PHH 10-K 27 Feb 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
In Billions, except Share data, unless otherwise specified	Dec. 31, 2014	Feb. 17, 2015	Jun. 30, 2014
Document and Entity Information
Entity Registrant Name	PHH CORP
Entity Central Index Key	77776
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$1
Entity Common Stock, Shares Outstanding		51,196,675
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
REVENUES
Origination and other loan fees	$231	$307	$346
Gain on loans held for sale, net	264	575	942
Net loan servicing income (loss):
Loan servicing income	448	436	449
Change in fair value of mortgage servicing rights	-320	13	-497
Net derivative gain (loss) related to mortgage servicing rights	82	-19	-5
Net loan servicing income (loss)	210	430	-53
Net interest expense:
Interest Income	42	70	91
Secured interest expense	-35	-59	-80
Unsecured interest expense	-95	-126	-132
Net interest expense	-88	-115	-121
Other income	22	3	12
Net revenues	639	1,200	1,126
EXPENSES
Salaries and related expenses	358	425	387
Commissions	78	110	124
Occupancy and other office expenses	51	50	43
Depreciation and amortization	23	23	15
Loan origination expenses	85	109	125
Foreclosure and repossession expenses	56	61	44
Professional and third-party service fees	127	111	88
Technology equipment and software expenses	37	33	30
Other operating expenses	108	138	284
Total expenses	923	1,060	1,140
(Loss) income from continuing operations before income taxes	-284	140	-14
Income tax (benefit) expense	-99	42	-37
(Loss) income from continuing operations, net of tax	-185	98	23
Income from discontinued operations, net of tax	272	66	70
Net income	87	164	93
Less: net income attributable to noncontrolling interest	6	29	59
Net income attributable to PHH Corporation	$81	$135	$34
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	($3.47)	$1.21	($0.64)
From discontinued operations (in dollars per share)	$4.94	$1.15	$1.24
Total attributable to PHH Corporation (in dollars per share)	$1.47	$2.36	$0.60
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	($3.47)	$1.05	($0.64)
From discontinued operations (in dollars per share)	$4.94	$1.01	$1.24
Total attributable to PHH Corporation (in dollars per share)	$1.47	$2.06	$0.60

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$87	$164	$93
Other comprehensive (loss) income, net of tax:
Currency translation adjustment	-22	-14	5
Change in unfunded pension liability, net	-5	5	1
Change in unrealized gains on available-for-sale securities, net		-1	-1
Total other comprehensive (loss) income, net of tax	-27	-10	5
Total comprehensive income	60	154	98
Less: comprehensive income attributable to noncontrolling interest	6	29	59
Comprehensive income (loss) attributable to PHH Corporation	$54	$125	$39

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS
Cash and cash equivalents	$1,259		$1,126
Restricted cash	56		27
Mortgage loans held for sale	915		834
Accounts receivable, net	123		71
Servicing advances, net	694		657
Mortgage servicing rights	1,005		1,279
Property and equipment, net	36		51
Other assets	208		352
Assets held for sale			4,456
Total assets	4,296		8,853
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	244		281
Subservicing advance liabilities	347		302
Debt	1,739		2,024
Deferred taxes	262		687
Loan repurchase and indemnification liability	63		100
Other liabilities	70		50
Liabilities held for sale			3,719
Total liabilities	2,725	[1]	7,163	[1]
Commitments and contingencies (Note 14)
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; 51,143,723 shares issued and outstanding at December 31, 2014; 57,265,517 shares issued and outstanding at December 31, 2013	1		1
Additional paid-in capital	989		1,142
Retained earnings	566		507
Accumulated other comprehensive (loss) income	-11		16
Total PHH Corporation stockholders' equity	1,545		1,666
Noncontrolling interest	26		24
Total equity	1,571		1,690
Total liabilities and equity	$4,296		$8,853
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Dec. 31, 2014		Dec. 31, 2013
In Millions, except Share data, unless otherwise specified
ASSETS
Cash and cash equivalents	$1,259		$1,126
Restricted cash	56		27
Mortgage loans held for sale	915		834
Accounts receivable, net	123		71
Servicing advances, net	694		657
Property and equipment, net	36		51
Other assets	208		352
Assets held for sale (Note 2)			4,456
Total assets	4,296		8,853
LIABILITIES
Accounts payable and accrued expenses	244		281
Debt	1,739		2,024
Other liabilities	70		50
Liabilities held for sale			3,719
Total liabilities	2,725	[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)	51,143,723		57,265,517
Common stock, shares outstanding (in shares)	51,143,723		57,265,517
Variable Interest Entity
ASSETS
Cash and cash equivalents	85		94
Restricted cash	23		3
Mortgage loans held for sale	378		318
Accounts receivable, net	8		7
Servicing advances, net	155
Property and equipment, net	1		2
Other assets	8		7
Assets held for sale (Note 2)			3,853
Total assets	658		4,284
LIABILITIES
Accounts payable and accrued expenses	16		16
Debt	443		289
Other liabilities	11		12
Liabilities held for sale			3,471
Total liabilities	$470		$3,788
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONSOLIDATED_STATEMENTS_OF_CHA

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest	Total
In Millions, except Share data, unless otherwise specified
Balance at Dec. 31, 2011	$1	$1,082	$338	$21	$19	$1,461
Balance (in shares) at Dec. 31, 2011	56,361,155
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)			34	5	59	98
Distributions to noncontrolling interest					-42	-42
Stock compensation expense		6				6
Stock issued under share-based payment plans		3				3
Stock issued under share-based payment plans (in shares)	614,836
Conversion option related to Convertible note issuance, net		33				33
Recognition of deferred taxes related to Convertible notes		3				3
Balance at Dec. 31, 2012	1	1,127	372	26	36	1,562
Balance (in shares) at Dec. 31, 2012	56,975,991
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)			135	-10	29	154
Distributions to noncontrolling interest					-41	-41
Stock compensation expense		9				9
Stock issued under share-based payment plans		2				2
Stock issued under share-based payment plans (in shares)	289,526
Recognition of deferred taxes related to Convertible notes		4				4
Balance at Dec. 31, 2013	1	1,142	507	16	24	1,690
Balance (in shares) at Dec. 31, 2013	57,265,517					57,265,517
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)			81	-27	6	60
Distributions to noncontrolling interest					-4	-4
Stock compensation expense		8				8
Stock issued under share-based payment plans		16				16
Stock issued under share-based payment plans (in shares)	840,901
Repurchase of common stock		-178	-22			-200
Repurchase of common stock (in shares)	-6,962,695
Conversion of Convertible notes		-4				-4
Recognition of deferred taxes related to Convertible notes		5				5
Balance at Dec. 31, 2014	$1	$989	$566	($11)	$26	$1,571
Balance (in shares) at Dec. 31, 2014	51,143,723					51,143,723

CONSOLIDATED_STATEMENTS_OF_CHA1

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (Additional Paid-In Capital, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014
Additional Paid-In Capital
Stock issued under share-based payment plans, excess tax benefit	$6

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net income	$87	$164	$93
Adjustments to reconcile Net income to net cash (used in) provided by operating activities:
Net gain on sale of business	-241
Capitalization of originated mortgage servicing rights	-97	-244	-310
Net loss on mortgage servicing rights and related derivatives	238	6	502
Vehicle depreciation	596	1,211	1,212
Other depreciation and amortization	28	33	25
Origination of mortgage loans held for sale	-12,612	-25,914	-37,162
Proceeds on sale of and payments from mortgage loans held for sale	12,784	27,837	38,711
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-230	-527	-1,108
Deferred income tax (benefit) expense	-96	64	-23
Other adjustments and changes in other assets and liabilities, net	-468	79	117
Net cash (used in) provided by operating activities	-11	2,709	2,057
Cash flows from investing activities:
Investment in vehicles	-850	-1,722	-1,702
Proceeds on sale of investment vehicles	201	409	345
Net cash received (paid) on derivatives related to mortgage servicing rights	70	-23
Proceeds on sale of mortgage servicing rights	67	1	2
Proceeds from sale of business, net of cash transferred and transaction costs	1,096
Purchases of property and equipment	-15	-32	-31
Purchases of certificates of deposit	-250
Proceeds from maturities of certificates of deposit	250
(Increase) decrease in restricted cash	-87	67	109
Purchases of restricted investments		-85	-178
Proceeds from sales and maturities of restricted investments		205	219
Other, net	7	3	21
Net cash provided by (used in) investing activities	489	-1,177	-1,215
Cash flows from financing activities:
Proceeds from secured borrowings	18,254	43,342	62,799
Principal payments on secured borrowings	-18,065	-44,443	-62,975
Proceeds from unsecured borrowings		350	518
Principal payments on unsecured borrowings	-435	-288	-671
Issuances of common stock	10	3	5
Repurchase of common stock	-200
Cash paid for debt issuance costs	-21	-29	-57
Distributions to noncontrolling interest	-4	-41	-42
Other, net	-3	-6	-4
Net cash used in financing activities	-464	-1,112	-427
Effect of changes in exchange rates on Cash and cash equivalents		-4
Net increase in Cash and cash equivalents	14	416	415
Cash and cash equivalents at beginning of period	1,245	829	414
Cash and cash equivalents at end of period		1,245	829
Less: Cash balance of discontinued operations at end of period		-119	-71
Cash and Cash Equivalents, at Carrying Value	1,259	1,126	758
Supplemental Disclosure of Cash Flows Information:
Payments for debt retirement premiums	22	50	14
Interest payments	125	177	213
Income tax payments, net	$543	$12	$11

Summary_of_Significant_Account

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1.  Summary of Significant Accounting Policies
	Organization
	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.
	The Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Consolidated Financial Statements and Realogy Corporation’s ownership interest is presented as a noncontrolling interest.  Intercompany balances and transactions have been eliminated from the Consolidated Financial Statements.
	Preparation of Financial Statements
	The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
	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 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 Consolidated Balance Sheets as of December 31, 2013.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
	Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Consolidated Financial Statements are in millions.
	Reclassifications
	Additional lines of detail in the Consolidated Statements of Operations and Consolidated Balance Sheets have been presented which reflect the remaining mortgage operations of the Company.  In addition, consistent with the December 31, 2014 presentation, certain servicing advances related to loans in foreclosure in the servicing portfolio as of December 31, 2013 were reclassified from Other assets to Servicing advances, net to conform with current year presentation.  These reclassifications had no impact on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss.  See Note 13, “Credit Risk” for additional information.
	Changes in Accounting Policies
	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 elected to early adopt the new accounting guidance effective December 31, 2014 and the adoption did not have an impact on the Company’s financial statements or disclosures.
	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.   Early adoption is permitted if ASU 2014-04 has already been adopted.   The Company elected to early adopt the guidance effective January 1, 2014, and as a result of the adoption, $49 million of government insured loans were reclassified from Mortgage loans in foreclosure and Real estate owned within Other assets to Accounts receivable, net on the Consolidated Balance Sheets as of December 31, 2014.  Consistent with the modified retrospective transition method, the Company did not reclassify amounts for presentation as of December 31, 2013.  The adoption of the guidance did not impact the Company’s results of operations or cash flows.
	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
	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 with early adoption 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.
	Consolidation.  In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.”  The update impacts an entity’s consolidation analysis of its variable interest entities, particularly those that have fee arrangements and related party relationships.  The update eliminates certain conditions for evaluating whether a fee paid to a decision maker or a service provider represents a variable interest, and places more emphasis in the evaluation of variable interests other than fee arrangements.  Additionally, the amendments reduce the extent to which related party arrangements cause an entity to be considered a primary beneficiary.  The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 with early adoption permitted.  A reporting entity may apply the amendments in this Update retrospectively or by using a modified retrospective approach.  The Company is currently evaluating the impact of adopting this new standard.
	Revenue Recognition
	Mortgage Production.  Mortgage production includes the origination and sale of residential mortgage loans. Mortgage loans are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties.  Revenues from Mortgage production include:
	Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on cancelled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private-label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned.
	Gain on loans held for sale.  Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives.
	Interest income.  Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days.  Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
	Mortgage Servicing.  Mortgage servicing involves the servicing of residential mortgage loans on behalf of the investor.  Revenues from Mortgage servicing include:
	Loan servicing income–Capitalized servicing portfolio.  Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors.  Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments.  Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected.
	Loan servicing income—Subserviced portfolio.  For loans that are subserviced for others, a stated amount per loan is received, depending on the current delinquency status of the loan, and is defined in the subservicing agreements.
	Sales of Financial Assets
	Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors.  Additionally, the Company has entered into agreements to sell a portion of newly-created Mortgage servicing rights (“MSRs”) and may complete other sales of existing MSRs.
	Each agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions.  To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
	Income Taxes
	Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets.
	Deferred income taxes are determined using the balance sheet method.  This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes using the current enacted tax rates.  Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized.
	The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local jurisdictions.  A consolidated federal income tax return is filed.  Depending upon the jurisdiction, the Company files consolidated or separate legal entity state income tax returns.  With respect to the Company’s operations prior to the sale of the Fleet business in 2014, the Company was also subject to income tax laws of Canada.
	Cash and Cash Equivalents
	Cash and cash equivalents include  marketable securities with original maturities of three months or less.
	Restricted Cash
	Restricted cash includes amounts specifically designated to repay debt, provide over-collateralization within warehouse facilities and the servicing advance facility, support letters of credit, and funds collected and held for pending mortgage closings.
	Mortgage Loans Held for Sale
	Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market.  Servicing rights are generally retained upon sale of mortgage loans in the secondary market.  Mortgage loans held for sale are measured at fair value on a recurring basis and are recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.
	Servicing Advances, net
	The Company is required under most of its mortgage servicing agreements to advance funds to meet contractual principal and interest payments to investors and to pay tax, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced.  Advances are recovered either from the borrower in subsequent payments, from liquidation proceeds or from insurance claims following foreclosure or liquidation.  The Company is exposed to losses only to the extent that the respective servicing guidelines are not followed and records a reserve against the advances when it is probable that the servicing advance will be uncollectable.  As of December 31, 2014 and 2013, the recorded reserve for uncollectable servicing advances was $4 million and $6 million, respectively.  In certain circumstances, the Company may be required to remit funds on a non-recoverable basis, which are expensed as incurred.
	Mortgage Servicing Rights
	A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan. The servicing rights relate to a single class of residential mortgage loans, which are measured at fair value on a recurring basis.
	The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on loans held for sale, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations.  Subsequent measurements including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows are recorded in Change in fair value of mortgage servicing rights.
	Property and Equipment
	Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives:
	Capitalized software	3 to 5 years
	Furniture, fixtures and equipment	3 to 7 years
	Capital leases	Lesser of the remaining lease term or 5 years
	Leasehold improvements	Lesser of the remaining lease term or 20 years
	Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
	Derivative Instruments
	Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets.   The Company does not have any derivative instruments designated as hedging instruments.
	Subservicing Advance Liabilities
	Under the terms of certain subservicing arrangements the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans.  A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables.
	Loan Repurchase and Indemnification Liability
	The Company has exposure to potential mortgage loan repurchase and indemnifications in its capacity as a loan originator and servicer. The estimation of the liability for probable losses related to repurchase and indemnification obligations considers both (i) specific, non-performing loans currently in foreclosure where the Company believes it will be required to indemnify the investor for any losses and (ii) an estimate of probable future repurchase or indemnification obligations from breaches of representation and warranties.  The liability related to specific non-performing loans is based on a loan-level analysis considering the current collateral value, estimated sales proceeds and selling cost. The liability related to probable future repurchase or indemnification obligations is segregated by year of origination and considers the amount of unresolved repurchase and indemnification requests and includes an estimate for future repurchase demands based upon recent and historical repurchase and indemnification experience, as well as the success rate in appealing repurchase requests, an estimated loss severity based on current loss rates for similar loans and an estimate for expenses that are not eligible to be reimbursed.
	Upon sale, the Company establishes a liability for the probable losses as a reduction of the transaction gain or loss, within Gain on loans held for sale, net.  Subsequent updates to the recorded liability from changes in assumptions are recorded through Other operating expenses in the Consolidated Statement of Operations.
	Custodial Accounts
	The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.4 billion and $3.3 billion as of December 31, 2014 and 2013, respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Interest income or as a reduction of Secured interest expense.
	Subsequent Events
Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.

Discontinued_Operations

Discontinued Operations	12 Months Ended
	Dec. 31, 2014
Discontinued Operations
Discontinued Operations
	2. Discontinued Operations
	In 2014, the Company entered into a definitive agreement to sell its 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:
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Net revenues		$	820	$	1,642	$	1,617
	Total expenses		774		1,541		1,517
	Income before income taxes(1)		46		101		100
	Income tax expense(1)		15		35		30
	Gain from sale of discontinued operations, net of tax		241		—		—
	Income from discontinued operations, net of tax		$	272	$	66	$	70
	__________________
		-1		Represents the results of the Fleet business.
	The Gain from sale of discontinued operations, net of tax for the year ended December 31, 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 16, “Accumulated Other Comprehensive Income”.  The income tax expense related to the Gain from sale of discontinued operations was $227 million for the year ended December 31, 2014 which 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 performs certain administrative or overhead functions for a period of up to one year following the completion of the sale, in exchange for a fee.  Revenues associated with the transition services agreement are included in Other income in the Consolidated Statements of Operations.  A majority of the costs incurred by the Company to provide such transition services are included in Professional and third-party service fees 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	12 Months Ended
	Dec. 31, 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 2014, as discussed in Note 15, “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.
	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:
			Year Ended December 31,
			2014			2013		2012
	(In millions, except share and per share data)
	(Loss) income from continuing operations, net of tax		$	-185		$	98	$	23
	Less: net income attributable to noncontrolling interest		6			29		59
	Net (loss) income from continuing operations attributable to PHH Corporation		-191			69		-36
	Income from discontinued operations, net of tax		272			66		70
	Net income attributable to PHH Corporation		$	81		$	135	$	34
	Weighted-average common shares outstanding — basic		55,001,300			57,357,339		56,815,473
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		—			230,584		—
	Conversion of debt securities		—			8,271,597		—
	Weighted-average common shares outstanding — diluted(2)		55,001,300			65,859,520		56,815,473
	Basic earnings (loss) per share:
	From continuing operations		$	-3.47		$	1.21	$	-0.64
	From discontinued operations		4.94			1.15		1.24
	Total attributable to PHH Corporation		$	1.47		$	2.36	$	0.60
	Diluted earnings (loss) per share:
	From continuing operations		$	-3.47		$	1.05	$	-0.64
	From discontinued operations		4.94			1.01		1.24
	Total attributable to PHH Corporation		$	1.47		$	2.06	$	0.60
	__________________
		1		Represents incremental shares from restricted stock units and stock options.
		2		For the years ended December 31, 2014 and 2012, the Company had a net loss from continuing operations attributable to PHH Corporation and, as a result, there were no potentially dilutive securities included in the denominator for computing dilutive earnings per share.
	The following table summarizes anti-dilutive securities excluded from the computation of dilutive shares:
			Year Ended December 31,
			2014		2013		2012
	Outstanding stock-based compensation awards(1)		1,584,373		732,186		2,100,692
	Assumed conversion of debt securities		8,997,305		—		4,597,188
	______________
	(1)For the year ended December 31, 2014, excludes 742,246 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	12 Months Ended
	Dec. 31, 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. During the year ended December 31, 2014, 69% of mortgage loan sales were to, or pursuant to programs sponsored by, the GSEs and the remaining 31% were sold to private investors.
	The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: servicing rights and servicing obligations, recourse obligations and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests).  The Company is exposed to interest rate risk through its continuing involvement with mortgage loans sold, including mortgage servicing and other retained interests, as the value of those instruments fluctuate as changes in interest rates impact borrower prepayments on the underlying mortgage loans. During the years ended December 31, 2014 and 2013, the Company did not retain any interests from sales or securitizations other than mortgage servicing rights.
	During the year ended December 31, 2014, Mortgage servicing rights (“MSRs”) were initially retained on 71% of mortgage loans sold. Conforming conventional loans serviced are sold or securitized through Fannie Mae or Freddie Mac programs. Such servicing is generally performed on a non-recourse basis, whereby foreclosure losses are the responsibility of Fannie Mae or Freddie Mac. Government loans serviced are generally sold or securitized through Ginnie Mae programs and are either insured against loss by the Federal Housing Administration or partially guaranteed against loss by the Department of Veteran Affairs. Additionally, non-conforming mortgage loans are serviced for various private investors on a non-recourse basis.
	A majority of mortgage loans are sold on a non-recourse basis; however, in connection with the sales of these assets, representations and warranties have been made that are customary for loan sale transactions, including eligibility characteristics of the mortgage loans and underwriting responsibilities. See Note 13, “Credit Risk” for a further description of representation and warranty obligations.
	The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the portfolio associated with loans subserviced for others.  The total servicing portfolio was $227.3 billion and $226.8 billion, as of December 31, 2014 and 2013, respectively.  MSRs recorded in the Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created either through the direct purchase of servicing from a third party or through the sale of an originated loan.
	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.  As of December 31, 2014, the Company had commitments to sell servicing rights related to $718 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 $1.4 billion of unpaid principal balance of mortgage loans with a fair value of $15 million that were included in the capitalized servicing portfolio as of December 31, 2014.
	The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Balance, beginning of period		$	129,145	$	140,381	$	147,088
	Additions		8,933		22,132		31,607
	Payoffs and curtailments		-18,463		-33,328		-38,307
	Sales		-6,929		-40		-7
	Balance, end of period		$	112,686	$	129,145	$	140,381
	The activity in capitalized MSRs consisted of:
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Balance, beginning of period		$	1,279	$	1,022	$	1,209
	Additions		97		244		310
	Sales		-51		—		—
	Changes in fair value due to:
	Realization of expected cash flows		-155		-263		-274
	Changes in market inputs or assumptions used in the valuation model		-165		276		-223
	Balance, end of period		$	1,005	$	1,279	$	1,022
	The value of MSRs is driven by the net positive cash flows associated with servicing activities.  These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows:
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Servicing fees from capitalized portfolio		$	357	$	395	$	437
	Late fees		17		18		20
	Other ancillary servicing revenue		30		39		42
	As of December 31, 2014 and 2013, the MSRs had a weighted-average life of 5.7 years and 6.5 years, respectively. As of December 31, 2014 and 2013, 48% and 51%, respectively, of the MSRs associated with the loan servicing portfolio were restricted from sale without prior approval from private-label clients or investors. See Note 18, “Fair Value Measurements” for additional information regarding the valuation of MSRs.
	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Proceeds from new loan sales or securitizations		$	9,226	$	22,618	$	33,061
	Servicing fees from capitalized portfolio(1)		357		395		437
	Other cash flows on retained interests(2)		—		—		5
	Purchases of delinquent or foreclosed loans (3)		-29		-56		-99
	Servicing advances (4)		-1,963		-1,460		-1,319
	Repayment of servicing advances (4)		1,935		1,361		1,270
	______________
		-1		Excludes late fees and other ancillary servicing revenue.
		-2		Represents cash flows received on retained interests other than servicing fees.
		-3		Excludes indemnification payments to investors and insurers of the related mortgage loans.
		-4		Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.
	During the years ended December 31, 2014, 2013 and 2012, pre-tax gains of $276 million, $720 million and $920 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.

