PHH 10-Q 5 Nov 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2014	Oct. 29, 2014
Document and Entity Information	'	'
Entity Registrant Name	'PHH CORP	'
Entity Central Index Key	'0000077776	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-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	'	50,840,342
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
In Millions, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
REVENUES	'	'	'	'
Mortgage fees	$64	$86	$170	$247
Gain on mortgage loans, net	69	109	200	493
Mortgage interest income	13	20	33	59
Mortgage interest expense	-31	-47	-104	-143
Mortgage net finance expense	-18	-27	-71	-84
Loan servicing income	110	116	335	312
Change in fair value of mortgage servicing rights	-84	-74	-215	6
Net derivative gain (loss) related to mortgage servicing rights	'	'	26	-17
Valuation adjustments related to mortgage servicing rights, net	-84	-74	-189	-11
Net loan servicing income	26	42	146	301
Other income	11	1	14	5
Net revenues	152	211	459	962
EXPENSES	'	'	'	'
Salaries and related expenses	120	140	336	416
Occupancy and other office expenses	12	12	37	37
Other depreciation and amortization	6	6	18	17
Other operating expenses	143	154	311	388
Total expenses	281	312	702	858
(Loss) income from continuing operations before income taxes	-129	-101	-243	104
Income tax (benefit) expense	-44	-38	-89	33
(Loss) income from continuing operations, net of tax	-85	-63	-154	71
Income from discontinued operations, net of tax	303	17	273	49
Net income (loss)	218	-46	119	120
Less: net income attributable to noncontrolling interest	3	6	5	30
Net income (loss) attributable to PHH Corporation	$215	($52)	$114	$90
Basic earnings (loss) per share:	'	'	'	'
From continuing operations (in dollars per share)	($1.64)	($1.19)	($2.83)	$0.73
From discontinued operations (in dollars per share)	$5.64	$0.29	$4.86	$0.85
Total attributable to PHH Corporation (in dollars per share)	$4	($0.90)	$2.03	$1.58
Diluted earnings (loss) per share:	'	'	'	'
From continuing operations (in dollars per share)	($1.64)	($1.19)	($2.83)	$0.64
From discontinued operations (in dollars per share)	$5.64	$0.29	$4.86	$0.74
Total attributable to PHH Corporation (in dollars per share)	$4	($0.90)	$2.03	$1.38

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'	'	'
Net income (loss)	$218	($46)	$119	$120
Other comprehensive (loss) income, net of tax:	'	'	'	'
Currency translation adjustment	-22	4	-22	-7
Change in unrealized gains on available-for-sale securities, net	'	'	'	-1
Total other comprehensive (loss) income, net of tax	-22	4	-22	-8
Total comprehensive income (loss)	196	-42	97	112
Less: comprehensive income attributable to noncontrolling interest	3	6	5	30
Comprehensive income (loss) attributable to PHH Corporation	$193	($48)	$92	$82

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,451		$1,126
Restricted cash	47		27
Investment securities (at amortized cost)	250		'
Mortgage loans held for sale	721		834
Accounts receivable, net	672		630
Mortgage servicing rights	1,114		1,279
Property and equipment, net	38		51
Other assets	390		450
Assets held for sale	'		4,456
Total assets	4,683	[1]	8,853	[1]
LIABILITIES AND EQUITY	'		'
Accounts payable and accrued expenses	1,072		583
Debt	1,580		2,024
Deferred taxes	309		687
Other liabilities	114		150
Liabilities held for sale	'		3,719
Total liabilities	3,075	[1]	7,163	[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;50,840,342 shares issued and outstanding at September 30, 2014; 57,265,517 shares issued and outstanding at December 31, 2013	1		1
Additional paid-in capital	985		1,142
Retained earnings	599		507
Accumulated other comprehensive (loss) income	-6		16
Total PHH Corporation stockholders' equity	1,579		1,666
Noncontrolling interest	29		24
Total equity	1,608		1,690
Total liabilities and equity	$4,683		$8,853
[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 $)	Sep. 30, 2014		Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
ASSETS	'		'
Cash and cash equivalents	$1,451		$1,126
Restricted cash	47		27
Mortgage loans held for sale	721		834
Accounts receivable, net	672		630
Property and equipment, net	38		51
Other assets	390		450
Assets held for sale (Note 2)	'		4,456
Total assets	4,683	[1]	8,853	[1]
LIABILITIES	'		'
Accounts payable and accrued expenses	1,072		583
Debt	1,580		2,024
Other liabilities	114		150
Liabilities held for sale (Note 2)	'		3,719
Total liabilities	3,075	[1]	7,163	[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)	50,840,342		57,265,517
Common stock, shares outstanding (in shares)	50,840,342		57,265,517
Variable Interest Entity	'		'
ASSETS	'		'
Cash and cash equivalents	86		94
Restricted cash	8		3
Mortgage loans held for sale	352		318
Accounts receivable, net	192		7
Property and equipment, net	1		2
Other assets	9		7
Assets held for sale (Note 2)	'		3,853
Total assets	648		4,284
LIABILITIES	'		'
Accounts payable and accrued expenses	14		16
Debt	442		289
Other liabilities	10		12
Liabilities held for sale (Note 2)	'		3,471
Total liabilities	$466		$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)	112	'	'	90	-8	30
Distributions to noncontrolling interest	-41	'	'	'	'	-41
Stock compensation expense	6	'	6	'	'	'
Stock issued under share-based payment plans (includes $6 of excess tax benefit)	1	'	1	'	'	'
Stock issued under share-based payment plans (in shares)	'	256,465	'	'	'	'
Recognition of deferred taxes related to Convertible notes	3	'	3	'	'	'
Balance at Sep. 30, 2013	1,643	1	1,137	462	18	25
Balance (in shares) at Sep. 30, 2013	'	57,232,456	'	'	'	'
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)	97	'	'	114	-22	5
Stock compensation expense	6	'	6	'	'	'
Stock issued under share-based payment plans (includes $6 of excess tax benefit)	15	'	15	'	'	'
Stock issued under share-based payment plans (in shares)	'	537,520	'	'	'	'
Repurchase of common stock	-200	'	-178	-22	'	'
Repurchase of common stock (in shares)	'	-6,962,695	'	'	'	'
Conversion of Convertible notes	-4	'	-4	'	'	'
Recognition of deferred taxes related to Convertible notes	4	'	4	'	'	'
Balance at Sep. 30, 2014	$1,608	$1	$985	$599	($6)	$29
Balance (in shares) at Sep. 30, 2014	50,840,342	50,840,342	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (Additional Paid-In Capital, USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Additional Paid-In Capital	'
Stock issued under share-based payment plans, excess tax benefit	$6

CONDENSED_CONSOLIDATED_STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$119	$120
Adjustments to reconcile Net income to net cash provided by operating activities:	'	'
Net gain on sale of business	-243	'
Capitalization of originated mortgage servicing rights	-76	-209
Net loss on mortgage servicing rights and related derivatives	189	11
Vehicle depreciation	596	912
Other depreciation and amortization	23	24
Origination of mortgage loans held for sale	-9,555	-22,213
Proceeds on sale of and payments from mortgage loans held for sale	9,845	23,772
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-162	-459
Deferred income tax (benefit) expense	-54	54
Other adjustments and changes in other assets and liabilities, net	-27	39
Net cash provided by operating activities	655	2,051
Cash flows from investing activities:	'	'
Investment in vehicles	-850	-1,289
Proceeds on sale of investment vehicles	201	254
Net cash received (paid) on derivatives related to mortgage servicing rights	22	-22
Proceeds on sale of mortgage servicing rights	29	'
Proceeds from sale of business, net of cash transferred and transaction costs	1,090	'
Purchases of property and equipment	-11	-22
Purchases of certificates of deposit	-250	'
(Increase) decrease in restricted cash	-78	49
Purchases of restricted investments	'	-85
Proceeds from sales and maturities of restricted investments	'	205
Other, net	6	2
Net cash provided by (used in) investing activities	159	-908
Cash flows from financing activities:	'	'
Proceeds from secured borrowings	14,246	36,759
Principal payments on secured borrowings	-14,222	-37,575
Proceeds from unsecured borrowings	'	350
Principal payments on unsecured borrowings	-425	-280
Issuances of common stock	10	2
Repurchase of common stock	-200	'
Cash paid for debt issuance costs	-14	-26
Distributions to noncontrolling interest	'	-41
Other, net	-3	-5
Net cash used in financing activities	-608	-816
Effect of changes in exchange rates on Cash and cash equivalents	'	-1
Net increase in Cash and cash equivalents	206	326
Cash and cash equivalents at beginning of period	1,245	829
Less: Cash balance of discontinued operations at end of period	'	-126
Cash and Cash Equivalents, at Carrying Value	1,451	1,029
Supplemental Disclosure of Cash Flows Information:	'	'
Payments for debt retirement premiums	$22	$50

Summary_of_Significant_Account

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 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 provider of end to end mortgage solutions.  The Company operates in two business segments, Mortgage Production, which  provides mortgage loan origination services and sells mortgage loans, and  Mortgage Servicing, which performs servicing activities for originated and purchased loans, and acts as a sub-servicer.
	Effective on July 1, 2014, the Company sold its Fleet Management Services business and related fleet entities (collectively the “Fleet business”) to certain wholly owned subsidiaries of Element Financial Corporation.  The results of the Fleet business are presented as discontinued operations in the Condensed Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented.  The assets and liabilities of the Fleet business are presented as Assets held for sale and Liabilities held for sale in the Condensed Consolidated Balance Sheets at December 31, 2013.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Condensed Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
	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 Accounting Standards Update (“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.
	In August 2014, the FASB issued ASU 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” which requires, if certain conditions are met, an entity to derecognize a mortgage loan with a government guarantee upon foreclosure and to recognize a separate other receivable.  Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor.  The accounting changes in this Update are effective for the first interim and annual periods beginning after December 15, 2014 using the same transition method elected under ASU 2014-04 noted above.  Early adoption is permitted if ASU 2014-04 has already been adopted.   The Company is currently evaluating the impact of adopting this new standard.
	Presentation of Financial Statements.  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 operations 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 components of an entity that are disposed of or classified as held for sale 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.  The Company did not elect to early adopt this guidance with respect to the disposal of the Fleet business.  The Company will evaluate the impact of this standard related to the accounting for future disposal transactions.
	In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which requires an entity’s management, at each annual and interim reporting period, to evaluate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide enhanced footnote disclosures surrounding any uncertainties and management’s evaluation of the uncertainties.  Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued.  The amendments in this Update are effective for the first interim and annual periods beginning after December 15, 2016. Early adoption is permitted.  This new standard enhances disclosure requirements but will not impact the Company’s financial position, results of operations or cash flows.
	Revenue Recognition.  In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.”  The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS.  The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows.  The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016.  Early adoption is not permitted.  The Company is currently evaluating the impact of adopting this new standard.
	Transfers of Financial Assets.  In June 2014, the FASB issued limited amendments to ASC 860, “Transfers and Servicing” through the issuance of ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.”  The update requires entities to account for repurchase-to-maturity transactions as secured borrowings, and eliminates the accounting guidance on linked repurchase financing transactions.  In addition, the update expands disclosure requirements related to certain transfers of financial assets accounted for as financings and accounted for as sales.  This guidance is effective for the first interim and annual periods beginning after December 15, 2014.  Early adoption is not permitted.  The amendments are to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption.  The Company does not expect the adoption of this new standard to have a material impact on its financial statements.
	Share-Based Payments.  In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.”  The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, rather than being reflected in estimating the grant-date fair value of the award.  The amendments are effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. Entities may apply the amendments in this update either prospectively or retrospectively. The Company does not expect the adoption of this new standard to have an impact on its financial statements.
	Accounting Policies
	Investment Securities
	Investment securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at the time of purchase. They are classified as held-to-maturity and recorded at amortized cost.  As of September 30, 2014, Investment securities represent certificates of deposit with 2-months to maturity, and the carrying value approximates fair value due to the short-term nature of the investments.

