PHH 10-Q 8 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	Apr. 29, 2014
Document and Entity Information	'	'
Entity Registrant Name	'PHH CORP	'
Entity Central Index Key	'0000077776	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	57,383,756
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
REVENUES	'	'
Mortgage fees	$47	$79
Fleet management fees	44	43
Net fee income	91	122
Fleet lease income	343	332
Gain on mortgage loans, net	51	187
Mortgage interest income	8	20
Mortgage interest expense	-38	-48
Mortgage net finance expense	-30	-28
Loan servicing income	115	108
Change in fair value of mortgage servicing rights	-79	5
Net derivative gain (loss) related to mortgage servicing rights	6	-16
Valuation adjustments related to mortgage servicing rights, net	-73	-11
Net loan servicing income	42	97
Other income	20	20
Net revenues	517	730
EXPENSES	'	'
Salaries and related expenses	127	159
Occupancy and other office expenses	17	15
Depreciation on operating leases	300	302
Fleet interest expense	13	15
Other depreciation and amortization	8	7
Other operating expenses	123	136
Total expenses	588	634
(Loss) income before income taxes	-71	96
Income tax (benefit) expense	-27	32
Net (loss) income	-44	64
Less: net (loss) income attributable to noncontrolling interest	-2	12
Net (loss) income attributable to PHH Corporation	($42)	$52
Basic (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.73)	$0.90
Diluted (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.73)	$0.79

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Net (loss) income	($44)	$64
Other comprehensive loss, net of tax:	'	'
Currency translation adjustment	-7	-5
Total other comprehensive loss, net of tax	-7	-5
Total comprehensive (loss) income	-51	59
Less: comprehensive (loss) income attributable to noncontrolling interest	-2	12
Comprehensive (loss) income attributable to PHH Corporation	($49)	$47

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,155		$1,245
Restricted cash	336		234
Mortgage loans held for sale	605		834
Accounts receivable, net	1,000		981
Net investment in fleet leases	3,619		3,653
Mortgage servicing rights	1,224		1,279
Property and equipment, net	69		75
Goodwill	25		25
Other assets	509		522
Total assets	8,542	[1]	8,848	[1]
LIABILITIES AND EQUITY	'		'
Accounts payable and accrued expenses	763		803
Debt	5,334		5,505
Deferred taxes	661		685
Other liabilities	140		165
Total liabilities	6,898	[1]	7,158	[1]
Commitments and contingencies (Note 12)	'		'
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; 57,379,112 shares issued and outstanding at March 31, 2014; 57,265,517 shares issued and outstanding at December 31, 2013	1		1
Additional paid-in capital	1,147		1,142
Retained earnings	465		507
Accumulated other comprehensive income	9		16
Total PHH Corporation stockholders' equity	1,622		1,666
Noncontrolling interest	22		24
Total equity	1,644		1,690
Total liabilities and equity	$8,542		$8,848
[1]	The Condensed 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:

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,155		$1,245
Restricted cash	336		234
Mortgage loans held for sale	605		834
Accounts receivable, net	1,000		981
Net investment in fleet leases	3,619		3,653
Property and equipment, net	69		75
Other assets	509		522
Total assets	8,542	[1]	8,848	[1]
LIABILITIES	'		'
Accounts payable and accrued expenses	763		803
Debt	5,334		5,505
Other liabilities	140		165
Total liabilities	6,898	[1]	7,158	[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)	57,379,112		57,265,517
Common stock, shares outstanding (in shares)	57,379,112		57,265,517
Variable Interest Entity	'		'
ASSETS	'		'
Cash and cash equivalents	94		99
Restricted cash	304		206
Mortgage loans held for sale	274		318
Accounts receivable, net	154		53
Net investment in fleet leases	3,556		3,581
Property and equipment, net	2		2
Other assets	30		25
Total assets	4,414		4,284
LIABILITIES	'		'
Accounts payable and accrued expenses	21		23
Debt	3,807		3,753
Other liabilities	13		12
Total liabilities	$3,841		$3,788
[1]	The Condensed 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:

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED 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, 2012	$1,562	$1	$1,127	$372	$26	$36
Balance (in shares) at Dec. 31, 2012	'	56,975,991	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive income (loss)	59	'	'	52	-5	12
Distributions to noncontrolling interest	-15	'	'	'	'	-15
Stock compensation expense	2	'	2	'	'	'
Stock issued under share-based payment plans	-1	'	-1	'	'	'
Stock issued under share-based payment plans (in shares)	'	113,350	'	'	'	'
Recognition of deferred taxes related to Convertible notes	1	'	1	'	'	'
Balance at Mar. 31, 2013	1,608	1	1,129	424	21	33
Balance (in shares) at Mar. 31, 2013	'	57,089,341	'	'	'	'
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	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'
Total comprehensive income (loss)	-51	'	'	-42	-7	-2
Stock compensation expense	3	'	3	'	'	'
Stock issued under share-based payment plans	1	'	1	'	'	'
Stock issued under share-based payment plans (in shares)	'	113,595	'	'	'	'
Recognition of deferred taxes related to Convertible notes	1	'	1	'	'	'
Balance at Mar. 31, 2014	$1,644	$1	$1,147	$465	$9	$22
Balance (in shares) at Mar. 31, 2014	57,379,112	57,379,112	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net (loss) income	($44)	$64
Adjustments to reconcile Net (loss) income to net cash provided by operating activities:	'	'
Capitalization of originated mortgage servicing rights	-25	-74
Net loss on mortgage servicing rights and related derivatives	73	11
Vehicle depreciation	300	302
Other depreciation and amortization	8	7
Origination of mortgage loans held for sale	-2,725	-7,845
Proceeds on sale of and payments from mortgage loans held for sale	3,003	8,506
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-33	-194
Deferred income tax (benefit) expense	-26	29
Other adjustments and changes in other assets and liabilities, net	-60	27
Net cash provided by operating activities	471	833
Cash flows from investing activities:	'	'
Investment in vehicles	-409	-447
Proceeds on sale of investment vehicles	103	77
Net cash received (paid) on derivatives related to mortgage servicing rights	8	-21
Proceeds on sale of mortgage servicing rights	4	'
Purchases of property and equipment	-3	-11
Purchases of restricted investments	'	-51
Proceeds from sales and maturities of restricted investments	'	58
(Increase) decrease in restricted cash	-104	15
Other, net	6	1
Net cash used in investing activities	-395	-379
Cash flows from financing activities:	'	'
Proceeds from secured borrowings	4,873	12,755
Principal payments on secured borrowings	-5,027	-13,093
Issuances of common stock	2	'
Cash paid for debt issuance costs	-9	-2
Distributions to noncontrolling interest	'	-15
Other, net	-1	-1
Net cash used in financing activities	-162	-356
Effect of changes in exchange rates on Cash and cash equivalents	-4	'
Net (decrease) increase in Cash and cash equivalents	-90	98
Cash and cash equivalents at beginning of period	1,245	829
Cash and cash equivalents at end of period	$1,155	$927

