

'

'

'

300,000,000

691,000,000

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable and accrued expenses

15,000,000

'

'

'

25,000,000

'

'

'

15,000,000

25,000,000

'

'

Debt

280,000,000

'

'

'

629,000,000

'

'

'

280,000,000

629,000,000

'

'

Other liabilities

11,000,000

'

'

'

13,000,000

'

'

'

11,000,000

13,000,000

'

'

Total liabilities

306,000,000

'

'

'

667,000,000

'

'

'

306,000,000

667,000,000

'

'

Company Involvement with Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss) income

'

'

'

'

'

'

'

'

43,000,000

111,000,000

46,000,000

'

PHH Corporation investment

57,000,000

'

'

'

57,000,000

'

'

'

57,000,000

57,000,000

'

'

Intercompany receivable (payable)

15,000,000

'

'

'

22,000,000

'

'

'

15,000,000

22,000,000

'

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage

'

'

'

'

'

'

'

'

50.10%

'

'

'

Ownership percentage by Realogy

'

'

'

'

'

'

'

'

49.90%

'

'

'

Required amount of Mortgage loans originated sold to unaffiliated third party investors per Agreement (as a percent)

'

'

'

'

'

'

'

'

15.00%

'

'

'

Originated residential mortgage loans

'

'

'

'

'

'

'

'

9,300,000,000

12,100,000,000

9,600,000,000

'

Residential mortgage loans brokered or sold

'

'

'

'

'

'

'

'

5,000,000,000

6,000,000,000

6,200,000,000

'

Amount of loans originated from Realogy Corporation's affiliates (as a percent)

'

'

'

'

'

'

'

'

85.00%

'

'

'

Outstanding commitments related to residential mortgage loans

269,000,000

'

'

'

'

'

'

'

269,000,000

'

'

'

Intercompany line of credit

0

'

'

'

'

'

'

'

0

'

'

'

Period whose net income is used as multiplier to make cash payment

'

'

'

'

'

'

'

'

'12 months

'

'

'

Period for which notice is to be given to terminate an operating agreement

'

'

'

'

'

'

'

'

'2 years

'

'

'

Maximum period of term loan considered to make cash payments

'

'

'

'

'

'

'

'

'12 years

'

'

'

Period of term loan considered to make cash payments

'

'

'

'

'

'

'

'

'2 years

'

'

'

Period whose EBITDA is used as multiplier to calculate fair value

'

'

'

'

'

'

'

'

'12 months

'

'

'

Distributions received

'

'

'

'

'

'

'

'

40,000,000

42,000,000

20,000,000

'

PHH Home Loans | Variable Interest Entity | Unsecured subordinated Intercompany Line of Credit

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing capacity

'

'

'

'

'

'

'

'

60,000,000

'

'

'

Chesapeake and D.L. Peterson Trust | Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

Cash

5,000,000

'

'

'

2,000,000

'

'

'

5,000,000

2,000,000

'

'

Restricted Cash

157,000,000

'

'

'

186,000,000

'

'

'

157,000,000

186,000,000

'

'

Accounts receivable, net

46,000,000

'

'

'

73,000,000

'

'

'

46,000,000

73,000,000

'

'

Net investment in fleet leases

2,982,000,000

'

'

'

2,856,000,000

'

'

'

2,982,000,000

2,856,000,000

'

'

Other assets

12,000,000

'

'

'

12,000,000

'

'

'

12,000,000

12,000,000

'

'

Total assets

3,202,000,000

'

'

'

3,129,000,000

'

'

'

3,202,000,000

3,129,000,000

'

'

Assets held as collateral

3,185,000,000

'

'

'

3,114,000,000

'

'

'

3,185,000,000

3,114,000,000

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable and accrued expenses

2,000,000

'

'

'

2,000,000

'

'

'

2,000,000

2,000,000

'

'

Debt

2,866,000,000

'

'

'

2,771,000,000

'

'

'

2,866,000,000

2,771,000,000

'

'

Total liabilities

2,868,000,000

'

'

'

2,773,000,000

'

'

'

2,868,000,000

2,773,000,000

'

'

Company Involvement with Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss) income

'

'

'

'

'

'

'

'

64,000,000

58,000,000

53,000,000

'

PHH Corporation investment

613,000,000

'

'

'

766,000,000

'

'

'

613,000,000

766,000,000

'

'

Intercompany receivable (payable)

-273,000,000

'

'

'

-238,000,000

'

'

'

-273,000,000

-238,000,000

'

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Capital contributions for increased escrow requirements, debt issuance costs and additional paydown of outstanding notes