Discontinued_Operations

Discontinued Operations	9 Months Ended
	Sep. 30, 2014
Discontinued Operations	'
Discontinued Operations	'
	2. Discontinued Operations
	During the second quarter of 2014, the Company entered into a definitive agreement to sell its Fleet Management Services business and related fleet entities (collectively the “Fleet business”) to Element Financial Corporation for a purchase price of $1.4 billion. The sale was completed effective on July 1, 2014.
	The results of discontinued operations are summarized below:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Net revenues	$	—	$	404	$	820	$	1,205
	Total expenses	—		377		774		1,129
	Income before income taxes(1)	—		27		46		76
	Income tax expense(1)	—		10		16		27
	Gain from sale of discontinued operations, net of tax	303		—		243		—
	Income from discontinued operations, net of tax	$	303	$	17	$	273	$	49
	———————
	(1)     Represents the results of the Fleet business.
	The Gain from sale of discontinued operations, net of tax for the three and nine months ended September 30, 2014 includes a gain of $22 million resulting from the reclassification of currency translation adjustments from Accumulated other comprehensive income as discussed further in Note 14, “Accumulated Other Comprehensive Income”.  The income tax expense related to the Gain on sale of discontinued operations was $183 million and $228 million for the three and nine months ended September 30, 2014, respectively.  For the nine months ended September 30, 2014, the $228 million income tax expense related to the gain includes $52 million of expense associated with the earnings of Canadian subsidiaries that were previously considered to be indefinitely invested.
	Upon the classification of these entities as held for sale during the second quarter of 2014, the accumulated earnings were no longer deemed to be indefinitely invested and the Company recognized expense related to the cumulative earnings of such Canadian subsidiaries.
	The Company and Element Financial Corporation entered into a transition services arrangement, whereby the Company will perform certain administrative or overhead functions for a period of one year or less, in exchange for a fee.  Revenues associated with the transition services agreement are included in Other income in the Condensed Consolidated Statements of Income.  Costs incurred by the Company to provide such transition services are included primarily in Other operating expenses and billed to Element Financial Corporation based upon the terms of the transition services agreement.  The Company will have no continuing involvement in the operations, results or cash flows of the Fleet business.
	Assets and liabilities classified as held for sale related to the Fleet business and consisted of the following:
		December 31,
		2013
		(In millions)
	ASSETS
	Cash	$	119
	Restricted cash	207
	Accounts receivable, net	351
	Net investment in fleet leases	3,653
	Property and equipment, net	24
	Goodwill	25
	Other assets	77
	Total assets held for sale(1)	$	4,456
	LIABILITIES
	Accounts payable and accrued expenses	$	223
	Debt	3,481
	Other liabilities	15
	Total liabilities held for sale(1)	$	3,719
	———————
	(1)     Includes assets and liabilities of variable interest entities as follows:
		December 31,
		2013
		(In millions)
	Chesapeake and D.L. Peterson Trust:
	Total assets held for sale	$	3,202
	Total liabilities held for sale	2,868
	FLRT and PHH Lease Receivables LP:
	Total assets held for sale	$	651
	Total liabilities held for sale	603

Earnings_Per_Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2014
Earnings Per Share	'
Earnings Per Share	'
	3.  Earnings Per Share
	Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation 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.
	In the third quarter of 2014, as discussed in Note 13, “Stock-Related Matters”, the Company entered into two separate Accelerated Share Repurchase agreements to repurchase an aggregate of $200 million of PHH’s Common stock.  The initial delivery of shares resulted in an immediate 6,962,695 reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings or loss per share on the effective date of the agreement.
	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 issuance of the Convertible notes due 2014 and the related purchased options as they were required to be settled in cash, which matured and expired, respectively, on September 1, 2014. 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					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014		2013
		(In millions, except share and per share data)
	(Loss) income from continuing operations, net of tax	$	-85		$	-63	$	-154	$	71
	Less: net income attributable to noncontrolling interest	3			6		5		30
	Net (loss) income from continuing operations attributable to PHH Corporation	-88			-69		-159		41
	Income from discontinued operations, net of tax	303			17		273		49
	Net income (loss) attributable to PHH Corporation	$	215		$	-52	$	114	$	90
	Weighted-average common shares outstanding — basic	53,781,049			57,383,139		56,307,165		57,318,131
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	—			—		—		207,572
	Conversion of debt securities	—			—		—		7,977,723
	Weighted-average common shares outstanding — diluted	53,781,049			57,383,139		56,307,165		65,503,426
	Basic earnings (loss) per share:
	From continuing operations	$	-1.64		$	-1.19	$	-2.83	$	0.73
	From discontinued operations	5.64			0.29		4.86		0.85
	Total attributable to PHH Corporation	$	4		$	-0.9	$	2.03	$	1.58
	Diluted earnings (loss) per share:
	From continuing operations	$	-1.64		$	-1.19	$	-2.83	$	0.64
	From discontinued operations	5.64			0.29		4.86		0.74
	Total attributable to PHH Corporation	$	4		$	-0.9	$	2.03	$	1.38
	———————
	(1)     Represents incremental shares from restricted stock units and stock options.
	The following table summarizes anti-dilutive securities excluded from the computation of dilutive shares:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014	2013
	Outstanding stock-based compensation awards(1)	1,575,780		2,037,307		1,575,780	688,338
	Assumed conversion of debt securities	8,794,619		8,274,740		9,124,934	—
	———————
	(1)     For both the three and nine months ended September 30, 2014, excludes 619,398 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	9 Months Ended
	Sep. 30, 2014
Transfers and Servicing of Mortgage Loans	'
Transfers and Servicing of Mortgage Loans	'
	4.  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 was $226.0 billion and $226.8 billion, as of September 30, 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.
	Beginning in the fourth quarter of 2013, the Company has agreements to sell a portion of its newly-created Mortgage servicing rights to third parties, and will have continuing involvement as subservicer.  During the nine months ended September 30, 2014, sales with a fair value of $26 million were completed under the terms of these arrangements.  As of September 30, 2014, the Company had commitments to sell servicing rights related to $743 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.  The Company also has commitments to sell servicing rights related to $1.1 billion of unpaid principal balance of mortgage loans with a fair value of $13 million that were included in the capitalized servicing portfolio as of September 30, 2014.
	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Balance, beginning of period	$	129,145	$	140,381
	Additions	6,986		19,031
	Payoffs, sales and curtailments	-16,330		-28,254
	Balance, end of period	$	119,801	$	131,158
	The activity in capitalized MSRs consisted of:
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Balance, beginning of period	$	1,279	$	1,022
	Additions	76		209
	Sales	-26		—
	Changes in fair value due to:
	Realization of expected cash flows	-118		-220
	Changes in market inputs or assumptions used in the valuation model	-97		226
	Balance, end of period	$	1,114	$	1,237
	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				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Servicing fees from capitalized portfolio	$	88	$	95	$	270	$	294
	Late fees	5		5		13		14
	Other ancillary servicing revenue	6		12		22		31
	As of September 30, 2014 and December 31, 2013, the MSRs had a weighted-average life of 6.1 years and 6.5 years, respectively.  See Note 15, “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:
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Proceeds from new loan sales or securitizations	$	7,205	$	19,401
	Servicing fees from capitalized portfolio(1)	270		294
	Purchases of delinquent or foreclosed loans (2)	-24		-50
	Servicing advances (3)	-1,507		-1,003
	Repayment of servicing advances (3)	1,487		946
	(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 September 30, 2014 and December 31, 2013, outstanding servicing advance receivables of $573 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 and nine months ended September 30, 2014, pre-tax gains of $73 million and $218 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.
	During the three and nine months ended September 30, 2013, pre-tax gains of $214 million and $642 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	9 Months Ended
	Sep. 30, 2014
Derivatives	'
Derivatives	'
	5.  Derivatives
	Derivative instruments and the risks they manage are as follows:
	§  Forward delivery commitments—Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments
	§  Option contracts—Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments
	§  MSR-related agreements—Related to interest rate risk for Mortgage servicing rights
	Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets.  The Company does not have any derivative instruments designated as hedging instruments.
	The following table summarizes the gross notional amount of derivatives:
		September 30,		December 31,
		2014		2013
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,363	$	1,378
	Forward delivery commitments	4,769		4,527
	Option contracts	100		190
	MSR-related agreements	4,011		860
	Convertible note-related agreements(1)	—		—
	(1)       As of December 31, 2013, the notional amount of derivative instruments underlying the Convertible-note related agreements was 9.6881 million shares of the Company’s Common stock related to the issuance of the Convertible notes due 2014.  These instruments expired in September 2014, consistent with the repayment date of the Convertible note series.
	The following tables presents the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:
		September 30, 2014
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Received
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	3	$	-3	$	—	$	—
	MSR-related agreements	28		—		-25		3
	Derivative assets subject to netting	31		-3		-25		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	21		—		—		21
	Forward delivery commitments	3		—		—		3
	Derivative assets not subject to netting	24		—		—		24
	Total derivative assets	$	55	$	-3	$	-25	$	27
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	4	$	-3	$	—	$	1
	Not subject to master netting arrangements:
	Forward delivery commitments	1		—		—		1
	Total derivative liabilities	$	5	$	-3	$	—	$	2
		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
	Convertible note-related agreements	16		—		—		16
	Derivative assets not subject to netting	45		—		—		45
	Total derivative assets	$	71	$	-17	$	-8	$	46
		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				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013
	(In millions)
Gain on mortgage loans, net:
Interest rate lock commitments	$	63	$	136	$	232	$	405
Forward delivery commitments	—		-22		-59		217
Option contracts	—		-1		-3		17
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements	—		—		26		-17

Other_Assets

Other Assets	9 Months Ended
	Sep. 30, 2014
Other Assets	'
Other Assets	'
	6.  Other Assets
	Other assets consisted of:
		September 30,		December 31,
		2014		2013
		(In millions)
	Mortgage loans in foreclosure, net	$	166	$	172
	Repurchase eligible loans(1)	80		94
	Real estate owned, net	51		51
	Equity method investments	35		37
	Derivatives	27		46
	Deferred financing costs	17		26
	Other	14		24
	Total	$	390	$	450
	(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	9 Months Ended
	Sep. 30, 2014
Accounts Payable and Accrued Expenses	'
Accounts Payable and Accrued Expenses	'
	7.  Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consisted of:
		September 30,		December 31,
		2014		2013
		(In millions)
	Income taxes payable(1)	$	477	$	—
	Subservicing advance liabilities	333		302
	Accounts payable	94		98
	Repurchase eligible loans	80		94
	Accrued payroll and benefits	76		62
	Accrued interest	10		26
	Other	2		1
	Total	$	1,072	$	583
	(1)       As of September 30, 2014, the balance reflects tax liabilities associated with the disposition of the Fleet business that were partially offset by a benefit for income taxes related to the loss from continuing operations during 2014.

Other_Liabilities

Other Liabilities	9 Months Ended
	Sep. 30, 2014
Other Liabilities	'
Other Liabilities	'
	8.  Other Liabilities
	Other liabilities consisted of:
		September 30,		December 31,
		2014		2013
		(In millions)
	Loan repurchase and indemnification liability	$	68	$	100
	Litigation and regulatory reserves	23		2
	Pension and other post employment benefits liability	5		7
	Derivatives	2		20
	Capital lease obligation	2		7
	Other	14		14
	Total	$	114	$	150