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
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 Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements and Realogy Corporation’s ownership interest is presented as a noncontrolling interest.  Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements.
	The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2013 Form 10-K.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for 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 Condensed Consolidated Financial Statements are in millions.
	Changes in Accounting Policies
	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 Company adopted the new accounting guidance effective January 1, 2014 and applied the guidance prospectively to all unrecognized tax benefits that existed as of the effective date. The adoption of the guidance did not have a material impact on the Company’s financial statements.
	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 does not expect the adoption of the new guidance to have a material impact on its financial statements.
	Presentation and Disclosure of Discontinued Operations.  In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”.  Under the new guidance, only disposals of a component of an entity that represent a major strategic shift on an entity’s operations and financial results shall be reported in discontinued operations.  The guidance also requires the presentation as discontinued operation for an entity that, on acquisition, meets the criteria to be classified as held for sale.  In addition, the update expands disclosures for discontinued operations, requires new disclosures regarding disposals of an individually significant component of an entity that does not qualify for discontinued operations presentation and expands disclosures about an entity’s significant continuing involvement with a discontinued operation. The update requires the Company to apply the amendments prospectively to all disposals and classifications as held for sale of components of an entity and to all businesses that, on acquisition, are classified as held for sale within interim and annual periods beginning on or after December 15, 2014.  Early adoption is permitted in limited circumstances.  The Company is currently evaluating the impact of adopting this new standard.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2014
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:
			Three Months Ended
			March 31,
			2014		2013
			(In millions, except share and per
			share data)
	Net (loss) income attributable to PHH Corporation		$	-42	$	52
	Weighted-average common shares outstanding — basic		57,543,886		57,248,825
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		—		239,361
	Conversion of debt securities		—		8,297,949
	Weighted-average common shares outstanding — diluted		57,543,886		65,786,135
	Basic (loss) earnings per share attributable to PHH Corporation		$	-0.73	$	0.9
	Diluted (loss) earnings per share attributable to PHH Corporation		$	-0.73	$	0.79
	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards(2)		2,367,992		479,323
	Assumed conversion of debt securities		9,584,725		—
	-1	Represents incremental shares from restricted stock units and stock options.
	-2	For the three months ended March 31, 2014, excludes 554,804 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	3 Months Ended
	Mar. 31, 2014
Transfers and Servicing of Mortgage Loans	'
Transfers and Servicing of Mortgage Loans	'
	3.  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. 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).  See Note 11, “Credit Risk” for a further description of recourse obligations.
	The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the portfolio associated with loans subserviced for others.  The total servicing portfolio, including loans subserviced for others, was $225.7 billion and $226.8 billion, as of March 31, 2014 and December 31, 2013, respectively.  Mortgage servicing rights (“MSRs”) recorded in the Condensed 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.
	During 2013, the Company entered into an agreement 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 three months ended March 31, 2014, sales with a fair value of $1 million were completed under the terms of this arrangement.  As of March 31, 2014, the Company had commitments to sell servicing rights related to $600 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.  Under this arrangement, the Company also had commitments to sell servicing rights related to $522 million of unpaid principal balance of mortgage loans (fair value of $6 million) that were included in the capitalized portfolio as of March 31, 2014.
	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	129,145		$	140,381
	Additions		2,266			6,964
	Payoffs, sales and curtailments		-4,253			-10,512
	Balance, end of period		$	127,158		$	136,833
	The activity in capitalized MSRs consisted of:
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	1,279		$	1,022
	Additions		25			74
	Sales		-1			—
	Changes in fair value due to:
	Realization of expected cash flows		-34			-77
	Changes in market inputs or assumptions used in the valuation model		-45			82
	Balance, end of period		$	1,224		$	1,101
	The value of MSRs is driven by the net positive cash flows associated with servicing activities.  These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows:
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Servicing fees from capitalized portfolio		$	92		$	100
	Late fees		5			5
	Other ancillary servicing revenue		8			10
	As of March 31, 2014 and December 31, 2013, the MSRs had a weighted-average life of 6.2 years and 6.5 years, respectively.   See Note 14, "Fair Value Measurements" for additional information regarding the valuation of MSRs.
	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:
			Three Months Ended
			March 31,
			2014				2013
			(In millions)
	Proceeds from new loan sales or securitizations		$	2,336			$	7,171
	Servicing fees from capitalized portfolio(1)		92				100
	Purchases of delinquent or foreclosed loans (2)		(17		)		(20		)
	Servicing advances (3)		(522		)		(285		)
	Repayment of servicing advances (3)		523				290
	-1	Excludes late fees and other ancillary servicing revenue.
	-2	Excludes indemnification payments to investors and insurers of the related mortgage loans.
	-3	As of March 31, 2014 and December 31, 2013, outstanding servicing advance receivables of $568 million and $565 million, respectively, were included in Accounts receivable, net. The servicing advance cash flows above include advances and repayments related to the total loan servicing portfolio.
	During the three months ended March 31, 2014 and 2013, pre-tax gains of $72 million and $242 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on mortgage loans, net in the Condensed Consolidated Statements of Operations.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2014
Derivatives	'
Derivatives	'
	4.  Derivatives
	Derivative instruments and the risks they manage are as follows:
	¡	Forward delivery commitments—Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments
	¡	Option contracts— Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments
	¡	MSR-related agreements—Related to interest rate risk for Mortgage servicing rights
	¡	Interest rate contracts—Related to interest rate risk for variable-rate debt arrangements and fixed-rate leases
	¡	Convertible note-related agreements—Related to the issuance of the Convertible notes due in 2014
	¡	Foreign exchange contracts—Related to exposure to currency fluctuations that would impact our investment in or borrowings related to our Canadian operations
	Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets.  The Company does not have any derivative instruments designated as hedging instruments.
	The following table summarizes the gross notional amount of derivatives:
			March 31,		December 31,
			2014		2013
			(In millions)
	Notional amounts:
	Interest rate lock commitments		$	1,391	$	1,378
	Forward delivery commitments		3,514		4,527
	Option contracts		145		190
	MSR-related agreements		1,395		860
	Interest rate contracts		699		710
	Convertible note-related agreements(1)		—		—
	____________
	(1)   The notional amount 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 following tables presents the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:
			March 31, 2014
			Gross Assets		Offsetting		Cash Collateral		Net Amount
					Payables		Paid
			(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments		$	4	$	-3	$	2	$	3
	MSR-related agreements		8		-8		—		—
	Derivative assets subject to netting		12		-11		2		3
	Not subject to master netting arrangements:
	Interest rate lock commitments		21		—		—		21
	Forward delivery commitments		2		—		—		2
	Interest rate contracts		2		—		—		2
	Convertible note-related agreements		16		—		—		16
	Derivative assets not subject to netting		41		—		—		41
	Total derivative assets		$	53	$	-11	$	2	$	44
			Gross Liabilities		Offsetting		Cash Collateral		Net Amount
					Receivables		Received
			(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments		$	3	$	-3	$	—	$	—
	MSR-related agreements		—		-8		11		3
	Derivative liabilities subject to netting		3		-11		11		3
	Not subject to master netting arrangements:
	Interest rate lock commitments		1		—		—		1
	Forward delivery commitments		1		—		—		1
	Convertible note-related agreements		16		—		—		16
	Derivative liabilities not subject to netting		18		—		—		18
	Total derivative liabilities		$	21	$	-11	$	11	$	21
			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
The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
Gain on mortgage loans, net:
Interest rate lock commitments		$	74	$	202
Forward delivery commitments		-20		54
Option contracts		-1		-2
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements		6		-16

Vehicle_Leasing_Activities

Vehicle Leasing Activities	3 Months Ended
	Mar. 31, 2014
Vehicle Leasing Activities	'
Vehicle Leasing Activities	'
	5.  Vehicle Leasing Activities
	The following table summarizes the components of Net investment in fleet leases:
		March 31,		December 31,
		2014		2013
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	7,948	$	7,974
	Vehicles under closed-end operating leases	128		137
	Vehicles under operating leases	8,076		8,111
	Less: Accumulated depreciation	-4,790		-4,777
	Net investment in operating leases	3,286		3,334
	Direct Financing Leases:
	Lease payments receivable	102		100
	Less: Unearned income	-6		-2
	Net investment in direct financing leases	96		98
	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	233		217
	Vehicles held for sale	11		10
	Less: Accumulated depreciation	-7		-6
	Net investment in off-lease vehicles	237		221
	Total	$	3,619	$	3,653

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2014
Other Assets	'
Other Assets	'
	6.  Other Assets
	Other assets consisted of:
		March 31,		December 31,
		2014		2013
		(In millions)
	Mortgage loans in foreclosure, net	$	165	$	172
	Repurchase eligible loans(1)	90		94
	Real estate owned, net	55		51
	Derivatives	44		48
	Deferred financing costs	38		38
	Equity method investments	34		37
	Intangible assets	28		29
	Other	55		53
	Total	$	509	$	522
	___________
	(1)     Repurchase eligible loans represent mortgage loans sold pursuant to Government National Mortgage Association programs where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent.  Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	3 Months Ended
	Mar. 31, 2014
Accounts Payable and Accrued Expenses	'
Accounts Payable and Accrued Expenses	'
	7.  Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consisted of:
		March 31,		December 31,
		2014		2013
		(In millions)
	Subservicing advance liabilities	$	312	$	302
	Accounts payable	277		284
	Repurchase eligible loans	90		94
	Accrued payroll and benefits	54		79
	Accrued interest	15		29
	Other	15		15
	Total	$	763	$	803

Other_Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2014
Other Liabilities	'
Other Liabilities	'
	8.  Other Liabilities
	Other liabilities consisted of:
		March 31,		December 31,
		2014		2013
		(In millions)
	Loan repurchase and indemnification liability	$	80	$	100
	Derivatives	21		20
	Lease syndication liability	10		11
	Capital lease obligation	7		7
	Pension and other post employment benefits liability	6		7
	Other	16		20
	Total	$	140	$	165

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2014
Debt and Borrowing Arrangements	'
Debt and Borrowing Arrangements	'
	9.  Debt and Borrowing Arrangements
	The following table summarizes the components of Debt:
			March 31, 2014				December 31, 2013
					Wt. Avg-					Wt. Avg-
					Interest					Interest
			Balance		Rate(1)		Balance			Rate(1)
			(In millions)
	Term notes, in amortization		$	1,237	1.00%		$	1,406		1.00%
	Term notes, in revolving period		1,500		0.70%		700			0.70%
	Variable-funding notes		700		2.10%		1,358			1.40%
	Other		15		5.10%		17			5.00%
	Vehicle Management Asset-Backed Debt		3,452				3,481
			—		—%		—			—%
	Secured Canadian credit facility
			510		2.30%		709			2.10%
	Committed warehouse facilities
	Uncommitted warehouse facilities		—		—%		—			—%
	Servicing advance facility		117		2.70%		66			2.70%
	Mortgage Asset-Backed Debt		627				775
	Term notes		795		7.30%		795			7.30%
	Convertible notes(2)		460		5.00%		454			5.00%
	Unsecured credit facilities		—		—%		—			—%
	Unsecured Debt		1,255				1,249
			$	5,334			$	5,505
	Total
	-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 $40 million and $46 million as of March 31, 2014 and December 31, 2013, 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 March 31, 2014 consisted of:
			Vehicle		Mortgage
			Asset-Backed		Asset-Backed
			Debt		Debt
			(In millions)
	Restricted cash		$	243	$	64
	Accounts receivable		45		97
	Mortgage loans held for sale (unpaid principal balance)		—		528
	Net investment in fleet leases		3,574		—
	Total		$	3,862	$	689
	The following table provides the contractual debt maturities as of March 31, 2014:
			Vehicle		Mortgage
			Asset-Backed		Asset-Backed			Unsecured
			Debt(1)		Debt			Debt(2)			Total
			(In millions)
	Within one year		$	959	$	510		$	250		$	1,719
	Between one and two years		1,094		89			170			1,353
	Between two and three years		797		28			—			825
	Between three and four years		467		—			250			717
	Between four and five years		127		—			—			127
	Thereafter		8		—			625			633
			$	3,452	$	627		$	1,295		$	5,374
	-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 March 31, 2014 consisted of:
								Maximum
			Maximum		Utilized			Available
			Capacity		Capacity			Capacity
			(In millions)
	Vehicle Management Asset-Backed Debt:
	Term notes, in revolving period		$	1,500	$	1,500		$	—
	Variable-funding notes		1,839		700			1,139
	Secured Canadian credit facility		23		—			23
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities		2,189		510			1,679
	Servicing advance facility		130		117			13
Unsecured credit facilities(1)		305		—			305
-1	Capacity amount shown reflect the contractual maximum capacity of the facilities. As of March 31, 2014, the total available capacity of these facilities is $26 million, after applying the applicable borrowing base coverage ratio tests.
Capacity for Mortgage asset-backed debt shown above excludes $2.8 billion not drawn under uncommitted facilities.  See Note 14, “Fair Value Measurements,” for the measurement of the fair value of Debt.
Vehicle Management Asset-Backed Debt
On March 11, 2014, Chesapeake Funding LLC (“Chesapeake”) issued $800 million of Series 2014-1 Term notes.  Proceeds from the notes were used to repay a portion of the Series 2013-2 variable-funding notes.  On March 20, 2014, the total commitments under the Series 2013-2 and 2013-3 notes were reduced from $1.3 billion to $1.1 billion.
Secured Canadian Credit Facility
On March 21, 2014, the Secured Canadian credit facility was amended to decrease the committed revolving capacity from $118
million (C$125 million) to $23 million (C$25 million).
Mortgage Asset-Backed Debt
On February 4, 2014, the Wells Fargo facility was extended to February 3, 2015, and the total committed capacity was reduced from $450 million to $350 million.
In the first quarter of 2014, PHH Servicer Advance Receivables Trust (“PSART”), a special purpose bankruptcy remote trust was formed for the purpose of issuing asset-backed notes secured by servicing advance receivables.   PSART was consolidated as a result of the determination that the Company is the primary beneficiary of the variable interest entity, as discussed in Note 15, “Variable Interest Entities”.  On March 10, 2014, PSART issued variable funding notes with an aggregate maximum principal amount of $130 million.  Upon closing, a portion of the proceeds were used to repay the outstanding balance of the Fannie Mae Servicing advance facility.  The notes have a revolving period through March 9, 2015 and the final maturity of the notes is March 15, 2017.
Unsecured Debt
Convertible Notes
As of March 31, 2014, 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.
Holders of the Convertible notes due 2014 may convert all or any portion at any time from, and including, March 1, 2014 through the third business day immediately preceding their maturity on September 1, 2014.  As of March 31, 2014, the amount that the if-converted value exceeded the principal amount of the notes was not material.  The 2014 notes 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.
Holders of the Convertible notes due 2017 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 of the Convertible notes due 2017 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. 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 March 31, 2014, the if-converted value exceeded the principal amount of the notes by $255 million, and the notes met the requirements for conversion.
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.
There were no significant amendments to the terms of debt covenants during the three months ended March 31, 2014.  As of March 31, 2014, 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.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
Income Taxes	'
	10.   Income Taxes
	For the three months ended March 31, 2014, interim income tax benefit was recorded using the discrete effective tax rate method.  Management believes the use of the discrete method for this period is more appropriate than applying the full-year effective tax rate method since the full-year effective tax rate method would not be considered reliable due to the sensitivity to small changes to forecasted annual pre-tax results.  Under the discrete method, the Company determines the tax provision based upon actual results as if the interim period were a full-year period.
	For the three months ended March 31, 2013, interim income tax expense was recorded by applying a projected full-year effective income tax rate to the quarterly Income before income taxes for results that are deemed to be reliably estimable. Certain results dependent on fair value adjustments of the Mortgage Production and Mortgage Servicing segments are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those results.
	The following table and discussion summarizes items that significantly impacted Income tax expense or benefit and increased (decreased) the effective tax rate:
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
	State and local income taxes, net of federal tax benefits	$	(3)	$	4
	Noncontrolling interest	1		(5)
	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 lower during the three months ended March 31, 2014 compared to 2013.
	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.