Derivatives

Derivatives	12 Months Ended
	Dec. 31, 2014
Derivatives
Derivatives
	5.  Derivatives
	The Company’s principal market exposure is to interest rate risk, specifically long-term U.S. Treasury and mortgage interest rates, due to their impact on mortgage-related assets and commitments. The Company is also subject to changes in short-term interest rates, such as LIBOR, due to their impact on certain variable rate asset-backed debt. From time to time various financial instruments are used to manage and reduce this risk, including swap contracts, forward delivery commitments on mortgage-backed securities or whole loans, futures and options contracts.
	Interest Rate Lock Commitments.  Interest rate lock commitments (“IRLCs”) represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The loan commitment binds the Company (subject to the loan approval process) to fund the loan at the specified rate, regardless of whether interest rates have changed between the commitment date and the loan funding date. As such, outstanding IRLCs are subject to interest rate risk and related price risk during the period from the date of the commitment through the loan funding date or expiration date. The loan commitments generally range between 30 and 90 days; however, the borrower is not obligated to obtain the loan. The Company is subject to fallout risk related to IRLCs, which is realized if approved borrowers choose not to close on the loans within the terms of the IRLCs. Forward delivery commitments on mortgage-backed securities or whole loans and options on forward contracts are used to manage the interest rate and price risk. Historical commitment-to-closing ratios are considered to estimate the quantity of mortgage loans that will fund within the terms of the IRLCs.
	Mortgage Loans Held for Sale.  The Company is subject to interest rate and price risk on Mortgage loans held for sale from the loan funding date until the date the loan is sold into the secondary market. Forward delivery commitments on mortgage-backed securities or whole loans are primarily used to fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. Forward delivery commitments may not be available for all products that the Company originates; therefore, a combination of derivative instruments, including forward delivery commitments for similar products, may be used to minimize the interest rate and price risk.
	Mortgage Servicing Rights.  Mortgage servicing rights (“MSRs”) are subject to substantial interest rate risk as the mortgage notes underlying the servicing rights permit the borrowers to prepay the loans. Therefore, the value of MSRs generally tend to diminish in periods of declining interest rates (as prepayments increase) and increase in periods of rising interest rates (as prepayments decrease). Although the level of interest rates is a key driver of prepayment activity, there are other factors that influence prepayments, including home prices, underwriting standards and product characteristics. The amount and composition of derivatives used to hedge the value of MSRs will depend on the exposure to loss of value on the MSRs, the expected cost of the derivatives, expected liquidity needs, and the expected increase to earnings generated by the origination of new loans resulting from the decline in interest rates. This serves as an economic hedge of the MSRs, which provides a benefit when increased borrower refinancing activity results in higher production volumes, which would partially offset declines in the value of the MSRs thereby reducing the need to use derivatives. The benefit of this economic hedge depends on the decline in interest rates required to create an incentive for borrowers to refinance their mortgage loans and lower their interest rates; however, this benefit may not be realized under certain circumstances regardless of the change in interest rates.
	Debt.  The conversion option (a derivative liability) and purchased options (a derivative asset) were issued in connection with the Convertible notes due 2014 and expired in September 2014, consistent with the repayment date of the Convertible note series.
	See Note 18, “Fair Value Measurements” for further discussion regarding the measurements of the instruments listed above.
	The following table summarizes the gross notional amount of derivatives:
			December 31,
			2014			2013
			(In millions)
	Notional amounts:
	Interest rate lock commitments		$	1,185		$	1,378
	Forward delivery commitments		3,893			4,527
	Option contracts		213			190
	MSR-related agreements		4,013			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 Company is exposed to risk in the event of non-performance by counterparties in our derivative contracts. In general, the Company manages such risk by evaluating the financial position and creditworthiness of counterparties, monitoring the amount of exposure and/or dispersing the risk among multiple counterparties. The Company’s derivatives may also be governed by an ISDA or an MSFTA, and bilateral collateral agreements are in place with certain counterparties. When the Company has more than one outstanding derivative transaction with a single counterparty and a legally enforceable master netting agreement is in effect with that counterparty, the Company considers its exposure to be the net fair value of all positions with that counterparty including the value of any cash collateral amounts posted or received.
	In addition, the Company has global netting arrangements with certain counterparties whereby the Company’s outstanding derivative and cash collateral positions may be settled net against amounts outstanding under borrowing arrangements and other obligations when an event of default has occurred.  These amounts are not presented net in the Consolidated Balance Sheets as the netting provisions are contingent upon an event of default.
	Derivative instruments are recorded in Other assets and Other liabilities in the Consolidated Balance Sheets.  The Company does not have any derivative instruments designated as hedging instruments.  The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:
			December 31, 2014
			Gross Assets			Offsetting			Cash Collateral			Net Amount
						Payables			Received
			(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments		$	2		$	-2		$	—		$	—
	MSR-related agreements		66			-2			-56			8
	Derivative assets subject to netting		68			-4			-56			8
	Not subject to master netting arrangements:
	Interest rate lock commitments		22			—			—			22
	Forward delivery commitments		3			—			—			3
	Derivative assets not subject to netting		25			—			—			25
	Total derivative assets		$	93		$	-4		$	-56		$	33
			Gross Liabilities			Offsetting			Cash Collateral			Net Amount
						Receivables			Paid
			(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments		$	9		$	-4		$	-3		$	2
	Not subject to master netting arrangements:
	Forward delivery commitments		5			—			—			5
	Total derivative liabilities		$	14		$	-4		$	-3		$	7
			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 Consolidated Statements of Operations for derivative instruments:
		Year Ended December 31,
		2014			2013			2012
		(In millions)
Gain on loans held for sale, net:
Interest rate lock commitments		$	309		$	475		$	1,461
Forward delivery commitments		(89		)	234			(277		)
Option contracts		(4		)	16			(19		)
Net derivative gain (loss) related to mortgage servicing rights:
MSR-related agreements		82			(19		)	(5		)

Property_and_Equipment_Net

Property and Equipment, Net	12 Months Ended
	Dec. 31, 2014
Property and Equipment, Net
Property and Equipment, Net
	6.  Property and Equipment, Net
	Property and equipment, net consisted of:
		December 31,
		2014		2013
		(In millions)
	Capitalized software	$	119	$	112
	Furniture, fixtures and equipment	54		56
	Capital leases	23		29
	Leasehold improvements	11		10
		207		207
	Less: Accumulated depreciation and amortization	-171		-156
	Total	$	36	$	51

Other_Assets

Other Assets	12 Months Ended
	Dec. 31, 2014
Other Assets
Other Assets
	7.  Other Assets
	Other assets consisted of:
			December 31,
			2014		2013
			(In millions)
	Repurchase eligible loans(1)		$	53	$	94
	Equity method investments		34		37
	Derivatives		33		46
	Mortgage loans in foreclosure, net(2)		32		63
	Real estate owned, net(2)		21		62
	Deferred financing costs		19		26
	Other		16		24
	Total		$	208	$	352
		-1		Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.
		-2		See Note 13, “Credit Risk” for further discussion of reclassifications of amounts from Mortgage loans in foreclosure, net and Real estate owned, net in Other assets to Accounts Receivable, net and Servicing advances, net.

Accounts_Payable_and_Accrued_E

Accounts Payable and Accrued Expenses	12 Months Ended
	Dec. 31, 2014
Accounts Payable and Accrued Expenses
Accounts Payable and Accrued Expenses
	8.  Accounts Payable and Accrued Expenses
	Accounts payable and accrued expenses consisted of:
		December 31,
		2014		2013
		(In millions)
	Accrued payroll and benefits	$	84	$	62
	Accounts payable	78		98
	Repurchase eligible loans	53		94
	Accrued interest	16		26
	Other	13		1
	Total	$	244	$	281

Other_Liabilities

Other Liabilities	12 Months Ended
	Dec. 31, 2014
Other Liabilities
Other Liabilities
	9.  Other Liabilities
	Other liabilities consisted of:
		December 31,
		2014		2013
		(In millions)
	Litigation and regulatory reserves (Note 14)	$	29	$	2
	Pension and other post employment benefits liability	11		7
	Liability for income tax contingencies	9		4
	Derivatives	7		20
	Capital lease obligation	2		7
	Other	12		10
	Total	$	70	$	50

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	12 Months Ended
	Dec. 31, 2014
Debt and Borrowing Arrangements
Debt and Borrowing Arrangements
	10.  Debt and Borrowing Arrangements
	The following table summarizes the components of Debt:
										December 31,
			December 31, 2014							2013
					Interest		Available
			Balance		Rate(1)		Capacity(2)			Balance
			(In millions)
	Committed warehouse facilities		$	800	2.2 %		$	1,175		$	709
	Uncommitted warehouse facilities		—		—		2,500			—
	Warehouse facilities		800							709
	Servicing advance facility		108		2.7 %		47			66
	Convertible notes due in 2014(3)		—		—		n/a			247
	Convertible notes due in 2017(3)		216		6.0 %		n/a			207
	Term notes due in 2016		—		—		n/a			170
	Term notes due in 2019		275		7.375 %		n/a			275
	Term notes due in 2021		340		6.375 %		n/a			350
	Unsecured credit facilities		—		—		5			—
	Unsecured debt		831							1,249
	Total		$	1,739						$	2,024
		-1		Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings.
		-2		Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
		-3		Balances are net of unamortized discount of $29 million as of December 31, 2014 and $3 million (2014 series) and $43 million (2017 series) as of December 31, 2013. The effective interest rate of the Convertible notes due 2017 is 13%, 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 December 31, 2014 consisted of:
					Servicing
			Warehouse		Advance
			Facilities		Facility
			(In millions)
	Restricted cash		$	6	$	20
	Servicing advances		—		155
	Mortgage loans held for sale (unpaid principal balance)		851		—
	Total		$	857	$	175
	The following table provides the contractual debt maturities as of December 31, 2014:
					Servicing
			Warehouse		Advance			Unsecured
			Facilities		Facility(1)			Debt(2)			Total
			(In millions)
	Within one year		$	800	$	86		$	—		$	886
	Between one and two years		—		22			—			22
	Between two and three years		—		—			245			245
	Between three and four years		—		—			—			—
	Between four and five years		—		—			275			275
	Thereafter		—		—			340			340
			$	800	$	108		$	860		$	1,768
		-1		Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.
		-2		Maturity of convertible notes is presented based on the contractual maturity date. As discussed under “Convertible Notes” heading below, these notes are currently eligible for conversion. If presented for conversion, the principal portion of the notes would be due in cash and the conversion premium may be settled in cash or shares at the Company’s election.
	See Note 18, “Fair Value Measurements,” for the measurement of the fair value of Debt.
	Mortgage Warehouse Debt
	Mortgage warehouse debt primarily represents variable-rate asset-backed facilities to support the origination of mortgage loans, which provide creditors a collateralized interest in specific mortgage loans that meet the eligibility requirements under the terms of the facility.  The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. The Company evaluates our capacity needs for warehouse facilities, and adjusts the amount of available capacity under these facilities in response to the current mortgage environment and origination needs.
	Committed Facilities
	Committed repurchase facilities typically have a 364-day term.  As of December 31, 2014, the Company has outstanding committed mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC, Fannie Mae ,  Bank of America, N.A., Wells Fargo Bank, N.A., and the Royal Bank of Scotland, plc, and the range of maturity dates is February 3, 2015 to December 30, 2015.
	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 February 2015, the commitments of the facility were extended to April 3, 2015.
	On June 20, 2014, the committed variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital LLC were renewed for an additional year and were reduced by $100 million to $575 million, at the request of the Company.  The expiration of the facilities is based on a 364-day rolling term and may continue to roll, on a daily basis, at CSFB’s option, until the stated expiration of June 17, 2016.
	On June 20, 2014, the Company extended the term of its committed mortgage repurchase facility with The Royal Bank of Scotland plc to June 19, 2015.  On December 19, 2014, the committed mortgage repurchase facility was reduced, at the request of the Company, from $250 million to $150 million.
	On December 14, 2014, the $500 million committed mortgage repurchase facility with Fannie Mae was extended to December 13, 2015.
	On December 19, 2014, the $400 million committed mortgage repurchase facility with Bank of America was renewed for an additional year to December 18, 2015 and the Company has the option to extend the facility for an additional year to December 16, 2016 if certain extension conditions are satisfied.
	Uncommitted Facilities
	As of December 31, 2014, the Company has a $2.5 billion uncommitted mortgage repurchase facility with Fannie Mae.
	On November 13, 2014, the Company terminated its $250 million uncommitted line with The Royal Bank of Scotland plc.
	Servicing Advance Facility
	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 non-recourse asset-backed notes, up to a maximum principal amount of $155 million, 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 19, “Variable Interest Entities”.
	PSART issues variable funding notes that have a revolving period, during which time the monthly collection of advances are applied to pay down the notes and create additional availability to fund advances. The notes have a revolving period through March 31, 2015 and the final maturity of the notes is April 17, 2017.  In February 2015, the Company received an extension of the revolving period through May 29, 2015, with a final maturity date of June 15, 2017.  Upon expiration of the revolving period, the notes enter a repayment period, whereby the noteholders’ commitment to fund new advances (through the purchase of additional notes) expires and PSART is required to repay the outstanding balance through advance collections or additional payments on or before final maturity.
	Unsecured Debt
	The Company’s unsecured debt obligations include series of Term notes and Convertible notes, each of which are senior unsecured and unsubordinated obligations that rank equally with all existing and future senior unsecured debt.
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.
2017 Convertible Notes.  The Convertible notes due 2017 are governed by an indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A., as trustee.  The Convertible notes due 2017 mature on June 15, 2017, and are not redeemable by the Company prior to the maturity date.  In 2014, $5 million of the notes were converted and settled for $9 million in cash which included a $4 million premium.
At the time of issuance, the liability and equity components of the Convertible notes due 2017 were separately accounted for based on estimates of the Company’s non-convertible debt borrowing rate.  The Company determined that the conversion option was indexed to the Company’s own stock and met all of the criteria for equity classification.  The initial valuation of the equity component was $33 million, net of $22 million of deferred taxes, recorded within Additional paid-in capital in the Consolidated Balance Sheets during the year ended December 31, 2012.  Since the conversion option met all of the criteria for equity classification, there have been no changes in value recorded from the date of issuance.
Conversion Features:
Holders may convert all or any portion of the notes, at their option, prior to December 15, 2016 only upon the occurrence of certain triggering events related to (i) the price of the notes, (ii) the price of the Company’s Common stock, or (iii) upon the occurrence of specified corporate events.  Holders may also convert all or any portion of the notes at any time, at their option from, and including, December 15, 2016 through the third scheduled trading day immediately preceding the maturity date.
Conversion Based on Note Price.  Prior to the close of business on the scheduled trading day immediately preceding December 15, 2016, the notes may be converted during the five business day period after any five consecutive trading day period (the “Measurement Period”) in which the trading price per $1,000 in principal amount of the notes for each day of the Measurement Period was less than 98% of the product of the last reported sale price of the Company’s Common stock and the applicable conversion rate for the notes of such date.
Conversion Based on Stock Price. Prior to the close of business on the scheduled trading day immediately preceding December 15, 2016, the notes may be converted during any calendar quarter after the calendar quarter ending March 31, 2012 and only during such calendar quarter, if the last reported sale price of the Company’s Common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter exceeds 130% of the applicable conversion price in effect for the notes on each such trading day.
The conversion price is $12.79 per share (based on an initial conversion rate of 78.2014 shares per $1,000 principal amount of notes).  Upon conversion, the principal amount of the converted notes is payable in cash and, to settle amounts due if the conversion value exceeds the principal of the converted notes, 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.  As of December 31, 2014, the if-converted value exceeded the principal amount of the notes by $214 million, and the notes met the requirements for conversion.
Subject to certain exceptions, the holders of the Convertible notes due 2017 may require the Company to repurchase all or a portion of their notes upon a fundamental change, as defined under the indenture.  The Company will generally be required to increase the conversion rate for holders that elect to convert their notes in connection with a make-whole fundamental change, as defined under the indenture.  The conversion rate and the conversion price will be subject to adjustment upon the occurrence of certain events as specified in the indenture; however, in no circumstance will the conversion rate exceed 97.7517 shares per $1,000 in principal amount of notes, subject to certain anti-dilution adjustments.
Term Notes
On August 7, 2014, the Company redeemed its $170 million Senior Notes due 2016 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 Consolidated Statements of Operations related to the early repayment of the notes.
Senior notes due 2019.  The 7.375% 2019 Senior note series has $275 million of principal due September 1, 2019 as of December 31, 2014.  Senior notes due 2019 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee.  The notes are redeemable by the Company upon payment of a make-whole premium, in accordance with the optional redemption clause in the indenture.
Senior notes due 2021.  The 6.375% 2021 Senior note series has $340 million of principal due August 15, 2021 as of December 31, 2014.  Senior notes due 2021 are governed by an existing indenture dated January 17, 2012 with The Bank of New York Mellon Trust Company, N.A. as trustee.  The notes are redeemable by the Company at any time after August 15, 2017 and in accordance with the optional redemption clause in the indenture. In 2014, upon reverse inquiry from certain noteholders, $10 million of the notes were purchased by the Company for $10 million.
Credit Facilities
On July 7, 2014, the Revolving Credit Facility 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, 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 including those described below.
Among other covenants, 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 4.50 to 1; and (iii) a minimum of $750 million in committed mortgage warehouse financing capacity excluding any mortgage warehouse capacity provided by GSEs.  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 December 31, 2014, the Company was in compliance with all financial covenants related to its debt arrangements.
Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the operative documents and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If the Company does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of certain debt agreements could be accelerated and the ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of the Company’s other agreements and instruments.
See Note 15, “Stock-Related Matters” for information regarding restrictions on the Company’s ability to pay dividends pursuant to certain debt arrangements.