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	9 Months Ended
	Sep. 30, 2014
Debt and Borrowing Arrangements	'
Debt and Borrowing Arrangements	'
	9.  Debt and Borrowing Arrangements
	The following table summarizes the components of Debt:
		September 30, 2014				December 31, 2013
				Wt. Avg-					Wt. Avg-
				Interest					Interest
		Balance		Rate(1)		Balance			Rate(1)
		(In millions)
	Committed warehouse facilities	$	625	2.20%		$	709		2.10%
	Uncommitted warehouse facilities	—		—%		—			—%
	Servicing advance facility	118		2.70%		66			2.70%
	Mortgage Asset-Backed Debt	743				775
	Term notes	625		6.80%		795			7.30%
	Convertible notes(2)	212		6.00%		454			5.00%
	Unsecured credit facilities	—		—%		—			—%
	Unsecured Debt	837				1,249
	Total	$	1,580			$	2,024
	(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 $33 million and $46 million as of September 30, 2014 and December 31, 2013, respectively.  The effective interest rate of the Convertible notes is 13.0%, which includes the accretion of the discount and issuance costs.
	Assets held as collateral that are not available to pay the Company’s general obligations as of September 30, 2014 consisted of:
				Servicing
		Warehouse		Advance
		Facilities		Facility
		(In millions)
	Restricted cash	$	6	$	4
	Accounts receivable	—		172
	Mortgage loans held for sale (unpaid principal balance)	662		—
	Total	$	668	$	176
	The following table provides the contractual debt maturities as of September 30, 2014:
		Mortgage
		Asset-Backed		Unsecured
		Debt		Debt(1)			Total
		(In millions)
	Within one year	$	714	$	—		$	714
	Between one and two years	25		—			25
	Between two and three years	4		245			249
	Between three and four years	—		—			—
	Between four and five years	—		275			275
	Thereafter	—		350			350
		$	743	$	870		$	1,613
	(1)       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 or shares at the Company’s election.
	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 September 30, 2014 consisted of:
							Maximum
		Maximum		Utilized			Available
		Capacity		Capacity			Capacity
		(In millions)
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities	$	2,075	$	625		$	1,450
	Servicing advance facility	155		118			37
	Unsecured credit facilities	5		—			5
	Capacity for Mortgage asset-backed debt shown above excludes $2.8 billion not drawn under uncommitted facilities.  See Note 15, “Fair Value Measurements,” for the measurement of the fair value of Debt.
	Mortgage Asset-Backed Debt
	On February 4, 2014, the committed mortgage repurchase facility with Wells Fargo Bank 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 16, “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.  On May 29, 2014, the PSART facility was increased by $25 million to provide a total aggregate maximum principal borrowing capacity of $155 million.
	On June 20, 2014, the committed variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC were reduced by $100 million to $575 million and renewed for an additional year.  The expiration of the facilities is based on a 364-day rolling term and may continue, at CSFB’s option, until the stated expiration of June 17, 2016.
	On June 20, 2014, the Company extended the term of the $250 million of committed and $250 million of uncommitted capacity with The Royal Bank of Scotland plc to June 19, 2015.
	On October 9, 2014, the committed mortgage repurchase facility with Bank of America was extended to November 7, 2014, and the total committed capacity was reduced from $400 million to $300 million.
	Unsecured Debt
	Convertible Notes
	On September 1, 2014, the Company retired the $250 million 4% Convertible notes due 2014 at their maturity date.  In connection with the issuance of the Notes, the Company entered into two related derivatives.  The purchased options expired with the Notes on September 1, 2014, and the warrants gradually expire between December 1, 2014 and May 2015 and have an exercise price of $34.74 per share.
	As of September 30, 2014, the only outstanding Convertible notes were $245 million of 6.0% Convertible notes with a maturity date of June 15, 2017.  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 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 September 30, 2014, the if-converted value exceeded the principal amount of the notes by $183 million, and the notes met the requirements for conversion.  In the third quarter of 2014, $5 million of the notes were converted and settled for $9 million in cash which included a $4 million premium.
	Term Notes
	On August 7, 2014, the Company redeemed its $170 million Senior Notes due 2016. The redemption of the notes was completed for $199 million of cash, which included debt retirement premiums of $22 million and accrued and unpaid interest of $7 million.  A pre-tax loss of $24 million was recorded in Other operating expenses in the Condensed Consolidated Statements of Operations related to the early repayment of the notes.
	Credit Facilities
On July 7, 2014, the Amended and Restated Credit Agreement which provided the Company with up to $300 million of aggregate commitments was voluntarily terminated in order to facilitate the closing of the sale of the Fleet Business.
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 mortgage warehouse borrowing capacity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, and restrictions on certain types of payments, including dividends and stock repurchases. Certain other debt arrangements, including the Fannie Mae committed facility, contain provisions that permit the Company or the counterparty to terminate the arrangement upon the occurrence of certain events.
Certain mortgage repurchase facilities require that the Company maintain: (i) on the last day of each fiscal quarter, net worth of at least $1.0 billion; (ii) a ratio of indebtedness to tangible net worth no greater than 5.75 to 1; and (iii) a minimum of $1.0 billion in committed mortgage warehouse financing capacity excluding any mortgage warehouse capacity provided by GSEs and certain mortgage gestation facilities.  These covenants represent the most restrictive net worth, liquidity, and debt to equity covenants; however, certain other outstanding debt agreements contain liquidity and debt to equity covenants that are less restrictive.
As of September 30, 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	9 Months Ended
	Sep. 30, 2014
Income Taxes	'
Income Taxes	'
	10.   Income Taxes
	Interim income tax expense or benefit from continuing operations is recorded by applying a projected full-year effective income tax rate to the quarterly Income or loss 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.  See Note 2, “Discontinued Operations” for a discussion of the income tax provision related to the income or loss from discontinued operations.
	The following table and discussion summarizes items that significantly impacted Income tax expense or benefit from continuing operations and increased (decreased) the effective tax rate:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	State and local income taxes, net of federal tax benefits	$	-2	$	-4	$	-7	$	5
	Liabilities for income tax contingencies	3		—		3		—
	Changes in rate and state apportionment factors	-5		—		-4		-1
	Changes in valuation allowance	8		1		7		2
	Noncontrolling interest	-1		-2		-2		-11
	State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income or loss from the operations by entity and state income tax jurisdiction.  The effective state tax rate for the nine months ended September 30, 2014 was lower compared to 2013.
	Liabilities for income tax contingencies. Represents the impact to the effective tax rate from changes in the liabilities for income tax contingencies associated with new uncertain tax positions taken during the period or the resolution and settlement of prior uncertain tax positions with various taxing authorities.  During the three and nine months ended September 30, 2014, the change was primarily driven by state tax filing positions expected to be taken related to the sale of the Fleet business.
	Changes in rate and apportionment factors.  Represents the impact to the effective tax rate from deferred tax items for changes in apportionment factors and tax rate.  For the three and nine months ended September 30, 2014, the amount represents the impact of applying statutory changes to apportionment weight, apportionment sourcing and corporate income tax rates that were enacted by various states.
	Changes in valuation allowance.  Represents the impact to the effective tax rate from state loss carryforwards generated during the year and certain cumulative non-loss deferred tax assets for which the Company believes it is more likely than not that the amounts will not be realized. For the three and nine months ended September 30, 2014, the amount was driven by items impacted by the change in composition of the subsidiaries included in state returns from the sale of the Fleet business and state tax losses generated by the mortgage business.
	Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans.  The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members.  Accordingly, the Company’s Income tax expense or benefit includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans.
	Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income-tax returns purposes.  The following table summarizes the significant components of deferred tax assets and liabilities:
		September 30,		December 31,
		2014		2013
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	59	$	72
	Federal loss carryforwards and credits	—		415
	State loss carryforwards and credits	31		46
	Alternative minimum tax credit carryforward	—		22
	Other	2		2
	Gross deferred tax assets	92		557
	Valuation allowance	-32		-26
	Deferred tax assets, net of valuation allowance	60		531
	Deferred tax liabilities:
	Originated mortgage servicing rights	256		311
	Purchased mortgage servicing rights	113		107
	Depreciation and amortization	—		800
	Deferred tax liabilities	369		1,218
	Net deferred tax liability	$	309	$	687

Credit_Risk

Credit Risk	9 Months Ended
	Sep. 30, 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
	§ 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:
		September 30,				December 31,
		2014				2013
		(In millions)
	Loan Servicing Portfolio Composition
	Owned	$	120,868			$	130,494
	Subserviced	105,168				96,343
	Total	$	226,036			$	226,837
	Conventional loans	$	193,625			$	191,916
	Government loans	28,007				29,200
	Home equity lines of credit	4,404				5,721
	Total	$	226,036			$	226,837
	Weighted-average interest rate	3.9		%		4		%
		September 30, 2014							December 31, 2013
		Number of			Unpaid				Number of		Unpaid
		Loans			Balance				Loans		Balance
	Portfolio Delinquency(1)
	30 days	2.38	%		1.75	%			2.43	%	1.82	%
	60 days	0.82			0.6				0.83		0.62
	90 or more days	0.99			0.76				1.08		0.9
	Total	4.19	%		3.11	%			4.34	%	3.34	%
	Foreclosure/real estate owned(2)	2.29	%		2.12	%			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 September 30, 2014 and December 31, 2013, the total servicing portfolio included 21,911 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.2 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.
	During October 2014, the Company entered into a resolution agreement with Fannie Mae to resolve substantially all outstanding and certain future repurchase and makewhole requests related to the sale of mortgage loans that were originated and delivered prior to July 1, 2012.   The resolution agreement does not cover loans with excluded defects, which include but are not limited to, loans with certain title issues or with violations of law.  The resolution amount was fully reserved for as of September 30, 2014.  See Note 18, “Subsequent Events” for additional information.
	A summary of the activity in repurchase and foreclosure-related reserves is as follows:
		Nine Months Ended
		September 30,
		2014				2013
		(In millions)
	Balance, beginning of period	$	142			$	191
	Realized losses	-46				-52
	Increase in reserves due to:
	Changes in assumptions	2				26
	New loan sales	5				15
	Balance, end of period	$	103			$	180
	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 $119.8 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 September 30, 2014, $196 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; 13% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).
	As of September 30, 2014 and December 31, 2013, liabilities for probable losses related to repurchase and indemnification obligations of $68 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.
	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.  The liability for loan repurchases and indemnifications does not reflect losses from litigation or governmental and regulatory examinations, investigations or inquiries.
	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 September 30, 2014, the estimated amount of reasonably possible losses in excess of the recorded liability was $20 million which relates to the Company’s 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 an expectation of future defaults and the historical defect rate for government insured loans 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 underwriting procedures; (iii) borrower delinquency and default patterns; and (iv) general economic conditions.  The Company’s estimate of reasonably possible losses does not represent probable losses and does not include an estimate for any losses related to loans with excluded defects from origination years where the Agencies have substantially completed or resolved their file reviews.  Excluded defects include, but are not limited to, loans with certain title defects or with violations of law.
	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:
		September 30,			December 31,
		2014			2013
		(In millions)
	Mortgage loans in foreclosure(1)	$	181		$	192
	Allowance for probable foreclosure losses	-15			(20		)
	Mortgage loans in foreclosure, net	$	166		$	172
	Real estate owned	$	71		$	73
	Adjustment to value for real estate owned	-20			(22		)
	Real estate owned, net	$	51		$	51
	(1)  Includes $130 million and $118 million of recoverable advances as of September 30, 2014 and December 31, 2013, respectively.
	Mortgage Reinsurance
The Company no longer has exposure to consumer credit risk through reinsurance activities since the remaining contractual reinsurance agreement was terminated in the second quarter of 2013.  During the nine months ended September 30, 2013, the termination resulted in a pre-tax loss of $21 million which was recorded in Loan servicing income in the Condensed Consolidated Statements of Operations.

Commitments_and_Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 losses cannot be estimated for all matters.  For matters where the Company can estimate the range, the aggregate estimated amount of reasonably possible losses in excess of the recorded liability was $20 million as of September 30, 2014.
	As of September 30, 2014, the Company’s recorded reserves associated with legal and regulatory contingencies were $23 million and 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
	PHH Mortgage Corporation, a wholly-owned subsidiary of the Company, is the defendant in a lawsuit initiated in 2012 in the Superior Court of California, Yuba County, by a borrower with a loan that has been serviced by the Company.  The lawsuit includes allegations of breach of contract, negligence and intentional misrepresentation.  In July 2014, the jury issued a verdict in favor of the borrower, awarding compensatory damages of approximately $0.5 million and punitive damages of $15.7 million, resulting in an exposure of $16.2 million.  In October 2014, the Court granted the Company’s motion for judgment notwithstanding the verdict on most of the borrower’s claims, reducing the judgment to an insignificant amount.  The recorded liability for probable losses related to this matter as of September 30, 2014 was not significant. There can be no assurance, however, that the ultimate resolution of this matter will not result in losses in excess of the Company’s recorded reserves in light of the fact that the borrower has not yet responded to the Court’s recent order.
	The Company has undergone a regulatory examination by a multistate coalition of certain mortgage banking regulators (the “MMC”) and such regulators have alleged various violations of federal and state laws related to the Company’s mortgage servicing practices prior to July 2011.  In October 2014, the Company met with the MMC, along with representatives of certain state Attorneys General and the CFPB, to formally review the MMC’s examination findings and the Company’s response.  In order to resolve the findings and in exchange for a release of certain enforcement actions, the MMC has proposed that the Company enter into a Settlement Agreement and Consent Order that includes adoption of national servicing standards, payments to certain borrowers nationwide whose loans went into foreclosure during a stated period of time, other consumer relief and administrative penalties.  While the Company continues to believe it has meritorious defenses to the findings, the Company has indicated its willingness to adopt the servicing standards set out in the MMC’s proposal with certain caveats and continues discussions on other aspects of the proposal.
	The Company has not yet been informed of the amount of payments sought for relief or penalties under the proposed agreement with the MMC and there can be no assurance that a settlement will be reached.   There can be no assurance that the ultimate resolution of this matter will not result in losses in excess of the Company’s recorded reserves, and any such losses could be material to the Company’s results of operations, cash flows or financial position. The Company has recorded an estimate for the probable losses in connection with the matter as of September 30, 2014.
	The Company has also 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, the Company’s 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 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, in October 2014 the Company received a document subpoena from the Office of the Inspector General of the Federal Housing Financing Agency (the “FHFA”) requesting production of certain documents related to, among other things, our origination, underwriting and quality control processes for loans sold to Fannie Mae and Freddie Mac.  While the FHFA, as regulatory and conservator for Fannie Mae and Freddie Mac, does not have regulatory authority over the Company or its subsidiaries, there can be no assurance that Fannie Mae and/or Freddie Mac will not assert additional claims as a result of this inquiry.
	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.  The administrative hearing on this matter has concluded and the final ruling of the administrative law judge is pending.  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 is continuing to vigorously defend against the CFPB’s allegations.  Given the nature of this proceeding 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.
	Indemnification from Sale of Business
	In connection with the sale of the Fleet business, which became effective on July 1, 2014, the Company has indemnified Element Financial Corporation against certain liabilities that may arise in connection with the transaction and business activities prior to the completion of the transaction.  The term of these indemnifications, which generally pertain to breaches by the Company of representations and warranties or covenants under the purchase agreement, is generally through March 31, 2016, except that the term of the indemnifications for breaches of certain fundamental representations and warranties or its covenants or excluded liabilities is generally through the expiration of the applicable statute of limitations or, with respect to covenants to be performed after closing, the date performance is fulfilled or completed.  Due to the nature of indemnified items, it is not possible to make a reasonable estimate of the maximum potential loss or range of loss, and no specific recourse provisions exist.