Credit_Risk

Credit Risk	3 Months Ended
	Mar. 31, 2014
Credit Risk	'
Credit Risk	'
	11.   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
	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:
			March 31,				December 31,
			2014				2013
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	128,813			$	130,494
	Subserviced		96,931				96,343
	Total		$	225,744			$	226,837
	Conventional loans		$	191,418			$	191,916
	Government loans		28,762				29,200
	Home equity lines of credit		5,564				5,721
	Total		$	225,744			$	226,837
	Weighted-average interest rate		4		%		4		%
			March 31, 2014						December 31, 2013
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		1.95	%		1.48	%		2.43	%	1.82	%
	60 days		0.64	%		0.51	%		0.83	%	0.62	%
	90 or more days		0.98	%		0.8	%		1.08	%	0.9	%
	Total		3.57	%		2.79	%		4.34	%	3.34	%
	Foreclosure/real estate owned(2)		2.44	%		2.32	%		2.46	%	2.36	%
	____________
	-1	Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
	-2	As of March 31, 2014 and December 31, 2013, the total servicing portfolio included 24,272 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.6 billion and $4.7 billion, respectively.
	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:
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	142		$	191
	Realized losses		-24			(17		)
	Increase in reserves due to:
	Changes in assumptions		—			15
	New loan sales		2			5
	Balance, end of period		$	120		$	194
	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 $127.2 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 March 31, 2014, $215 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; 14% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).
	As of March 31, 2014 and December 31, 2013, liabilities for probable losses related to repurchase and indemnification obligations of $80 million and $100 million, respectively, are included in Other liabilities in the Condensed 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 March 31, 2014, the estimated amount of reasonably possible losses in excess of the recorded liability was $25 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
	The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Condensed Consolidated Balance Sheets as follows:
			March 31,			December 31,
			2014			2013
			(In millions)
	Mortgage loans in foreclosure(1)		$	185		$	192
	Allowance for probable foreclosure losses		-20			-20
	Mortgage loans in foreclosure, net		$	165		$	172
	Real estate owned		$	75		$	73
	Adjustment to value for real estate owned		-20			-22
	Real estate owned, net		$	55		$	51
	_________
	-1	Includes $113 million and $118 million of recoverable advances as of March 31, 2014 and December 31, 2013, respectively.
Mortgage Reinsurance
The Company no longer has exposure to consumer credit risk through reinsurance activities since any contractual reinsurance agreements were terminated in the second quarter of 2013.  As of March 31, 2013, the Company had exposure to losses from one contract with a primary mortgage insurance company that was inactive and in runoff.  During the three months ended March 31, 2013, the increase in the liability for reinsurance losses was not significant and the Company realized losses of $4 million.
Commercial Credit Risk
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 Condensed Consolidated Balance Sheets.  As of March 31, 2014 and December 31, 2013, both direct financing leases greater than 90 days past due and direct financing leases greater than 90 days past due that are still accruing interest were not significant. There were no allowances for credit losses related to direct financing leases at the end of either period.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
Commitments and Contingencies	'
	12.  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 $15 million as of March 31, 2014.
	As of March 31, 2014, 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 Offices for the Southern and Eastern Districts 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.
	The Company has 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 Offices for the Southern and Eastern Districts 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 Offices subpoenas requested 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 and loans sold pursuant to programs sponsored by Fannie Mae, Freddie Mac or Ginnie Mae. 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 2014, the Bureau of Consumer Financial Protection (the “CFPB”) initiated an administrative proceeding alleging that the Company’s reinsurance activities, including its mortgage insurance premium ceding practices, have violated certain provisions of the Real Estate Settlement Procedures Act (“RESPA”) and other laws enforced by the CFPB.  Through its reinsurance subsidiaries, the Company assumed risk in exchange for premiums ceded from primary mortgage insurance companies.  The Company did not provide reinsurance on loans originated after 2009.
	The Company believes that it has complied with RESPA 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.
	Lender-Placed Insurance
	The Company is currently subject to pending litigation alleging that its servicing practices around lender-placed insurance were not in compliance with applicable laws.  Through its mortgage subsidiary, the Company did have certain outsourcing arrangements for the purchase of lender-placed hazard insurance for borrowers whose coverage had lapsed.  The Company believes that it has meritorious defenses to these allegations; however, the resolution of such matter may result in adverse judgments, other relief against the Company, as well as monetary payments or other agreements and obligations.   Alternately, the Company may engage in settlement discussions in order to avoid the additional costs of engaging in litigation.  Given the nature of this matter and the related allegations, the Company cannot estimate the amount of loss or a range of possible losses, if any, associated with this matter 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.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	3 Months Ended
	Mar. 31, 2014
Accumulated Other Comprehensive Income	'
Accumulated Other Comprehensive Income	'
	13.  Accumulated Other Comprehensive Income
	The after-tax components of Accumulated other comprehensive income (loss) were as follows:
		March 31,		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	15	$	22
	Pension adjustment, net of income tax benefit of $(4) and $(4)	-6		-6
	Total	$	9	$	16
	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 March 31, 2014 and December 31, 2013, or during the respective periods.
	There were no amounts reclassified out of Accumulated other comprehensive income during the three months ended March 31, 2014.  In 2013, 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 Condensed Consolidated Statements of Operations.  During the three months ended March 31, 2013, the amount was not significant.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	14.  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.  For assets and liabilities measured at fair value, there has been no change in the valuation methodologies and classification pursuant to the valuation hierarchy during the three months ended March 31, 2014.  The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of March 31, 2014 or December 31, 2013.  Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows:
	Mortgage Loans Held for Sale. The following table reflects the difference between the carrying amounts of Mortgage loans held for sale (“MLHS”) measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:
		March 31, 2014				December 31, 2013
		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)
	Carrying amount	$	605	$	12	$	834	$	12
	Aggregate unpaid principal balance	611		18		837		17
	Difference	$	-6	$	-6	$	-3	$	-5
	The following table summarizes the components of Mortgage loans held for sale:
		March 31,		December 31,
		2014		2013
		(In millions)
	First mortgages:
	Conforming	$	520	$	737
	Non-conforming	36		48
	Total first mortgages	556		785
	Second lien	5		5
	Scratch and Dent	43		44
	Other	1		—
	Total	$	605	$	834
	Mortgage Servicing Rights.  The following tables summarize certain information regarding the initial and ending capitalization rate of Mortgage Servicing Rights (“MSRs”):
		Three Months Ended
		March 31,
		2014		2013
	Initial capitalization rate of additions to MSRs	1.08	%	1.07	%
		March 31,		December 31,
		2014		2013
	Capitalization servicing rate	0.96	%	0.99	%
	Capitalization servicing multiple	3.3		3.4
	Weighted-average servicing fee (in basis points)	29		29
	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates):
		March 31,		December 31,
		2014		2013
	Weighted-average prepayment speed (CPR)	9.8	%	9.0	%
	Option adjusted spread, in basis points (OAS)	994		1,056
	Weighted-average delinquency rate	5.2	%	5.8	%
	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:
		March 31, 2014
		Weighted-				Weighted-
		Average		Option		Average
		Prepayment		Adjusted		Delinquency
		Speed		Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-52	$	-60	$	-25
	Impact on fair value of 20% adverse change	-100		-115		-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. The average pullthrough percentage used in measuring the fair value of Interest rate lock commitment’s (“IRLCs”) as of March 31, 2014 and December 31, 2013 was 73% and 77%, respectively. The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data.  Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends.  Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price.
	Assets and liabilities measured at fair value on a recurring basis were included in the Condensed Consolidated Balance Sheets as follows:
		March 31, 2014
								Cash
		Level		Level		Level		Collateral
		One		Two		Three		and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—	$	556	$	49	$	—	$	605
	Mortgage servicing rights	—		—		1,224		—		1,224
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—		21		—		21
Forward delivery commitments	—		6		—		-1		5
MSR-related agreements	—		8		—		-8		—
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	—		4		—		-3		1
MSR-related agreements	—		—		—		3		3
Convertible note-related agreements	—		—		16		—		16
	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
Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of:
	Three Months Ended						Three Months Ended
	March 31, 2014						March 31, 2013
					IRLCs,						IRLCs,
	MLHS		MSRs		net		MLHS		MSRs		net
	(In millions)
Balance, beginning of period	$	49	$	1,279	$	22	$	64	$	1,022	$	139
Realized and unrealized (losses) gains	-3		-79		74		-6		5		202
Purchases	16		—		—		25		—		—
Issuances	1		25		—		—		74		—
Settlements	-13		-1		-76		-30		—		-228
Transfers into Level Three	6		—		—		14		—		—
Transfers out of Level Three	-7		—		—		-11		—		—
Balance, end of period	$	49	$	1,224	$	20	$	56	$	1,101	$	113
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.
Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Condensed Consolidated Statements of Operations as follows:
	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Gain on mortgage loans, net:
Mortgage loans held for sale	$	-4	$	-8
Interest rate lock commitments	74		202
Change in fair value of mortgage servicing rights:
Mortgage servicing rights	-79		5
Mortgage interest income:
Mortgage loans held for sale	1		2
Unrealized gains (losses) included in the Condensed Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows:
	Three Months Ended
	March 31,
	2014		2013
	(In millions)
Gain on mortgage loans, net	$	16	$	95
Change in fair value of mortgage servicing rights	-45		82
Fair Value of Other Financial Instruments
As of March 31, 2014 and December 31, 2013, 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, 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 March 31, 2014 and December 31, 2013, the total fair value of Debt was $5.8 billion and $5.9 billion, respectively, and substantially all of the debt is measured using Level Two inputs. As of March 31, 2014, the fair value of Level Two Debt was estimated using the following valuation techniques: (i) $4.6 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) $0.6 billion was measured using observable spreads and terms for recent pricing of similar instruments; and (iii) $0.6 billion was measured using a discounted cash flow model incorporating assumptions based on current market information available for similar debt instruments.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	15.  Variable Interest Entities
	Servicing Advance Receivables Trust
	In the first quarter of 2014, PHH Servicer Advance Receivables Trust (“PSART”) and PHH Servicer Advance Funding Depositor, LLC (the “Depositor”) (collectively the “Servicing Advance Receivables Trust”) were formed.  PSART is a special purpose bankruptcy remote trust and was formed for the purpose of issuing asset-backed notes secured by servicing advance receivables.  The Company, the Depositor and  PSART entered into a Receivables Purchase and Contribution Agreement under which the Company has conveyed (and may in the future convey) to the Depositor the contractual right to reimbursement of certain mortgage loan servicing advances made by the Company related to its servicing activities.  The Depositor in turn sells the servicing advances to PSART.  Upon the initial funding of the entity, the Company determined that PSART and the Depositor are variable interest entities based on their nature and purpose, and that the Company is the primary beneficiary.
	In March 2014, PSART entered into an agreement to issue asset-backed notes as further discussed in Note 9, “Debt and Borrowing Arrangements”.  Certain capital transactions are executed between the Company and the Depositor whereby subsidiaries of the Company contribute receivables to the Depositor and receive distributions upon the issuance of notes or leveraging of note series.  During the three months ended March 31, 2014, the Company and its subsidiaries contributed Accounts receivable of $156 million to the Depositor, and received distributions of $117 million.
	Assets and liabilities of significant consolidated variable interest entities are included in the Condensed Consolidated Balance Sheets as follows:
		March 31, 2014
											Servicing
					Chesapeake			FLRT and			Advance
		PHH Home			and D.L.			PHH Lease			Receivables
		Loans			Peterson Trust			Receivables LP			Trust
		(In millions)
	ASSETS
	Cash	$	80		$	10		$	—		$	—
	Restricted cash(1)	3			196			47			58
	Mortgage loans held for sale	268			—			—			—
	Accounts receivable, net	12			45			—			97
	Net investment in fleet leases	—			2,991			565			—
	Property and equipment, net	2			—			—			—
	Other assets	8			15			6			1
	Total assets	$	373		$	3,257		$	618		$	156
	Assets held as collateral(2)	$	258		$	3,232		$	612		$	155
	LIABILITIES
	Accounts payable and accrued expenses	$	13		$	2		$	6		$	—
	Debt	247			2,873			564			117
	Other liabilities	12			—			—			—
	Total liabilities(3)	$	272		$	2,875		$	570		$	117
				December 31, 2013
							Chesapeake			FLRT and
				PHH Home			and D.L.			PHH Lease
				Loans			Peterson Trust			Receivables LP
				(In millions)
	ASSETS
	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
	_____________
	(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 9, “Debt and Borrowing Arrangements” for further information.
	(3)       Excludes intercompany payables.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2014
Segment Information	'
Segment Information	'
	16.  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 were as follows:
		Total Assets
		March 31,			December 31,
		2014			2013
		(In millions)
	Mortgage Production segment	$	946		$	1,127
	Mortgage Servicing segment	2,171			2,244
	Fleet Management Services segment	4,488			4,453
	Other	937			1,024
	Total	$	8,542		$	8,848
		Net Revenues						Segment Profit (Loss)(1)
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
		(In millions)
	Mortgage Production segment	$	82		$	252		$	(60	)	$	45
	Mortgage Servicing segment	29			85			(29		)	18
	Fleet Management Services segment	406			394			21			21
	Other	—			(1		)	(1		)	—
	Total	$	517		$	730		$	(69	)	$	84
	_____________
	(1)                The following is a reconciliation of Income or loss before income taxes to Segment profit or loss:
		Three Months Ended
		March 31,
		2014			2013
		(In millions)
	(Loss) income before income taxes	$	(71	)	$	96
	Less: net (loss) income attributable to noncontrolling interest	(2		)	12
	Segment (loss) profit	$	(69	)	$	84