Pension_and_Other_Post_Employm

Pension and Other Post Employment Benefits	12 Months Ended
	Dec. 31, 2014
Pension and Other Post Employment Benefits
Pension and Other Post Employment Benefits
	11.  Pension and Other Post Employment Benefits
	Defined Contribution Savings Plans.  The Company and PHH Home Loans sponsor separate defined contribution savings plans that provide certain eligible employees an opportunity to accumulate funds for retirement and contributions of participating employees are matched on the basis specified by these plans. The costs for the Company’s matching contributions are included in Salaries and related expenses in the Consolidated Statements of Operations except for contributions related to employees of the Fleet business, which are included in Income from discontinued operations, net of tax.  Salaries and related expenses included contributions of $8 million, $9 million and $9 million for the years ended December 31, 2014, 2013 and 2012, respectively.
	Defined Benefit Pension Plan and Other Employee Benefit Plan.  The Company sponsors a domestic non-contributory defined benefit pension plan, which covers certain eligible employees. Benefits are based on an employee’s years of credited service and a percentage of final average compensation, or as otherwise described by the plan. In addition, a post employment benefits plan is maintained for retiree health and welfare costs of certain eligible employees. Both the defined benefit pension plan and the other post employment benefits plan are frozen, wherein the plans only accrue additional benefits for a very limited number of employees.
	The following table shows the change in the benefit obligation, plan assets and funded status for the defined benefit pension plans:
		Pension Benefits				Other Post Employment
						Benefits
		2014		2013		2014		2013
		(In millions)
	Benefit obligation	$	50	$	44	$	1	$	2
	Fair value of plan assets	40		39		—		—
	Unfunded status recognized in Other liabilities	$	-10	$	-5	$	-1	$	-2
	Amounts recognized in Accumulated other comprehensive income	$	17	$	10	$	—	$	—
	During the year ended December 31, 2014, the benefit obligation of the defined benefit pension plan increased by $6 million which related to changes in actuarial assumptions, including mortality rates.  The net periodic benefit cost related to the defined benefit pension plan was not significant for the year ended December 31, 2014, and for the year ended December 31, 2013, the net periodic benefit cost was $1 million. The net periodic benefit cost for the other post employment benefits plan was not significant for both years ended December 31, 2014 and 2013.
	As of December 31, 2014, future expected benefit payments to be made from the defined benefit pension plan’s assets, which reflect expected future service, are $2 million in each of the years ending December 31, 2015 through 2019 and $13 million for the five years ending December 31, 2024.
	The Company’s policy is to contribute amounts to the defined benefit pension plan sufficient to meet minimum funding requirements as set forth in employee benefit and tax laws and additional amounts at the discretion of the Company.  Contributions made to the plan during both the years ended December 31, 2014 and 2013 were $1 million. For the year ended December 31, 2015, contributions to the defined benefit pension plan are not expected to be significant.

Income_Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2014
Income Taxes
Income Taxes
	12.  Income Taxes
	Income Tax Provision
	The following table summarizes Income tax (benefit) expense:
		Year Ended December 31,
		2014			2013			2012
		(In millions)
	Current:
	Federal	$	-461		$	—		$	—
	State	-31			-5			-6
	Income tax contingencies:
	Change in income tax contingencies	6			—			—
	Interest and penalties	1			—			1
	Total current income tax expense	-485			-5			-5
	Deferred:
	Federal	373			40			-12
	State	13			7			-20
	Total deferred income tax expense (benefit)	386			47			-32
	Income tax (benefit) expense	$	-99		$	42		$	-37
	Deferred Taxes
	Deferred tax assets and liabilities represent the basis differences between assets and liabilities measured for financial reporting versus for income-tax returns purposes.  The following table summarizes the significant components of deferred tax assets and liabilities:
		December 31,
		2014			2013
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	72		$	72
	Federal loss carryforwards and credits	—			415
	State loss carryforwards and credits	32			46
	Alternative minimum tax credit carryforward	—			22
	Other	5			2
	Gross deferred tax assets	109			557
	Valuation allowance	-35			-26
	Deferred tax assets, net of valuation allowance	74			531
	Deferred tax liabilities:
	Originated mortgage servicing rights	220			311
	Purchased mortgage servicing rights	116			107
	Depreciation and amortization	—			800
	Deferred tax liabilities	336			1,218
	Net deferred tax liability	$	262		$	687
	The deferred tax assets valuation allowance relates to state loss carryforwards and non-loss deferred tax assets. The valuation allowance will be reduced when and if it is determined that it is more likely than not that all or a portion of the deferred tax assets will be realized. The state loss carryforwards will expire from 2014 to 2035.
	The total alternative minimum tax credit is not subject to limitations, and primarily consists of credits existing at the time of the spin-off from Cendant Corporation (now known as Avis Budget Group, Inc.) that are available to the Company. As of December 31, 2014, it has been determined that all alternative minimum tax carryforwards will be utilized in the current year; therefore, no reserve or valuation allowance has been recorded.
	The deferred tax liabilities represent the future tax liability generated upon reversal of the differences between the tax basis and book basis of certain of our assets.  Deferred liabilities related to our mortgage servicing rights arise due to differences in the timing of income recognition for accounting and tax purposes for certain servicing rights, which generate an associated basis difference between book and tax.
	Effective Tax Rate
	Total income taxes differ from the amount that would be computed by applying the U.S. federal statutory rate as follows:
		Year Ended December 31,
		2014					2013			2012
		(In millions)
	(Loss) income from continuing operations before income taxes	$		-284			$	140		$		-14
	Statutory federal income tax rate	35			%		35		%	35			%
	Income taxes computed at statutory federal rate	$	-99				$	49		$	-5
	State and local income taxes, net of federal tax benefits	-12					7			-1
	Liabilities for income tax contingencies	7					—			1
	Changes in rate and apportionment factors	1					-5			-4
	Changes in valuation allowance	5					2			-2
	Noncontrolling interest	-2					-11			-23
	Other	1					—			-3
	Income tax (benefit) expense	$		-99			$	42		$		-37
	Effective tax rate	-35.1			%		29.8		%	-264.7			%
	State and local income taxes, net of federal tax benefits. Represents the impact to the effective tax rate from the pre-tax income or loss as well as the mix of income or loss from the operations by entity and state income tax jurisdiction.  The effective state tax rate for the year ended December 31, 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 year ended December 31, 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 state apportionment factors and tax rate.  For the year ended December 31, 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 year ended December 31, 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.
	Unrecognized Income Tax Benefits
The Company recognizes tax benefits from uncertain income tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authority based on the technical merits of the position.  An uncertain income tax position that meets the “more likely than not” recognition threshold is then measured to determine the amount of the benefit to recognize in the Consolidated Balance Sheets.  A liability is recorded for the amount of the unrecognized income tax benefit included in: (i) previously filed income tax returns and (ii) financial results expected to be included in income tax returns to be filed for periods through the date of the Consolidated Financial Statements.
The activity in the liability for unrecognized income tax benefits (including the liability for potential payment of interest and penalties) consisted of:
	Year Ended December 31,
	2014			2013			2012
	(In millions)
Balance, beginning of period	$	4		$	4		$	3
Activity related to tax positions taken during the current year	7			—			1
Activity related to tax positions taken during prior years	—			—			—
Balance, end of period	$	11		$	4		$	4
The estimated liability for the potential payment of interest and penalties included in the liability for unrecognized income tax benefits was $1 million as of December 31, 2014 and 2013.
The effective income tax rate would be positively impacted by $11 million in the event of a favorable resolution of income tax contingencies or reductions in valuation allowances as of December 31, 2014 and $4 million as of both December 31, 2013 and 2012.
The amount of unrecognized income tax benefits may change in the next twelve months primarily due to activity in future reporting periods related to income tax positions taken during prior years. This change may be material; however, the impact of these unrecognized income tax benefits cannot be projected on the results of operations or financial position for future reporting periods due to the volatility of market and other factors.
The Company and its subsidiaries remain subject to examination by the IRS for the tax years ended December 31, 2010 through 2014.  As of December 31, 2014, foreign and state income tax filings were subject to examination for periods including and subsequent to 2006, dependent upon jurisdiction.

Credit_Risk

Credit Risk	12 Months Ended
	Dec. 31, 2014
Credit Risk
Credit Risk
	13.   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 and government servicing contracts.
	The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others:
			December 31,
			2014				2013
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	113,849			$	130,494
	Subserviced		113,423				96,343
	Total		$	227,272			$	226,837
	Conventional loans		$	195,184			$	191,916
	Government loans		27,720				29,200
	Home equity lines of credit		4,368				5,721
	Total		$	227,272			$	226,837
	Weighted-average interest rate		3.9		%		4.0		%
			December 31,
			2014						2013
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		2.43	%		1.75	%		2.43	%	1.82	%
	60 days		0.58			0.41			0.83		0.62
	90 or more days		1.13			0.85			1.08		0.90
	Total		4.14	%		3.01	%		4.34	%	3.34	%
	Foreclosure/real estate owned(2)		2.22	%		2.04	%		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 December 31, 2014 and 2013, the total servicing portfolio included 21,456 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.1 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 for loans that are owned by the Agencies or included in Agency-guaranteed securities.  In the event of a breach of these representations and warranties, the Company may be required to repurchase the mortgage loan or indemnify the investor against loss.  For conventional loans, if there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss.  The Company has limited exposure related to VA and FHA insured loans.  In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator.  Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned.
	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 and other adjustments, the Company paid Fannie Mae $13 million.  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.
	A summary of the activity in repurchase and foreclosure-related reserves is as follows:
			Year Ended December 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	142		$	191
	Realized losses(1)		-65			-73
	Increase in reserves due to:
	Changes in assumptions(2)		6			7
	New loan sales		10			17
	Balance, end of period		$	93		$	142
	______________
		-1		For the year ended December 31, 2014, includes $12 million that was paid to Fannie Mae related to the resolution agreement.
		-2		For the year ended December 31, 2014, includes an $8 million provision for estimated losses related to the sale of existing MSRs.
	Repurchase and foreclosure-related reserves consist of the following:
	Loan Repurchases and Indemnifications
	The maximum amount of losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties.  As of December 31, 2014, $190 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; 12% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).
	As of December 31, 2014 and 2013, liabilities for probable losses related to repurchase and indemnification obligations of $63 million and $100 million, respectively, are presented in the Consolidated Balance Sheets. The liability for loan repurchases and indemnifications represents management’s estimate of probable losses based on the best information available and requires the application of a significant level of judgment and the use of a number of assumptions.  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 December 31, 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 from origination years where the Agencies have substantially completed or resolved their file reviews or related to loans with defects that were excluded from the resolution agreement with Fannie Mae.  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
	Mortgage loans in foreclosure represent the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances made on those loans. These amounts are recorded net of an allowance for probable losses on such mortgage loans and related advances.
	Real estate owned, which are acquired from mortgagors in default, plus recoverable advances made on those loans, are recorded at the lower of the adjusted carrying amount at the time the property is acquired or fair value. Fair value is determined based upon the estimated net realizable value of the underlying collateral less the estimated costs to sell.
	The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Consolidated Balance Sheets as follows:
			December 31,
			2014			2013
			(In millions)
	Mortgage loans in foreclosure and related advances		$	46		$	83
	Allowance for probable foreclosure losses		-14			-20
Mortgage loans in foreclosure, net		$	32		$	63
Real estate owned and related advances		$	37		$	84
Adjustment to value for real estate owned		-16			-22
Real estate owned, net		$	21		$	62
As disclosed within Note 1, “Summary of Significant Accounting Policies”, upon the adoption of ASU 2014-14, amounts related to government loans that are fully insured have been reclassified to Accounts receivable, net from Mortgage loans in foreclosure, net, and Real estate owned, net. As of December 31, 2014, the reclassification decreased the balance by $49 million.  Consistent with the transition instructions of the ASU, the prior year balances were not adjusted.
In addition, servicing advances related to loans in foreclosure in the servicing portfolio which totaled $98 million as of December 31, 2013 were reclassified from prior presentation in Mortgage loans in foreclosure, net to Servicing advances, net in the Consolidated Balance sheets.
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 year ended December 31, 2013, the termination resulted in a pre-tax loss of $21 million which was recorded in Loan servicing income in the Consolidated Statements of Operations.
Counterparty Credit Risk
Counterparty credit risk exposure includes risk of non-performance by counterparties to various agreements and sales transactions. Such risk is managed by evaluating the financial position and creditworthiness of such counterparties and/or requiring collateral, typically cash, in derivative and financing transactions. The Company attempts to mitigate counterparty credit risk associated with derivative contracts by monitoring the amount for which it is at risk with each counterparty to such contracts, requiring collateral posting, typically cash, above established credit limits, periodically evaluating counterparty creditworthiness and financial position, and where possible, dispersing the risk among multiple counterparties.  As of December 31, 2014, there were no significant concentrations of credit risk with any individual counterparty or a group of counterparties with respect to derivative transactions.
During the year ended December 31, 2014, 24% of mortgage loan originations were derived from our relationship with Merrill Lynch Home Loans, a division of Bank of America, National Association, 24% from Realogy and its affiliates, 21% from Morgan Stanley Private Bank, N.A. and 10% from HSBC Bank USA.

Commitments_and_Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies
Commitments and Contingencies
	14.  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 December 31, 2014.
	As of December 31, 2014, the Company’s recorded reserves associated with legal and regulatory contingencies were $29 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.
	Existing Matters
	MMC Examination. 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.  The Company has recorded an estimate for the probable losses in connection with the matter as of December 31, 2014.  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.
	CFPB Enforcement Action.  In January 2014, the Bureau of Consumer Financial Protection (the “CFPB”) initiated an administrative proceeding alleging that the Company’s reinsurance activities, including its mortgage insurance premium ceding practices, have violated certain provisions of the Real Estate Settlement Procedures Act (“RESPA”) and other laws enforced by the CFPB.  Through its reinsurance subsidiaries, the Company assumed risk in exchange for premiums ceded from primary mortgage insurance companies.  The Company did not provide reinsurance on loans originated after 2009.  The Company believes that it has complied with RESPA and other laws applicable to its former mortgage reinsurance activities, and is continuing to vigorously defend against the CFPB’s allegations.
	In November 2014, the Company received a recommended decision from the administrative law judge for the payment of $6.4 million to the CFPB.  The Company and the CFPB’s enforcement counsel have both appealed the recommended decision to the director of the CFPB.  As of December 31, 2014, the Company has recorded an estimate for the probable losses in connection with the matter.  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.
	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.
	Yuba County Matter.  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, and the borrower subsequently filed an appeal.  The recorded liability for probable losses related to this matter as of December 31, 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.
	Subpoenas and Investigations
	The Company has received inquiries and requests for information from, and is subject to investigations by, regulators and attorneys general of certain states, the U.S. Department of Housing and Urban Development, the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York, the Committee on Oversight and Government Reform of the U.S. House of Representatives and the U.S. Senate Judiciary Committee, requesting information as to the Company’s mortgage origination and servicing practices, including its foreclosure processes and procedures.  There can be no assurance that claims or litigation will not arise from this inquiry, or that fines, penalties or increased legal costs will not be incurred in connection with this matter.
	The Company has also 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. There can be no assurance that claims or litigation will not arise from this inquiry, or that fines, penalties or increased legal costs will not be incurred in connection with this matter.
	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.
	Net Worth Requirements
	In addition to the capital requirements of the Company as outlined in Note 10, “Debt and Borrowing Arrangements”, certain subsidiaries of the Company are subject to various regulatory capital requirements as a result of their mortgage origination and servicing activities.  The Company’s wholly owned subsidiary, PHH Mortgage Corporation (“PHH Mortgage”), is subject to various regulatory capital requirements administered by the Department of Housing and Urban Development (“HUD”), which governs non-supervised, direct endorsement mortgagees, and Ginnie Mae, Fannie Mae and Freddie Mac, which sponsor programs that govern a significant portion of our mortgage loans sold and servicing activities.  Additionally, PHH Mortgage is required to maintain minimum net worth requirements for many of the states in which it sells and services loans.  Each state has its own minimum net worth requirement; however, none of the state requirements are material to our financial statements.
	Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary remedial actions by regulators that, if undertaken, could: (i) remove the PHH Mortgage’s ability to sell and service loans to or on behalf of the Agencies; and (ii) have a direct material effect on the Company’s financial statements, results of operations and cash flows.
	In accordance with the regulatory capital guidelines, PHH Mortgage must meet specific quantitative measures of cash, assets, liabilities, profitability and certain off-balance sheet items calculated under regulatory accounting practices. Further, changes in regulatory and accounting standards, as well as the impact of future events on PHH Mortgage’s results, may significantly affect the Company’s net worth adequacy.
	Among PHH Mortgage’s various capital requirements related to its outstanding mortgage origination and servicing agreements and other third-party agreements, including debt covenants, the most restrictive of these requires PHH Mortgage to maintain a minimum net worth balance of $700 million.  As of December 31, 2014, PHH Mortgage’s actual net worth was $977 million and the entity was in compliance with the requirements.
	Lease and Purchase Commitments
	The Company is committed to making rental payments under noncancelable operating and capital leases related to various facilities and equipment.  In addition, during the normal course of business, various commitments are made to purchase goods or services from specific suppliers, including those related to capital expenditures.
	During the years ended December 31, 2014, 2013, and 2012, rental expense of $20 million, $20 million, and $18 million, respectively, was recorded in Occupancy and other office expenses in the Consolidated Statements of Operations.
	The following table summarizes the Company’s commitments as of December 31, 2014:
		Future Minimum		Future Minimum
		Operating Lease		Capital Lease		Purchase
		Payments		Payments		Commitments
				(In millions)
	2015	$	16	$	2	$	32
	2016	13		—		3
	2017	11		—		1
	2018	10		—		—
	2019	10		—		—
	Thereafter	27		—		—
	Total	$	87	$	2	$	36
	Off-Balance Sheet Arrangements and Guarantees
	In the ordinary course of business, numerous agreements are entered into that contain guarantees and indemnities where a third-party is indemnified for breaches of representations and warranties. Such guarantees or indemnifications are granted under various agreements, including those governing leases of real estate, access to credit facilities, use of derivatives and issuances of debt or equity securities. The guarantees or indemnifications issued are for the benefit of the buyers in sale agreements and sellers in purchase agreements, landlords in lease contracts, financial institutions in credit facility arrangements and derivative contracts and underwriters in debt or equity security issuances.
	While some guarantees extend only for the duration of the underlying agreement, many survive the expiration of the term of the agreement or extend into perpetuity (unless subject to a legal statute of limitations). There are no specific limitations on the maximum potential amount of future payments that the Company could be required to make under these guarantees, and the maximum potential amount of future payments cannot be estimated. With respect to certain guarantees, such as indemnifications of landlords against third-party claims, insurance coverage is maintained that mitigates any potential payments.
	See Note 13, “Credit Risk” for a discussion of the representations and warranties that are provided to purchasers and insurers on a significant portion of loans sold and those that are assumed on purchased mortgage servicing rights.
	In connection with certain of Mortgage warehouse borrowing arrangements, we have entered into agreements to unconditionally and irrevocably guarantee payment on the obligations of our subsidiaries.
	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	12 Months Ended
	Dec. 31, 2014
Stock-Related Matters
Stock-Related Matters
	15.  Stock-Related Matters
	Share Repurchase Programs
	The Company’s Board of Directors authorized up to $450 million in share repurchases, including $200 million in Accelerated Share Repurchases (“ASR”) and up to $250 million in open market purchases over the twelve months following the completion of the ASR.
	Accelerated Share 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 based upon the stock price at inception.  The actual number of shares repurchased will be determined based on the applicable 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 Consolidated Balance Sheets.
	Restrictions on Share-Related Payments
	As of December 31, 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.
	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 exceeded, 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: Baa3 from Moody’s Investors Service and BBB- from Standard & Poor’s (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 4.5 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 $769 million as of December 31, 2014.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2014
Accumulated Other Comprehensive Income
Accumulated Other Comprehensive Income
	16.  Accumulated Other Comprehensive Income
	The after-tax components of Accumulated other comprehensive income (loss) were as follows:
		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	—	$	22
	Pension adjustment, net of income tax benefit of $(6) and $(4)	-11		-6
	Total	$	-11	$	16
	There were no amounts of Accumulated other comprehensive income (loss) attributable to noncontrolling interests as of December 31, 2014 and 2013, or during the respective periods.
	During the year ended December 31, 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 Consolidated Statements of Operations.  In addition, the net gain from disposition of the Fleet business for the year ended December 31, 2014 includes the tax impact for the reversal of indefinitely invested undistributed earnings of foreign subsidiaries.  See Note 2, “Discontinued Operations” for more information.
	During the year ended December 31, 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 Consolidated Statements of Operations. During the year ended December 31, 2013, $1 million of realized gains and $1 million of realized losses from the sale of available-for-sale securities were recorded.