StockRelated_Matters

Stock-Related Matters	9 Months Ended
	Sep. 30, 2014
Stock-Related Matters	'
Stock-Related Matters	'
	13.  Stock-Related Matters
	Stock Repurchase Programs
	The Company’s Board of Directors authorized up to $450 million in share repurchases, including $200 million in Accelerated Stock Repurchases (“ASR”) and up to $250 million in open market purchases over the twelve months following the completion of the ASR.
	Accelerated Stock Repurchase Programs.  On August 7, 2014, the Company entered into two separate ASR agreements to repurchase an aggregate of $200 million of PHH’s Common stock pursuant to a Collared ASR agreement and an Uncollared ASR agreement.   The repurchases were executed using a portion of the proceeds from the sale of the Fleet business that occurred in the third quarter of 2014.  In exchange for a $200 million up-front payment, the financial institution that is party to the ASR agreements delivered 6,962,695 shares based upon the minimum share delivery under the Collared agreement and 80% share delivery under the Uncollared agreement.  The actual number of shares repurchased will be determined based on the volume weighted average price of the shares through completion of the programs, which is expected to occur in the first quarter of 2015.  All shares received under the ASR agreements were retired upon receipt and were reported as a reduction of shares issued and outstanding, and the cash paid was recorded as a reduction of stockholders’ equity in the Condensed Consolidated Balance Sheets.
	Restrictions on Share-Related Payments
	The Company may be restricted in its ability to make share-related payments, or the amount of such payments may be limited, due to the provisions of our debt arrangements, capital requirements of our operating subsidiaries and other legal requirements and regulatory constraints.  Such share-related payments include the declaration and payment of dividends, making any distribution on account of our Common stock, or the purchase, repurchase, redemption or retirement of our Common stock.
	The limitations and restrictions on the Company’s ability to make share-related payments include but are not limited to:
	a)       Restrictions under the Company’s senior note indentures from making a share-related payment  if, after giving effect to the payment, the debt to tangible equity ratio calculated as of the most recently completed month end exceeds 6 to 1; however, even if such ratio is not met, the Company may declare or pay any dividend or make a share-related payment so long as the Company’s corporate ratings are equal to or better than at least two of the following: Baa3 from Moody’s Investors Service, BBB- from Standard & Poor’s and BBB- from Fitch Ratings (in each case on stable outlook or better); and
	b)       Limitations in the amount of share-related payments that can be distributed by the Company due to maintaining compliance with the financial covenants contained in certain subsidiaries’ mortgage warehouse funding agreements, including but not limited to: (i) the maintenance of net worth of at least $1.0 billion on the last day of each fiscal quarter; and (ii) a ratio of indebtedness to tangible net worth of no greater than 5.75 to 1.
	In addition, the Company is limited in the amount of share-related payments that can be distributed due to capital that is required to be maintained at subsidiaries.  The amount of intercompany dividends, share-related payments and other fund transfers that certain of the Company’s subsidiaries can declare or distribute to the Company or to other consolidated subsidiaries (and ultimately to the Company) is limited due to provisions of their debt arrangements, capital requirements, and other legal requirements and regulatory constraints.  The aggregate restricted net assets of these subsidiaries totaled $602 million as of September 30, 2014.
	As of September 30, 2014, the Company is not restricted in its ability to make share-related payments including the declaration and payment of dividends or the repurchase of Common stock.  The Company has not declared or paid cash dividends on its Common stock since it began operating as an independent, publicly traded company in 2005.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	9 Months Ended
	Sep. 30, 2014
Accumulated Other Comprehensive Income	'
Accumulated Other Comprehensive Income	'
	14.  Accumulated Other Comprehensive Income
	The after-tax components of Accumulated other comprehensive income (loss) were as follows:
		September 30,		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	—	$	22
	Pension adjustment, net of income tax benefit of $(4) and $(4)	-6		(6		)
	Total	$	-6	$	16
	There were no amounts of Accumulated other comprehensive income (loss) attributable to noncontrolling interests as of September 30, 2014 and December 31, 2013, or during the respective periods.
	During the three and nine months ended September 30, 2014, upon the disposition of the Fleet business, the Company realized a $22 million currency translation gain and reclassified the amount to Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations.  In addition, the net gain from disposition of the Fleet business for the nine months ended September 30, 2014 includes the tax impact for the reversal of indefinitely invested undistributed earnings of foreign subsidiaries.  See Note 2, “Discontinued Operations” for more information on the sale of the Fleet business.
	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 and were recorded within Other income in the Condensed Consolidated Statements of Operations.  During the three months ended September 30, 2013 there were no reclassifications.  During the nine months ended September 30, 2013, $1 million of realized gains and $1 million of realized losses from the sale of available-for-sale securities were recorded.

Fair_Value_Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	15.  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 nine months ended September 30, 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 September 30, 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:
		September 30, 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	$	721		$	14	$	834		$	12
	Aggregate unpaid principal balance	724			18		837			17
	Difference	$	-3		$	-4	$	-3		$	(5	)
	The following table summarizes the components of Mortgage loans held for sale:
		September 30,			December 31,
		2014			2013
		(In millions)
	First mortgages:
	Conforming	$	607		$	737
	Non-conforming	60			48
	Total first mortgages	667			785
	Second lien	4			5
	Scratch and Dent	49			44
	Other	1			—
	Total	$	721		$	834
	Mortgage Servicing Rights.  The following tables summarize certain information regarding the initial and ending capitalization rate of Mortgage Servicing Rights (“MSRs”):
		Nine Months Ended
		September 30,
		2014		2013
	Initial capitalization rate of additions to MSRs	1.09 %		1.10	%
		September 30,		December 31,
		2014		2013
	Capitalization servicing rate	0.93 %		0.99	%
	Capitalization servicing multiple	3.2		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):
		September 30,		December 31,
		2014		2013
	Weighted-average prepayment speed (CPR)	10.3 %		9.0	%
	Option adjusted spread, in basis points (OAS)	898		1,056
	Weighted-average delinquency rate	5.5 %		5.8	%
	The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:
		September 30, 2014
		Weighted-					Weighted-
		Average			Option		Average
		Prepayment			Adjusted		Delinquency
		Speed			Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-49		$	-51	$	(26	)
	Impact on fair value of 20% adverse change	-95			-98		(52		)
	These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a 10% variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations.
	The effect of a variation in a particular assumption is calculated without changing any other assumption and the assumptions used in valuing the MSRs are independently aggregated. Although there are certain inter-relationships among the various key assumptions noted above, changes in one of the significant assumptions would not independently drive changes in the others.  The modeled prepayment speed assumptions are highly dependent upon interest rates, which drive borrowers’ propensity to refinance; however, there are other factors that can influence borrower refinance activity.  These factors include housing prices, the levels of home equity, underwriting standards and loan product characteristics.  The OAS is a component of the discount rate used to present value the cash flows of the MSR asset and represents the spread over a base interest rate that equates the present value of cash flows of an asset to the market price of that asset.  The weighted average delinquency rate is based on the current and projected credit characteristics of the capitalized servicing portfolio and is dependent on economic conditions, home equity and delinquency and default patterns.
	Derivative Instruments. The average pullthrough percentage used in measuring the fair value of Interest rate lock commitment’s (“IRLCs”) as of September 30, 2014 and December 31, 2013 was 74% 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:
		September 30, 2014
										Cash
		Level			Level		Level			Collateral
		One			Two		Three			and Netting			Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—		$	667	$	54		$	—		$	721
	Mortgage servicing rights	—			—		1,114			—			1,114
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—		21			—			21
Forward delivery commitments	—			6		—			-3			3
MSR-related agreements	—			28		—			-25			3
LIABILITIES
Other liabilities—Derivative liabilities:
Forward delivery commitments	$	—		$	5	$	—		$	-3		$	2
	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			—
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
	September 30, 2014								September 30, 2013
						IRLCs,								IRLCs,
	MLHS			MSRs		net			MLHS			MSRs		net
	(In millions)
Balance, beginning of period	$	57		$	1,187	$	35		$	55		$	1,247	$	-11
Realized and unrealized (losses) gains	-2			-84		63			2			-74		136
Purchases	9			—		—			12			—		—
Issuances	1			30		—			2			64		—
Settlements	-14			-19		-77			-12			—		-63
Transfers into Level Three	12			—		—			9			—		—
Transfers out of Level Three	-9			—		—			-9			—		—
Balance, end of period	$	54		$	1,114	$	21		$	59		$	1,237	$	62
	Nine Months Ended								Nine Months Ended
	September 30, 2014								September 30, 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	-5			-215		232			-10			6		405
Purchases	39			—		—			68			—		—
Issuances	3			76		—			2			209		—
Settlements	-32			-26		-233			-68			—		-482
Transfers into Level Three	26			—		—			34			—		—
Transfers out of Level Three	-26			—		—			-31			—		—
Balance, end of period	$	54		$	1,114	$	21		$	59		$	1,237	$	62
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					Nine Months Ended
	September 30,					September 30,
	2014			2013		2014			2013
	(In millions)
Gain on mortgage loans, net:
Mortgage loans held for sale	$	-3		$	1	$	-8		$	-14
Interest rate lock commitments	63			136		232			405
Change in fair value of mortgage servicing rights:
Mortgage servicing rights	-84			-74		-215			6
Mortgage interest income:
Mortgage loans held for sale	1			1		3			4
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					Nine Months Ended
	September 30,					September 30,
	2014			2013		2014			2013
	(In millions)
Gain on mortgage loans, net	$	16		$	59	$	12		$	52
Change in fair value of mortgage servicing rights	-40			-11		-97			226
Fair Value of Other Financial Instruments
As of September 30, 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, Restricted cash and Investment securities, 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 September 30, 2014 and December 31, 2013, the total fair value of Debt was $1.8 billion and $2.4 billion, respectively, and substantially all of the debt is measured using Level Two inputs. As of September 30, 2014, the fair value of Level Two Debt was estimated using the following valuation techniques: (i) $1.1 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; and (ii) $0.7 billion was measured using observable spreads and terms for recent pricing of similar instruments.

Variable_Interest_Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	16.  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 the first quarter of 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 nine months ended September 30, 2014, the Company and its subsidiaries contributed Accounts receivable of $606 million to the Depositor, and received distributions of $544 million.
	Assets and liabilities of significant consolidated variable interest entities are included in the Condensed Consolidated Balance Sheets as follows:
		September 30, 2014				December 31,
						2013
				Servicing
				Advance
		PHH Home		Receivables		PHH Home
		Loans		Trust		Loans
		(In millions)
	ASSETS
	Cash	$	83	$	—	$	91
	Restricted cash	4		4		3
	Mortgage loans held for sale	352		—		308
	Accounts receivable, net	20		172		7
	Property and equipment, net	1		—		2
	Other assets	8		1		7
	Total assets	$	468	$	177	$	418
	Assets held as collateral(1)	$	339	$	176	$	300
	LIABILITIES
	Accounts payable and accrued expenses	$	14	$	—	$	15
	Debt	324		118		280
	Other liabilities	9		—		11
	Total liabilities(2)	$	347	$	118	$	306
	_____________
	(1)             Represents amounts not available to pay the Company’s general obligations.  See Note 9, “Debt and Borrowing Arrangements” for further information.
	(2)             Excludes intercompany payables.

Segment_Information

Segment Information	9 Months Ended
	Sep. 30, 2014
Segment Information	'
Segment Information	'
	17.  Segment Information
	Operations are conducted through the following two reportable segments:
	§  Mortgage Production — provides mortgage loan origination services and sells mortgage loans.
	§  Mortgage Servicing — performs servicing activities for originated and purchased loans.
	Effective on July 1, 2014, the Company completed the sale of its Fleet Management Services business and related fleet entities; therefore the Fleet business is no longer a reportable segment and is presented as discontinued operations.  The results of the Fleet business have been excluded from continuing operations and segment results for all periods presented.  See Note 2, “Discontinued Operations” for additional information.  The Company’s continuing operations are located in the U.S.
	The heading Other includes expenses that are not allocated back to the two reportable segments and certain general corporate overhead expenses that were previously allocated to the Fleet business.  For the three and nine months ended September 30, 2014 and 2013, the Net loss before income taxes for Other primarily related to a loss on the early repayment of certain unsecured debt obligations during each period.
	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 from continuing operations 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
		September 30,		December 31,
		2014		2013
		(In millions)
	Mortgage Production segment	$	1,020	$	1,127
	Mortgage Servicing segment	2,048		2,219
	Assets related to discontinued operations	—		4,456
	Other	1,615		1,051
	Total	$	4,683	$	8,853
		Net Revenues
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Mortgage Production segment	$	132	$	182	$	343	$	699
	Mortgage Servicing segment	14		29		110		263
	Other	6		—		6		—
	Total	$	152	$	211	$	459	$	962
		Segment (Loss) Profit (1)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Mortgage Production segment	$	-28	$	-22	$	-115	$	67
	Mortgage Servicing segment	-71		-28		-90		70
	Other	-33		-57		-43		-63
	Total	$	-132	$	-107	$	-248	$	74
	_____________
	(1)       The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	(Loss) income from continuing operations before income taxes	$	-129	$	-101	$	-243	$	104
	Less: net income attributable to noncontrolling interest	3		6		5		30
	Segment (loss) profit	$	-132	$	-107	$	-248	$	74