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Use of Estimates	'
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for 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
	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 Company adopted the new accounting guidance effective January 1, 2014 and applied the guidance prospectively to all unrecognized tax benefits that existed as of the effective date. The adoption of the guidance did not have a material impact on the Company’s financial statements.
	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 does not expect the adoption of the new guidance to have a material impact on its financial statements.
	Presentation and Disclosure of Discontinued Operations.  In April 2014, the FASB issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”.  Under the new guidance, only disposals of a component of an entity that represent a major strategic shift on an entity’s operations and financial results shall be reported in discontinued operations.  The guidance also requires the presentation as discontinued operation for an entity that, on acquisition, meets the criteria to be classified as held for sale.  In addition, the update expands disclosures for discontinued operations, requires new disclosures regarding disposals of an individually significant component of an entity that does not qualify for discontinued operations presentation and expands disclosures about an entity’s significant continuing involvement with a discontinued operation. The update requires the Company to apply the amendments prospectively to all disposals and classifications as held for sale of components of an entity and to all businesses that, on acquisition, are classified as held for sale within interim and annual periods beginning on or after December 15, 2014.  Early adoption is permitted in limited circumstances.  The Company is currently evaluating the impact of adopting this new standard.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share	'
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	'
			Three Months Ended
			March 31,
			2014		2013
			(In millions, except share and per
			share data)
	Net (loss) income attributable to PHH Corporation		$	-42	$	52
	Weighted-average common shares outstanding — basic		57,543,886		57,248,825
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		—		239,361
	Conversion of debt securities		—		8,297,949
	Weighted-average common shares outstanding — diluted		57,543,886		65,786,135
	Basic (loss) earnings per share attributable to PHH Corporation		$	-0.73	$	0.9
	Diluted (loss) earnings per share attributable to PHH Corporation		$	-0.73	$	0.79
	Anti-dilutive securities excluded from the computation of dilutive securities:
	Outstanding stock-based compensation awards(2)		2,367,992		479,323
	Assumed conversion of debt securities		9,584,725		—
	-1	Represents incremental shares from restricted stock units and stock options.
	-2	For the three months ended March 31, 2014, excludes 554,804 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor1

Transfers and Servicing of Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2014
Transfers and Servicing of Mortgage Loans	'
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	'
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	129,145		$	140,381
	Additions		2,266			6,964
	Payoffs, sales and curtailments		-4,253			-10,512
	Balance, end of period		$	127,158		$	136,833
Schedule of activity in capitalized MSRs	'
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	1,279		$	1,022
	Additions		25			74
	Sales		-1			—
	Changes in fair value due to:
	Realization of expected cash flows		-34			-77
	Changes in market inputs or assumptions used in the valuation model		-45			82
	Balance, end of period		$	1,224		$	1,101
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	'
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Servicing fees from capitalized portfolio		$	92		$	100
	Late fees		5			5
	Other ancillary servicing revenue		8			10
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	'
			Three Months Ended
			March 31,
			2014				2013
			(In millions)
	Proceeds from new loan sales or securitizations		$	2,336			$	7,171
	Servicing fees from capitalized portfolio(1)		92				100
	Purchases of delinquent or foreclosed loans (2)		(17		)		(20		)
	Servicing advances (3)		(522		)		(285		)
	Repayment of servicing advances (3)		523				290
	-1	Excludes late fees and other ancillary servicing revenue.
	-2	Excludes indemnification payments to investors and insurers of the related mortgage loans.
	-3	As of March 31, 2014 and December 31, 2013, outstanding servicing advance receivables of $568 million and $565 million, respectively, were included in Accounts receivable, net. The servicing advance cash flows above include advances and repayments related to the total loan servicing portfolio.