StockBased_Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2014
Stock-Based Compensation
Stock-Based Compensation
	17.  Stock-Based Compensation
	The PHH Corporation 2014 Equity and Incentive Plan (the “Plan”) governs awards of share based compensation.  The plan allows awards in the form of stock options, stock appreciation rights, and other stock- or cash-based awards.  Employees have been awarded stock options and service-based, performance-based and market-based restricted stock units (“RSUs”) to purchase shares of Common stock and performance-based and service-based restricted cash units to be settled in cash under the Plan.  RSUs granted entitle employees to receive one share of PHH Common stock upon the vesting of each RSU. The aggregate number of shares of PHH Common stock issuable under the Plan is 9,591,435.
	The stock option awards have a maximum contractual term of ten years from the grant date. All outstanding and unvested stock options and RSUs have vesting conditions pursuant to a change in control. Vesting criteria and expense recognition related to each type of award is as follows:
	Service-based awards generally vest upon the fulfillment of a service condition ratably over a period of up to five years from the grant date.  Compensation cost for service-based stock and cash awards is generally recognized on a straight-line basis over the requisite service period, net of estimated forfeitures.
	Performance-based awards require the fulfillment of a service condition and the achievement of certain operating performance criteria and vest between two and three years from the grant date if both conditions are met. The performance criteria may also impact the number of awards that may vest.  Compensation cost for performance-based stock and cash awards is recognized over the requisite service period for the portion of the award for which it is probable that the performance condition will be achieved.
	Market-based awards require the fulfillment of a service condition and the achievement of certain targets associated with the Company’s stock price and vest three years from the grant date if both conditions are met.  Compensation cost for market-based stock awards is recognized over the requisite service period, regardless if the market condition is met.
	In addition, RSUs are granted to non-employee Directors as part of their compensation for services rendered as members of the Company’s Board of Directors. These RSUs vest immediately when granted. New shares of Common stock are issued to employees and Directors to satisfy the stock option exercise and RSU conversion obligations.
	The following table summarizes expense recognized in Salaries and related expenses in the Consolidated Statements of Operations related to stock-based compensation arrangements:
			Year Ended December 31,
			2014			2013			2012
						(In millions)
	Stock-based compensation expense for equity awards		$	8		$	9		$	6
	Stock-based compensation expense for liability awards		4			—			—
	Income tax benefit related to stock-based compensation expense		-5			-4			-2
	Stock-based compensation expense, net of income taxes		$	7		$	5		$	4
	As of December 31, 2014, there was $14 million of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest and be recognized over a weighted-average period of 1.9 years.
	Stock Options
	The following table summarizes stock option activity for the year ended December 31, 2014:
								Weighted-
								Average
					Weighted-			Remaining		Aggregate
					Average			Contractual		Intrinsic
			Number of		Exercise			Term		Value
			Options		Price			(In years)		(In millions)
	Outstanding at January 1, 2014		1,934,401		$	18.70
	Exercised		-526,935		19.55
	Forfeited or expired		-110,285		21.03
	Outstanding at December 31, 2014		1,297,181		$	18.16		7.0		$	8
	Exercisable at December 31, 2014		161,824		$	20.05		3.1		$	1
	Stock options vested and expected to vest		1,315,122		$	18.20		6.9		$	8
	Generally, options are granted with exercise prices at the fair market value of the Company’s shares of Common stock, which is considered equal to the closing share price on the date of grant. There were no options granted during the year ended December 31, 2014.  The weighted-average grant-date fair value per stock option for awards granted during the years ended December 31, 2013 and 2012 was $11.27 and $8.68, respectively.
	The weighted-average grant-date fair value of stock options was estimated using the Black-Scholes option valuation model with the following assumptions:
			Year Ended December 31,
			2013		2012
	Expected life (in years)		6.5		6.5
	Risk-free interest rate		1.14 %		1.10 %
	Expected volatility		52.3 %		51.7 %
	Dividend yield		—		—
	The expected life of each stock option is estimated based on their vesting and contractual terms. The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the stock options. The expected volatility was based on the historical volatility of the Company’s Common stock.
	The intrinsic value of options exercised was $2 million, $1 million and $2 million during the years ended December 31, 2014, 2013 and 2012, respectively.
	Restricted Stock Units
	The following tables summarize restricted stock unit activity for the year ended December 31, 2014:
					Weighted-
					Average
			Number of		Grant-Date
			RSUs		Fair Value
	Performance-Based & Market-Based RSUs(1)
	Outstanding at January 1, 2014		792,594		$	9.67
	Granted		152,453		13.70
	Forfeited		-54,778		10.02
	Outstanding at December 31, 2014(2)		890,269		$	10.34
	RSUs expected to be converted into shares of Common stock		827,715		$	9.84
	Service-Based RSUs
	Outstanding at January 1, 2014		623,115		$	21.16
	Granted(3)		343,188		22.88
	Converted(4)		-380,945		19.75
	Forfeited		-500		13.79
	Outstanding at December 31, 2014(2)		584,858		$	23.09
	RSUs expected to be converted into shares of Common stock		565,178		$	23.11
	____________
		-1		The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance-based awards represents the expected number to be earned.
		-2		As a result of the sale of Fleet business, 148,023 unvested performance and market-based RSUs and 284,370 unvested   Service-based RSUs, which were originally to be paid in PHH common stock, will be settled in cash pursuant to certain  provisions of the original settlement terms of the agreements. These amounts remain outstanding at December 31, 2014.
		-3		Includes 55,996 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
	-4		Includes 272,084 RSUs previously earned by non-employee Directors settled on November 7, 2014.
In 2014, 2013 and 2012, certain executives were awarded RSUs with market-based vesting conditions with weighted-average grant-date fair value of $11.32, $12.47 and $6.69, respectively.  The weighted-average grant-date fair value of these market-based RSUs was estimated using a Monte Carlo simulation valuation model with the following assumptions:
		Year Ended December 31,
		2014			2013			2012
Grant date stock price		$	22.93		$	22.28		$	17.09
Risk-free interest rate		0.94 %			0.42 %			0.40 %
Expected volatility		35.3 %			38.6 %			42.8 %
Dividend yield		—			—			—
The risk-free interest rate reflected the yield on zero-coupon Treasury securities with a term approximating the expected life of the RSUs.  The expected volatility was based on historical volatility of the Company’s Common stock.
The total fair value of RSUs converted into shares of Common stock was $2 million during the year ended December 31, 2014, and $5 million during each of the years ended December 31, 2013 and 2012.

Fair_Value_Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements
Fair Value Measurements
	18.  Fair Value Measurements
	Fair value is based on quoted market prices, where available. If quoted prices are not available, fair value is estimated based upon other observable inputs. Unobservable inputs are used when observable inputs are not available and are based upon judgments and assumptions, which are the Company’s assessment of the assumptions market participants would use in pricing the asset or liability.  These inputs may include assumptions about risk, counterparty credit quality, the Company’s creditworthiness and liquidity and are developed based on the best information available.
	A three-level valuation hierarchy is used to classify inputs into the measurement of assets and liabilities at fair value. The valuation hierarchy is based upon the relative reliability and availability to market participants of inputs for the valuation of an asset or liability as of the measurement date. Level one represents the highest level based upon unadjusted quoted prices to Level three which are based upon unobservable inputs that reflect the assumptions a market participant would use in pricing the asset or liability.  When the valuation technique used in determining fair value of an asset or liability utilizes inputs from different levels of the hierarchy, the level within which the measurement in its entirety is categorized is based upon the lowest level input that is significant to the measurement in its entirety.
	The Company updates the valuation of each instrument recorded at fair value on a quarterly basis, evaluating all available observable information, which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data.  The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants.  If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate.  Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs.
	The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of December 31, 2014 or 2013.
	Recurring Fair Value Measurements
	The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis:
		December 31, 2014
									Cash
		Level			Level		Level		Collateral
		One			Two		Three		and Netting		Total
							(In millions)
	ASSETS
	Mortgage loans held for sale	$	—		$	873	$	42	$	—	$	915
	Mortgage servicing rights	—			—		1,005		—		1,005
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—		22		—		22
	Forward delivery commitments	—			5		—		-2		3
	MSR-related agreements	—			66		—		-58		8
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—		$	14	$	—	$	-7	$	7
		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
	Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows:
	Mortgage Loans Held for Sale.  The Company elected to record Mortgage loans held for sale (“MLHS”) at fair value.  This election is intended to both better reflect the underlying economics and eliminate the operational complexities of risk management activities related to MLHS and hedge accounting requirements.
	For Level Two MLHS, fair value is estimated through a market approach by using either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan including the value attributable to servicing rights and credit risk or (ii) current commitments to purchase loans. The Agency mortgage-backed security market is a highly liquid and active secondary market for conforming conventional loans whereby quoted prices exist for securities at the pass-through level, which are published on a regular basis. The Company has the ability to access this market and it is the market into which conforming mortgage loans are typically sold.
	Level Three MLHS include second lien and Scratch and Dent loans, and are valued based upon a discounted cash flow model or a collateral-based valuation model, respectively. Scratch and Dent loans represent mortgage loans with origination flaws or performance issues.
	The following table reflects the difference between the carrying amounts of MLHS measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:
		December 31, 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	$	915		$	13	$	834	$	12
	Aggregate unpaid principal balance	903			17		837		17
	Difference	$	12		$	-4	$	-3	$	-5
	The following table summarizes the components of Mortgage loans held for sale:
		December 31,
		2014			2013
		(In millions)
	First mortgages:
	Conforming	$	761		$	737
	Non-conforming	111			48
Total first mortgages	872			785
Second lien	5			5
Scratch and Dent	37			44
Other	1			—
Total	$	915		$	834
Mortgage Servicing Rights. Mortgage servicing rights (“MSRs”) are classified within Level Three of the valuation hierarchy due to the use of significant unobservable inputs and the inactive market for such assets.
The fair value of MSRs is estimated based upon projections of expected future cash flows considering prepayment estimates (developed using a model described below), the Company’s historical prepayment rates, portfolio characteristics, interest rates based on interest rate yield curves, implied volatility and other economic factors. A probability weighted option adjusted spread (“OAS”) model generates and discounts cash flows for the MSR valuation. The OAS model generates numerous interest rate paths, then calculates the MSR cash flow at each monthly point for each path and discounts those cash flows back to the current period. The MSR value is determined by averaging the discounted cash flows from each of the interest rate paths. The interest rate paths are generated with a random distribution centered around implied forward interest rates, which are determined from the interest rate yield curve at any given point of time.
A key assumption in the estimate of the fair value of MSRs is forecasted prepayments. A third-party model is used as a basis to forecast prepayment rates at each monthly point for each interest rate path in the OAS model. Prepayment rates used in the development of expected future cash flows are based on historical observations of prepayment behavior in similar periods, comparing current mortgage interest rates to the mortgage interest rates in the servicing portfolio. The rates incorporate loan characteristics (e.g., loan type and note rate) and factors such as recent prepayment experience, the relative sensitivity of the capitalized loan servicing portfolio to refinance if interest rates decline and estimated levels of home equity. On a quarterly basis, assumptions used in estimating fair value are validated against a number of third-party sources, which may include peer surveys, MSR broker surveys, third-party valuations and other market-based sources.
The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs:
	Year Ended December 31,
	2014		2013
Initial capitalization rate of additions to MSRs	1.09 %		1.10 %
	December 31,
	2014		2013
Capitalization servicing rate	0.89 %		0.99 %
Capitalization servicing multiple	3.1		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):
	December 31,
	2014		2013
Weighted-average prepayment speed (CPR)	11.5 %		9.0 %
Option adjusted spread, in basis points (OAS)	865		1,056
Weighted-average delinquency rate	5.0 %		5.8 %
The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:
	December 31, 2014
	Weighted-					Weighted-
	Average			Option		Average
	Prepayment			Adjusted		Delinquency
	Speed			Spread		Rate
	(In millions)
Impact on fair value of 10% adverse change	$	-48		$	-43	$	-22
Impact on fair value of 20% adverse change	-93			-83		-44
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.  Derivative instruments are classified within Level Two and Level Three of the valuation hierarchy.  See Note 5, “Derivatives” for additional information regarding derivative instruments.
Interest Rate Lock Commitments (“IRLCs”) are classified within Level Three of the valuation hierarchy. IRLCs represent an agreement to extend credit to a mortgage loan applicant, or an agreement to purchase a loan from a third-party originator, whereby the interest rate on the loan is set prior to funding. The fair value of IRLCs is based upon the estimated fair value of the underlying mortgage loan, including the expected net future cash flows related to servicing the mortgage loan, adjusted for: (i) estimated costs to complete and originate the loan and (ii) an adjustment to reflect the estimated percentage of IRLCs that will result in a closed mortgage loan under the original terms of the agreement (or “pullthrough”).
The average pullthrough percentage used in measuring the fair value of IRLCs as of December 31, 2014 and 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.
Forward Delivery Commitments are classified within Level Two of the valuation hierarchy. Forward delivery commitments fix the forward sales price that will be realized upon the sale of mortgage loans into the secondary market. The fair value of forward delivery commitments is primarily based upon the current agency mortgage-backed security market to-be-announced pricing specific to the loan program, delivery coupon and delivery date of the trade. Best effort sales commitments are also executed for certain loans at the time the borrower commitment is made. These best effort sales commitments are valued using the committed price to the counterparty against the current market price of the interest rate lock commitment or mortgage loan held for sale.
Option Contracts are classified within Level Two of the valuation hierarchy. Option contracts represent the right to buy or sell mortgage-backed securities at specified prices in the future. The fair value of option contracts is based upon the underlying current to be announced pricing of the agency mortgage-backed security market, and a market-based volatility.
MSR-Related Agreements are classified within Level Two of the valuation hierarchy.  MSR-related agreements represent a combination of derivatives used to offset possible adverse changes in the fair value of MSRs, which include options on swap contracts, to-be-announced securities and interest rate swap contracts, among other instruments.  The fair value of MSR-related agreements is determined using quoted prices for similar instruments.
Convertible Note-Related Agreements relate to the Convertible notes due 2014 and include conversion options and purchased options.  These instruments expired in September 2014, consistent with the repayment date of the Convertible note series.
Level Three Measurements
Instruments classified within Level Three of the fair value hierarchy contain significant inputs to the valuation that are based upon unobservable inputs that reflect the Company’s assessment of the assumptions a market participant would use in pricing the asset or liability.  The fair value of assets and liabilities classified within Level Three of the valuation hierarchy also typically includes observable factors and the realized or unrealized gain or loss recorded from the valuation of these instruments would also include amounts determined by observable factors.
Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of:
	Year Ended December 31,
	2014							2013
						IRLCs,						IRLCs,
	MLHS			MSRs		net		MLHS		MSRs		net
	(In millions)
Balance, beginning of period	$	49		$	1,279	$	22	$	64	$	1,022	$	139
Realized and unrealized (losses) gains	-3			-320		309		-10		13		475
Purchases	50			—		—		73		—		—
Issuances	3			97		—		2		244		—
Settlements	-53			-51		-309		-85		—		-592
Transfers into Level Three	32			—		—		46		—		—
Transfers out of Level Three	-36			—		—		-41		—		—
Balance, end of period	$	42		$	1,005	$	22	$	49	$	1,279	$	22
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 Consolidated Statements of Operations as follows:
	Year Ended December 31,
	2014			2013
Gain on loans held for sale, net:
Mortgage loans held for sale	$	-8		$	-15
Interest rate lock commitments	309			475
Change in fair value of mortgage servicing rights:
Mortgage servicing rights	-320			13
Interest income:
Mortgage loans held for sale	5			5
Unrealized gains (losses) included in the Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Consolidated Balance Sheets were as follows:
	Year Ended December 31,
	2014			2013
Gain on loans held for sale, net	$	17		$	16
Change in fair value of mortgage servicing rights	-165			276
Fair Value of Other Financial Instruments
As of December 31, 2014 and 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 Servicing advance receivables, the carrying value approximates fair value due to the short-term nature of such instruments.
Debt.  As of December 31, 2014 and 2013, the total fair value of Debt was $2.0 billion and $2.4 billion, respectively, and is measured using Level Two inputs. As of December 31, 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) $0.9 billion was measured using observable spreads and terms for recent pricing of similar instruments.
Non-Recurring Fair Value Measurements
Other Assets — Equity method investments. Fair value of equity method investments is determined by discounting cash flows of the projected financial results of the investment and the use of a market valuation approach.  During the year ended December 31, 2013, the impairment analysis resulted in a $5 million charge to reduce the value of the investment which was recorded in Other income.  There was no impairment charge recorded during the year ended December 31, 2014.
Other Assets — Mortgage loans in foreclosure and Real estate owned.  The evaluation of impairment reflects an estimate of losses currently incurred at the balance sheet date, which will likely not be recoverable from guarantors, insurers or investors. The impairment of mortgage loans in foreclosure, which represents the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances on those loans, is based on the fair value of the underlying collateral, determined on a loan level basis, less costs to sell. Fair value of the collateral is estimated by considering appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions.  Real estate owned (“REO”), which are acquired from mortgagors in default, plus recoverable advances on those loans, is recorded at the lower of adjusted carrying amount at the time the property is acquired or fair value of the property, less estimated costs to sell.  Fair value of REO is estimated using appraisals and broker price opinions, which are updated on a periodic basis to reflect current housing market conditions.
The allowance for probable losses associated with mortgage loans in foreclosure and the adjustment to record REO at their estimated net realizable value were based upon fair value measurements with assumptions primarily from Level Three of the valuation hierarchy.  During the years ended December 31, 2014 and 2013, Repurchase and foreclosure-related charges totaled a benefit of $2 million and a provision of $7 million, respectively.  These amounts were recorded in Other operating expenses, and include changes in the estimate of losses related to off-balance sheet exposure to loan repurchases and indemnifications in addition to the provision for or benefit from valuation adjustments for mortgage loans in foreclosure and REO. See Note 13, “Credit Risk” for further discussion regarding the balances of mortgage loans in foreclosure, REO, and the off-balance sheet exposure to loan repurchases and indemnifications.