'

'

'

'

'

'

'

'

5,000,000

5,000,000

10,000,000

'

Distributions received

'

'

'

'

'

'

'

'

158,000,000

38,000,000

33,000,000

'

Fees received

'

'

'

'

'

'

'

'

6,000,000

6,000,000

6,000,000

'

Chesapeake and D.L. Peterson Trust | Variable Interest Entity | Maximum

'

'

'

'

'

'

'

'

'

'

'

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Capital contributions for increased escrow requirements, debt issuance costs and additional paydown of outstanding notes

'

'

'

'

'

'

'

'

345,000,000

'

'

'

FLRT and PHH Lease Receivables LP | Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

ASSETS

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Cash

46,000,000

'

'

'

59,000,000

'

'

'

46,000,000

59,000,000

'

'

Net investment in fleet leases

599,000,000

'

'

'

675,000,000

'

'

'

599,000,000

675,000,000

'

'

Other assets

6,000,000

'

'

'

7,000,000

'

'

'

6,000,000

7,000,000

'

'

Total assets

651,000,000

'

'

'

741,000,000

'

'

'

651,000,000

741,000,000

'

'

Assets held as collateral

645,000,000

'

'

'

731,000,000

'

'

'

645,000,000

731,000,000

'

'

LIABILITIES

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable and accrued expenses

5,000,000

'

'

'

8,000,000

'

'

'

5,000,000

8,000,000

'

'

Debt

598,000,000

'

'

'

662,000,000

'

'

'

598,000,000

662,000,000

'

'

Total liabilities

603,000,000

'

'

'

670,000,000

'

'

'

603,000,000

670,000,000

'

'

Company Involvement with Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss) income

'

'

'

'

'

'

'

'

12,000,000

11,000,000

7,000,000

'

PHH Corporation investment

23,000,000

'

'

'

107,000,000

'

'

'

23,000,000

107,000,000

'

'

Intercompany receivable (payable)

-9,000,000

'

'

'

-36,000,000

'

'

'

-9,000,000

-36,000,000

'

'

Variable Interest Entities

'

'

'

'

'

'

'

'

'

'

'

'

Capital contributions for increased escrow requirements, debt issuance costs and additional paydown of outstanding notes

'

'

'

'

'

'

'

'

275,000,000

379,000,000

349,000,000

'

Distributions received

'

'

'

'

'

'

'

'

333,000,000

380,000,000

339,000,000

'

Fees received

'

'

'

'

'

'

'

'

1,000,000

1,000,000

1,000,000

'

Mortgage Securitization Trust | Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Company Involvement with Variable Interest Entity

'

'

'

'

'

'

'

'

'

'

'

'

Net (loss) income

'

'

'

'

'

'

'

'

'

'

($3,000,000)

'

[1]

The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details

Segment Information (Details) (USD $)

0 Months Ended

3 Months Ended

12 Months Ended

In Millions, unless otherwise specified

Mar. 31, 2011

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

item

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Number of reportable segments

'

'

'

'

'

'

'

'

'

3

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

$8,848

[1]

'

'

'

$9,603

[1]

'

'

'

$8,848

[1]

$9,603

[1]

'

Net Revenues

'

675

615

822

730

783

624

559

777

2,842

2,743

2,214

Segment Profit (Loss)

'

'

'

'

'

'

'

'

'

212

28

-227

Interest Income

'

'

'

'

'

'

'

'

'

73

94

117

Interest Expense

'

'

'

'

'

'

'

'

'

243

280

281

Depreciation on operating leases

'

'

'

'

'

'

'

'

'

1,211

1,212

1,223

Other depreciation and amortization

'

'

'

'

'

'

'

'

'

33

25

25

Gain on sale of equity interests in the entity's appraisal services business

'

'

'

'

'

'

'

'

'

'

'

68

Percentage of equity interest sold in appraisal services business

50.10%

'

'

'

'

'

'

'

'

'

'

50.10%

Other

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

1,024

'

'

'

723

'

'

'

1,024

723

'

Net Revenues

'

'

'

'

'

'

'

'

'

-2

-2

-3

Segment Profit (Loss)

'

'

'

'

'

'

'

'

'

-55

-13

-3

Interest Income

'

'

'

'

'

'

'

'

'

-2

-2

-2

Interest Expense

'

'

'

'

'

'

'

'

'

-2

-2

-2

Other depreciation and amortization

'

'

'

'

'

'

'

'

'

9

8

4

Mortgage Production segment | Operating segment

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

1,127

'

'

'

2,587

'