Derivatives_Tables

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2014
Derivatives	'
Summary of gross notional amount of derivatives	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,391	$	1,378
	Forward delivery commitments	3,514		4,527
	Option contracts	145		190
	MSR-related agreements	1,395		860
	Interest rate contracts	699		710
	Convertible note-related agreements(1)	—		—
	____________
	(1)   The notional amount 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	'
		March 31, 2014
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Paid
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	4	$	-3	$	2	$	3
	MSR-related agreements	8		-8		—		—
	Derivative assets subject to netting	12		-11		2		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	21		—		—		21
	Forward delivery commitments	2		—		—		2
	Interest rate contracts	2		—		—		2
	Convertible note-related agreements	16		—		—		16
	Derivative assets not subject to netting	41		—		—		41
	Total derivative assets	$	53	$	-11	$	2	$	44
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	3	$	-3	$	—	$	—
	MSR-related agreements	—		-8		11		3
	Derivative liabilities subject to netting	3		-11		11		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	1		—		—		1
	Forward delivery commitments	1		—		—		1
	Convertible note-related agreements	16		—		—		16
	Derivative liabilities not subject to netting	18		—		—		18
	Total derivative liabilities	$	21	$	-11	$	11	$	21
		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
Schedule of gains (losses) recorded in the Condensed Consolidated Statements of Operations	'
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
	Gain on mortgage loans, net:
	Interest rate lock commitments	$	74	$	202
	Forward delivery commitments	-20		54
	Option contracts	-1		-2
	Net derivative gain (loss) related to mortgage servicing rights:
	MSR-related agreements	6		-16

Vehicle_Leasing_Activities_Tab

Vehicle Leasing Activities (Tables)	3 Months Ended
	Mar. 31, 2014
Vehicle Leasing Activities	'
Schedule of components of Net investment in fleet leases	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Operating Leases:
	Vehicles under open-end operating leases	$	7,948	$	7,974
	Vehicles under closed-end operating leases	128		137
	Vehicles under operating leases	8,076		8,111
	Less: Accumulated depreciation	-4,790		-4,777
	Net investment in operating leases	3,286		3,334
	Direct Financing Leases:
	Lease payments receivable	102		100
	Less: Unearned income	-6		-2
	Net investment in direct financing leases	96		98
	Off-Lease Vehicles:
	Vehicles not yet subject to a lease	233		217
	Vehicles held for sale	11		10
	Less: Accumulated depreciation	-7		-6
	Net investment in off-lease vehicles	237		221
	Total	$	3,619	$	3,653

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Assets	'
Schedule of other assets	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Mortgage loans in foreclosure, net	$	165	$	172
	Repurchase eligible loans(1)	90		94
	Real estate owned, net	55		51
	Derivatives	44		48
	Deferred financing costs	38		38
	Equity method investments	34		37
	Intangible assets	28		29
	Other	55		53
	Total	$	509	$	522
	___________
	(1)     Repurchase eligible loans represent mortgage loans sold pursuant to Government National Mortgage Association programs where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent.  Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets.

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Accounts Payable and Accrued Expenses	'
Summary of components of accounts payable and accrued expenses	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Subservicing advance liabilities	$	312	$	302
	Accounts payable	277		284
	Repurchase eligible loans	90		94
	Accrued payroll and benefits	54		79
	Accrued interest	15		29
	Other	15		15
	Total	$	763	$	803

Other_Liabilities_Tables

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Other Liabilities	'
Schedule of other liabilities	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Loan repurchase and indemnification liability	$	80	$	100
	Derivatives	21		20
	Lease syndication liability	10		11
	Capital lease obligation	7		7
	Pension and other post employment benefits liability	6		7
	Other	16		20
	Total	$	140	$	165

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2014
Debt and Borrowing Arrangements	'
Summary of the components of Debt	'
			March 31, 2014				December 31, 2013
					Wt. Avg-					Wt. Avg-
					Interest					Interest
			Balance		Rate(1)		Balance			Rate(1)
			(In millions)
	Term notes, in amortization		$	1,237	1.00%		$	1,406		1.00%
	Term notes, in revolving period		1,500		0.70%		700			0.70%
	Variable-funding notes		700		2.10%		1,358			1.40%
	Other		15		5.10%		17			5.00%
	Vehicle Management Asset-Backed Debt		3,452				3,481
			—		—%		—			—%
	Secured Canadian credit facility
			510		2.30%		709			2.10%
	Committed warehouse facilities
	Uncommitted warehouse facilities		—		—%		—			—%
	Servicing advance facility		117		2.70%		66			2.70%
	Mortgage Asset-Backed Debt		627				775
	Term notes		795		7.30%		795			7.30%
	Convertible notes(2)		460		5.00%		454			5.00%
	Unsecured credit facilities		—		—%		—			—%
	Unsecured Debt		1,255				1,249
			$	5,334			$	5,505
	Total
	-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 $40 million and $46 million as of March 31, 2014 and December 31, 2013, 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	'
	Assets held as collateral for asset-backed borrowing arrangements that are not available to pay the Company’s general obligations as of March 31, 2014 consisted of:
			Vehicle		Mortgage
			Asset-Backed		Asset-Backed
			Debt		Debt
			(In millions)
	Restricted cash		$	243	$	64
	Accounts receivable		45		97
	Mortgage loans held for sale (unpaid principal balance)		—		528
	Net investment in fleet leases		3,574		—
	Total		$	3,862	$	689
Schedule of contractual debt maturities	'
	The following table provides the contractual debt maturities as of March 31, 2014:
			Vehicle		Mortgage
			Asset-Backed		Asset-Backed			Unsecured
			Debt(1)		Debt			Debt(2)			Total
			(In millions)
	Within one year		$	959	$	510		$	250		$	1,719
	Between one and two years		1,094		89			170			1,353
	Between two and three years		797		28			—			825
	Between three and four years		467		—			250			717
	Between four and five years		127		—			—			127
	Thereafter		8		—			625			633
			$	3,452	$	627		$	1,295		$	5,374
	-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	'
	Available capacity under committed borrowing arrangements as of March 31, 2014 consisted of:
								Maximum
			Maximum		Utilized			Available
			Capacity		Capacity			Capacity
			(In millions)
	Vehicle Management Asset-Backed Debt:
	Term notes, in revolving period		$	1,500	$	1,500		$	—
	Variable-funding notes		1,839		700			1,139
	Secured Canadian credit facility		23		—			23
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities		2,189		510			1,679
	Servicing advance facility		130		117			13
	Unsecured credit facilities(1)		305		—			305
	-1	Capacity amount shown reflect the contractual maximum capacity of the facilities. As of March 31, 2014, the total available capacity of these facilities is $26 million, after applying the applicable borrowing base coverage ratio tests.

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
Schedule of items that significantly impacted Income tax expense or benefit and increased (decreased) the effective tax rate:	'
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
	State and local income taxes, net of federal tax benefits	$	(3)	$	4
	Noncontrolling interest	1		(5)

Credit_Risk_Tables

Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2014
Credit Risk	'
Schedule of information regarding the total loan servicing portfolio	'
			March 31,				December 31,
			2014				2013
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	128,813			$	130,494
	Subserviced		96,931				96,343
	Total		$	225,744			$	226,837
	Conventional loans		$	191,418			$	191,916
	Government loans		28,762				29,200
	Home equity lines of credit		5,564				5,721
	Total		$	225,744			$	226,837
	Weighted-average interest rate		4		%		4		%
Schedule of portfolio delinquency	'
			March 31, 2014						December 31, 2013
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		1.95	%		1.48	%		2.43	%	1.82	%
	60 days		0.64	%		0.51	%		0.83	%	0.62	%
	90 or more days		0.98	%		0.8	%		1.08	%	0.9	%
	Total		3.57	%		2.79	%		4.34	%	3.34	%
	Foreclosure/real estate owned(2)		2.44	%		2.32	%		2.46	%	2.36	%
	____________
	-1	Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
	-2	As of March 31, 2014 and December 31, 2013, the total servicing portfolio included 24,272 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.6 billion and $4.7 billion, respectively.
Summary of the activity in repurchase and foreclosure-related reserves	'
			Three Months Ended
			March 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	142		$	191
	Realized losses		-24			(17		)
	Increase in reserves due to:
	Changes in assumptions		—			15
	New loan sales		2			5
	Balance, end of period		$	120		$	194
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned	'
			March 31,			December 31,
			2014			2013
			(In millions)
	Mortgage loans in foreclosure(1)		$	185		$	192
	Allowance for probable foreclosure losses		-20			-20
	Mortgage loans in foreclosure, net		$	165		$	172
	Real estate owned		$	75		$	73
	Adjustment to value for real estate owned		-20			-22
	Real estate owned, net		$	55		$	51
	_________
	-1	Includes $113 million and $118 million of recoverable advances as of March 31, 2014 and December 31, 2013, respectively.

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	3 Months Ended
	Mar. 31, 2014
Accumulated Other Comprehensive Income	'
Schedule of after-tax components of Accumulated other comprehensive income (loss)	'
		March 31,		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	15	$	22
	Pension adjustment, net of income tax benefit of $(4) and $(4)	-6		-6
	Total	$	9	$	16