Variable_Interest_Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities
Variable Interest Entities
	19.  Variable Interest Entities
	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements.
	The Company’s involvement in variable interest entities primarily relate to PHH Home Loans, a joint venture with Realogy Corporation, and a special purpose bankruptcy remote trust that issues asset-backed notes secured by servicing advance receivables.  The activities of significant variable interest entities are more fully described below.
	Assets and liabilities of significant variable interest entities are included in the Consolidated Balance Sheets as follows:
								December 31,
			December 31, 2014					2013
	Servicing
						Advance
			PHH Home			Receivables		PHH Home
			Loans			Trust		Loans
			(In millions)
	ASSETS
	Cash		$	82		$	—	$	91
	Restricted cash		3			20		3
	Mortgage loans held for sale		378			—		308
	Accounts receivable, net		8			—		7
	Servicing advances, net		—			155		—
	Property and equipment, net		1			—		2
	Other assets		8			—		7
	Total assets		$	480		$	175	$	418
	Assets held as collateral(1)		$	353		$	175	$	300
	LIABILITIES
	Accounts payable and accrued expenses		$	16		$	—	$	15
	Debt		335			108		280
	Other liabilities		10			—		11
	Total liabilities(2)		$	361		$	108	$	306
	___________________
		-1		Represents amounts not available to pay the Company’s general obligations.  See Note 10, “Debt and Borrowing Arrangements” for further information.
		-2		Excludes intercompany payables.
	In addition to the assets and liabilities of significant variable interest entities that were consolidated as outlined above, the Company had the following involvement with these entities as of and for the year ended December 31:
			Net income (loss)(1)
			2014			2013		2012
			(In millions)
	PHH Home Loans		$	16		$	43	$	111
	Servicing Advance Receivables Trust		(5		)	—		—
			PHH Corporation					Intercompany
			Investment(2)					receivable (payable)(2)
			2014			2013		2014		2013
			(In millions)
	PHH Home Loans		$	57		$	57	$	14	$	15
	Servicing Advance Receivables Trust		72			—		—		—
	_________________
		-1		Includes adjustments for the elimination of intercompany transactions.
		-2		Amounts are eliminated in the Consolidated Balance Sheets.
	PHH Home Loans
	Purpose and Structure. The Company owns 50.1% of PHH Home Loans and Realogy Corporation owns the remaining 49.9%. The operations of PHH Home Loans are governed by the PHH Home Loans Operating Agreement.  PHH Home Loans was formed for the purpose of originating and selling mortgage loans primarily sourced through Realogy’s owned real estate brokerage business, NRT, and corporate relocation business, Cartus.  All loans originated by PHH Home Loans are sold to PHH Mortgage or to unaffiliated third-party investors at arm’s-length terms. The PHH Home Loans Operating Agreement provides that at least 15% of the total loans originated by PHH Home Loans are sold to unaffiliated third party investors. PHH Home Loans does not hold any mortgage loans for investment purposes or retain mortgage servicing rights for any loans it originates.
	During the years ended December 31, 2014, 2013 and 2012, PHH Home Loans originated residential mortgage loans of $7.4 billion, $9.3 billion and $12.1 billion, respectively, and PHH Home Loans brokered or sold $3.3 billion, $5.0 billion and $6.0 billion, respectively, of mortgage loans to the Company under the terms of a loan purchase agreement.  For the year ended December 31, 2014, 24% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which 88% were originated by PHH Home Loans.  As of December 31, 2014, the Company had outstanding commitments to purchase or fund $250 million of mortgage loans and lock commitments expected to result in closed mortgage loans from PHH Home Loans.
	The Company manages PHH Home Loans through its subsidiary, PHH Broker Partner, with the exception of certain specified actions that are subject to approval through PHH Home Loans’ board of advisors, which consists of representatives of Realogy and the Company. The board of advisors has no managerial authority, and its primary purpose is to provide a means for Realogy to exercise its approval rights over those specified actions of PHH Home Loans for which Realogy’s approval is required. PHH Mortgage operates under a Management Services Agreement with PHH Home Loans, pursuant to which PHH Mortgage provides certain mortgage origination processing and administrative services for PHH Home Loans. In exchange for such services, PHH Home Loans pays PHH Mortgage a fee per service and a fee per loan, subject to a minimum amount.
	Realogy’s ownership interest is presented in the Consolidated Financial Statements as a noncontrolling interest. The Company’s determination of the primary beneficiary was based on both quantitative and qualitative factors, which indicated that its variable interests will absorb a majority of the expected losses and receive a majority of the expected residual returns of PHH Home Loans. The Company has maintained the most significant variable interests in the entity, which include the majority ownership of common equity interests, the outstanding Intercompany Line of Credit, PHH Home Loans Loan Purchase and Sale Agreement, and the Management Services Agreement. The Company has been the primary beneficiary of PHH Home Loans since its inception, and there have been no current period events that would change the decision regarding whether or not to consolidate PHH Home Loans.
	Contributions and Distributions.  PHH Home Loans is financed through equity contributions, sales of mortgage loans to PHH Mortgage and other investors, and secured and unsecured subordinated indebtedness. The Company did not make any capital contributions to support the operations of PHH Home Loans during the years ended December 31, 2014, 2013 and 2012.  The Company is not solely obligated to provide additional financial support to PHH Home Loans.
	Subject to certain regulatory and financial covenant requirements, net income generated by PHH Home Loans may be distributed quarterly to its members pro rata based upon their respective ownership interests. PHH Home Loans may also require additional capital contributions from the Company and Realogy under the terms of the Operating Agreement if it is required to meet minimum regulatory capital and reserve requirements imposed by any governmental authority or any creditor of PHH Home Loans or its subsidiaries. Distributions received from PHH Home Loans were $4 million, $40 million and $42 million during the years ended December 31, 2014, 2013 and 2012, respectively.
	Other Support. The Company maintains an unsecured subordinated Intercompany Line of Credit with PHH Home Loans with $60 million in available capacity as of December 31, 2014.  This indebtedness is not collateralized by the assets of PHH Home Loans. The Company has extended the subordinated financing to increase PHH Home Loans’ capacity to fund mortgage loans and to support certain covenants of the entity. There were no borrowings outstanding under this Intercompany Line of Credit as of December 31, 2014 or 2013.
	Realogy Agreements. Unless terminated earlier, our relationship with Realogy continues until January 31, 2055.  However, under the PHH Home Loans Operating Agreement, beginning on February 1, 2015, Realogy has the right at any time to give us two years notice of their intent to terminate their interest in PHH Home Loans. In addition, the Strategic Relationship Agreement and the PHH Home Loans Operating Agreement outline certain terms and events that give Realogy the right to terminate the joint venture for cause.
	Upon Realogy’s termination of the joint venture, whether for cause or upon two years’ notice without cause, Realogy will have the right either:  (i) to require that the Company purchase their interest in PHH Home Loans at fair value, plus, in certain cases, liquidated damages; or (ii) to cause the Company to sell its interest in PHH Home Loans to an unaffiliated third party designated by Realogy at fair value plus, in certain cases, liquidated damages. In the case of a termination by Realogy following a change in control of PHH, the Company may be required to make a cash payment to Realogy in an amount equal to PHH Home Loans’ trailing 12 months net income multiplied by the greater of (i) the number of years remaining in the first 12 years of the term of the agreement or (ii) two years.
	The Company has the right to terminate the Operating Agreement upon, among other things, a material breach by Realogy of a material provision of the agreement, in which case the Company has the right to purchase Realogy’s interest in PHH Home Loans at a price derived from an agreed-upon formula based upon fair market value (which is determined with reference to that trailing 12 months EBITDA) for PHH Home Loans and the average market EBITDA multiple for mortgage banking companies.
	Upon termination, all of PHH Home Loans agreements will terminate automatically (excluding certain privacy, non-competition, venture-related transition provisions and other general provisions), and Realogy will be released from any restrictions under the PHH Home Loans agreements that may restrict its ability to pursue a partnership, joint venture or another arrangement with any third-party mortgage operation.  The termination of this joint venture and other Realogy agreements would have a significant impact on our volumes of mortgage loan originations and related Net revenues.
	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 10, “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 year ended December 31, 2014, the Company and its subsidiaries contributed Accounts receivable of $814 million to the Depositor, and received distributions of $742 million.

Related_Party_Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2014
Related Party Transactions
Related Party Transactions
	20.  Related Party Transactions
	Certain Business Relationships
	Thomas P. (Todd) Gibbons, one of the Company’s Directors effective July 1, 2011, is Vice Chairman and Chief Financial Officer of the Bank of New York Mellon Corporation, the Bank of New York Mellon, and BNY Mellon, N.A. (collectively “BNY Mellon”).  The Company has certain relationships with BNY Mellon, including financial services, commercial banking and other transactions. BNY Mellon functions as the custodian for loan files, and functions as the indenture trustee on the Convertible notes due in 2017, the Senior notes due in 2019 and 2021, and the Company’s servicing advance facility.  The Company also executes forward loan sales agreements and certain MSR-related derivative agreements with BNY Mellon, and the Fleet business had interest rate contracts related to asset-backed debt.  These transactions were entered into in the ordinary course of business upon terms, including interest rate and collateral, substantially the same as those prevailing at the time. The fees paid to BNY Mellon, including interest expense, during the years ended December 31, 2014 and 2013 were not significant.

Segment_Information

Segment Information	12 Months Ended
	Dec. 31, 2014
Segment Information
Segment Information
	21.  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.  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 as of and for the year ended December 31, were as follows:
			Total Assets
			2014		2013
			(In millions)
	Mortgage Production segment		$	1,209	$	1,127
	Mortgage Servicing segment		1,924		2,219
	Assets related to discontinued operations		—		4,456
	Other		1,163		1,051
	Total		$	4,296	$	8,853
			Net Revenues						Segment Profit (Loss)(2)
			2014		2013		2012		2014		2013		2012
			(In millions)
	Mortgage Production segment		$	465	$	821	$	1,234	$	-141	$	22	$	416
	Mortgage Servicing segment		163		379		-108		-103		155		-464
	Other(1)		11		—		—		-46		-66		-25
	Total		$	639	$	1,200	$	1,126	$	-290	$	111	$	-73
	______________
		-1		Net results for Other includes the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments which totaled $24 million, $54 million and $13 million for 2014, 2013 and 2012, respectively.
		-2		The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:
			Year Ended December 31,
			2014		2013		2012
	(In millions)
	(Loss) income from continuing operations before income taxes		$	-284	$	140	$	-14
	Less: net income attributable to noncontrolling interest		6		29		59
	Segment (loss) profit		$	-290	$	111	$	-73
			Interest Income						Interest Expense
			2014		2013		2012		2014		2013		2012
			(In millions)
	Mortgage Production segment		$	38	$	63	$	84	$	77	$	127	$	150
	Mortgage Servicing segment		4		7		7		53		58		62
	Total		$	42	$	70	$	91	$	130	$	185	$	212

Selected_Quarterly_Financial_D

Selected Quarterly Financial Data-(unaudited)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data-(unaudited)
Selected Quarterly Financial Data-(unaudited)
	22.  Selected Quarterly Financial Data—(unaudited)
	The following tables present selected unaudited quarterly financial data:
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2014		2014		2014		2014
		(In millions, except per share data)
	Net revenues	$	111	$	196	$	152	$	180
	Loss from continuing operations before income taxes	-93		-21		-129		-41
	Net (loss) income	-44		-55		218		-32
	Net (loss) income attributable to PHH Corporation	-42		-59		215		-33
	Basic (loss) earnings per share:
	From continuing operations	$	-1.01	$	-0.23	$	-1.64	$	-0.62
	From discontinued operations	0.28		-0.79		5.64		-0.04
	Total attributable to PHH Corporation	$	-0.73	$	-1.02	$	4.00	$	-0.66
	Diluted (loss) earnings per share:
	From continuing operations	$	-1.01	$	-0.23	$	-1.64	$	-0.62
	From discontinued operations	0.28		-0.79		5.64		-0.04
	Total attributable to PHH Corporation	$	-0.73	$	-1.02	$	4.00	$	-0.66
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2013		2013		2013		2013
		(In millions, except per share data)
	Net revenues	$	336	$	415	$	211	$	238
	Income (loss) from continuing operations before income taxes	72		133		-101		36
	Net income (loss)	64		102		-46		44
	Net income (loss) attributable to PHH Corporation	52		90		-52		45
	Basic earnings (loss) per share:
	From continuing operations	$	0.62	$	1.30	$	-1.19	$	0.48
	From discontinued operations	0.28		0.28		0.29		0.30
	Total attributable to PHH Corporation	$	0.90	$	1.58	$	-0.9	$	0.78
	Diluted earnings (loss) per share:
	From continuing operations	$	0.54	$	1.15	$	-1.19	$	0.41
	From discontinued operations	0.25		0.25		0.29		0.26
	Total attributable to PHH Corporation	$	0.79	$	1.40	$	-0.9	$	0.67

SCHEDULE_I_CONDENSED_FINANCIAL

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	12 Months Ended
	Dec. 31, 2014
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT	PHH CORPORATION AND SUBSIDIARIES
	SUPPLEMENTARY FINANCIAL DATA
	SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	PHH CORPORATION
	CONDENSED STATEMENTS OF OPERATIONS
	(In millions)
		Year Ended December 31,
		2014		2013		2012
	REVENUES
	Other income	$	11	$	—	$	—
	Interest income	—		—		1
	Net revenues	11		—		1
	EXPENSES
	Salaries and related expenses	67		55		55
	Interest expense	95		126		134
	Depreciation and amortization	9		9		8
	Professional and third-party service fees	62		48		27
	Technology equipment and software expenses	18		15		13
	Other operating expenses	32		64		21
	Total expenses before allocations	283		317		258
	Corporate overhead allocations to subsidiaries	-131		-125		-99
	Unsecured interest expense allocation to subsidiaries	-95		-126		-133
	Total expenses	-57		-66		-26
	Loss before income taxes and equity in (loss) earnings of subsidiaries	-46		-66		-25
	Income tax benefit	-13		-25		-10
	Loss before equity in (loss) earnings of subsidiaries	-33		-41		-15
	Equity in (loss) earnings of subsidiaries, excluding discontinued operations	-158		110		-21
	(Loss) income from continuing operations, net of tax	-191		69		-36
	Income from discontinued operations, net of tax	272		66		70
	Net income	$	81	$	135	$	34
	Other comprehensive (loss) income, net of tax:
	Currency translation adjustment	-22		-14		5
	Change in unfunded pension liability, net	-5		5		1
	Change in unrealized gains on available-for-sale securities, net	—		-1		-1
	Total other comprehensive (loss) income, net of tax	-27		-10		5
	Total comprehensive income	$	54	$	125	$	39
	PHH CORPORATION AND SUBSIDIARIES
	SUPPLEMENTARY FINANCIAL DATA
	SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
	PHH CORPORATION
	CONDENSED BALANCE SHEETS
	(In millions)
		December 31,
		2014		2013
	ASSETS
	Cash and cash equivalents	$	1,115	$	969
	Restricted cash	9		10
	Accounts receivable	5		27
	Due from consolidated subsidiaries	248		309
	Investment in consolidated subsidiaries	1,000		1,502
	Property and equipment, net	10		15
	Other assets	74		174
	Total assets	$	2,461	$	3,006
	LIABILITIES AND EQUITY
	Accounts payable and accrued expenses	$	65	$	61
	Debt	831		1,249
	Other liabilities	20		30
	Total liabilities	916		1,340
	Commitments and contingencies	—		—
	EQUITY
	Preferred stock	—		—
	Common stock	1		1
	Additional paid-in capital	989		1,142
	Retained earnings	566		507
Accumulated other comprehensive (loss) income	-11		16
Total PHH Corporation stockholders’ equity	1,545		1,666
Total liabilities and equity	$	2,461	$	3,006
PHH CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY FINANCIAL DATA
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
PHH CORPORATION
CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
	Year Ended December 31,
	2014		2013		2012
Net cash (used in) provided by operating activities	$	-522	$	-6	$	115
Cash flows from investing activities:
Proceeds from sale of business, net of transaction costs	1,369		—		—
Purchases of property and equipment	-5		-4		-6
Purchases of certificates of deposit	-250		—		—
Proceeds from maturities of certificates of deposit	250		—		—
Decrease (increase) in restricted cash	1		13		-23
Dividends from consolidated subsidiaries	—		106		40
Net cash provided by investing activities	1,365		115		11
Cash flows from financing activities:
Net cash (used) provided by consolidated subsidiaries	-69		175		373
Proceeds from unsecured borrowings	—		350		518
Principal payments on unsecured borrowings	-435		-288		-671
Issuances of common stock	10		3		5
Repurchase of common stock	-200		—		—
Cash paid for debt issuance costs	—		-9		-19
Other, net	-3		-5		-5
Net cash (used in) provided by financing activities	-697		226		201
Net increase in Cash and cash equivalents	146		335		327
Cash and cash equivalents at beginning of period	969		634		307
Cash and cash equivalents at end of period	$	1,115	$	969	$	634
Supplemental Disclosure of Cash Flows Information:
Payments for debt retirement premiums	$	22	$	50	$	14
Interest payments	83		89		105
Income tax payments, net	534		4		4

SCHEDULE_II_VALUATION_AND_QUAL

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2014
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
	PHH CORPORATION AND SUBSIDIARIES
	SUPPLEMENTARY FINANCIAL DATA
	SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS
		PHH Corporation and						PHH Corporation
		Subsidiaries
		2014		2013		2012		2014		2013		2012
		(In millions)
	Deferred tax valuation allowance:
	Balance, beginning of period	$	26	$	30	$	44	$	5	$	6	$	7
	Additions:
	Charged to costs and expenses	5		2		2		2		—		—
	Charged to other accounts	4		—		-8		—		—		—
	Reductions	—		-6		-8		-2		-1		-1
	Balance, end of period	$	35	$	26	$	30	$	5	$	5	$	6