Subsequent_Events

Subsequent Events	9 Months Ended
	Sep. 30, 2014
Subsequent Events	'
Subsequent Events	'
	18.  Subsequent Events
	Fannie Mae Settlement
	On October 23, 2014, the Company entered into a resolution agreement with Fannie Mae to resolve substantially all outstanding and certain future repurchase and makewhole requests related to the sale of mortgage loans that were originated and delivered prior to July 1, 2012.  After credit for paid claims, the Company paid Fannie Mae $13 million which was fully reserved for as of September 30, 2014. The resolution agreement does not cover loans with excluded defects, which include but are not limited to, loans with certain title issues or with violations of law.  The Company cannot estimate the amount of loss or range of possible losses related to loans with excluded defects, and the liability for repurchase and indemnification as of September 30, 2014 does not include an amount for any potential losses.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2014
Summary of Significant Accounting Policies	'
Discontinued Operations	'
	Effective on July 1, 2014, the Company sold its Fleet Management Services business and related fleet entities (collectively the “Fleet business”) to certain wholly owned subsidiaries of Element Financial Corporation.  The results of the Fleet business are presented as discontinued operations in the Condensed Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented.  The assets and liabilities of the Fleet business are presented as Assets held for sale and Liabilities held for sale in the Condensed Consolidated Balance Sheets at December 31, 2013.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Condensed Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
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 Accounting Standards Update (“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.
	In August 2014, the FASB issued ASU 2014-14, “Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure” which requires, if certain conditions are met, an entity to derecognize a mortgage loan with a government guarantee upon foreclosure and to recognize a separate other receivable.  Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor.  The accounting changes in this Update are effective for the first interim and annual periods beginning after December 15, 2014 using the same transition method elected under ASU 2014-04 noted above.  Early adoption is permitted if ASU 2014-04 has already been adopted.   The Company is currently evaluating the impact of adopting this new standard.
	Presentation of Financial Statements.  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 operations 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 components of an entity that are disposed of or classified as held for sale 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.  The Company did not elect to early adopt this guidance with respect to the disposal of the Fleet business.  The Company will evaluate the impact of this standard related to the accounting for future disposal transactions.
	In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” which requires an entity’s management, at each annual and interim reporting period, to evaluate the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and to provide enhanced footnote disclosures surrounding any uncertainties and management’s evaluation of the uncertainties.  Management’s evaluation should be based on relevant conditions and events that are known at the date financial statements are issued.  The amendments in this Update are effective for the first interim and annual periods beginning after December 15, 2016. Early adoption is permitted.  This new standard enhances disclosure requirements but will not impact the Company’s financial position, results of operations or cash flows.
	Revenue Recognition.  In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers.”  The objective of the guidance is to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and IFRS.  The Amendment supersedes most current revenue recognition guidance, including industry-specific guidance. The Amendment also enhances disclosure requirements around revenue recognition and the related cash flows.  The guidance is to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption, for interim and annual periods beginning after December 15, 2016.  Early adoption is not permitted.  The Company is currently evaluating the impact of adopting this new standard.
	Transfers of Financial Assets.  In June 2014, the FASB issued limited amendments to ASC 860, “Transfers and Servicing” through the issuance of ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.”  The update requires entities to account for repurchase-to-maturity transactions as secured borrowings, and eliminates the accounting guidance on linked repurchase financing transactions.  In addition, the update expands disclosure requirements related to certain transfers of financial assets accounted for as financings and accounted for as sales.  This guidance is effective for the first interim and annual periods beginning after December 15, 2014.  Early adoption is not permitted.  The amendments are to be applied retrospectively to all prior periods presented or through a cumulative adjustment in the year of adoption.  The Company does not expect the adoption of this new standard to have a material impact on its financial statements.
	Share-Based Payments.  In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.”  The amendments require that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition, rather than being reflected in estimating the grant-date fair value of the award.  The amendments are effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted. Entities may apply the amendments in this update either prospectively or retrospectively. The Company does not expect the adoption of this new standard to have an impact on its financial statements.
Investment Securities	'
	Investment Securities
	Investment securities represent investments in fixed and floating rate financial instruments with maturities greater than three months and up to twelve months at the time of purchase. They are classified as held-to-maturity and recorded at amortized cost.  As of September 30, 2014, Investment securities represent certificates of deposit with 2-months to maturity, and the carrying value approximates fair value due to the short-term nature of the investments.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2014
Discontinued Operations	'
Schedule of summary of results and assets and liabilities classified as held for sale related to discontinued operations	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Net revenues	$	—	$	404	$	820	$	1,205
	Total expenses	—		377		774		1,129
	Income before income taxes(1)	—		27		46		76
	Income tax expense(1)	—		10		16		27
	Gain from sale of discontinued operations, net of tax	303		—		243		—
	Income from discontinued operations, net of tax	$	303	$	17	$	273	$	49
	———————
	(1)     Represents the results of the Fleet business.
		December 31,
		2013
		(In millions)
	ASSETS
	Cash	$	119
	Restricted cash	207
	Accounts receivable, net	351
	Net investment in fleet leases	3,653
	Property and equipment, net	24
	Goodwill	25
	Other assets	77
	Total assets held for sale(1)	$	4,456
	LIABILITIES
	Accounts payable and accrued expenses	$	223
	Debt	3,481
	Other liabilities	15
	Total liabilities held for sale(1)	$	3,719
	———————
	(1)     Includes assets and liabilities of variable interest entities as follows:
		December 31,
		2013
		(In millions)
	Chesapeake and D.L. Peterson Trust:
	Total assets held for sale	$	3,202
	Total liabilities held for sale	2,868
	FLRT and PHH Lease Receivables LP:
	Total assets held for sale	$	651
	Total liabilities held for sale	603

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2014
Earnings Per Share	'
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity	'
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014		2013
		(In millions, except share and per share data)
	(Loss) income from continuing operations, net of tax	$	-85		$	-63	$	-154	$	71
	Less: net income attributable to noncontrolling interest	3			6		5		30
	Net (loss) income from continuing operations attributable to PHH Corporation	-88			-69		-159		41
	Income from discontinued operations, net of tax	303			17		273		49
	Net income (loss) attributable to PHH Corporation	$	215		$	-52	$	114	$	90
	Weighted-average common shares outstanding — basic	53,781,049			57,383,139		56,307,165		57,318,131
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)	—			—		—		207,572
	Conversion of debt securities	—			—		—		7,977,723
	Weighted-average common shares outstanding — diluted	53,781,049			57,383,139		56,307,165		65,503,426
	Basic earnings (loss) per share:
	From continuing operations	$	-1.64		$	-1.19	$	-2.83	$	0.73
	From discontinued operations	5.64			0.29		4.86		0.85
	Total attributable to PHH Corporation	$	4		$	-0.9	$	2.03	$	1.58
	Diluted earnings (loss) per share:
	From continuing operations	$	-1.64		$	-1.19	$	-2.83	$	0.64
	From discontinued operations	5.64			0.29		4.86		0.74
	Total attributable to PHH Corporation	$	4		$	-0.9	$	2.03	$	1.38
	———————
	(1)     Represents incremental shares from restricted stock units and stock options.
Summary of anti-dilutive securities excluded from the computation of dilutive shares	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014	2013
	Outstanding stock-based compensation awards(1)	1,575,780		2,037,307		1,575,780	688,338
	Assumed conversion of debt securities	8,794,619		8,274,740		9,124,934	—
	———————
	(1)     For both the three and nine months ended September 30, 2014, excludes 619,398 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)	9 Months Ended
	Sep. 30, 2014
Transfers and Servicing of Mortgage Loans	'
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights	'
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Balance, beginning of period	$	129,145	$	140,381
	Additions	6,986		19,031
	Payoffs, sales and curtailments	-16,330		-28,254
	Balance, end of period	$	119,801	$	131,158
Schedule of activity in capitalized MSRs	'
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Balance, beginning of period	$	1,279	$	1,022
	Additions	76		209
	Sales	-26		—
	Changes in fair value due to:
	Realization of expected cash flows	-118		-220
	Changes in market inputs or assumptions used in the valuation model	-97		226
	Balance, end of period	$	1,114	$	1,237
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Servicing fees from capitalized portfolio	$	88	$	95	$	270	$	294
	Late fees	5		5		13		14
	Other ancillary servicing revenue	6		12		22		31
Schedule of cash flows relating to loan sales in which the Company has continuing involvement	'
		Nine Months Ended
		September 30,
		2014		2013
		(In millions)
	Proceeds from new loan sales or securitizations	$	7,205	$	19,401
	Servicing fees from capitalized portfolio(1)	270		294
	Purchases of delinquent or foreclosed loans (2)	-24		-50
	Servicing advances (3)	-1,507		-1,003
	Repayment of servicing advances (3)	1,487		946
	(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 September 30, 2014 and December 31, 2013, outstanding servicing advance receivables of $573 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)	9 Months Ended
	Sep. 30, 2014
Derivatives	'
Summary of gross notional amount of derivatives	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Notional amounts:
	Interest rate lock commitments	$	1,363	$	1,378
	Forward delivery commitments	4,769		4,527
	Option contracts	100		190
	MSR-related agreements	4,011		860
	Convertible note-related agreements(1)	—		—
	(1)       As of December 31, 2013, the notional amount of derivative instruments underlying the Convertible-note related agreements was 9.6881 million shares of the Company’s Common stock related to the issuance of the Convertible notes due 2014.  These instruments expired in September 2014, consistent with the repayment date of the Convertible note series.
Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting	'
		September 30, 2014
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Received
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	3	$	-3	$	—	$	—
	MSR-related agreements	28		—		-25		3
	Derivative assets subject to netting	31		-3		-25		3
	Not subject to master netting arrangements:
	Interest rate lock commitments	21		—		—		21
	Forward delivery commitments	3		—		—		3
	Derivative assets not subject to netting	24		—		—		24
	Total derivative assets	$	55	$	-3	$	-25	$	27
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Received
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	4	$	-3	$	—	$	1
	Not subject to master netting arrangements:
	Forward delivery commitments	1		—		—		1
	Total derivative liabilities	$	5	$	-3	$	—	$	2
		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
	Convertible note-related agreements	16		—		—		16
	Derivative assets not subject to netting	45		—		—		45
	Total derivative assets	$	71	$	-17	$	-8	$	46
		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				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Gain on mortgage loans, net:
	Interest rate lock commitments	$	63	$	136	$	232	$	405
	Forward delivery commitments	—		-22		-59		217
	Option contracts	—		-1		-3		17
	Net derivative gain (loss) related to mortgage servicing rights:
	MSR-related agreements	—		—		26		-17

Other_Assets_Tables

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2014
Other Assets	'
Schedule of other assets	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Mortgage loans in foreclosure, net	$	166	$	172
	Repurchase eligible loans(1)	80		94
	Real estate owned, net	51		51
	Equity method investments	35		37
	Derivatives	27		46
	Deferred financing costs	17		26
	Other	14		24
	Total	$	390	$	450
	(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)	9 Months Ended
	Sep. 30, 2014
Accounts Payable and Accrued Expenses	'
Summary of components of accounts payable and accrued expenses	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Income taxes payable(1)	$	477	$	—
	Subservicing advance liabilities	333		302
	Accounts payable	94		98
	Repurchase eligible loans	80		94
	Accrued payroll and benefits	76		62
	Accrued interest	10		26
	Other	2		1
	Total	$	1,072	$	583
	(1)       As of September 30, 2014, the balance reflects tax liabilities associated with the disposition of the Fleet business that were partially offset by a benefit for income taxes related to the loss from continuing operations during 2014.

Other_Liabilities_Tables

Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 2014
Other Liabilities	'
Schedule of other liabilities	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Loan repurchase and indemnification liability	$	68	$	100
	Litigation and regulatory reserves	23		2
	Pension and other post employment benefits liability	5		7
	Derivatives	2		20
	Capital lease obligation	2		7
	Other	14		14
	Total	$	114	$	150

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	9 Months Ended
	Sep. 30, 2014
Debt and Borrowing Arrangements	'
Summary of the components of Debt	'
		September 30, 2014				December 31, 2013
				Wt. Avg-					Wt. Avg-
				Interest					Interest
		Balance		Rate(1)		Balance			Rate(1)
		(In millions)
	Committed warehouse facilities	$	625	2.20%		$	709		2.10%
	Uncommitted warehouse facilities	—		—%		—			—%
	Servicing advance facility	118		2.70%		66			2.70%
	Mortgage Asset-Backed Debt	743				775
	Term notes	625		6.80%		795			7.30%
	Convertible notes(2)	212		6.00%		454			5.00%
	Unsecured credit facilities	—		—%		—			—%
	Unsecured Debt	837				1,249
	Total	$	1,580			$	2,024
	(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 $33 million and $46 million as of September 30, 2014 and December 31, 2013, respectively.  The effective interest rate of the Convertible notes is 13.0%, which includes the accretion of the discount and issuance costs.
Schedule of assets held as collateral that are not available to pay the Company's general obligations	'
				Servicing
		Warehouse		Advance
		Facilities		Facility
		(In millions)
	Restricted cash	$	6	$	4
	Accounts receivable	—		172
	Mortgage loans held for sale (unpaid principal balance)	662		—
	Total	$	668	$	176
Schedule of contractual debt maturities	'
		Mortgage
		Asset-Backed		Unsecured
		Debt		Debt(1)			Total
		(In millions)
	Within one year	$	714	$	—		$	714
	Between one and two years	25		—			25
	Between two and three years	4		245			249
	Between three and four years	—		—			—
	Between four and five years	—		275			275
	Thereafter	—		350			350
		$	743	$	870		$	1,613
	(1)       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 or shares at the Company’s election.
Schedule of available capacity under committed borrowing arrangements	'
							Maximum
		Maximum		Utilized			Available
		Capacity		Capacity			Capacity
		(In millions)
	Mortgage Asset-Backed Debt:
	Committed warehouse facilities	$	2,075	$	625		$	1,450
	Servicing advance facility	155		118			37
	Unsecured credit facilities	5		—			5

Income_Taxes_Tables

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2014
Income Taxes	'
Schedule of items that significantly impacted Income tax expense or benefit from continuing operations and increased (decreased) the effective tax rate:	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	State and local income taxes, net of federal tax benefits	$	-2	$	-4	$	-7	$	5
	Liabilities for income tax contingencies	3		—		3		—
	Changes in rate and state apportionment factors	-5		—		-4		-1
	Changes in valuation allowance	8		1		7		2
	Noncontrolling interest	-1		-2		-2		-11
Summary of components of deferred tax assets and liabilities	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	59	$	72
	Federal loss carryforwards and credits	—		415
	State loss carryforwards and credits	31		46
	Alternative minimum tax credit carryforward	—		22
	Other	2		2
	Gross deferred tax assets	92		557
	Valuation allowance	-32		-26
	Deferred tax assets, net of valuation allowance	60		531
	Deferred tax liabilities:
	Originated mortgage servicing rights	256		311
	Purchased mortgage servicing rights	113		107
	Depreciation and amortization	—		800
	Deferred tax liabilities	369		1,218
	Net deferred tax liability	$	309	$	687

Credit_Risk_Tables

Credit Risk (Tables)	9 Months Ended
	Sep. 30, 2014
Credit Risk	'
Schedule of information regarding the total loan servicing portfolio	'
		September 30,				December 31,
		2014				2013
		(In millions)
	Loan Servicing Portfolio Composition
	Owned	$	120,868			$	130,494
	Subserviced	105,168				96,343
	Total	$	226,036			$	226,837
	Conventional loans	$	193,625			$	191,916
	Government loans	28,007				29,200
	Home equity lines of credit	4,404				5,721
	Total	$	226,036			$	226,837
	Weighted-average interest rate	3.9		%		4		%
Schedule of portfolio delinquency	'
		September 30, 2014							December 31, 2013
		Number of			Unpaid				Number of		Unpaid
		Loans			Balance				Loans		Balance
	Portfolio Delinquency(1)
	30 days	2.38	%		1.75	%			2.43	%	1.82	%
	60 days	0.82			0.6				0.83		0.62
	90 or more days	0.99			0.76				1.08		0.9
	Total	4.19	%		3.11	%			4.34	%	3.34	%
	Foreclosure/real estate owned(2)	2.29	%		2.12	%			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 September 30, 2014 and December 31, 2013, the total servicing portfolio included 21,911 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.2 billion and $4.7 billion, respectively.
Summary of the activity in repurchase and foreclosure-related reserves	'
		Nine Months Ended
		September 30,
		2014				2013
		(In millions)
	Balance, beginning of period	$	142			$	191
	Realized losses	-46				-52
	Increase in reserves due to:
	Changes in assumptions	2				26
	New loan sales	5				15
	Balance, end of period	$	103			$	180
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned	'
		September 30,			December 31,
		2014			2013
		(In millions)
	Mortgage loans in foreclosure(1)	$	181		$	192
	Allowance for probable foreclosure losses	-15			(20		)
	Mortgage loans in foreclosure, net	$	166		$	172
	Real estate owned	$	71		$	73
	Adjustment to value for real estate owned	-20			(22		)
	Real estate owned, net	$	51		$	51
	(1)  Includes $130 million and $118 million of recoverable advances as of September 30, 2014 and December 31, 2013, respectively.