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Schedule of difference between the carrying amounts of Mortgage loans held for sale ("MLHS") measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity	'
		March 31, 2014				December 31, 2013
		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)
	Carrying amount	$	605	$	12	$	834	$	12
	Aggregate unpaid principal balance	611		18		837		17
	Difference	$	-6	$	-6	$	-3	$	-5
Schedule of components of Mortgage loans held for sale	'
		March 31,		December 31,
		2014		2013
		(In millions)
	First mortgages:
	Conforming	$	520	$	737
	Non-conforming	36		48
	Total first mortgages	556		785
	Second lien	5		5
	Scratch and Dent	43		44
	Other	1		—
	Total	$	605	$	834
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	'
		Three Months Ended
		March 31,
		2014		2013
	Initial capitalization rate of additions to MSRs	1.08	%	1.07	%
		March 31,		December 31,
		2014		2013
	Capitalization servicing rate	0.96	%	0.99	%
	Capitalization servicing multiple	3.3		3.4
	Weighted-average servicing fee (in basis points)	29		29
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)	'
		March 31,		December 31,
		2014		2013
	Weighted-average prepayment speed (CPR)	9.8	%	9.0	%
	Option adjusted spread, in basis points (OAS)	994		1,056
	Weighted-average delinquency rate	5.2	%	5.8	%
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	'
		March 31, 2014
		Weighted-				Weighted-
		Average		Option		Average
		Prepayment		Adjusted		Delinquency
		Speed		Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-52	$	-60	$	-25
	Impact on fair value of 20% adverse change	-100		-115		-49
Schedule of assets and liabilities measured at fair value on a recurring basis	'
		March 31, 2014
								Cash
		Level		Level		Level		Collateral
		One		Two		Three		and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—	$	556	$	49	$	—	$	605
	Mortgage servicing rights	—		—		1,224		—		1,224
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—		21		—		21
	Forward delivery commitments	—		6		—		-1		5
	MSR-related agreements	—		8		—		-8		—
	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	—		4		—		-3		1
	MSR-related agreements	—		—		—		3		3
	Convertible note-related agreements	—		—		16		—		16
		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
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy	'
		Three Months Ended						Three Months Ended
		March 31, 2014						March 31, 2013
						IRLCs,						IRLCs,
		MLHS		MSRs		net		MLHS		MSRs		net
		(In millions)
	Balance, beginning of period	$	49	$	1,279	$	22	$	64	$	1,022	$	139
	Realized and unrealized (losses) gains	-3		-79		74		-6		5		202
	Purchases	16		—		—		25		—		—
	Issuances	1		25		—		—		74		—
	Settlements	-13		-1		-76		-30		—		-228
	Transfers into Level Three	6		—		—		14		—		—
	Transfers out of Level Three	-7		—		—		-11		—		—
	Balance, end of period	$	49	$	1,224	$	20	$	56	$	1,101	$	113
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
	Gain on mortgage loans, net:
	Mortgage loans held for sale	$	-4	$	-8
	Interest rate lock commitments	74		202
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	-79		5
	Mortgage interest income:
	Mortgage loans held for sale	1		2
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Three Months Ended
		March 31,
		2014		2013
		(In millions)
	Gain on mortgage loans, net	$	16	$	95
	Change in fair value of mortgage servicing rights	-45		82

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
Schedule of significant variable interest entities included in the Consolidated Balance Sheets	'
		March 31, 2014
											Servicing
					Chesapeake			FLRT and			Advance
		PHH Home			and D.L.			PHH Lease			Receivables
		Loans			Peterson Trust			Receivables LP			Trust
		(In millions)
	ASSETS
	Cash	$	80		$	10		$	—		$	—
	Restricted cash(1)	3			196			47			58
	Mortgage loans held for sale	268			—			—			—
	Accounts receivable, net	12			45			—			97
	Net investment in fleet leases	—			2,991			565			—
	Property and equipment, net	2			—			—			—
	Other assets	8			15			6			1
	Total assets	$	373		$	3,257		$	618		$	156
	Assets held as collateral(2)	$	258		$	3,232		$	612		$	155
	LIABILITIES
	Accounts payable and accrued expenses	$	13		$	2		$	6		$	—
	Debt	247			2,873			564			117
	Other liabilities	12			—			—			—
	Total liabilities(3)	$	272		$	2,875		$	570		$	117
				December 31, 2013
							Chesapeake			FLRT and
				PHH Home			and D.L.			PHH Lease
				Loans			Peterson Trust			Receivables LP
				(In millions)
	ASSETS
	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
	_____________
	(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 9, “Debt and Borrowing Arrangements” for further information.
	(3)       Excludes intercompany payables.

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Information	'
Schedule of segment results	'
		Total Assets
		March 31,			December 31,
		2014			2013
		(In millions)
	Mortgage Production segment	$	946		$	1,127
	Mortgage Servicing segment	2,171			2,244
	Fleet Management Services segment	4,488			4,453
	Other	937			1,024
	Total	$	8,542		$	8,848
		Net Revenues						Segment Profit (Loss)(1)
		Three Months Ended						Three Months Ended
		March 31,						March 31,
		2014			2013			2014			2013
		(In millions)
	Mortgage Production segment	$	82		$	252		$	(60	)	$	45
	Mortgage Servicing segment	29			85			(29		)	18
	Fleet Management Services segment	406			394			21			21
	Other	—			(1		)	(1		)	—
	Total	$	517		$	730		$	(69	)	$	84
	_____________
	(1)                The following is a reconciliation of Income or loss before income taxes to Segment profit or loss:
		Three Months Ended
		March 31,
		2014			2013
		(In millions)
	(Loss) income before income taxes	$	(71	)	$	96
	Less: net (loss) income attributable to noncontrolling interest	(2		)	12
	Segment (loss) profit	$	(69	)	$	84
Schedule of reconciliation of Income or loss before income taxes to Segment profit or loss:	'
		Three Months Ended
		March 31,
		2014			2013
		(In millions)
	(Loss) income before income taxes	$	(71	)	$	96
	Less: net (loss) income attributable to noncontrolling interest	(2		)	12
	Segment (loss) profit	$	(69	)	$	84

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share	'	'
Net (loss) income attributable to PHH Corporation (in dollars)	($42)	$52
Weighted-average common shares outstanding - basic (in shares)	57,543,886	57,248,825
Effect of potentially dilutive securities:	'	'
Share-based payment arrangements (in shares)	'	239,361
Conversion of debt securities (in shares)	'	8,297,949
Weighted-average common shares outstanding - diluted (in shares)	57,543,886	65,786,135
Basic (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.73)	$0.90
Diluted (loss) earnings per share attributable to PHH Corporation (in dollars per share)	($0.73)	$0.79
Contingently issuable shares	'	'
Contingently issuable shares for which the contingency has not been met	554,804	'
Outstanding stock-based compensation awards	'	'
Anti-dilutive securities	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	2,367,992	479,323
Debt securities	'	'
Anti-dilutive securities	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	9,584,725	'

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
In Millions, unless otherwise specified			Capitalized servicing rights	Capitalized servicing rights	Interest rate lock commitements and mortgage loans held for sale
Transfers and Servicing of Mortgage Loans	'	'	'	'	'
Servicing portfolio	$225,744	$226,837	$127,158	$136,833	'
Activity in the loan servicing portfolio associated with capitalized servicing rights	'	'	'	'	'
Balance, beginning of period	225,744	226,837	129,145	140,381	'
Additions	'	'	2,266	6,964	'
Payoffs, sales and curtailments	'	'	-4,253	-10,512	'
Balance, end of period	225,744	226,837	127,158	136,833	'
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	'	'	522	'	600
Commitment to sell Mortgage servicing rights, fair value	'	'	6	'	'
Fair value of Mortgage servicing rights sold under a new arrangement during the period	'	'	$1	'	'

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Activity in capitalized MSRs	'	'	'
Balance, beginning of period	$1,279	$1,022	$1,022
Additions	25	74	'
Sales	-1	'	'
Changes in fair value due to:	'	'	'
Realization of expected cash flows	-34	-77	'
Changes in market inputs or assumptions used in the valuation model	-45	82	'
Balance, end of period	1,224	1,101	1,279
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:	'	'	'
Servicing fees from capitalized portfolio	92	100	'
Late fees	5	5	'
Other ancillary servicing revenue	8	10	'
Weighted average life of MSRs	'6 years 2 months 12 days	'	'6 years 6 months
Cash flows relating to loan sales in which the Company has continuing involvement	'	'	'
Proceeds from new loan sales or securitizations	2,336	7,171	'
Servicing fees from capitalized portfolio	92	100	'
Purchases of delinquent or foreclosed loans	-17	-20	'
Servicing advances	-522	-285	'
Repayment of servicing advances	523	290	'
Realized Gain Loss on Sale	'	'	'
Pre-tax gains related to sale or securitization of residential mortgage loans	72	242	'
Mortgage servicing advances	'	'	'
Advance receivables	'	'	'
Outstanding servicing advance receivables	$568	'	$565

Derivatives_Details

Derivatives (Details) (Not designated as hedging instruments, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
Common stock | 2014 Convertible notes	'	'
Notional amount of derivatives	'	'
Notional amount (in shares)	9,688,100	'
Interest rate lock commitments	'	'
Notional amount of derivatives	'	'
Notional	$1,391	$1,378
Forward delivery commitments	'	'
Notional amount of derivatives	'	'
Notional	3,514	4,527
Option contracts	'	'
Notional amount of derivatives	'	'
Notional	145	190
MSR-related agreements	'	'
Notional amount of derivatives	'	'
Notional	1,395	860
Interest rate contracts	'	'
Notional amount of derivatives	'	'
Notional	$699	$710

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS	'	'
Net Amount, asset	$44	$48
LIABILITIES	'	'
Net Amount, liability	21	20
Not designated as hedging instruments	'	'
ASSETS	'	'
Gross Assets, Total	53	73
Offsetting Payables	-11	-17
Cash Collateral (Received) Paid	2	-8
Net Amount, asset	44	48
LIABILITIES	'	'
Gross Liabilities, Total	21	27
Offsetting Receivables	-11	-17
Cash Collateral Received	11	10
Net Amount, liability	21	20
Not designated as hedging instruments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	12	26
Offsetting Payables	-11	-17
Cash Collateral (Received) Paid	2	-8
Net Amount, asset	3	1
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	3	8
Offsetting Receivables	-11	-17
Cash Collateral Received	11	10
Net Amount, liability	3	1
Not designated as hedging instruments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	41	47
Net Amount, asset	41	47
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	18	19
Net Amount, liability	18	19
Not designated as hedging instruments | Interest rate lock commitments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	21	23
Net Amount, asset	21	23
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	1	1
Net Amount, liability	1	1
Not designated as hedging instruments | Forward delivery commitments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	4	22
Offsetting Payables	-3	-13
Cash Collateral (Received) Paid	2	-8
Net Amount, asset	3	1
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	3	8
Offsetting Receivables	-3	-13
Cash Collateral Received	'	5
Not designated as hedging instruments | Forward delivery commitments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	2	4
Net Amount, asset	2	4
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	1	2
Net Amount, liability	1	2
Not designated as hedging instruments | MSR-related agreements | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	8	4
Offsetting Payables	-8	-4
LIABILITIES	'	'
Offsetting Receivables	-8	-4
Cash Collateral Received	11	5
Net Amount, liability	3	1
Not designated as hedging instruments | Option contracts | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	'	2
Net Amount, asset	'	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	2
Net Amount, asset	2	2
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	16
Net Amount, asset	16	16
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	16	16
Net Amount, liability	$16	$16