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Use of Estimates
	The Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (GAAP) and pursuant to the rules and regulations of the Securities and Exchange Commission. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for commitments and contingencies, mortgage loan repurchases and indemnifications and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.
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 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 Consolidated Balance Sheets as of December 31, 2013.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Consolidated Statements of Cash Flows and Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
Reclassifications
	Reclassifications
	Additional lines of detail in the Consolidated Statements of Operations and Consolidated Balance Sheets have been presented which reflect the remaining mortgage operations of the Company.  In addition, consistent with the December 31, 2014 presentation, certain servicing advances related to loans in foreclosure in the servicing portfolio as of December 31, 2013 were reclassified from Other assets to Servicing advances, net to conform with current year presentation.  These reclassifications had no impact on reported totals for assets, liabilities, stockholders’ equity, cash flows or net income or loss.  See Note 13, “Credit Risk” for additional information.
Changes In Accounting Policies and Recently Issued Accounting Pronouncements
	Changes in Accounting Policies
	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 elected to early adopt the new accounting guidance effective December 31, 2014 and the adoption did not have an impact on the Company’s financial statements or disclosures.
	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.   Early adoption is permitted if ASU 2014-04 has already been adopted.   The Company elected to early adopt the guidance effective January 1, 2014, and as a result of the adoption, $49 million of government insured loans were reclassified from Mortgage loans in foreclosure and Real estate owned within Other assets to Accounts receivable, net on the Consolidated Balance Sheets as of December 31, 2014.  Consistent with the modified retrospective transition method, the Company did not reclassify amounts for presentation as of December 31, 2013.  The adoption of the guidance did not impact the Company’s results of operations or cash flows.
	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
	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 with early adoption 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.
	Consolidation.  In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.”  The update impacts an entity’s consolidation analysis of its variable interest entities, particularly those that have fee arrangements and related party relationships.  The update eliminates certain conditions for evaluating whether a fee paid to a decision maker or a service provider represents a variable interest, and places more emphasis in the evaluation of variable interests other than fee arrangements.  Additionally, the amendments reduce the extent to which related party arrangements cause an entity to be considered a primary beneficiary.  The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015 with early adoption permitted.  A reporting entity may apply the amendments in this Update retrospectively or by using a modified retrospective approach.  The Company is currently evaluating the impact of adopting this new standard.
Revenue Recognition
	Revenue Recognition
	Mortgage Production.  Mortgage production includes the origination and sale of residential mortgage loans. Mortgage loans are originated through various channels, including relationships with financial institutions, real estate brokerage firms, and corporate clients. The Company also purchases mortgage loans originated by third parties.  Revenues from Mortgage production include:
	Origination and other loan fees. Origination and other loan fees consist of fee income earned on all loan originations, including loans closed to be sold and fee-based closings. Fee income consists of amounts earned related to application and underwriting fees, fees on cancelled loans and amounts earned from financial institutions related to brokered loan fees and origination assistance fees resulting from private-label mortgage outsourcing activities. Fees associated with the origination and acquisition of mortgage loans are recognized as earned.
	Gain on loans held for sale.  Gain on loans held for sale, net includes the realized and unrealized gains and losses on sales of mortgage loans, as well as the changes in fair value of all loan-related derivatives, including interest rate lock commitments and freestanding loan-related derivatives.
	Interest income.  Interest income is recognized on loans held for sale for the period from loan funding to sale, which is typically within 30 days.  Loans are placed on non-accrual status when any portion of the principal or interest is 90 days past due or earlier if factors indicate that the ultimate collectability of the principal or interest is not probable. Interest received from loans on non-accrual status is recorded as income when collected. Loans return to accrual status when the principal and interest become current and it is probable that the amounts are fully collectible.
	Mortgage Servicing.  Mortgage servicing involves the servicing of residential mortgage loans on behalf of the investor.  Revenues from Mortgage servicing include:
	Loan servicing income–Capitalized servicing portfolio.  Loan servicing income represents recurring servicing and other ancillary fees earned for servicing mortgage loans owned by investors.  Servicing fees received for servicing mortgage loans owned by investors are based on a stipulated percentage of the outstanding monthly principal balance on such loans, or the difference between the weighted-average yield received on the mortgage loans and the amount paid to the investor, less guaranty fees and interest on curtailments.  Loan servicing income is receivable only out of interest collected from mortgagors and is recorded as income when collected. Late charges and other miscellaneous fees collected from mortgagors are also recorded as income when collected.
	Loan servicing income—Subserviced portfolio.  For loans that are subserviced for others, a stated amount per loan is received, depending on the current delinquency status of the loan, and is defined in the subservicing agreements.
Sale of Financial Assets
	Sales of Financial Assets
	Originated mortgage loans are principally sold directly to, or pursuant to programs sponsored by, government-sponsored entities and other investors.  Additionally, the Company has entered into agreements to sell a portion of newly-created Mortgage servicing rights (“MSRs”) and may complete other sales of existing MSRs.
	Each agreement is evaluated for sales treatment through a review that includes both an accounting and a legal analysis to determine whether or not the transferred assets have been isolated from the transferor, the extent of the continuing involvement and the existence of any protection provisions.  To the extent the transfer of assets qualifies as a sale, the asset is derecognized and the gain or loss is recorded on the sale date. In the event the transfer of assets does not qualify as a sale, the transfer would be treated as a secured borrowing.
Income Taxes
	Income Taxes
	Current tax expense represents the amount of taxes currently payable to or receivable from a taxing authority plus amounts accrued for income tax contingencies (including tax, penalty and interest). Deferred tax expense generally represents the net change in the deferred tax asset or liability balance during the year plus any change in the valuation allowance, excluding any changes in amounts recorded in Additional paid-in capital or Accumulated other comprehensive income (loss) in the Consolidated Balance Sheets.
	Deferred income taxes are determined using the balance sheet method.  This method requires that income taxes reflect the expected future tax consequences of temporary differences between the carrying amounts of assets or liabilities for book and tax purposes using the current enacted tax rates.  Deferred tax assets and liabilities are regularly reviewed to assess their potential realization and to establish a valuation allowance when it is “more likely than not” that some portion will not be realized.
	The Company is subject to the income tax laws of the various jurisdictions in which it operates, including U.S. federal, state and local jurisdictions.  A consolidated federal income tax return is filed.  Depending upon the jurisdiction, the Company files consolidated or separate legal entity state income tax returns.  With respect to the Company’s operations prior to the sale of the Fleet business in 2014, the Company was also subject to income tax laws of Canada.
Cash and Cash Equivalents
	Cash and Cash Equivalents
	Cash and cash equivalents include  marketable securities with original maturities of three months or less.
Restricted Cash
	Restricted Cash
	Restricted cash includes amounts specifically designated to repay debt, provide over-collateralization within warehouse facilities and the servicing advance facility, support letters of credit, and funds collected and held for pending mortgage closings.
Mortgage Loans Held for Sale
	Mortgage Loans Held for Sale
	Mortgage loans held for sale represent loans originated or purchased and held until sold to secondary market investors. Mortgage loans are typically warehoused for a period after origination or purchase before sale into the secondary market.  Servicing rights are generally retained upon sale of mortgage loans in the secondary market.  Mortgage loans held for sale are measured at fair value on a recurring basis and are recognized in Gain on loans held for sale, net in the Consolidated Statements of Operations.
Servicing Advances, net
	Servicing Advances, net
	The Company is required under most of its mortgage servicing agreements to advance funds to meet contractual principal and interest payments to investors and to pay tax, insurance, foreclosure costs and various other items that are required to preserve the assets being serviced.  Advances are recovered either from the borrower in subsequent payments, from liquidation proceeds or from insurance claims following foreclosure or liquidation.  The Company is exposed to losses only to the extent that the respective servicing guidelines are not followed and records a reserve against the advances when it is probable that the servicing advance will be uncollectable.  As of December 31, 2014 and 2013, the recorded reserve for uncollectable servicing advances was $4 million and $6 million, respectively.  In certain circumstances, the Company may be required to remit funds on a non-recoverable basis, which are expensed as incurred.
Mortgage Servicing Rights
	Mortgage Servicing Rights
	A mortgage servicing right is the right to receive a portion of the interest coupon and fees collected from the mortgagor for performing specified mortgage servicing activities, which consist of collecting loan payments, remitting principal and interest payments to investors, managing escrow funds for the payment of mortgage-related expenses such as taxes and insurance and otherwise administering the mortgage loan servicing portfolio. Mortgage servicing rights are created through either the direct purchase of servicing from a third party or through the sale of an originated mortgage loan. The servicing rights relate to a single class of residential mortgage loans, which are measured at fair value on a recurring basis.
	The initial value of capitalized mortgage servicing rights is recorded as an addition to Mortgage servicing rights in the Consolidated Balance Sheets and within Gain on loans held for sale, net in the Consolidated Statements of Operations. Valuation changes adjust the carrying amount of Mortgage servicing rights in the Consolidated Balance Sheets and are recognized in Change in fair value of mortgage servicing rights in the Consolidated Statements of Operations.  Subsequent measurements including the market-related fair value adjustments and actual prepayments of the underlying mortgage loan and receipts of recurring cash flows are recorded in Change in fair value of mortgage servicing rights.
Property and Equipment
	Property and Equipment
	Property and equipment (including leasehold improvements) are recorded at cost, net of accumulated depreciation and amortization. Depreciation and amortization expense are computed utilizing the straight-line method over the following estimated useful lives:
	Capitalized software	3 to 5 years
	Furniture, fixtures and equipment	3 to 7 years
	Capital leases	Lesser of the remaining lease term or 5 years
	Leasehold improvements	Lesser of the remaining lease term or 20 years
	Internal software development costs are capitalized during the application development stage. The costs capitalized relate to external direct costs of materials and services and employee costs related to the time spent on the project during the capitalization period. Capitalized software is evaluated for impairment annually or when changing circumstances indicate that amounts capitalized may be impaired. Impaired items are written down to their estimated fair values at the date of evaluation.
Derivative Instruments
	Derivative Instruments
	Derivative instruments are used as part of the overall strategy to manage exposure to market risks primarily associated with fluctuations in interest rates. As a matter of policy, derivatives are not used for speculative purposes. Derivative instruments are measured at fair value on a recurring basis and are included in Other assets or Other liabilities in the Consolidated Balance Sheets.   The Company does not have any derivative instruments designated as hedging instruments.
Subservicing Advance Liabilities
	Subservicing Advance Liabilities
	Under the terms of certain subservicing arrangements the subservicing counterparty is required to fund servicing advances for their respective portfolios of subserviced loans.  A subservicing advance liability is recorded for cash received from the counterparty to fund advances, and is repaid to the counterparty upon the collection of the mortgage servicing advance receivables.
Loan Repurchase and Indemnification Liability
	Loan Repurchase and Indemnification Liability
	The Company has exposure to potential mortgage loan repurchase and indemnifications in its capacity as a loan originator and servicer. The estimation of the liability for probable losses related to repurchase and indemnification obligations considers both (i) specific, non-performing loans currently in foreclosure where the Company believes it will be required to indemnify the investor for any losses and (ii) an estimate of probable future repurchase or indemnification obligations from breaches of representation and warranties.  The liability related to specific non-performing loans is based on a loan-level analysis considering the current collateral value, estimated sales proceeds and selling cost. The liability related to probable future repurchase or indemnification obligations is segregated by year of origination and considers the amount of unresolved repurchase and indemnification requests and includes an estimate for future repurchase demands based upon recent and historical repurchase and indemnification experience, as well as the success rate in appealing repurchase requests, an estimated loss severity based on current loss rates for similar loans and an estimate for expenses that are not eligible to be reimbursed.
	Upon sale, the Company establishes a liability for the probable losses as a reduction of the transaction gain or loss, within Gain on loans held for sale, net.  Subsequent updates to the recorded liability from changes in assumptions are recorded through Other operating expenses in the Consolidated Statement of Operations.
Custodial Accounts
	Custodial Accounts
	The Company has a fiduciary responsibility for servicing accounts related to customer escrow funds and custodial funds due to investors aggregating $3.4 billion and $3.3 billion as of December 31, 2014 and 2013, respectively. These funds are maintained in segregated bank accounts, and these amounts are not included in the assets and liabilities presented in the Consolidated Balance Sheets. The Company receives certain benefits from these deposits, as allowable under federal and state laws and regulations. Income earned on these escrow accounts is recorded in the Consolidated Statements of Operations either as Interest income or as a reduction of Secured interest expense.
Subsequent Events
	Subsequent Events
	Subsequent events are evaluated through the date of filing with the Securities and Exchange Commission.
Variable Interest Entities	Variable Interest Entities
	The Company determines whether an entity is a variable interest entity (“VIE”) and whether it is the primary beneficiary at the date of initial involvement with the entity. The Company reassesses whether it is the primary beneficiary of a VIE upon certain events that affect the VIE’s equity investment at risk and upon certain changes in the VIE’s activities. The purposes and activities of the VIE are considered in determining whether the Company is the primary beneficiary, including the variability and related risks the VIE incurs and transfers to other entities and their related parties. Based on these factors, a qualitative assessment is made and, if inconclusive, a quantitative assessment of whether it would absorb a majority of the VIE’s expected losses or receive a majority of the VIE’s expected residual returns. If the Company determines that it is the primary beneficiary of the VIE, the VIE is consolidated within the financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2014
Summary of Significant Accounting Policies
Schedule of estimated useful life of property and equipment including leasehold improvements
	Capitalized software	3 to 5 years
	Furniture, fixtures and equipment	3 to 7 years
	Capital leases	Lesser of the remaining lease term or 5 years
	Leasehold improvements	Lesser of the remaining lease term or 20 years

Discontinued_Operations_Tables

Discontinued Operations (Tables)	12 Months Ended
	Dec. 31, 2014
Discontinued Operations
Schedule of summary of results and assets and liabilities classified as held for sale related to discontinued operations
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Net revenues		$	820	$	1,642	$	1,617
	Total expenses		774		1,541		1,517
	Income before income taxes(1)		46		101		100
	Income tax expense(1)		15		35		30
	Gain from sale of discontinued operations, net of tax		241		—		—
	Income from discontinued operations, net of tax		$	272	$	66	$	70
	__________________
		-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)	12 Months Ended
	Dec. 31, 2014
Earnings Per Share
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity
			Year Ended December 31,
			2014			2013		2012
	(In millions, except share and per share data)
	(Loss) income from continuing operations, net of tax		$	-185		$	98	$	23
	Less: net income attributable to noncontrolling interest		6			29		59
	Net (loss) income from continuing operations attributable to PHH Corporation		-191			69		-36
	Income from discontinued operations, net of tax		272			66		70
	Net income attributable to PHH Corporation		$	81		$	135	$	34
	Weighted-average common shares outstanding — basic		55,001,300			57,357,339		56,815,473
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		—			230,584		—
	Conversion of debt securities		—			8,271,597		—
	Weighted-average common shares outstanding — diluted(2)		55,001,300			65,859,520		56,815,473
	Basic earnings (loss) per share:
	From continuing operations		$	-3.47		$	1.21	$	-0.64
	From discontinued operations		4.94			1.15		1.24
	Total attributable to PHH Corporation		$	1.47		$	2.36	$	0.60
	Diluted earnings (loss) per share:
	From continuing operations		$	-3.47		$	1.05	$	-0.64
	From discontinued operations		4.94			1.01		1.24
	Total attributable to PHH Corporation		$	1.47		$	2.06	$	0.60
	__________________
		-1		Represents incremental shares from restricted stock units and stock options.
		-2		For the years ended December 31, 2014 and 2012, the Company had a net loss from continuing operations attributable to PHH Corporation and, as a result, there were no potentially dilutive securities included in the denominator for computing dilutive earnings per share.
Summary of anti-dilutive securities excluded from the computation of dilutive shares
			Year Ended December 31,
			2014		2013		2012
	Outstanding stock-based compensation awards(1)		1,584,373		732,186		2,100,692
	Assumed conversion of debt securities		8,997,305		—		4,597,188
	______________
		-1		For the year ended December 31, 2014, excludes 742,246 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)	12 Months Ended
	Dec. 31, 2014
Transfers and Servicing of Mortgage Loans
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Balance, beginning of period		$	129,145	$	140,381	$	147,088
	Additions		8,933		22,132		31,607
	Payoffs and curtailments		-18,463		-33,328		-38,307
	Sales		-6,929		-40		-7
	Balance, end of period		$	112,686	$	129,145	$	140,381
Schedule of activity in capitalized MSRs
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Balance, beginning of period		$	1,279	$	1,022	$	1,209
	Additions		97		244		310
	Sales		-51		—		—
	Changes in fair value due to:
	Realization of expected cash flows		-155		-263		-274
	Changes in market inputs or assumptions used in the valuation model		-165		276		-223
	Balance, end of period		$	1,005	$	1,279	$	1,022
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Servicing fees from capitalized portfolio		$	357	$	395	$	437
	Late fees		17		18		20
	Other ancillary servicing revenue		30		39		42
Schedule of cash flows relating to loan sales in which the Company has continuing involvement
			Year Ended December 31,
			2014		2013		2012
			(In millions)
	Proceeds from new loan sales or securitizations		$	9,226	$	22,618	$	33,061
	Servicing fees from capitalized portfolio(1)		357		395		437
	Other cash flows on retained interests(2)		—		—		5
	Purchases of delinquent or foreclosed loans (3)		-29		-56		-99
	Servicing advances (4)		-1,963		-1,460		-1,319
	Repayment of servicing advances (4)		1,935		1,361		1,270
	______________
		-1		Excludes late fees and other ancillary servicing revenue.
		-2		Represents cash flows received on retained interests other than servicing fees.
		-3		Excludes indemnification payments to investors and insurers of the related mortgage loans.
		-4		Outstanding servicing advance receivables are presented in Servicing advances, net in the Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.

Derivatives_Tables

Derivatives (Tables)	12 Months Ended
	Dec. 31, 2014
Derivatives
Summary of gross notional amount of derivatives
			December 31,
			2014			2013
			(In millions)
	Notional amounts:
	Interest rate lock commitments		$	1,185		$	1,378
	Forward delivery commitments		3,893			4,527
	Option contracts		213			190
	MSR-related agreements		4,013			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
			December 31, 2014
			Gross Assets			Offsetting			Cash Collateral			Net Amount
						Payables			Received
			(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments		$	2		$	-2		$	—		$	—
	MSR-related agreements		66			-2			-56			8
	Derivative assets subject to netting		68			-4			-56			8
	Not subject to master netting arrangements:
	Interest rate lock commitments		22			—			—			22
	Forward delivery commitments		3			—			—			3
	Derivative assets not subject to netting		25			—			—			25
	Total derivative assets		$	93		$	-4		$	-56		$	33
			Gross Liabilities			Offsetting			Cash Collateral			Net Amount
						Receivables			Paid
			(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments		$	9		$	-4		$	-3		$	2
	Not subject to master netting arrangements:
	Forward delivery commitments		5			—			—			5
	Total derivative liabilities		$	14		$	-4		$	-3		$	7
			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 Consolidated Statements of Operations
			Year Ended December 31,
			2014			2013			2012
			(In millions)
	Gain on loans held for sale, net:
	Interest rate lock commitments		$	309		$	475		$	1,461
	Forward delivery commitments		(89		)	234			(277		)
	Option contracts		(4		)	16			(19		)
	Net derivative gain (loss) related to mortgage servicing rights:
	MSR-related agreements		82			(19		)	(5		)

Property_and_Equipment_Net_Tab

Property and Equipment, Net (Tables)	12 Months Ended
	Dec. 31, 2014
Property and Equipment, Net
Schedule of components of property and equipment, net
		December 31,
		2014		2013
		(In millions)
	Capitalized software	$	119	$	112
	Furniture, fixtures and equipment	54		56
	Capital leases	23		29
	Leasehold improvements	11		10
		207		207
	Less: Accumulated depreciation and amortization	-171		-156
	Total	$	36	$	51

Other_Assets_Tables

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2014
Other Assets
Schedule of other assets			December 31,
			2014		2013
			(In millions)
	Repurchase eligible loans(1)		$	53	$	94
	Equity method investments		34		37
	Derivatives		33		46
	Mortgage loans in foreclosure, net(2)		32		63
	Real estate owned, net(2)		21		62
	Deferred financing costs		19		26
	Other		16		24
	Total		$	208	$	352
		-1		Repurchase eligible loans represent certain mortgage loans sold pursuant to Government National Mortgage Association programs where the Company as servicer has the unilateral option to repurchase the loan if certain criteria are met, including if a loan is greater than 90 days delinquent. Regardless of whether the repurchase option has been exercised, the Company must recognize eligible loans within Other assets and a corresponding repurchase liability within Accounts payable and accrued expenses in the Consolidated Balance Sheets.
		-2		See Note 13, “Credit Risk” for further discussion of reclassifications of amounts from Mortgage loans in foreclosure, net and Real estate owned, net in Other assets to Accounts Receivable, net and Servicing advances, net.

Accounts_Payable_and_Accrued_E1

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2014
Accounts Payable and Accrued Expenses
Summary of components of accounts payable and accrued expenses
		December 31,
		2014		2013
		(In millions)
	Accrued payroll and benefits	$	84	$	62
	Accounts payable	78		98
	Repurchase eligible loans	53		94
	Accrued interest	16		26
	Other	13		1
	Total	$	244	$	281

Other_Liabilities_Tables

Other Liabilities (Tables)	12 Months Ended
	Dec. 31, 2014
Other Liabilities
Schedule of other liabilities
		December 31,
		2014		2013
		(In millions)
	Litigation and regulatory reserves (Note 14)	$	29	$	2
	Pension and other post employment benefits liability	11		7
	Liability for income tax contingencies	9		4
	Derivatives	7		20
	Capital lease obligation	2		7
	Other	12		10
	Total	$	70	$	50

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	12 Months Ended
	Dec. 31, 2014
Debt and Borrowing Arrangements
Summary of the components of Debt
										December 31,
			December 31, 2014							2013
					Interest		Available
			Balance		Rate(1)		Capacity(2)			Balance
			(In millions)
	Committed warehouse facilities		$	800	2.2 %		$	1,175		$	709
	Uncommitted warehouse facilities		—		—		2,500			—
	Warehouse facilities		800							709
	Servicing advance facility		108		2.7 %		47			66
	Convertible notes due in 2014(3)		—		—		n/a			247
	Convertible notes due in 2017(3)		216		6.0 %		n/a			207
	Term notes due in 2016		—		—		n/a			170
	Term notes due in 2019		275		7.375 %		n/a			275
	Term notes due in 2021		340		6.375 %		n/a			350
	Unsecured credit facilities		—		—		5			—
	Unsecured debt		831							1,249
	Total		$	1,739						$	2,024
	-1	Interest rate shown represents the stated interest rate of outstanding borrowings as of the respective date, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs. Warehouse facilities and the Servicing advance facility are variable-rate. Rate shown for Warehouse facilities represents the weighted-average rate of current outstanding borrowings.
	-2	Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
	-3	Balances are net of unamortized discount of $29 million as of December 31, 2014 and $3 million (2014 series) and $43 million (2017 series) as of December 31, 2013. The effective interest rate of the Convertible notes due 2017 is 13%, 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	$	20
	Servicing advances		—		155
	Mortgage loans held for sale (unpaid principal balance)		851		—
	Total		$	857	$	175
Schedule of contractual debt maturities
					Servicing
			Warehouse		Advance			Unsecured
			Facilities		Facility(1)			Debt(2)			Total
			(In millions)
	Within one year		$	800	$	86		$	—		$	886
	Between one and two years		—		22			—			22
	Between two and three years		—		—			245			245
	Between three and four years		—		—			—			—
	Between four and five years		—		—			275			275
	Thereafter		—		—			340			340
			$	800	$	108		$	860		$	1,768
	-1	Maturities of the Servicing advance facility represent estimated payments based on the expected cash inflows of the receivables.
	-2	Maturity of convertible notes is presented based on the contractual maturity date. As discussed under “Convertible Notes” heading below, these notes are currently eligible for conversion. If presented for conversion, the principal portion of the notes would be due in cash and the conversion premium may be settled in cash or shares at the Company’s election.