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	9 Months Ended
	Sep. 30, 2014
Accumulated Other Comprehensive Income	'
Schedule of after-tax components of Accumulated other comprehensive income (loss)	'
		September 30,		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	—	$	22
	Pension adjustment, net of income tax benefit of $(4) and $(4)	-6		(6		)
	Total	$	-6	$	16

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 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	'
		September 30, 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	$	721		$	14	$	834		$	12
	Aggregate unpaid principal balance	724			18		837			17
	Difference	$	-3		$	-4	$	-3		$	(5	)
Schedule of components of Mortgage loans held for sale	'
		September 30,			December 31,
		2014			2013
		(In millions)
	First mortgages:
	Conforming	$	607		$	737
	Non-conforming	60			48
	Total first mortgages	667			785
	Second lien	4			5
	Scratch and Dent	49			44
	Other	1			—
	Total	$	721		$	834
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)	'
		Nine Months Ended
		September 30,
		2014		2013
	Initial capitalization rate of additions to MSRs	1.09 %		1.10	%
		September 30,		December 31,
		2014		2013
	Capitalization servicing rate	0.93 %		0.99	%
	Capitalization servicing multiple	3.2		3.4
	Weighted-average servicing fee (in basis points)	29		29
Schedule of significant assumptions used in estimating the fair value of MSRs	'
	The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates):
		September 30,		December 31,
		2014		2013
	Weighted-average prepayment speed (CPR)	10.3 %		9.0	%
	Option adjusted spread, in basis points (OAS)	898		1,056
	Weighted-average delinquency rate	5.5 %		5.8	%
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions	'
		September 30, 2014
		Weighted-					Weighted-
		Average			Option		Average
		Prepayment			Adjusted		Delinquency
		Speed			Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-49		$	-51	$	(26	)
	Impact on fair value of 20% adverse change	-95			-98		(52		)
Schedule of assets and liabilities measured at fair value on a recurring basis	'
		September 30, 2014
										Cash
		Level			Level		Level			Collateral
		One			Two		Three			and Netting			Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—		$	667	$	54		$	—		$	721
	Mortgage servicing rights	—			—		1,114			—			1,114
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—		21			—			21
	Forward delivery commitments	—			6		—			-3			3
	MSR-related agreements	—			28		—			-25			3
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—		$	5	$	—		$	-3		$	2
		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			—
	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
		September 30, 2014								September 30, 2013
							IRLCs,								IRLCs,
		MLHS			MSRs		net			MLHS			MSRs		net
		(In millions)
	Balance, beginning of period	$	57		$	1,187	$	35		$	55		$	1,247	$	-11
	Realized and unrealized (losses) gains	-2			-84		63			2			-74		136
	Purchases	9			—		—			12			—		—
	Issuances	1			30		—			2			64		—
	Settlements	-14			-19		-77			-12			—		-63
	Transfers into Level Three	12			—		—			9			—		—
	Transfers out of Level Three	-9			—		—			-9			—		—
	Balance, end of period	$	54		$	1,114	$	21		$	59		$	1,237	$	62
		Nine Months Ended								Nine Months Ended
		September 30, 2014								September 30, 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	-5			-215		232			-10			6		405
	Purchases	39			—		—			68			—		—
	Issuances	3			76		—			2			209		—
	Settlements	-32			-26		-233			-68			—		-482
	Transfers into Level Three	26			—		—			34			—		—
	Transfers out of Level Three	-26			—		—			-31			—		—
	Balance, end of period	$	54		$	1,114	$	21		$	59		$	1,237	$	62
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014			2013
		(In millions)
	Gain on mortgage loans, net:
	Mortgage loans held for sale	$	-3		$	1	$	-8		$	-14
	Interest rate lock commitments	63			136		232			405
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	-84			-74		-215			6
	Mortgage interest income:
	Mortgage loans held for sale	1			1		3			4
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy	'
		Three Months Ended					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014			2013
		(In millions)
	Gain on mortgage loans, net	$	16		$	59	$	12		$	52
	Change in fair value of mortgage servicing rights	-40			-11		-97			226

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 2014
Variable Interest Entities	'
Schedule of significant variable interest entities included in the Consolidated Balance Sheets	'
		September 30, 2014				December 31,
						2013
				Servicing
				Advance
		PHH Home		Receivables		PHH Home
		Loans		Trust		Loans
		(In millions)
	ASSETS
	Cash	$	83	$	—	$	91
	Restricted cash	4		4		3
	Mortgage loans held for sale	352		—		308
	Accounts receivable, net	20		172		7
	Property and equipment, net	1		—		2
	Other assets	8		1		7
	Total assets	$	468	$	177	$	418
	Assets held as collateral(1)	$	339	$	176	$	300
	LIABILITIES
	Accounts payable and accrued expenses	$	14	$	—	$	15
	Debt	324		118		280
	Other liabilities	9		—		11
	Total liabilities(2)	$	347	$	118	$	306
	_____________
	(1)             Represents amounts not available to pay the Company’s general obligations.  See Note 9, “Debt and Borrowing Arrangements” for further information.
	(2)             Excludes intercompany payables.

Segment_Information_Tables

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2014
Segment Information	'
Schedule of segment results	'
		Total Assets
		September 30,		December 31,
		2014		2013
		(In millions)
	Mortgage Production segment	$	1,020	$	1,127
	Mortgage Servicing segment	2,048		2,219
	Assets related to discontinued operations	—		4,456
	Other	1,615		1,051
	Total	$	4,683	$	8,853
		Net Revenues
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Mortgage Production segment	$	132	$	182	$	343	$	699
	Mortgage Servicing segment	14		29		110		263
	Other	6		—		6		—
	Total	$	152	$	211	$	459	$	962
		Segment (Loss) Profit (1)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	Mortgage Production segment	$	-28	$	-22	$	-115	$	67
	Mortgage Servicing segment	-71		-28		-90		70
	Other	-33		-57		-43		-63
	Total	$	-132	$	-107	$	-248	$	74
	_____________
Schedule of reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss	'
		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2014		2013		2014		2013
		(In millions)
	(Loss) income from continuing operations before income taxes	$	-129	$	-101	$	-243	$	104
	Less: net income attributable to noncontrolling interest	3		6		5		30
	Segment (loss) profit	$	-132	$	-107	$	-248	$	74

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	9 Months Ended
	Sep. 30, 2014
	item
Summary of Significant Accounting Policies	'
Number of reportable segments	2
Investment Securities	'
Minimum maturity term	'3 months
Maximum maturity term	'12 months
Certificates of deposit maturity term	'2 months

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended			9 Months Ended
	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Results of discontinued operations	'	'	'	'	'	'
Gain from sale of discontinued operations, net of tax	'	'	'	$243,000,000	'	'
Income from discontinued operations, net of tax	303,000,000	'	17,000,000	273,000,000	49,000,000	'
ASSETS	'	'	'	'	'	'
Total assets held for sale	'	'	'	'	'	4,456,000,000
Cash	'	'	126,000,000	'	126,000,000	'
LIABILITIES	'	'	'	'	'	'
Total liabilities held for sale	'	'	'	'	'	3,719,000,000
Repatriation of foreign earnings	'	'	'	'	'	'
Results of discontinued operations	'	'	'	'	'	'
Income tax expense	'	'	'	52,000,000	'	'
Fleet business	'	'	'	'	'	'
Discontinued operations	'	'	'	'	'	'
Sale price	'	1,400,000,000	'	'	'	'
Results of discontinued operations	'	'	'	'	'	'
Net revenues	'	'	404,000,000	820,000,000	1,205,000,000	'
Total expenses	'	'	377,000,000	774,000,000	1,129,000,000	'
Income before income taxes	'	'	27,000,000	46,000,000	76,000,000	'
Income tax expense	'	'	10,000,000	16,000,000	27,000,000	'
Gain from sale of discontinued operations, net of tax	303,000,000	'	'	243,000,000	'	'
Income from discontinued operations, net of tax	303,000,000	'	17,000,000	273,000,000	49,000,000	'
Gain from reclassification of currency translation adjustments	22,000,000	'	'	22,000,000	'	'
Income tax expense related to gain on sale of discontinued operations	183,000,000	'	'	228,000,000	'	'
Maximum term for transition services agreement	'	'	'	'1 year	'	'
ASSETS	'	'	'	'	'	'
Restricted cash	'	'	'	'	'	207,000,000
Accounts receivable, net	'	'	'	'	'	351,000,000
Net investment in fleet leases	'	'	'	'	'	3,653,000,000
Property and equipment, net	'	'	'	'	'	24,000,000
Goodwill	'	'	'	'	'	25,000,000
Other assets	'	'	'	'	'	77,000,000
Total assets held for sale	'	'	'	'	'	4,456,000,000
Cash	'	'	'	'	'	119,000,000
LIABILITIES	'	'	'	'	'	'
Accounts payable and accrued expenses	'	'	'	'	'	223,000,000
Debt	'	'	'	'	'	3,481,000,000
Other liabilities	'	'	'	'	'	15,000,000
Total liabilities held for sale	'	'	'	'	'	3,719,000,000
Fleet business | Chesapeake and D.L. Peterson Trust	'	'	'	'	'	'
ASSETS	'	'	'	'	'	'
Total assets held for sale	'	'	'	'	'	3,202,000,000
LIABILITIES	'	'	'	'	'	'
Total liabilities held for sale	'	'	'	'	'	2,868,000,000
Fleet business | FLRT and PHH Lease Receivables LP	'	'	'	'	'	'
ASSETS	'	'	'	'	'	'
Total assets held for sale	'	'	'	'	'	651,000,000
LIABILITIES	'	'	'	'	'	'
Total liabilities held for sale	'	'	'	'	'	$603,000,000

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	0 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 07, 2014	Sep. 30, 2014
	item	item
Share repurchase agreements	'	'
Aggregate amount of PHH's common stock repurchase	'	$200
Accelerated Stock Repurchase Programs	'	'
Share repurchase agreements	'	'
Number of separate ASR agreements to repurchase PHH's common stock	2	2
Aggregate amount of PHH's common stock repurchase	$200	$200
Initial repurchase of common stock (in shares)	6,962,695	6,962,695

Earnings_Per_Share_Details_2

Earnings Per Share (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Millions, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Earnings Per Share	'	'	'	'
(Loss) income from continuing operations, net of tax	($85)	($63)	($154)	$71
Less: net income attributable to noncontrolling interest	3	6	5	30
Net (loss) income from continuing operations attributable to PHH Corporation	-88	-69	-159	41
Income from discontinued operations, net of tax	303	17	273	49
Net income (loss) attributable to PHH Corporation	$215	($52)	$114	$90
Weighted-average common shares outstanding - basic (in shares)	53,781,049	57,383,139	56,307,165	57,318,131
Effect of potentially dilutive securities:	'	'	'	'
Share-based payment arrangements (in shares)	'	'	'	207,572
Conversion of debt securities (in shares)	'	'	'	7,977,723
Weighted-average common shares outstanding - diluted (in shares)	53,781,049	57,383,139	56,307,165	65,503,426
Basic earnings (loss) per share:	'	'	'	'
From continuing operations (in dollars per share)	($1.64)	($1.19)	($2.83)	$0.73
From discontinued operations (in dollars per share)	$5.64	$0.29	$4.86	$0.85
Total attributable to PHH Corporation (in dollars per share)	$4	($0.90)	$2.03	$1.58
Diluted earnings (loss) per share:	'	'	'	'
From continuing operations (in dollars per share)	($1.64)	($1.19)	($2.83)	$0.64
From discontinued operations (in dollars per share)	$5.64	$0.29	$4.86	$0.74
Total attributable to PHH Corporation (in dollars per share)	$4	($0.90)	$2.03	$1.38
Contingently issuable shares	'	'	'	'
Contingently issuable shares for which the contingency has not been met	619,398	'	619,398	'
Outstanding stock-based compensation awards	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	1,575,780	2,037,307	1,575,780	688,338
Debt securities	'	'	'	'
Anti-dilutive securities	'	'	'	'
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	8,794,619	8,274,740	9,124,934	'