Derivatives_Details_3

Derivatives (Details 3) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Interest rate lock commitments | Gain on mortgage loans, net	'	'
Derivatives	'	'
Gains (losses) on derivative instruments	$74	$202
Forward delivery commitments | Gain on mortgage loans, net	'	'
Derivatives	'	'
Gains (losses) on derivative instruments	-20	54
Option contracts | Gain on mortgage loans, net	'	'
Derivatives	'	'
Gains (losses) on derivative instruments	-1	-2
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights	'	'
Derivatives	'	'
Gains (losses) on derivative instruments	$6	($16)

Vehicle_Leasing_Activities_Det

Vehicle Leasing Activities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Operating Leases:	'	'
Vehicles under operating leases	$8,076	$8,111
Less: Accumulated depreciation	-4,790	-4,777
Net investment in operating leases	3,286	3,334
Direct Financing Leases:	'	'
Lease payments receivable	102	100
Less: Unearned income	-6	-2
Net investment in direct financing leases	96	98
Off-Lease Vehicles:	'	'
Vehicles not yet subject to a lease	233	217
Vehicles held for sale	11	10
Less: Accumulated depreciation	-7	-6
Net investment in off-lease vehicles	237	221
Net investment in fleet leases	3,619	3,653
Vehicles under open-end operating leases	'	'
Operating Leases:	'	'
Vehicles under operating leases	7,948	7,974
Vehicles under closed-end operating leases	'	'
Operating Leases:	'	'
Vehicles under operating leases	$128	$137

Other_Assets_Details

Other Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Assets	'	'
Mortgage loans in foreclosure, net	$165	$172
Repurchase eligible loans	90	94
Real estate owned, net	55	51
Derivatives	44	48
Deferred financing costs	38	38
Equity method investments	34	37
Intangible assets	28	29
Other	55	53
Total	$509	$522

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Accounts payable and accrued expenses	'	'
Subservicing advance liabilities	$312	$302
Accounts payable	277	284
Repurchase eligible loans	90	94
Accrued payroll and benefits	54	79
Accrued interest	15	29
Other	15	15
Total	$763	$803

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Liabilities	'	'
Loan repurchase and indemnification liability	$80	$100
Derivatives	21	20
Lease syndication liability	10	11
Capital lease obligation	7	7
Pension and other post employment benefits liability	6	7
Other	16	20
Total	$140	$165

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Total Debt	$5,334	$5,505
Vehicle Management Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	3,452	3,481
Term notes, in amortization	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,237	1,406
Weighted Avg-Interest Rate (as a percent)	1.00%	1.00%
Term notes, in revolving period	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,500	700
Weighted Avg-Interest Rate (as a percent)	0.70%	0.70%
Variable-funding notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	700	1,358
Weighted Avg-Interest Rate (as a percent)	2.10%	1.40%
Other	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	15	17
Weighted Avg-Interest Rate (as a percent)	5.10%	5.00%
Mortgage Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	627	775
Committed warehouse facilities	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	510	709
Weighted Avg-Interest Rate (as a percent)	2.30%	2.10%
Servicing advance facility	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	117	66
Weighted Avg-Interest Rate (as a percent)	2.70%	2.70%
Unsecured Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	1,255	1,249
Term notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	795	795
Weighted Avg-Interest Rate (as a percent)	7.30%	7.30%
Convertible notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	460	454
Weighted Avg-Interest Rate (as a percent)	5.00%	5.00%
Unamortized discount	$40	$46
Effective interest rate (as a percent)	13.10%	13.10%

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Restricted cash	$336	$234
Accounts receivable	1,000	981
Mortgage loans held for sale (unpaid principal balance)	605	834
Net investment in fleet leases	3,619	3,653
Vehicle Asset-Backed Debt | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash	243	'
Accounts receivable	45	'
Net investment in fleet leases	3,574	'
Total	3,862	'
Mortgage Asset-Backed Debt | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash	64	'
Accounts receivable	97	'
Mortgage loans held for sale (unpaid principal balance)	528	'
Total	$689	'

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Contractual debt maturities	'
Within one year	$1,719
Between one and two years	1,353
Between two and three years	825
Between three and four years	717
Between four and five years	127
Thereafter	633
Total	5,374
Vehicle Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	959
Between one and two years	1,094
Between two and three years	797
Between three and four years	467
Between four and five years	127
Thereafter	8
Total	3,452
Mortgage Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	510
Between one and two years	89
Between two and three years	28
Total	627
Unsecured Debt	'
Contractual debt maturities	'
Within one year	250
Between one and two years	170
Between three and four years	250
Thereafter	625
Total	$1,295

Debt_and_Borrowing_Arrangement5

Debt and Borrowing Arrangements (Details 4) (USD $)	Mar. 31, 2014
Term notes, in revolving period	'
Debt and Borrowing Arrangements	'
Utilized Capacity	$1,500,000,000
Term notes, in revolving period | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	1,500,000,000
Variable funding notes	'
Debt and Borrowing Arrangements	'
Utilized Capacity	700,000,000
Variable funding notes | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	1,839,000,000
Available Capacity	1,139,000,000
Secured Canadian credit facility | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	23,000,000
Available Capacity	23,000,000
Committed warehouse facilities	'
Debt and Borrowing Arrangements	'
Utilized Capacity	510,000,000
Committed warehouse facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	2,189,000,000
Available Capacity	1,679,000,000
Servicing advance facility	'
Debt and Borrowing Arrangements	'
Utilized Capacity	117,000,000
Servicing advance facility | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	130,000,000
Available Capacity	13,000,000
Unsecured credit facilities	'
Debt and Borrowing Arrangements	'
Available capacity after applying the borrowing base coverage ratio test	26,000,000
Unsecured credit facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	305,000,000
Available Capacity	305,000,000
Uncommitted facilities	'
Debt and Borrowing Arrangements	'
Available Capacity	$2,800,000,000

Debt_and_Borrowing_Arrangement6

Debt and Borrowing Arrangements (Details 5)

0 Months Ended

3 Months Ended

In Millions, unless otherwise specified

Mar. 11, 2014

Mar. 20, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 21, 2014

Mar. 21, 2014

Dec. 31, 2013

Dec. 31, 2013

Feb. 04, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 10, 2014

Mar. 31, 2014

Mar. 31, 2014

Chesapeake Series 2014-1 Term notes

Chesapeake Series 2013-2 and Series 2013-3 notes

Chesapeake Series 2013-2 and Series 2013-3 notes

Secured Canadian Credit facility

Secured Canadian Credit facility

Secured Canadian Credit facility

Secured Canadian Credit facility

Secured Canadian Credit facility

Mortgage Asset-Backed Debt

Mortgage Asset-Backed Debt

Variable-funding notes

Variable-funding notes

Variable-funding notes

4.0% Convertible notes due 2014

6.0% Convertible Notes due 2017

USD ($)

USD ($)

USD ($)

Maximum

Revolving capacity

Revolving capacity

Revolving capacity

Revolving capacity

Wells Fargo Bank

Wells Fargo Bank

USD ($)

Maximum

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

CAD

USD ($)

CAD

USD ($)

USD ($)

USD ($)

PSART

USD ($)

Debt and Borrowing Arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt issued

$800

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total commitments

'

'

'

'

'

'

'

'

'

'

700

'

'

'

'

Borrowing capacity

'

1,100

1,300

23

23

25

118

125

350

450

'

1,839

130

'

'

Principal amount of notes

'

'

'

'

'

'

'

'

'

'

'

'

'

250

250

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

6.00%

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 days

'3 days

Share Issuance, outstanding share percentage not approved to exceed

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$255

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Taxes	'	'
State and local income taxes, net of federal tax benefits	($3)	$4
Noncontrolling interest	$1	($5)

Credit_Risk_Details

Credit Risk (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2013
	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	$225,744,000,000	$226,837,000,000
Weighted-average interest rate (as a percent)	4.00%	4.00%
Portfolio Delinquency	'	'
Number of Loans (as a percent)	3.57%	4.34%
Unpaid Balance (as a percent)	2.79%	3.34%
Foreclosure/real estate owned	'	'
Number of Loans (as a percent)	2.44%	2.46%
Unpaid Balance (as a percent)	2.32%	2.36%
Number of loans in foreclosure	24,272	24,892
Unpaid principal balance of loans in foreclosure	4,600,000,000	4,700,000,000
30 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	1.95%	2.43%
Unpaid Balance (as a percent)	1.48%	1.82%
60 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	0.64%	0.83%
Unpaid Balance (as a percent)	0.51%	0.62%
90 or more days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	0.98%	1.08%
Unpaid Balance (as a percent)	0.80%	0.90%
Conventional loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	191,418,000,000	191,916,000,000
Government loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	28,762,000,000	29,200,000,000
Home equity lines of credit	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	5,564,000,000	5,721,000,000
Owned	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	128,813,000,000	130,494,000,000
Subserviced	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	$96,931,000,000	$96,343,000,000

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
				Recourse obligations	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio	Capitalized portfolio
Changes in repurchase and foreclosure-related reserves	'	'	'	'	'	'	'	'
Balance, beginning of period	$142	$191	'	'	'	'	'	'
Realized losses	-24	-17	'	'	'	'	'	'
Increase in reserves due to:	'	'	'	'	'	'	'	'
Changes in assumptions	'	15	'	'	'	'	'	'
New loan sales	2	5	'	'	'	'	'	'
Balance, end of period	120	194	'	'	'	'	'	'
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	215	'	'	'	'	'	'	'
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	14.00%	'	'	'	'	'	'	'
Liabilities for probable losses related to repurchase and indemnification obligations	80	'	100	'	'	'	'	'
Loss contingencies	'	'	'	'	'	'	'	'
Estimated amount of reasonably possible losses in excess of the recorded liability	'	'	'	25	'	'	'	'
Transfers and servicing of loans in servicing portfolio	'	'	'	'	'	'	'	'
Servicing portfolio	$225,744	'	$226,837	'	$127,158	$129,145	$136,833	$140,381