Pension_and_Other_Post_Employm1

Pension and Other Post Employment Benefits (Tables)	12 Months Ended
	Dec. 31, 2014
Pension and Other Post Employment Benefits
Schedule of changes in the benefit obligations, plan assets and funded status of the plans
		Pension Benefits				Other Post Employment
						Benefits
		2014		2013		2014		2013
		(In millions)
	Benefit obligation	$	50	$	44	$	1	$	2
	Fair value of plan assets	40		39		—		—
	Unfunded status recognized in Other liabilities	$	-10	$	-5	$	-1	$	-2
	Amounts recognized in Accumulated other comprehensive income	$	17	$	10	$	—	$	—

Income_Taxes_Tables

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2014
Income Taxes
Summary of income tax (benefit) expense
		Year Ended December 31,
		2014			2013			2012
		(In millions)
	Current:
	Federal	$	-461		$	—		$	—
	State	-31			-5			-6
	Income tax contingencies:
	Change in income tax contingencies	6			—			—
	Interest and penalties	1			—			1
	Total current income tax expense	-485			-5			-5
	Deferred:
	Federal	373			40			-12
	State	13			7			-20
	Total deferred income tax expense (benefit)	386			47			-32
	Income tax (benefit) expense	$	-99		$	42		$	-37
Summary of components of deferred tax assets and liabilities
		December 31,
		2014			2013
		(In millions)
	Deferred tax assets:
	Accrued liabilities, provisions for losses and deferred income	$	72		$	72
	Federal loss carryforwards and credits	—			415
	State loss carryforwards and credits	32			46
	Alternative minimum tax credit carryforward	—			22
	Other	5			2
	Gross deferred tax assets	109			557
	Valuation allowance	-35			-26
	Deferred tax assets, net of valuation allowance	74			531
	Deferred tax liabilities:
	Originated mortgage servicing rights	220			311
	Purchased mortgage servicing rights	116			107
	Depreciation and amortization	—			800
	Deferred tax liabilities	336			1,218
	Net deferred tax liability	$	262		$	687
Schedule of reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
		Year Ended December 31,
		2014					2013			2012
		(In millions)
	(Loss) income from continuing operations before income taxes	$		-284			$	140		$		-14
	Statutory federal income tax rate	35			%		35		%	35			%
	Income taxes computed at statutory federal rate	$	-99				$	49		$	-5
	State and local income taxes, net of federal tax benefits	-12					7			-1
	Liabilities for income tax contingencies	7					—			1
	Changes in rate and apportionment factors	1					-5			-4
	Changes in valuation allowance	5					2			-2
	Noncontrolling interest	-2					-11			-23
	Other	1					—			-3
	Income tax (benefit) expense	$		-99			$	42		$		-37
	Effective tax rate	-35.1			%		29.8		%	-264.7			%
Summary of activity in the liability for unrecognized income tax benefits
		Year Ended December 31,
		2014			2013			2012
		(In millions)
	Balance, beginning of period	$	4		$	4		$	3
	Activity related to tax positions taken during the current year	7			—			1
	Activity related to tax positions taken during prior years	—			—			—
	Balance, end of period	$	11		$	4		$	4

Credit_Risk_Tables

Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2014
Credit Risk
Schedule of information regarding the total loan servicing portfolio
			December 31,
			2014				2013
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	113,849			$	130,494
	Subserviced		113,423				96,343
	Total		$	227,272			$	226,837
	Conventional loans		$	195,184			$	191,916
	Government loans		27,720				29,200
	Home equity lines of credit		4,368				5,721
	Total		$	227,272			$	226,837
	Weighted-average interest rate		3.9		%		4.0		%
Schedule of portfolio delinquency
			December 31,
			2014						2013
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		2.43	%		1.75	%		2.43	%	1.82	%
	60 days		0.58			0.41			0.83		0.62
	90 or more days		1.13			0.85			1.08		0.90
	Total		4.14	%		3.01	%		4.34	%	3.34	%
	Foreclosure/real estate owned(2)		2.22	%		2.04	%		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 December 31, 2014 and 2013, the total servicing portfolio included 21,456 and 24,892 of loans in foreclosure with an unpaid principal balance of $4.1 billion and $4.7 billion, respectively.
Summary of the activity in repurchase and foreclosure-related reserves
			Year Ended December 31,
			2014			2013
			(In millions)
	Balance, beginning of period		$	142		$	191
	Realized losses(1)		-65			-73
	Increase in reserves due to:
	Changes in assumptions(2)		6			7
	New loan sales		10			17
	Balance, end of period		$	93		$	142
	______________
	-1	For the year ended December 31, 2014, includes $12 million that was paid to Fannie Mae related to the resolution agreement.
	-2	For the year ended December 31, 2014, includes an $8 million provision for estimated losses related to the sale of existing MSRs.
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned
			December 31,
			2014			2013
			(In millions)
	Mortgage loans in foreclosure and related advances		$	46		$	83
	Allowance for probable foreclosure losses		-14			-20
	Mortgage loans in foreclosure, net		$	32		$	63
	Real estate owned and related advances		$	37		$	84
	Adjustment to value for real estate owned		-16			-22
	Real estate owned, net		$	21		$	62

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2014
Commitments and Contingencies
Summary of the Company's Commitments
		Future Minimum		Future Minimum
		Operating Lease		Capital Lease		Purchase
		Payments		Payments		Commitments
				(In millions)
	2015	$	16	$	2	$	32
	2016	13		—		3
	2017	11		—		1
	2018	10		—		—
	2019	10		—		—
	Thereafter	27		—		—
	Total	$	87	$	2	$	36

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2014
Accumulated Other Comprehensive Income
Schedule of after-tax components of Accumulated other comprehensive income (loss)
		December 31,
		2014		2013
		(In millions)
	Currency translation adjustment	$	—	$	22
	Pension adjustment, net of income tax benefit of $(6) and $(4)	-11		-6
	Total	$	-11	$	16

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2014
Stock-Based Compensation
Summary of stock-based compensation expense
			Year Ended December 31,
			2014			2013			2012
						(In millions)
	Stock-based compensation expense for equity awards		$	8		$	9		$	6
	Stock-based compensation expense for liability awards		4			—			—
	Income tax benefit related to stock-based compensation expense		-5			-4			-2
	Stock-based compensation expense, net of income taxes		$	7		$	5		$	4
Summary of stock option activity
								Weighted-
								Average
					Weighted-			Remaining		Aggregate
					Average			Contractual		Intrinsic
			Number of		Exercise			Term		Value
			Options		Price			(In years)		(In millions)
	Outstanding at January 1, 2014		1,934,401		$	18.70
	Exercised		-526,935		19.55
	Forfeited or expired		-110,285		21.03
	Outstanding at December 31, 2014		1,297,181		$	18.16		7.0		$	8
	Exercisable at December 31, 2014		161,824		$	20.05		3.1		$	1
	Stock options vested and expected to vest		1,315,122		$	18.20		6.9		$	8
Schedule of assumptions used for estimating weighted-average grant-date fair value of stock options using the Black-Scholes option valuation model
			Year Ended December 31,
			2013		2012
	Expected life (in years)		6.5		6.5
	Risk-free interest rate		1.14 %		1.10 %
	Expected volatility		52.3 %		51.7 %
	Dividend yield		—		—
Summary of restricted stock unit activity
					Weighted-
					Average
			Number of		Grant-Date
			RSUs		Fair Value
	Performance-Based & Market-Based RSUs(1)
	Outstanding at January 1, 2014		792,594		$	9.67
	Granted		152,453		13.70
	Forfeited		-54,778		10.02
	Outstanding at December 31, 2014(2)		890,269		$	10.34
	RSUs expected to be converted into shares of Common stock		827,715		$	9.84
	Service-Based RSUs
	Outstanding at January 1, 2014		623,115		$	21.16
	Granted(3)		343,188		22.88
	Converted(4)		-380,945		19.75
	Forfeited		-500		13.79
	Outstanding at December 31, 2014(2)		584,858		$	23.09
	RSUs expected to be converted into shares of Common stock		565,178		$	23.11
	____________
	-1	The performance criteria impact the number of awards that may vest. The number of RSUs related to these performance-based awards represents the expected number to be earned.
	-2	As a result of the sale of Fleet business, 148,023 unvested performance and market-based RSUs and 284,370 unvested Service-based RSUs, which were originally to be paid in PHH common stock, will be settled in cash pursuant to certain provisions of the original settlement terms of the agreements. These amounts remain outstanding at December 31, 2014.
	-3	Includes 55,996 RSUs earned by non-employee Directors for services rendered as members of the Board of Directors.
	-4	Includes 272,084 RSUs previously earned by non-employee Directors settled on November 7, 2014.
Schedule of assumptions used for estimating weighted-average grant-date fair value of market-based RSUs using a Monte Carlo simulation valuation model
			Year Ended December 31,
			2014			2013			2012
	Grant date stock price		$	22.93		$	22.28		$	17.09
	Risk-free interest rate		0.94 %			0.42 %			0.40 %
	Expected volatility		35.3 %			38.6 %			42.8 %
	Dividend yield		—			—			—

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2014
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis
		December 31, 2014
									Cash
		Level			Level		Level		Collateral
		One			Two		Three		and Netting		Total
							(In millions)
	ASSETS
	Mortgage loans held for sale	$	—		$	873	$	42	$	—	$	915
	Mortgage servicing rights	—			—		1,005		—		1,005
	Other assets—Derivative assets:
	Interest rate lock commitments	—			—		22		—		22
	Forward delivery commitments	—			5		—		-2		3
	MSR-related agreements	—			66		—		-58		8
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—		$	14	$	—	$	-7	$	7
		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 difference between the carrying amounts of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity
		December 31, 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	$	915		$	13	$	834	$	12
	Aggregate unpaid principal balance	903			17		837		17
	Difference	$	12		$	-4	$	-3	$	-5
Schedule of components of Mortgage loans held for sale
		December 31,
		2014			2013
		(In millions)
	First mortgages:
	Conforming	$	761		$	737
	Non-conforming	111			48
	Total first mortgages	872			785
	Second lien	5			5
	Scratch and Dent	37			44
	Other	1			—
	Total	$	915		$	834
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)
		Year Ended December 31,
		2014		2013
	Initial capitalization rate of additions to MSRs	1.09 %		1.10 %
		December 31,
		2014		2013
	Capitalization servicing rate	0.89 %		0.99 %
	Capitalization servicing multiple	3.1		3.4
	Weighted-average servicing fee (in basis points)	29		29
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)
		December 31,
		2014		2013
	Weighted-average prepayment speed (CPR)	11.5 %		9.0 %
	Option adjusted spread, in basis points (OAS)	865		1,056
	Weighted-average delinquency rate	5.0 %		5.8 %
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions
		December 31, 2014
		Weighted-					Weighted-
		Average			Option		Average
		Prepayment			Adjusted		Delinquency
		Speed			Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-48		$	-43	$	-22
	Impact on fair value of 20% adverse change	-93			-83		-44
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy
		Year Ended December 31,
		2014							2013
							IRLCs,						IRLCs,
		MLHS			MSRs		net		MLHS		MSRs		net
		(In millions)
	Balance, beginning of period	$	49		$	1,279	$	22	$	64	$	1,022	$	139
	Realized and unrealized (losses) gains	-3			-320		309		-10		13		475
	Purchases	50			—		—		73		—		—
	Issuances	3			97		—		2		244		—
	Settlements	-53			-51		-309		-85		—		-592
	Transfers into Level Three	32			—		—		46		—		—
	Transfers out of Level Three	-36			—		—		-41		—		—
	Balance, end of period	$	42		$	1,005	$	22	$	49	$	1,279	$	22
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy
		Year Ended December 31,
		2014			2013
	Gain on loans held for sale, net:
	Mortgage loans held for sale	$	-8		$	-15
	Interest rate lock commitments	309			475
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	-320			13
	Interest income:
	Mortgage loans held for sale	5			5
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy
		Year Ended December 31,
		2014			2013
	Gain on loans held for sale, net	$	17		$	16
	Change in fair value of mortgage servicing rights	-165			276

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2014
Variable Interest Entities
Schedule of significant variable interest entities included in the Consolidated Balance Sheets
								December 31,
			December 31, 2014					2013
	Servicing
						Advance
			PHH Home			Receivables		PHH Home
			Loans			Trust		Loans
			(In millions)
	ASSETS
	Cash		$	82		$	—	$	91
	Restricted cash		3			20		3
	Mortgage loans held for sale		378			—		308
	Accounts receivable, net		8			—		7
	Servicing advances, net		—			155		—
	Property and equipment, net		1			—		2
	Other assets		8			—		7
	Total assets		$	480		$	175	$	418
	Assets held as collateral(1)		$	353		$	175	$	300
	LIABILITIES
	Accounts payable and accrued expenses		$	16		$	—	$	15
	Debt		335			108		280
	Other liabilities		10			—		11
	Total liabilities(2)		$	361		$	108	$	306
	___________________
		-1		Represents amounts not available to pay the Company’s general obligations.  See Note 10, “Debt and Borrowing Arrangements” for further information.
		-2		Excludes intercompany payables.
Schedule of financial position and results of operations
			Net income (loss)(1)
			2014			2013		2012
			(In millions)
	PHH Home Loans		$	16		$	43	$	111
	Servicing Advance Receivables Trust		(5		)	—		—
			PHH Corporation					Intercompany
			Investment(2)					receivable (payable)(2)
			2014			2013		2014		2013
			(In millions)
	PHH Home Loans		$	57		$	57	$	14	$	15
	Servicing Advance Receivables Trust		72			—		—		—
	_________________
		-1		Includes adjustments for the elimination of intercompany transactions.
		-2		Amounts are eliminated in the Consolidated Balance Sheets.

Segment_Information_Tables

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2014
Segment Information
Schedule of segment results
			Total Assets
			2014		2013
			(In millions)
	Mortgage Production segment		$	1,209	$	1,127
	Mortgage Servicing segment		1,924		2,219
	Assets related to discontinued operations		—		4,456
	Other		1,163		1,051
	Total		$	4,296	$	8,853
			Net Revenues						Segment Profit (Loss)(2)
			2014		2013		2012		2014		2013		2012
			(In millions)
	Mortgage Production segment		$	465	$	821	$	1,234	$	-141	$	22	$	416
	Mortgage Servicing segment		163		379		-108		-103		155		-464
	Other(1)		11		—		—		-46		-66		-25
	Total		$	639	$	1,200	$	1,126	$	-290	$	111	$	-73
	______________
		-1		Net results for Other includes the pre-tax loss on the early repayment of certain unsecured debt obligations which were not allocated to the reportable segments which totaled $24 million, $54 million and $13 million for 2014, 2013 and 2012, respectively.
		-2		The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:
			Year Ended December 31,
			2014		2013		2012
	(In millions)
	(Loss) income from continuing operations before income taxes		$	-284	$	140	$	-14
	Less: net income attributable to noncontrolling interest		6		29		59
	Segment (loss) profit		$	-290	$	111	$	-73
			Interest Income						Interest Expense
			2014		2013		2012		2014		2013		2012
			(In millions)
	Mortgage Production segment		$	38	$	63	$	84	$	77	$	127	$	150
	Mortgage Servicing segment		4		7		7		53		58		62
	Total		$	42	$	70	$	91	$	130	$	185	$	212
Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss)
			Year Ended December 31,
			2014		2013		2012
	(In millions)
	(Loss) income from continuing operations before income taxes		$	-284	$	140	$	-14
	Less: net income attributable to noncontrolling interest		6		29		59
	Segment (loss) profit		$	-290	$	111	$	-73

Selected_Quarterly_Financial_D1

Selected Quarterly Financial Data-(unaudited) (Tables)	12 Months Ended
	Dec. 31, 2014
Selected Quarterly Financial Data-(unaudited)
Summary of selected unaudited quarterly financial data
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2014		2014		2014		2014
		(In millions, except per share data)
	Net revenues	$	111	$	196	$	152	$	180
	Loss from continuing operations before income taxes	-93		-21		-129		-41
	Net (loss) income	-44		-55		218		-32
	Net (loss) income attributable to PHH Corporation	-42		-59		215		-33
	Basic (loss) earnings per share:
	From continuing operations	$	-1.01	$	-0.23	$	-1.64	$	-0.62
	From discontinued operations	0.28		-0.79		5.64		-0.04
	Total attributable to PHH Corporation	$	-0.73	$	-1.02	$	4.00	$	-0.66
	Diluted (loss) earnings per share:
	From continuing operations	$	-1.01	$	-0.23	$	-1.64	$	-0.62
	From discontinued operations	0.28		-0.79		5.64		-0.04
	Total attributable to PHH Corporation	$	-0.73	$	-1.02	$	4.00	$	-0.66
		Quarter Ended
		March 31,		June 30,		September 30,		December 31,
		2013		2013		2013		2013
		(In millions, except per share data)
	Net revenues	$	336	$	415	$	211	$	238
	Income (loss) from continuing operations before income taxes	72		133		-101		36
	Net income (loss)	64		102		-46		44
	Net income (loss) attributable to PHH Corporation	52		90		-52		45
	Basic earnings (loss) per share:
	From continuing operations	$	0.62	$	1.30	$	-1.19	$	0.48
	From discontinued operations	0.28		0.28		0.29		0.30
	Total attributable to PHH Corporation	$	0.90	$	1.58	$	-0.9	$	0.78
	Diluted earnings (loss) per share:
	From continuing operations	$	0.54	$	1.15	$	-1.19	$	0.41
	From discontinued operations	0.25		0.25		0.29		0.26
	Total attributable to PHH Corporation	$	0.79	$	1.40	$	-0.9	$	0.67

Summary_of_Significant_Account3

Summary of Significant Accounting Policies (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	item
Summary of Significant Accounting Policies
Number of Reportable Segments	2
Period from Origination of Loans within which Loans are Sold to Investors	30 days
Days past due for loans to be placed on non-accrual status	90 days
Allowance for doubtful accounts	$4,000,000	$6,000,000
Custodial Accounts
Customer escrow funds and custodial funds due to investors	3,400,000,000	3,300,000,000
New Accounting Pronouncement, Early Adoption
Accounts receivable, net	123,000,000	71,000,000
New Accounting Pronouncement, Early Adoption, Effect
New Accounting Pronouncement, Early Adoption
Accounts receivable, net	49,000,000
PHH Corporation
New Accounting Pronouncement, Early Adoption
Accounts receivable, net	$5,000,000	$27,000,000
Capitalized software | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	3 years
Capitalized software | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	5 years
Capital leases | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	5 years
Furniture, fixtures and equipment | Minimum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	3 years
Furniture, fixtures and equipment | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	7 years
Leasehold improvements | Maximum
PROPERTY, PLANT AND EQUIPMENT
Estimated useful life	20 years

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Results of discontinued operations
Gain from sale of discontinued operations, net of tax	$241,000,000
Income from discontinued operations, net of tax	272,000,000	66,000,000	70,000,000
ASSETS
Cash		119,000,000	71,000,000
Total assets held for sale		4,456,000,000
LIABILITIES
Total liabilities held for sale		3,719,000,000
Fleet business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Sale price	1,400,000,000
Results of discontinued operations
Net revenues	820,000,000	1,642,000,000	1,617,000,000
Total expenses	774,000,000	1,541,000,000	1,517,000,000
Income before income taxes	46,000,000	101,000,000	100,000,000
Income tax expense	15,000,000	35,000,000	30,000,000
Gain from sale of discontinued operations, net of tax	241,000,000
Income from discontinued operations, net of tax	272,000,000	66,000,000	70,000,000
Gain from reclassification of currency translation adjustments	22,000,000
Income tax expense related to gain on sale of discontinued operations	227,000,000
Maximum term for transition services agreement	1 year
ASSETS
Cash		119,000,000
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
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
Chesapeake and D.L. Peterson Trust | Fleet business
ASSETS
Total assets held for sale		3,202,000,000
LIABILITIES
Total liabilities held for sale		2,868,000,000
FLRT and PHH Lease Receivables LP | Fleet business
ASSETS
Total assets held for sale		651,000,000
LIABILITIES
Total liabilities held for sale		603,000,000
Repatriation of foreign earnings
Results of discontinued operations
Income tax expense	$52,000,000

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	0 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Aug. 07, 2014	Dec. 31, 2014	Aug. 07, 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	2
Aggregate amount of PHH's common stock repurchase	$200	$200
Number of shares delivered by financial institution	6,962,695	6,962,695