'

'

1,127

2,587

'

Net Revenues

'

'

'

'

'

'

'

'

'

821

1,234

914

Segment Profit (Loss)

'

'

'

'

'

'

'

'

'

22

416

258

Interest Income

'

'

'

'

'

'

'

'

'

63

84

101

Interest Expense

'

'

'

'

'

'

'

'

'

127

150

125

Other depreciation and amortization

'

'

'

'

'

'

'

'

'

13

7

9

Gain on sale of equity interests in the entity's appraisal services business

'

'

'

'

'

'

'

'

'

'

'

68

Percentage of equity interest sold in appraisal services business

'

'

'

'

'

'

'

'

'

'

'

50.10%

Mortgage Servicing segment | Operating segment

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

2,244

'

'

'

1,791

'

'

'

2,244

1,791

'

Net Revenues

'

'

'

'

'

'

'

'

'

381

-106

-343

Segment Profit (Loss)

'

'

'

'

'

'

'

'

'

157

-462

-557

Interest Income

'

'

'

'

'

'

'

'

'

9

9

15

Interest Expense

'

'

'

'

'

'

'

'

'

58

62

76

Other depreciation and amortization

'

'

'

'

'

'

'

'

'

1

'

1

Fleet Management Services segment

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

4,453

'

'

'

4,502

'

'

'

4,453

4,502

'

Net Revenues

'

'

'

'

'

'

'

'

'

1,642

1,617

1,646

Fleet Management Services segment | Operating segment

'

'

'

'

'

'

'

'

'

'

'

'

Segment Information

'

'

'

'

'

'

'

'

'

'

'

'

Total Assets

'

4,453

'

'

'

4,502

'

'

'

4,453

4,502

'

Net Revenues

'

'

'

'

'

'

'

'

'

1,642

1,617

1,646

Segment Profit (Loss)

'

'

'

'

'

'

'

'

'

88

87

75

Interest Income

'

'

'

'

'

'

'

'

'

3

3

3

Interest Expense

'

'

'

'

'

'

'

'

'

60

70

82

Depreciation on operating leases

'

'

'

'

'

'

'

'

'

1,211

1,212

1,223

Other depreciation and amortization

'

'

'

'

'

'

'

'

'

$10

$10

$11

[1]

The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Reconciliation of (Loss) income before income taxes to Segment (loss) profit	'	'	'	'	'	'	'	'	'	'	'
Income (loss) before income taxes	$61	($74)	$158	$96	$99	($56)	($80)	$124	$241	$87	($202)
Less: net income attributable to noncontrolling interest	'	'	'	'	'	'	'	'	29	59	25
Segment profit (loss)	'	'	'	'	'	'	'	'	$212	$28	($227)

Segment_Information_Details_3

Segment Information (Details 3) (USD $)

3 Months Ended

12 Months Ended

In Millions, unless otherwise specified

Dec. 31, 2013

Sep. 30, 2013

Jun. 30, 2013

Mar. 31, 2013

Dec. 31, 2012

Sep. 30, 2012

Jun. 30, 2012

Mar. 31, 2012

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Revenues attributable to the domestic and foreign operations

'

'

'

'

'

'

'

'

'

'

'

Total Assets

$8,848

[1]

'

'

'

$9,603

[1]

'

'

'

$8,848

[1]

$9,603

[1]

'

Net Revenues

675

615

822

730

783

624

559

777

2,842

2,743

2,214

Fleet Management Services segment

'

'

'

'

'

'

'

'

'

'

'

Revenues attributable to the domestic and foreign operations

'

'

'

'

'

'

'

'

'

'

'

Total Assets

4,453

'

'

'

4,502

'

'

'

4,453

4,502

'

Net Revenues

'

'

'

'

'

'

'

'

1,642

1,617

1,646

Fleet Management Services segment | Domestic

'

'

'

'

'

'

'

'

'

'

'

Revenues attributable to the domestic and foreign operations

'

'

'

'

'

'

'

'

'

'

'

Total Assets

3,555

'

'

'

3,534

'

'

'

3,555

3,534

'

Net Revenues

'

'

'

'

'

'

'

'

1,323

1,295

1,352

Fleet Management Services segment | Foreign (Canada)

'

'

'

'

'

'

'

'

'

'

'

Revenues attributable to the domestic and foreign operations

'

'

'

'

'

'

'

'

'

'

'

Total Assets

898

'

'

'

968

'

'

'

898

968

'

Net Revenues

'

'

'

'

'

'

'

'

$319

$322

$294

[1]

The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Selected_Quarterly_Financial_D2