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014
In Millions, unless otherwise specified			Capitalized servicing rights	Capitalized servicing rights	Interest rate lock commitments and mortgage loans held for sale
Transfers and Servicing of Mortgage Loans	'	'	'	'	'
Servicing portfolio	$226,036	$226,837	$119,801	$131,158	'
Activity in the loan servicing portfolio associated with capitalized servicing rights	'	'	'	'	'
Balance, beginning of period	226,036	226,837	129,145	140,381	'
Additions	'	'	6,986	19,031	'
Payoffs, sales and curtailments	'	'	-16,330	-28,254	'
Balance, end of period	226,036	226,837	119,801	131,158	'
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	'	'	1,100	'	743
Commitment to sell Mortgage servicing rights, fair value	'	'	13	'	'
Fair value of Mortgage servicing rights sold under new arrangements during the period	'	'	$26	'	'

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Activity in capitalized MSRs	'	'	'	'	'
Balance, beginning of period	'	'	$1,279	$1,022	$1,022
Additions	'	'	76	209	'
Sales	'	'	-26	'	'
Changes in fair value due to:	'	'	'	'	'
Realization of expected cash flows	'	'	-118	-220	'
Changes in market inputs or assumptions used in the valuation model	'	'	-97	226	'
Balance, end of period	1,114	1,237	1,114	1,237	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	88	95	270	294	'
Late fees	5	5	13	14	'
Other ancillary servicing revenue	6	12	22	31	'
Weighted average life of MSRs	'	'	'6 years 1 month 6 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	'	'	7,205	19,401	'
Servicing fees from capitalized portfolio	88	95	270	294	'
Purchases of delinquent or foreclosed loans	'	'	-24	-50	'
Servicing advances	'	'	-1,507	-1,003	'
Repayment of servicing advances	'	'	1,487	946	'
Realized Gain Loss on Sale	'	'	'	'	'
Pre-tax gains related to sale or securitization of residential mortgage loans	73	214	218	642	'
Mortgage servicing advances	'	'	'	'	'
Advance receivables	'	'	'	'	'
Outstanding servicing advance receivables	$573	'	$573	'	$565

Derivatives_Details

Derivatives (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
2014 Convertible notes	'	'
Notional amount of derivatives	'	'
Conversion price of shares (in dollars per share)	$34.74	'
Not designated as hedging instruments | Common stock | 2014 Convertible notes	'	'
Notional amount of derivatives	'	'
Notional amount (in shares)	'	9,688,100
Not designated as hedging instruments | Interest rate lock commitments	'	'
Notional amount of derivatives	'	'
Notional	$1,363	$1,378
Not designated as hedging instruments | Forward delivery commitments	'	'
Notional amount of derivatives	'	'
Notional	4,769	4,527
Not designated as hedging instruments | Option contracts	'	'
Notional amount of derivatives	'	'
Notional	100	190
Not designated as hedging instruments | MSR-related agreements	'	'
Notional amount of derivatives	'	'
Notional	$4,011	$860

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS	'	'
Net Amount, asset	$27	$46
LIABILITIES	'	'
Net Amount, liability	2	20
Not designated as hedging instruments	'	'
ASSETS	'	'
Gross Assets, Total	55	71
Offsetting Payables	-3	-17
Cash Collateral Received	-25	-8
Net Amount, asset	27	46
LIABILITIES	'	'
Gross Liabilities, Total	5	27
Offsetting Receivables	-3	-17
Cash Collateral Received	'	10
Net Amount, liability	2	20
Not designated as hedging instruments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	31	26
Offsetting Payables	-3	-17
Cash Collateral Received	-25	-8
Net Amount, asset	3	1
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	4	8
Offsetting Receivables	-3	-17
Cash Collateral Received	'	10
Net Amount, liability	1	1
Not designated as hedging instruments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	24	45
Net Amount, asset	24	45
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	1	19
Net Amount, liability	1	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
Net Amount, liability	'	1
Not designated as hedging instruments | Forward delivery commitments | Subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Subject to master netting agreements	3	22
Offsetting Payables	-3	-13
Cash Collateral Received	'	-8
Net Amount, asset	'	1
LIABILITIES	'	'
Gross Liabilities, Subject to master netting agreements	4	8
Offsetting Receivables	-3	-13
Cash Collateral Received	'	5
Net Amount, liability	1	'
Not designated as hedging instruments | Forward delivery commitments | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	3	4
Net Amount, asset	3	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	28	4
Offsetting Payables	'	-4
Cash Collateral Received	-25	'
Net Amount, asset	3	'
LIABILITIES	'	'
Offsetting Receivables	'	-4
Cash Collateral Received	'	5
Net Amount, liability	'	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 | Convertible note-related agreements | Not subject to master netting arrangements	'	'
ASSETS	'	'
Gross Assets, Not subject to master netting agreements	'	16
Net Amount, asset	'	16
LIABILITIES	'	'
Gross Liabilities, Not subject to master netting agreements	'	16
Net Amount, liability	'	$16

Derivatives_Details_3

Derivatives (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Interest rate lock commitments | Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	$63	$136	$232	$405
Forward delivery commitments | Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	'	-22	-59	217
Option contracts | Gain on mortgage loans, net	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	'	-1	-3	17
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights	'	'	'	'
Derivatives	'	'	'	'
Gains (losses) on derivative instruments	'	'	$26	($17)

Other_Assets_Details

Other Assets (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Assets	'	'
Mortgage loans in foreclosure, net	$166	$172
Repurchase eligible loans	80	94
Real estate owned, net	51	51
Equity method investments	35	37
Derivatives	27	46
Deferred financing costs	17	26
Other	14	24
Total	$390	$450

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Accounts payable and accrued expenses	'	'
Income taxes payable	$477	'
Subservicing advance liabilities	333	302
Accounts payable	94	98
Repurchase eligible loans	80	94
Accrued payroll and benefits	76	62
Accrued interest	10	26
Other	2	1
Total	$1,072	$583

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Liabilities	'	'
Loan repurchase and indemnification liability	$68	$100
Litigation and regulatory reserves	23	2
Pension and other post employment benefits liability	5	7
Derivatives	2	20
Capital lease obligation	2	7
Other	14	14
Total	$114	$150

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Total Debt	$1,580	$2,024
Mortgage Asset-Backed Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	743	775
Committed warehouse facilities	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	625	709
Weighted Avg-Interest Rate (as a percent)	2.20%	2.10%
Servicing advance facility	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	118	66
Weighted Avg-Interest Rate (as a percent)	2.70%	2.70%
Unsecured Debt	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	837	1,249
Term notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	625	795
Weighted Avg-Interest Rate (as a percent)	6.80%	7.30%
Convertible notes	'	'
Debt and Borrowing Arrangements	'	'
Total Debt	212	454
Weighted Avg-Interest Rate (as a percent)	6.00%	5.00%
Unamortized discount	$33	$46
Effective interest rate (as a percent)	13.00%	13.00%

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements	'	'
Restricted cash	$47	$27
Accounts receivable	672	630
Mortgage loans held for sale (unpaid principal balance)	721	834
Warehouse Facilities | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash	6	'
Mortgage loans held for sale (unpaid principal balance)	662	'
Total	668	'
Servicing Advance Facility | Assets held as collateral	'	'
Debt and Borrowing Arrangements	'	'
Restricted cash	4	'
Accounts receivable	172	'
Total	$176	'

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Sep. 30, 2014
In Millions, unless otherwise specified
Contractual debt maturities	'
Within one year	$714
Between one and two years	25
Between two and three years	249
Between four and five years	275
Thereafter	350
Total	1,613
Mortgage Asset-Backed Debt	'
Contractual debt maturities	'
Within one year	714
Between one and two years	25
Between two and three years	4
Total	743
Unsecured Debt	'
Contractual debt maturities	'
Between two and three years	245
Between four and five years	275
Thereafter	350
Total	$870

Debt_and_Borrowing_Arrangement5

Debt and Borrowing Arrangements (Details 4) (USD $)	Sep. 30, 2014
Committed warehouse facilities	'
Debt and Borrowing Arrangements	'
Utilized Capacity	$625,000,000
Committed warehouse facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	2,075,000,000
Available Capacity	1,450,000,000
Servicing advance facility	'
Debt and Borrowing Arrangements	'
Utilized Capacity	118,000,000
Servicing advance facility | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	155,000,000
Available Capacity	37,000,000
Unsecured credit facilities | Maximum	'
Debt and Borrowing Arrangements	'
Capacity	5,000,000
Available Capacity	5,000,000
Uncommitted facilities	'
Debt and Borrowing Arrangements	'
Available Capacity	$2,800,000,000

Debt_and_Borrowing_Arrangement6

Debt and Borrowing Arrangements (Details 5) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

Sep. 30, 2014

Sep. 30, 2013

29-May-14

Mar. 10, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Feb. 04, 2014

Dec. 31, 2013

Jun. 20, 2014

Oct. 09, 2014

Sep. 30, 2014

Jun. 20, 2014

Jun. 20, 2014

Sep. 01, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Jul. 07, 2014

Sep. 30, 2014

Aug. 07, 2014

Variable-funding notes

Variable-funding notes

Committed variable-rate mortgage repurchase facilities

Committed variable-rate mortgage repurchase facilities

Committed warehouse facilities

Committed warehouse facilities

Committed warehouse facilities

Committed warehouse facilities

Committed warehouse facilities

Committed warehouse facilities

Committed warehouse facilities

Uncommitted warehouse facilities

4.0% Convertible notes due 2014

4.0% Convertible notes due 2014

6.0% Convertible Notes due 2017

6.0% Convertible Notes due 2017

Unsecured credit facilities

Unsecured credit facilities

Senior notes due 2016

Maximum

Maximum

Maximum

Minimum

Maximum

Wells Fargo Bank

Wells Fargo Bank

Credit Suisse First Boston Mortgage Capital LLC

Bank of America

Bank of America

The Royal Bank of Scotland plc

The Royal Bank of Scotland plc

Maximum

PSART

PSART

Debt and Borrowing Arrangements

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing capacity

'

'

$155,000,000

$130,000,000

'

'

$2,075,000,000

$350,000,000

$450,000,000

$575,000,000

$300,000,000

$400,000,000

$250,000,000

$250,000,000

'

'

'

'

'

$5,000,000

'

Increase (reduction) in aggregate maximum principal

'

'

25,000,000

'

'

'

'

'

'

-100,000,000

'

'

'

'

'

'

'

'

'

'

'

Rolling term

'

'

'

'

'

'

'

'

'

'364 days

'

'

'

'

'

'

'

'

'

'

'

Principal amount of notes

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

245,000,000

245,000,000

'

'

'

Repayment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

250,000,000

'

5,000,000

'

'

'

170,000,000

Repayments of Debt including accrued interest and premiums

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

199,000,000

Repayments of convertible debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

9,000,000

'

'

'

'

Payments for debt retirement premiums

22,000,000

50,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22,000,000

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4.00%

6.00%

6.00%

'

'

'

Number of derivatives instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$2

'

'

'

'

'

'

Exercise price of warrants (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$34.74

'

'

'

'

'

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

183,000,000

'

'

'

Premium on notes settled

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,000,000

'

'

'

'

Interest payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,000,000

Pre-tax loss on extinguishment of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-24,000,000

Borrowing capacity terminated amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

300,000,000

'

'

Net worth threshold, base amount

1,000,000,000

'

'

'

'

1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ratio of indebtedness to tangible net worth

5.75

'

'

'

5.75

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount to be maintained in committed warehouse mortgage facilities

'

'

'

'

'

$1,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Income Taxes	'	'	'	'	'
State and local income taxes, net of federal tax benefits	($2)	($4)	($7)	$5	'
Liabilities for income tax contingencies	3	'	3	'	'
Changes in rate and state apportionment factors	-5	'	-4	-1	'
Changes in valuation allowance	8	1	7	2	'
Noncontrolling interest	-1	-2	-2	-11	'
Deferred tax assets:	'	'	'	'	'
Accrued liabilities, provisions for losses and deferred income	59	'	59	'	72
Federal loss carryforwards and credits	'	'	'	'	415
State loss carryforwards and credits	31	'	31	'	46
Alternative minimum tax credit carryforward	'	'	'	'	22
Other	2	'	2	'	2
Gross Deferred tax assets	92	'	92	'	557
Valuation allowance	-32	'	-32	'	-26
Deferred tax assets, net of valuation allowance	60	'	60	'	531
Deferred tax liabilities:	'	'	'	'	'
Originated mortgage servicing rights	256	'	256	'	311
Purchased mortgage servicing rights	113	'	113	'	107
Depreciation and amortization	'	'	'	'	800
Deferred tax liabilities	369	'	369	'	1,218
Net deferred tax liability	$309	'	$309	'	$687