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Carrying values of the mortgage loans in foreclosure and real estate owned	'	'
Mortgage loans in foreclosure	$185	$192
Allowance for probable foreclosure losses	-20	-20
Mortgage loans in foreclosure, net	165	172
Real estate owned	75	73
Adjustment to value for real estate owned	-20	-22
Real estate owned, net	55	51
Advances on mortgage loans in foreclosure	$113	$118

Credit_Risk_Details_4

Credit Risk (Details 4) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
	item
Credit Risk	'	'	'
Number of inactive and in runoff contracts	1	'	'
Realized losses	$4	'	'
Allowance for credit losses	'	$0	$0

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (Pending Litigation, USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Pending Litigation	'
Commitments and Contingencies	'
Reasonably possible losses in excess of recorded litigation liability	$15

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Accumulated Other Comprehensive Income	'	'
Currency translation adjustment	$15	$22
Pension adjustment, net of income tax benefit of $(4) and $(4)	-6	-6
Accumulated Other Comprehensive Income (Loss)	'	'
Pension adjustment, income tax (benefit) expense	-4	-4
Accumulated other comprehensive income (loss) attributable to noncontrolling interests	0	0
Accumulated Other Comprehensive Income	'	'
Accumulated other comprehensive income	9	16
Reclassifications	'	'
Accumulated Other Comprehensive Income	'	'
Accumulated other comprehensive income	$0	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	$605	$834
Mortgage loans held for sale	'	'
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	605	834
Carrying amount, Loans 90 days or more past due and on non-accrual status	12	12
Aggregate unpaid principal balance, Total	611	837
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	18	17
Difference, Total	-6	-3
Difference, Loans 90 days or more past due and on non-accrual status	($6)	($5)

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$605	$834
First mortgages	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	556	785
First mortgages, Conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	520	737
First mortgages, Non-conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	36	48
Second lien	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	5	5
Scratch and Dent	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	43	44
Other	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$1	'

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3)	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013
Information regarding the initial and ending capitalization rate of MSRs	'	'	'
Initial capitalization rate of additions to MSRs (as a percent)	1.08%	'	1.07%
Capitalization servicing rate (as a percent)	0.96%	0.99%	'
Capitalization servicing multiple (as a percent)	3.30%	3.40%	'
Weighted-average servicing fee (in basis points)	0.0029	0.0029	'
Mortgage servicing rights	'	'	'
Significant assumptions used in estimating fair value	'	'	'
Weighted-average prepayment speed (CPR) (as a percent)	9.80%	9.00%	'
Option adjusted spread, in basis points (OAS) (as a percent)	9.94%	10.56%	'
Weighted-average delinquency rate (as a percent)	5.20%	5.80%	'

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Derivative Instruments	'	'
Average pull through percentage used in measuring fair value of interest rate lock commitments (IRLCs)	73.00%	77.00%
Mortgage servicing rights	'	'
Estimated change in fair value from adverse changes in significant assumptions	'	'
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	-52	'
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-100	'
Impact on fair value of 10% adverse change, Option Adjusted Spread	-60	'
Impact on fair value of 20% adverse change, Option Adjusted Spread	-115	'
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 $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Fair Value Measurements	'	'	'	'
Mortgage servicing rights	$1,224	$1,279	$1,101	$1,022
Derivative assets	44	48	'	'
Derivative liabilities	21	20	'	'
Recurring basis | Level Two	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	556	785	'	'
Recurring basis | Level Two | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	6	26	'	'
Derivative liabilities	4	10	'	'
Recurring basis | Level Two | Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	2	'	'
Recurring basis | Level Two | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	8	4	'	'
Recurring basis | Level Two | Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	2	'	'
Recurring basis | Level Three	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	49	49	'	'
Mortgage servicing rights	1,224	1,279	'	'
Recurring basis | Level Three | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	21	23	'	'
Derivative liabilities	1	1	'	'
Recurring basis | Level Three | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	16	16	'	'
Derivative liabilities	16	16	'	'
Recurring basis | Cash Collateral and Netting | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-1	-21	'	'
Derivative liabilities	-3	-8	'	'
Recurring basis | Cash Collateral and Netting | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-8	-4	'	'
Derivative liabilities	3	1	'	'
Recurring basis | Total	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	605	834	'	'
Mortgage servicing rights	1,224	1,279	'	'
Recurring basis | Total | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	21	23	'	'
Derivative liabilities	1	1	'	'
Recurring basis | Total | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	5	5	'	'
Derivative liabilities	1	2	'	'
Recurring basis | Total | Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	2	'	'
Recurring basis | Total | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative liabilities	3	1	'	'
Recurring basis | Total | Interest rate contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	2	2	'	'
Recurring basis | Total | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	16	16	'	'
Derivative liabilities	$16	$16	'	'

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
IRLCs, net	'	'
Activity in assets and liabilities, net classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	$22	$139
Realized and unrealized gains (losses)	74	202
Settlements	-76	-228
Balance, end of period	20	113
MLHS	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	49	64
Realized and unrealized (losses) gains	-3	-6
Purchases	16	25
Issuances	1	'
Settlements	-13	-30
Transfers into level Three	6	14
Transfers out of level Three	-7	-11
Balance, end of period	49	56
MSRs	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'
Balance, beginning of period	1,279	1,022
Realized and unrealized (losses) gains	-79	5
Issuances	25	74
Settlements	-1	'
Balance, end of period	$1,224	$1,101

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Gain on mortgage loans, net

Gain on mortgage loans, net

Change in fair value of mortgage servicing rights

Change in fair value of mortgage servicing rights

Interest rate lock commitments

Interest rate lock commitments

Mortgage loans held for sale

Mortgage loans held for sale

Mortgage loans held for sale

Mortgage loans held for sale

Mortgage servicing rights

Mortgage servicing rights

Level Two

Level Two

Level Two

Level Two

Level Two

Gain on mortgage loans, net

Gain on mortgage loans, net

Gain on mortgage loans, net

Gain on mortgage loans, net

Mortgage interest income

Mortgage interest income

Change in fair value of mortgage servicing rights

Change in fair value of mortgage servicing rights

Market based approach

Observable spreads and terms for recent pricing of similar instruments

Discounted cash flow model

Realized and unrealized gains and losses related to assets and liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments

'

'

'

'

$74,000,000

$202,000,000

($4,000,000)

($8,000,000)

$1,000,000

$2,000,000

($79,000,000)

$5,000,000

'

'

'

'

'

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

95,000,000

-45,000,000

82,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Fair value of debt

'

'

'

'

'

'

'

'

'

'

'

'

$5,800,000,000

$5,900,000,000

$4,600,000,000

$600,000,000

$600,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	Mar. 31, 2014		Dec. 31, 2013		Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014
In Millions, unless otherwise specified							Variable Interest Entity	Variable Interest Entity	PHH Home Loans	PHH Home Loans	Chesapeake and D.L. Peterson Trust	Chesapeake and D.L. Peterson Trust	FLRT and PHH Lease Receivables LP	FLRT and PHH Lease Receivables LP	Servicing Advance Receivables Trust
									Variable Interest Entity	Variable Interest Entity	Variable Interest Entity	Variable Interest Entity	Variable Interest Entity	Variable Interest Entity	Variable Interest Entity
Variable Interest Entities	'		'		'	'	'	'	'	'	'	'	'	'	'
Distributions received	'		'		'	'	'	'	'	'	'	'	'	'	$117
Accounts receivable, net	'		'		'	'	'	'	'	'	'	'	'	'	156
ASSETS	'		'		'	'	'	'	'	'	'	'	'	'	'
Cash	1,155		1,245		927	829	94	99	80	91	10	5	'	'	'
Restricted cash	336		234		'	'	304	206	3	3	196	157	47	46	58
Mortgage loans held for sale	605		834		'	'	274	318	268	308	'	'	'	'	'
Accounts receivable, net	1,000		981		'	'	154	53	12	7	45	46	'	'	97
Net investment in fleet leases	3,619		3,653		'	'	3,556	3,581	'	'	2,991	2,982	565	599	'
Property and equipment, net	69		75		'	'	2	2	2	2	'	'	'	'	'
Other assets	509		522		'	'	30	25	8	7	15	12	6	6	1
Total assets	8,542	[1]	8,848	[1]	'	'	4,414	4,284	373	418	3,257	3,202	618	651	156
Assets held as collateral	'		'		'	'	'	'	258	300	3,232	3,185	612	645	155
LIABILITIES	'		'		'	'	'	'	'	'	'	'	'	'	'
Accounts payable and accrued expenses	763		803		'	'	21	23	13	15	2	2	6	5	'
Debt	5,334		5,505		'	'	3,807	3,753	247	280	2,873	2,866	564	598	117
Other liabilities	140		165		'	'	13	12	12	11	'	'	'	'	'
Total liabilities	$6,898	[1]	$7,158	[1]	'	'	$3,841	$3,788	$272	$306	$2,875	$2,868	$570	$603	$117
[1]	The Condensed 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 $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014		Mar. 31, 2013	Dec. 31, 2013
	item
Segment Information	'		'	'
Number of reportable segments	3		'	'
Segment Information	'		'	'
Total Assets	$8,542	[1]	'	$8,848	[1]
Net Revenues	517		730	'
Segment Profit (Loss)	-69		84	'
Other	'		'	'
Segment Information	'		'	'
Total Assets	937		'	1,024
Net Revenues	'		-1	'
Segment Profit (Loss)	-1		'	'
Mortgage Production segment | Operating segment	'		'	'
Segment Information	'		'	'
Total Assets	946		'	1,127
Net Revenues	82		252	'
Segment Profit (Loss)	-60		45	'
Mortgage Servicing segment | Operating segment	'		'	'
Segment Information	'		'	'
Total Assets	2,171		'	2,244
Net Revenues	29		85	'
Segment Profit (Loss)	-29		18	'
Fleet Management Services segment | Operating segment	'		'	'
Segment Information	'		'	'
Total Assets	4,488		'	4,453
Net Revenues	406		394	'
Segment Profit (Loss)	$21		$21	'
[1]	The Condensed 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
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Reconciliation of (Loss) income before income taxes to Segment (loss) profit	'	'
(Loss) income before income taxes	($71)	$96
Less: net (loss) income attributable to noncontrolling interest	-2	12
Segment (loss) profit	($69)	$84