Selected Quarterly Financial Data-(unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Selected Quarterly Financial Data-(unaudited)	'	'	'	'	'	'	'	'	'	'	'
Net revenues	$675	$615	$822	$730	$783	$624	$559	$777	$2,842	$2,743	$2,214
Income (loss) before income taxes	61	-74	158	96	99	-56	-80	124	241	87	-202
Net (loss) income	44	-46	102	64	73	-23	-42	85	164	93	-102
Net income (loss) attributable to PHH Corporation	$45	($52)	$90	$52	$58	($42)	($57)	$75	$135	$34	($127)
Basic earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$0.78	($0.90)	$1.58	$0.90	$1.01	($0.74)	($1)	$1.32	$2.36	$0.60	($2.26)
Diluted earnings (loss) per share attributable to PHH Corporation (in dollars per share)	$0.67	($0.90)	$1.40	$0.79	$0.89	($0.74)	($1)	$1.30	$2.06	$0.56	($2.26)

SCHEDULE_I_CONDENSED_FINANCIAL1

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2012	Sep. 30, 2012	Jun. 30, 2012	Mar. 31, 2012	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Revenues	'	'	'	'	'	'	'	'	'	'	'
Net revenues	$675	$615	$822	$730	$783	$624	$559	$777	$2,842	$2,743	$2,214
Expenses	'	'	'	'	'	'	'	'	'	'	'
Salaries and related expenses	'	'	'	'	'	'	'	'	623	595	507
Other depreciation and amortization	'	'	'	'	'	'	'	'	33	25	25
Other operating expenses	'	'	'	'	'	'	'	'	611	697	523
Total expenses	'	'	'	'	'	'	'	'	2,601	2,656	2,416
Income (loss) before income taxes	61	-74	158	96	99	-56	-80	124	241	87	-202
Income tax benefit	'	'	'	'	'	'	'	'	77	-6	-100
Net income (loss) attributable to PHH Corporation	45	-52	90	52	58	-42	-57	75	135	34	-127
Other comprehensive (loss) income, net of tax:	'	'	'	'	'	'	'	'	'	'	'
Comprehensive income (loss) attributable to PHH Corporation	'	'	'	'	'	'	'	'	125	39	-135
PHH Corporation	'	'	'	'	'	'	'	'	'	'	'
Revenues	'	'	'	'	'	'	'	'	'	'	'
Net revenues from consolidated subsidiaries	'	'	'	'	'	'	'	'	326	279	254
Interest income	'	'	'	'	'	'	'	'	'	1	4
Net revenues	'	'	'	'	'	'	'	'	326	280	258
Expenses	'	'	'	'	'	'	'	'	'	'	'
Salaries and related expenses	'	'	'	'	'	'	'	'	73	77	71
Interest expense	'	'	'	'	'	'	'	'	126	134	128
Other depreciation and amortization	'	'	'	'	'	'	'	'	9	8	4
Other operating expenses	'	'	'	'	'	'	'	'	146	74	59
Total expenses	'	'	'	'	'	'	'	'	354	293	262
Income (loss) before income taxes	'	'	'	'	'	'	'	'	-28	-13	-4
Income tax benefit	'	'	'	'	'	'	'	'	-13	-6	-3
Loss before equity in (loss) earnings of subsidiaries	'	'	'	'	'	'	'	'	-15	-7	-1
Equity in earnings (loss) of subsidiaries	'	'	'	'	'	'	'	'	150	41	-126
Net income (loss) attributable to PHH Corporation	'	'	'	'	'	'	'	'	135	34	-127
Other comprehensive (loss) income, net of tax:	'	'	'	'	'	'	'	'	'	'	'
Currency translation adjustment	'	'	'	'	'	'	'	'	-14	5	-5
Change in unrealized gains on available-for-sale securities, net	'	'	'	'	'	'	'	'	-1	-1	1
Change in unfunded pension liability, net	'	'	'	'	'	'	'	'	5	1	-4
Total other comprehensive (loss) income, net of tax	'	'	'	'	'	'	'	'	-10	5	-8
Comprehensive income (loss) attributable to PHH Corporation	'	'	'	'	'	'	'	'	$125	$39	($135)