Credit_Risk_Details

Credit Risk (Details) (USD $)	9 Months Ended
	Sep. 30, 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	$226,036,000,000	$226,837,000,000
Weighted-average interest rate (as a percent)	3.90%	4.00%
Portfolio Delinquency	'	'
Number of Loans (as a percent)	4.19%	4.34%
Unpaid Balance (as a percent)	3.11%	3.34%
Foreclosure/real estate owned	'	'
Number of Loans (as a percent)	2.29%	2.46%
Unpaid Balance (as a percent)	2.12%	2.36%
Number of loans in foreclosure	21,911	24,892
Unpaid principal balance of loans in foreclosure	4,200,000,000	4,700,000,000
30 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	2.38%	2.43%
Unpaid Balance (as a percent)	1.75%	1.82%
60 days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	0.82%	0.83%
Unpaid Balance (as a percent)	0.60%	0.62%
90 or more days	'	'
Portfolio Delinquency	'	'
Number of Loans (as a percent)	0.99%	1.08%
Unpaid Balance (as a percent)	0.76%	0.90%
Conventional loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	193,625,000,000	191,916,000,000
Government loans	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	28,007,000,000	29,200,000,000
Home equity lines of credit	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	4,404,000,000	5,721,000,000
Owned	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	120,868,000,000	130,494,000,000
Subserviced	'	'
Loan Servicing Portfolio Composition	'	'
Total servicing portfolio	$105,168,000,000	$96,343,000,000

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 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	-46	-52	'	'	'	'	'	'
Increase in reserves due to:	'	'	'	'	'	'	'	'
Changes in assumptions	2	26	'	'	'	'	'	'
New loan sales	5	15	'	'	'	'	'	'
Balance, end of period	103	180	'	'	'	'	'	'
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	196	'	'	'	'	'	'	'
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	13.00%	'	'	'	'	'	'	'
Liabilities for probable losses related to repurchase and indemnification obligations	68	'	100	'	'	'	'	'
Loss contingencies	'	'	'	'	'	'	'	'
Estimated amount of reasonably possible losses in excess of the recorded liability	'	'	'	20	'	'	'	'
Transfers and servicing of loans in servicing portfolio	'	'	'	'	'	'	'	'
Servicing portfolio	$226,036	'	$226,837	'	$119,801	$129,145	$131,158	$140,381

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	Sep. 30, 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	$181	$192
Allowance for probable foreclosure losses	-15	-20
Mortgage loans in foreclosure, net	166	172
Real estate owned	71	73
Adjustment to value for real estate owned	-20	-22
Real estate owned, net	51	51
Advances on mortgage loans in foreclosure	$130	$118

Credit_Risk_Details_4

Credit Risk (Details 4) (USD $)	9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014
Credit Risk	'
Pre-tax loss on reinsurance contract termination	($21)

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
In Millions, unless otherwise specified			Pending Litigation
Commitments and Contingencies	'	'	'
Reasonably possible losses in excess of recorded litigation liability	'	'	$20
Reserves amount associated with legal and regulatory contingencies	23	2	23
Compensatory damages awarded by the jury to a borrower, defendant in a lawsuit	'	'	0.5
Punitive damages awarded by the jury to a borrower, defendant in a lawsuit	'	'	15.7
Damages awarded by the jury to a borrower, defendant in a lawsuit	'	'	$16.20

StockRelated_Matters_Details

Stock-Related Matters (Details) (USD $)	0 Months Ended	9 Months Ended
	Aug. 07, 2014	Sep. 30, 2014
	item	item
Stock related matters	'	'
Shares authorized for repurchase (in dollars)	'	$450,000,000
Aggregate amount of PHH's common stock repurchase	'	200,000,000
Up-front payment for stock repurchase	'	200,000,000
Minimum number of corporate ratings that the company must be equal to or exceed for restrictions to be suspended	'	2
Minimum ratio of consolidated indebtedness to consolidated EBITDA pursuant to the senior note indenture, restricted from paying dividends	'	6
Net worth threshold, base amount	'	1,000,000,000
Ratio of indebtedness to tangible net worth	'	5.75
Aggregate restricted net assets of reinsurance subsidiaries	'	602,000,000
Accelerated Stock Repurchase Programs	'	'
Stock related matters	'	'
Shares authorized for repurchase (in dollars)	'	200,000,000
Number of separate ASR agreements to repurchase PHH's common stock	2	2
Aggregate amount of PHH's common stock repurchase	200,000,000	200,000,000
Up-front payment for stock repurchase	200,000,000	'
Number of shares delivered by financial institution	6,962,695	6,962,695
Uncollared ASR agreement	'	'
Stock related matters	'	'
Percentage of shares delivered by financial institution	80.00%	'
Open market purchases	'	'
Stock related matters	'	'
Shares authorized for repurchase (in dollars)	'	$250,000,000
Period of open market purchases following the completion of the ASR	'	'12 months

Accumulated_Other_Comprehensiv2

Accumulated Other Comprehensive Income (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2013
In Millions, unless otherwise specified			Fleet business	Fleet business	Reclassifications	Reclassifications
Accumulated Other Comprehensive Income	'	'	'	'	'	'
Currency translation adjustment	'	$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 (loss) income	-6	16	'	'	'	'
Realized gains from sale of available-for-sale securities	'	'	'	'	0	1
Realized losses from sale of available-for-sale securities	'	'	'	'	0	1
Gain from reclassification of currency translation adjustments	'	'	$22	$22	'	'

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Sep. 30, 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	$721	$834
Mortgage loans held for sale	'	'
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount	'	'
Carrying amount, Total	721	834
Carrying amount, Loans 90 days or more past due and on non-accrual status	14	12
Aggregate unpaid principal balance, Total	724	837
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	18	17
Difference, Total	-3	-3
Difference, Loans 90 days or more past due and on non-accrual status	($4)	($5)

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$721	$834
First mortgages	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	667	785
First mortgages, Conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	607	737
First mortgages, Non-conforming	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	60	48
Second lien	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	4	5
Scratch and Dent	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	49	44
Other	'	'
Components of Mortgage loans held for sale	'	'
Mortgage loans held for sale	$1	'

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3)	9 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Information regarding the initial and ending capitalization rate of MSRs	'	'	'
Initial capitalization rate of additions to MSRs (as a percent)	1.09%	'	1.10%
Capitalization servicing rate (as a percent)	0.93%	0.99%	'
Capitalization servicing multiple (as a percent)	3.20%	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)	10.30%	9.00%	'
Option adjusted spread, in basis points (OAS) (as a percent)	8.98%	10.56%	'
Weighted-average delinquency rate (as a percent)	5.50%	5.80%	'

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4) (USD $)	9 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Derivative Instruments	'	'
Average pull through percentage used in measuring fair value of interest rate lock commitments (IRLCs)	74.00%	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	-49	'
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-95	'
Impact on fair value of 10% adverse change, Option Adjusted Spread	-51	'
Impact on fair value of 20% adverse change, Option Adjusted Spread	-98	'
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	-26	'
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	-52	'

Fair_Value_Measurements_Detail4

Fair Value Measurements (Details 5) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
In Millions, unless otherwise specified
Fair Value Measurements	'	'	'	'
Mortgage servicing rights	$1,114	$1,279	$1,237	$1,022
Derivative assets	27	46	'	'
Derivative liabilities	2	20	'	'
Recurring basis | Level Two	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	667	785	'	'
Recurring basis | Level Two | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	6	26	'	'
Derivative liabilities	5	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	28	4	'	'
Recurring basis | Level Three	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	54	49	'	'
Mortgage servicing rights	1,114	1,279	'	'
Recurring basis | Level Three | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	21	23	'	'
Derivative liabilities	'	1	'	'
Recurring basis | Level Three | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	16	'	'
Derivative liabilities	'	16	'	'
Recurring basis | Cash Collateral and Netting | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-3	-21	'	'
Derivative liabilities	-3	-8	'	'
Recurring basis | Cash Collateral and Netting | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	-25	-4	'	'
Derivative liabilities	'	1	'	'
Recurring basis | Total	'	'	'	'
Fair Value Measurements	'	'	'	'
Mortgage loans held for sale	721	834	'	'
Mortgage servicing rights	1,114	1,279	'	'
Recurring basis | Total | Interest rate lock commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	21	23	'	'
Derivative liabilities	'	1	'	'
Recurring basis | Total | Forward delivery commitments	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	3	5	'	'
Derivative liabilities	2	2	'	'
Recurring basis | Total | Option contracts	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	2	'	'
Recurring basis | Total | MSR-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	3	'	'	'
Derivative liabilities	'	1	'	'
Recurring basis | Total | Convertible note-related agreements	'	'	'	'
Fair Value Measurements	'	'	'	'
Derivative assets	'	16	'	'
Derivative liabilities	'	$16	'	'

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	3 Months Ended		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
IRLCs, net	'	'	'	'
Activity in assets and liabilities, net classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	$35	($11)	$22	$139
Realized and unrealized gains (losses)	63	136	232	405
Settlements	-77	-63	-233	-482
Balance, end of period	21	62	21	62
MLHS	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	57	55	49	64
Realized and unrealized (losses) gains	-2	2	-5	-10
Purchases	9	12	39	68
Issuances	1	2	3	2
Settlements	-14	-12	-32	-68
Transfers into level Three	12	9	26	34
Transfers out of level Three	-9	-9	-26	-31
Balance, end of period	54	59	54	59
MSRs	'	'	'	'
Activity in assets classified within Level Three of the valuation hierarchy	'	'	'	'
Balance, beginning of period	1,187	1,247	1,279	1,022
Realized and unrealized (losses) gains	-84	-74	-215	6
Issuances	30	64	76	209
Settlements	-19	'	-26	'
Balance, end of period	$1,114	$1,237	$1,114	$1,237

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Gain on mortgage loans, net

Gain on mortgage loans, net

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

Change in fair value of mortgage servicing rights

Change in fair value of mortgage servicing rights

Interest rate lock commitments

Interest rate lock commitments

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 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

Mortgage servicing rights

Mortgage servicing rights

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

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

Mortgage interest income

Mortgage interest income

Change in fair value of mortgage servicing rights

Change in fair value of mortgage servicing rights

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

Realized and unrealized gains and losses related to assets and liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

'

'

'

'

'

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

'

'

'

'

'

'

'

'

$63,000,000

$136,000,000

$232,000,000

$405,000,000

($3,000,000)

$1,000,000

($8,000,000)

($14,000,000)

$1,000,000

$1,000,000

$3,000,000

$4,000,000

($84,000,000)

($74,000,000)

($215,000,000)

$6,000,000

'

'

'

'

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

59,000,000

12,000,000

52,000,000

-40,000,000

-11,000,000

-97,000,000

226,000,000

'

'

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Debt

'

'

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Fair value of debt

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,800,000,000

$2,400,000,000

$1,100,000,000

$700,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	Sep. 30, 2014		Dec. 31, 2013		Sep. 30, 2013	Dec. 31, 2012	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
In Millions, unless otherwise specified							Variable Interest Entity	Variable Interest Entity	PHH Home Loans	PHH Home Loans	Servicing Advance Receivables Trust
									Variable Interest Entity	Variable Interest Entity	Variable Interest Entity
Variable Interest Entities	'		'		'	'	'	'	'	'	'
Distributions received	'		'		'	'	'	'	'	'	$544
Contributions of Accounts Receivable	'		'		'	'	'	'	'	'	606
ASSETS	'		'		'	'	'	'	'	'	'
Restricted cash	47		27		'	'	8	3	4	3	4
Mortgage loans held for sale	721		834		'	'	352	318	352	308	'
Accounts receivable, net	672		630		'	'	192	7	20	7	172
Property and equipment, net	38		51		'	'	1	2	1	2	'
Other assets	390		450		'	'	9	7	8	7	1
Total assets	4,683	[1]	8,853	[1]	'	'	648	4,284	468	418	177
Cash	1,451		1,126		1,029	829	86	94	83	91	'
Assets held as collateral	'		'		'	'	'	'	339	300	176
LIABILITIES	'		'		'	'	'	'	'	'	'
Accounts payable and accrued expenses	1,072		583		'	'	14	16	14	15	'
Debt	1,580		2,024		'	'	442	289	324	280	118
Other liabilities	114		150		'	'	10	12	9	11	'
Total liabilities	$3,075	[1]	$7,163	[1]	'	'	$466	$3,788	$347	$306	$118
[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			9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014		Sep. 30, 2013	Sep. 30, 2014		Sep. 30, 2013	Dec. 31, 2013
				item
Segment Information	'		'	'		'	'
Number of reportable segments	'		'	2		'	'
Segment Information	'		'	'		'	'
Total Assets	$4,683	[1]	'	$4,683	[1]	'	$8,853	[1]
Net Revenues	152		211	459		962	'
Segment (Loss) profit	-132		-107	-248		74	'
Assets related to discontinued operations	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	'		'	'		'	4,456
Other	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	1,615		'	1,615		'	1,051
Net Revenues	6		'	6		'	'
Segment (Loss) profit	-33		-57	-43		-63	'
Mortgage Production segment | Operating segment	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	1,020		'	1,020		'	1,127
Net Revenues	132		182	343		699	'
Segment (Loss) profit	-28		-22	-115		67	'
Mortgage Servicing segment | Operating segment	'		'	'		'	'
Segment Information	'		'	'		'	'
Total Assets	2,048		'	2,048		'	2,219
Net Revenues	14		29	110		263	'
Segment (Loss) profit	($71)		($28)	($90)		$70	'
[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		9 Months Ended
In Millions, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:	'	'	'	'
(Loss) income from continuing operations before income taxes	($129)	($101)	($243)	$104
Less: net income attributable to noncontrolling interest	3	6	5	30
Segment (loss) profit	($132)	($107)	($248)	$74

Subsequent_Events_Details

Subsequent Events (Details) (Subsequent Events, Fannie Mae, USD $)	0 Months Ended
In Millions, unless otherwise specified	Oct. 23, 2014
Subsequent Events | Fannie Mae	'
Subsequent events	'
Resolution for certain repurchases and makewholes	$13