SCHEDULE_I_CONDENSED_FINANCIAL2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) (USD $)	Dec. 31, 2013		Dec. 31, 2012		Dec. 31, 2011	Dec. 31, 2010
In Millions, unless otherwise specified
ASSETS	'		'		'	'
Cash and cash equivalents	$1,245		$829		$414	$195
Restricted cash and cash equivalents	234		304		'	'
Accounts receivable	981		797		'	'
Property and equipment, net	75		79		'	'
Other assets	522		616		'	'
Total assets	8,848	[1]	9,603	[1]	'	'
LIABILITIES AND EQUITY	'		'		'	'
Debt	5,505		6,554		'	'
Other liabilities	165		279		'	'
Total liabilities	7,158	[1]	8,041	[1]	'	'
Commitments and contingencies	'		'		'	'
EQUITY	'		'		'	'
Preferred stock	'		'		'	'
Common stock	1		1		'	'
Additional paid-in capital	1,142		1,127		'	'
Retained earnings	507		372		'	'
Accumulated other comprehensive income	16		26		'	'
Total PHH Corporation stockholders' equity	1,666		1,526		'	'
Total liabilities and equity	8,848		9,603		'	'
PHH Corporation	'		'		'	'
ASSETS	'		'		'	'
Cash and cash equivalents	969		634		307	92
Restricted cash and cash equivalents	10		23		'	'
Accounts receivable	27		4		'	'
Due from Consolidated subsidiaries	309		696		'	'
Investment in consolidated subsidiaries	1,502		1,244		'	'
Property and equipment, net	15		21		'	'
Other assets	174		183		'	'
Total assets	3,006		2,805		'	'
LIABILITIES AND EQUITY	'		'		'	'
Debt	1,249		1,156		'	'
Other liabilities	91		123		'	'
Total liabilities	1,340		1,279		'	'
Commitments and contingencies	'		'		'	'
EQUITY	'		'		'	'
Preferred stock	'		'		'	'
Common stock	1		1		'	'
Additional paid-in capital	1,142		1,127		'	'
Retained earnings	507		372		'	'
Accumulated other comprehensive income	16		26		'	'
Total PHH Corporation stockholders' equity	1,666		1,526		'	'
Total liabilities and equity	$3,006		$2,805		'	'
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

SCHEDULE_I_CONDENSED_FINANCIAL3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Condensed Financial Information of Registrant	'	'	'
Net cash (used in) provided by operating activities	$2,709	$2,057	$2,786
Cash flows from investing activities:	'	'	'
Purchases of property and equipment	-32	-31	-25
Decrease (increase) in restricted cash	67	109	-71
Net cash used in investing activities	-1,177	-1,215	-1,331
Cash flows from financing activities:	'	'	'
Proceeds from unsecured borrowings	350	518	1,304
Principal payments on unsecured borrowings	-288	-671	-1,205
Issuances of common stock	3	5	8
Cash paid for debt issuance costs	-29	-57	-35
Other, net	-6	-4	-4
Net cash used in financing activities	-1,112	-427	-1,234
Net increase in Cash and cash equivalents	416	415	219
Cash and cash equivalents at beginning of period	829	414	195
Cash and cash equivalents at end of period	1,245	829	414
PHH Corporation	'	'	'
Condensed Financial Information of Registrant	'	'	'
Net cash (used in) provided by operating activities	-6	115	62
Cash flows from investing activities:	'	'	'
Purchases of property and equipment	-4	-6	-5
Decrease (increase) in restricted cash	13	-23	'
Dividends from consolidated subsidiaries	106	40	7
Net cash used in investing activities	115	11	2
Cash flows from financing activities:	'	'	'
Net cash provided by consolidated subsidiaries	175	373	50
Proceeds from unsecured borrowings	350	518	1,304
Principal payments on unsecured borrowings	-288	-671	-1,205
Issuances of common stock	3	5	8
Cash paid for debt issuance costs	-9	-19	-2
Other, net	-5	-5	-4
Net cash used in financing activities	226	201	151
Net increase in Cash and cash equivalents	335	327	215
Cash and cash equivalents at beginning of period	634	307	92
Cash and cash equivalents at end of period	$969	$634	$307

SCHEDULE_II_VALUATION_AND_QUAL1

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (Deferred tax asset valuation allowance, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
PHH Corporation and Subsidiaries	'	'	'
Reconciliation of valuation and qualifying accounts	'	'	'
Balance, beginning of period	$30	$44	$54
Additions: Charged to costs and expenses	2	2	6
Additions: Charged to other accounts	'	-8	-16
Reductions	-6	-8	'
Balance, end of period	26	30	44
PHH Corporation	'	'	'
Reconciliation of valuation and qualifying accounts	'	'	'
Balance, beginning of period	6	7	6
Additions: Charged to other accounts	'	'	1
Reductions	-1	-1	'
Balance, end of period	$5	$6	$7