Earnings_Per_Share_Details_2

Earnings Per Share (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Earnings Per Share
(Loss) income from continuing operations, net of tax									($185)	$98	$23
Less: net income attributable to noncontrolling interest									6	29	59
Net (loss) income from continuing operations attributable to PHH Corporation									-191	69	-36
Income from discontinued operations, net of tax									272	66	70
Net income attributable to PHH Corporation	($33)	$215	($59)	($42)	$45	($52)	$90	$52	$81	$135	$34
Weighted-average common shares outstanding - basic (in shares)									55,001,300	57,357,339	56,815,473
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)										230,584
Conversion of debt securities (in shares)										8,271,597
Weighted-average common shares outstanding - diluted (in shares)									55,001,300	65,859,520	56,815,473
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	($0.62)	($1.64)	($0.23)	($1.01)	$0.48	($1.19)	$1.30	$0.62	($3.47)	$1.21	($0.64)
From discontinued operations (in dollars per share)	($0.04)	$5.64	($0.79)	$0.28	$0.30	$0.29	$0.28	$0.28	$4.94	$1.15	$1.24
Total attributable to PHH Corporation (in dollars per share)	($0.66)	$4	($1.02)	($0.73)	$0.78	($0.90)	$1.58	$0.90	$1.47	$2.36	$0.60
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	($0.62)	($1.64)	($0.23)	($1.01)	$0.41	($1.19)	$1.15	$0.54	($3.47)	$1.05	($0.64)
From discontinued operations (in dollars per share)	($0.04)	$5.64	($0.79)	$0.28	$0.26	$0.29	$0.25	$0.25	$4.94	$1.01	$1.24
Total attributable to PHH Corporation (in dollars per share)	($0.66)	$4	($1.02)	($0.73)	$0.67	($0.90)	$1.40	$0.79	$1.47	$2.06	$0.60
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met	742,246								742,246
Outstanding stock-based compensation awards
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									1,584,373	732,186	2,100,692
Debt securities
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)									8,997,305		4,597,188

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Transfers and Servicing of Mortgage Loans
Percentage of mortgage loans sold to GSEs	69.00%
Percentage of mortgage loans sold to private investors	31.00%
Percentage of mortgage loans sold on which mortgage servicing rights were retained	71.00%
Servicing portfolio	$227,272
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	226,837
Balance, end of period	227,272
Capitalized servicing rights
Transfers and Servicing of Mortgage Loans
Servicing portfolio	112,686	129,145	140,381
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	129,145	140,381	147,088
Additions	8,933	22,132	31,607
Payoffs and curtailments	18,463	33,328	38,307
Sales	-6,929	-40	-7
Balance, end of period	112,686	129,145	140,381
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	1,400
Commitment to sell Mortgage servicing rights, fair value	15
Interest rate lock commitments and mortgage loans held for sale
Activity in the loan servicing portfolio associated with capitalized servicing rights
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	$718

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Activity in capitalized MSRs
Balance, beginning of period	$1,279	$1,022	$1,209
Additions	97	244	310
Sales	-51
Changes in fair value due to:
Realization of expected cash flows	-155	-263	-274
Changes in market inputs or assumptions used in the valuation model	-165	276	-223
Balance, end of period	1,005	1,279	1,022
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Servicing fees from capitalized portfolio	357	395	437
Late fees	17	18	20
Other ancillary servicing revenue	30	39	42
Weighted average life of MSRs	5 years 8 months 12 days	6 years 6 months
Percentage of MSRs associated with loan servicing portfolio restricted from sale without prior approval from private-label clients or investors	48.00%	51.00%
Cash flows relating to loan sales in which the Company has continuing involvement
Proceeds from new loan sales or securitizations	9,226	22,618	33,061
Servicing fees from capitalized portfolio	357	395	437
Other cash flows on retained interests			5
Purchases of delinquent or foreclosed loans	-29	-56	-99
Servicing advances	-1,963	-1,460	-1,319
Repayment of servicing advances	1,935	1,361	1,270
Realized Gain Loss on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans	$276	$720	$920

Derivatives_Details

Derivatives (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
		item
Interest rate lock commitments | Minimum
Derivatives
Loan commitment period	30 days
Interest rate lock commitments | Maximum
Derivatives
Loan commitment period	90 days
Not designated as hedging instruments | 4.0% Convertible notes due 2014 | Common Stock
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	1,185	1,378
Not designated as hedging instruments | Forward delivery commitments
Notional amount of derivatives
Notional	3,893	4,527
Not designated as hedging instruments | Option contracts
Notional amount of derivatives
Notional	213	190
Not designated as hedging instruments | MSR-related agreements
Notional amount of derivatives
Notional	4,013	860

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
ASSETS
Net Amount, asset	$33	$46
LIABILITIES
Net Amount, liability	7	20
Not designated as hedging instruments
ASSETS
Gross Assets, Total	93	71
Offsetting Payables	-4	-17
Cash Collateral (Received) Paid	-56	-8
Net Amount, asset	33	46
LIABILITIES
Gross Liabilities, Total	14	27
Offsetting Receivables	-4	-17
Cash Collateral (Paid) Received	-3	10
Net Amount, liability	7	20
Not designated as hedging instruments | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	68	26
Offsetting Payables	-4	-17
Cash Collateral (Received) Paid	-56	-8
Net Amount, asset	8	1
LIABILITIES
Gross Liabilities, Subject to master netting agreements	9	8
Offsetting Receivables	-4	-17
Cash Collateral (Paid) Received	-3	10
Net Amount, liability	2	1
Not designated as hedging instruments | Not subject to master netting arrangements
ASSETS
Gross Assets, Not subject to master netting agreements	25	45
Net Amount, asset	25	45
LIABILITIES
Gross Liabilities, Not subject to master netting agreements	5	19
Net Amount, liability	5	19
Not designated as hedging instruments | Forward delivery commitments | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	2	22
Offsetting Payables	-2	-13
Cash Collateral (Received) Paid		-8
Net Amount, asset		1
LIABILITIES
Gross Liabilities, Subject to master netting agreements	9	8
Offsetting Receivables	-4	-13
Cash Collateral (Paid) Received	-3	5
Net Amount, liability	2
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	5	2
Net Amount, liability	5	2
Not designated as hedging instruments | MSR-related agreements | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	66	4
Offsetting Payables	-2	-4
Cash Collateral (Received) Paid	-56
Net Amount, asset	8
LIABILITIES
Offsetting Receivables		-4
Cash Collateral (Paid) Received		5
Net Amount, liability		1
Not designated as hedging instruments | Interest rate lock commitments | Not subject to master netting arrangements
ASSETS
Gross Assets, Not subject to master netting agreements	22	23
Net Amount, asset	22	23
LIABILITIES
Gross Liabilities, Not subject to master netting agreements		1
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 $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Interest rate lock commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	$309	$475	$1,461
Forward delivery commitments | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	-89	234	-277
Option contracts | Gain on mortgage loans, net
Derivatives
Gains (losses) on derivative instruments	-4	16	-19
MSR-related agreements | Net derivative gain (loss) related to mortgage servicing rights
Derivatives
Gains (losses) on derivative instruments	$82	($19)	($5)

Property_and_Equipment_Net_Det

Property and Equipment, Net (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Property and equipment
Property and equipment, gross	$207	$207
Less: Accumulated depreciation and amortization	-171	-156
Property and equipment, net	36	51
Capitalized software
Property and equipment
Property and equipment, gross	119	112
Furniture, fixtures and equipment
Property and equipment
Property and equipment, gross	54	56
Capital leases
Property and equipment
Property and equipment, gross	23	29
Leasehold improvements
Property and equipment
Property and equipment, gross	$11	$10

Other_Assets_Details

Other Assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Assets
Repurchase eligible loans	$53	$94
Equity method investments	34	37
Derivatives	33	46
Mortgage loans in foreclosure, net	32	63
Real estate owned, net	21	62
Deferred financing costs	19	26
Other	16	24
Total	$208	$352

Accounts_Payable_and_Accrued_E2

Accounts Payable and Accrued Expenses (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Accounts payable and accrued expenses
Accrued payroll and benefits	$84	$62
Accounts payable	78	98
Repurchase eligible loans	53	94
Accrued interest	16	26
Other	13	1
Total	244	281
PHH Corporation
Accounts payable and accrued expenses
Total	$65	$61

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Other Liabilities
Litigation and regulatory reserves	$29	$2
Pension and other post employment benefits liability	11	7
Liability for income tax contingencies	9	4
Derivatives	7	20
Capital lease obligation	2	7
Other	12	10
Total	$70	$50

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements
Total Debt	$1,739	$2,024
Warehouse facilities
Debt and Borrowing Arrangements
Total Debt	800	709
Committed warehouse facilities
Debt and Borrowing Arrangements
Total Debt	800	709
Weighted Avg-Interest Rate (as a percent)	2.20%
Available Capacity	1,175
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Available Capacity	2,500
Servicing advance facility
Debt and Borrowing Arrangements
Total Debt	108	66
Weighted Avg-Interest Rate (as a percent)	2.70%
Available Capacity	47
Unsecured debt
Debt and Borrowing Arrangements
Total Debt	831	1,249
4.0% Convertible notes due 2014
Debt and Borrowing Arrangements
Total Debt		247
Unamortized discount		3
6.0% Convertible Notes due 2017
Debt and Borrowing Arrangements
Total Debt	216	207
Weighted Avg-Interest Rate (as a percent)	6.00%
Unamortized discount	29	43
Effective interest rate (as a percent)	13.00%	13.00%
Senior notes due 2016
Debt and Borrowing Arrangements
Total Debt		170
7.375% Senior notes due 2019
Debt and Borrowing Arrangements
Total Debt	275	275
Weighted Avg-Interest Rate (as a percent)	7.38%
6.375% Senior notes due 2021
Debt and Borrowing Arrangements
Total Debt	340	350
Weighted Avg-Interest Rate (as a percent)	6.38%
Unsecured credit facilities
Debt and Borrowing Arrangements
Available Capacity	$5

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Debt and Borrowing Arrangements
Restricted cash	$56	$27
Servicing advances, net	694	657
Mortgage loans held for sale (unpaid principal balance)	915	834
Warehouse facilities | Assets held as collateral
Debt and Borrowing Arrangements
Restricted cash	6
Mortgage loans held for sale (unpaid principal balance)	851
Total	857
Servicing advance facility | Assets held as collateral
Debt and Borrowing Arrangements
Restricted cash	20
Servicing advances, net	155
Total	$175

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
Contractual debt maturities
Within one year	$886
Between one and two years	22
Between two and three years	245
Between four and five years	275
Thereafter	340
Total	1,768
Warehouse facilities
Contractual debt maturities
Within one year	800
Total	800
Servicing advance facility
Contractual debt maturities
Within one year	86
Between one and two years	22
Total	108
Unsecured debt
Contractual debt maturities
Between two and three years	245
Between four and five years	275
Thereafter	340
Total	$860

Debt_and_Borrowing_Arrangement5

Debt and Borrowing Arrangements (Details 4) (USD $)

12 Months Ended

0 Months Ended

Dec. 31, 2014

Dec. 31, 2013

Dec. 31, 2012

Jun. 20, 2014

Nov. 13, 2014

Aug. 07, 2014

Jul. 07, 2014

Sep. 01, 2014

Dec. 19, 2014

Dec. 18, 2014

Feb. 04, 2014

Feb. 03, 2014

Dec. 14, 2014

Mar. 31, 2014

Debt and Borrowing Arrangements

Payments for debt retirement premiums

$22,000,000

$50,000,000

$14,000,000

Interest payments

125,000,000

177,000,000

213,000,000

Net worth threshold, base amount

1,000,000,000

Ratio of indebtedness to tangible net worth

4.5

Committed warehouse facilities

Debt and Borrowing Arrangements

Commitment period

364 days

Committed warehouse facilities | Credit Suisse First Boston Mortgage Capital LLC

Debt and Borrowing Arrangements

Borrowing capacity

575,000,000

Increase (reduction) in aggregate maximum principal

-100,000,000

Rolling term

364 days

Committed warehouse facilities | The Royal Bank of Scotland plc

Debt and Borrowing Arrangements

Borrowing capacity

150,000,000

250,000,000

Committed warehouse facilities | Wells Fargo Bank

Debt and Borrowing Arrangements

Borrowing capacity

350,000,000

450,000,000

Committed warehouse facilities | Bank of America

Debt and Borrowing Arrangements

Borrowing capacity

400,000,000

Committed warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

500,000,000

Uncommitted warehouse facilities | The Royal Bank of Scotland plc

Debt and Borrowing Arrangements

Borrowing capacity

250,000,000

Borrowing capacity terminated amount

250,000,000

Uncommitted warehouse facilities | Fannie Mae

Debt and Borrowing Arrangements

Borrowing capacity

2,500,000,000

Senior notes due 2016

Debt and Borrowing Arrangements

Repayment of debt

170,000,000

Repayments of Debt including accrued interest and premiums

199,000,000

Payments for debt retirement premiums

22,000,000

Interest payments

7,000,000

Pre-tax loss on extinguishment of debt

24,000,000

7.375% Senior notes due 2019

Debt and Borrowing Arrangements

Principal amount of notes

275,000,000

Interest rate (as a percent)

7.38%

6.375% Senior notes due 2021

Debt and Borrowing Arrangements

Principal amount of notes

340,000,000

Interest rate (as a percent)

6.38%

Notes repurchased face amount

10,000,000

Notes repurchased amount

10,000,000

Unsecured credit facilities

Debt and Borrowing Arrangements

Borrowing capacity terminated amount

300,000,000

Unsecured credit facilities | Maximum

Debt and Borrowing Arrangements

Ratio of indebtedness to tangible net worth

4.5

Unsecured credit facilities | Minimum

Debt and Borrowing Arrangements

Net worth threshold, base amount

1,000,000,000

Amount to be maintained in committed warehouse mortgage facilities, excluding GSEs

750,000,000

Servicing advance facility

Debt and Borrowing Arrangements

Borrowing capacity

155,000,000

4.0% Convertible notes due 2014

Debt and Borrowing Arrangements

Repayment of debt

250,000,000

Interest rate (as a percent)

4.00%

Number of derivatives instruments

2

Conversion price of shares (in dollars per share)

$34.74

6.0% Convertible Notes due 2017

Debt and Borrowing Arrangements

Repayment of debt

5,000,000

Repayments of convertible debt

9,000,000

Premium on notes settled

4,000,000

Conversion price of shares (in dollars per share)

$12.79

Equity component of notes

33,000,000

Deferred taxes on equity component

22,000,000

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

3 days

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

5 days

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

98.00%

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

20 days

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

130.00%

Conversation ratio

0.0782014

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

$214,000,000

6.0% Convertible Notes due 2017 | Maximum

Debt and Borrowing Arrangements

Conversation ratio

0.977517

6.0% Convertible Notes due 2017 | Minimum

Debt and Borrowing Arrangements

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

30 days

Pension_and_Other_Post_Employm2

Pension and Other Post Employment Benefits (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Defined Contribution Savings Plans
Cost for contributions to defined contribution savings plans	$8	$9	$9
Pension Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	50	44
Fair value of plan assets	40	39
Unfunded status recognized in Other liabilities	-10	-5
Amounts recognized in Accumulated other comprehensive income	17	10
Change in benefit obligation	6
Net periodic benefit cost		1
Future expected benefit payments
Future expected benefit payments in the year ending December 31, 2015	2
Future expected benefit payments in the year ending December 31, 2016	2
Future expected benefit payments in the year ending December 31, 2017	2
Future expected benefit payments in the year ending December 31, 2018	2
Future expected benefit payments in the year ending December 31, 2019	2
Future expected benefit payments for five years ending December 31, 2024	13
Contributions made to the plan	1	1
Other Post Employment Benefits
Defined Benefit Pension Plan and Other Employee Benefit Plan
Benefit obligation	1	2
Unfunded status recognized in Other liabilities	($1)	($2)

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Current:
Federal									($461)
State									-31	-5	-6
Income tax contingencies:
Changes in income tax contingencies									6
Interest and penalties									1		1
Total current income tax expense									-485	-5	-5
Deferred:
Federal									373	40	-12
State									13	7	-20
Total deferred income tax expense (benefit)									386	47	-32
Income tax (benefit) expense									-99	42	-37
Deferred tax assets:
Accrued liabilities, provisions for losses and deferred income	72				72				72	72
Federal loss carryforwards and credits					415					415
State loss carryforwards and credits	32				46				32	46
Alternative minimum tax credit carryforward					22					22
Other	5				2				5	2
Gross Deferred tax assets	109				557				109	557
Valuation allowance	-35				-26				-35	-26
Deferred tax assets, net of valuation allowance	74				531				74	531
Deferred tax liabilities:
Originated mortgage servicing rights	220				311				220	311
Purchased mortgage servicing rights	116				107				116	107
Depreciation and amortization					800					800
Deferred tax liabilities	336				1,218				336	1,218
Net deferred tax liability	262				687				262	687
Minimum tax credit valuation allowance reserve	0								0
Reconciliation of total income taxes from amount that would be computed by applying the U.S. federal statutory rate
(Loss) income from continuing operations before income taxes	-41	-129	-21	-93	36	-101	133	72	-284	140	-14
Statutory federal income tax rate (as a percent)									35.00%	35.00%	35.00%
Income taxes computed at statutory federal rate									-99	49	-5
State and local income taxes, net of federal tax benefits									-12	7	-1
Liabilities for income tax contingencies									7		1
Changes in rate and apportionment factors									1	-5	-4
Changes in valuation allowance									5	2	-2
Noncontrolling interest									-2	-11	-23
Other									1		-3
Income tax (benefit) expense									-99	42	-37
Effective tax rate (as a percent)									-35.10%	29.80%	-264.70%
Unrecognized income tax benefits
Balance, beginning of period				4				4	4	4	3
Activity related to tax positions taken during the current year									7		1
Balance, end of period	11				4				11	4	4
Estimated liability for potential payment of interest and penalties	1				1				1	1
Estimated liability for potential payment of interest and penalties	1				1				1	1
Impact of resolution of income tax contingencies or reductions in valuation allowances on effective income tax rate	$11				$4				$11	$4	$4

Credit_Risk_Details

Credit Risk (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	loan	loan
Credit Risk
Period of origination of loans within which they are sold to investors	30 days
Loan Servicing Portfolio Composition
Total servicing portfolio	$227,272,000,000	$226,837,000,000
Weighted-average interest rate (as a percent)	3.90%	4.00%
Portfolio Delinquency
Number of Loans (as a percent)	4.14%	4.34%
Unpaid Balance (as a percent)	3.01%	3.34%
Foreclosure/real estate owned
Number of Loans (as a percent)	2.22%	2.46%
Unpaid Balance (as a percent)	2.04%	2.36%
Number of loans in foreclosure	21,456	24,892
Unpaid principal balance of loans in foreclosure	4,100,000,000	4,700,000,000
30 days
Portfolio Delinquency
Number of Loans (as a percent)	2.43%	2.43%
Unpaid Balance (as a percent)	1.75%	1.82%
60 days
Portfolio Delinquency
Number of Loans (as a percent)	0.58%	0.83%
Unpaid Balance (as a percent)	0.41%	0.62%
90 or more days
Portfolio Delinquency
Number of Loans (as a percent)	1.13%	1.08%
Unpaid Balance (as a percent)	0.85%	0.90%
Conventional loans
Loan Servicing Portfolio Composition
Total servicing portfolio	195,184,000,000	191,916,000,000
Government loans
Loan Servicing Portfolio Composition
Total servicing portfolio	27,720,000,000	29,200,000,000
Home equity lines of credit
Loan Servicing Portfolio Composition
Total servicing portfolio	4,368,000,000	5,721,000,000
Owned
Loan Servicing Portfolio Composition
Total servicing portfolio	113,849,000,000	130,494,000,000
Subserviced
Loan Servicing Portfolio Composition
Total servicing portfolio	$113,423,000,000	$96,343,000,000

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2011
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$142	$142	$191
Realized losses	-65	-73
Increase in reserves due to:
Changes in assumptions	6	7
New loan sales	10	17
Balance, end of period	93	142	191
Provision for estimated losses related to sale of existing MSRs	8
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	190
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	12.00%
Liabilities for probable losses related to repurchase and indemnification obligations	63	100
Recourse obligations
Loss contingencies
Estimated amount of reasonably possible losses in excess of the recorded liability	20
Fannie Mae
Resolution Agreement
Resolution for certain repurchases and makewholes	13
Realized losses for repurchase and foreclosure-related reserves that were related to the resolution agreement	$12

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2014
Carrying values of the mortgage loans in foreclosure and real estate owned
Mortgage loans in foreclosure	$83	$46
Allowance for probable foreclosure losses	-20	-14
Mortgage loans in foreclosure, net	63	32
Real estate owned	84	37
Adjustment to value for real estate owned	-22	-16
Real estate owned, net	62	21
Other assets	-352	-208
Reclassification of Servicing advances related to mortgage loans in foreclosure	98
Pre-tax loss on reinsurance contract termination	21
New Accounting Pronouncement, Early Adoption, Effect
Carrying values of the mortgage loans in foreclosure and real estate owned
Other assets		$49

Credit_Risk_Details_4

Credit Risk (Details 4) (Credit concentration, Mortgage loan originations)	12 Months Ended
	Dec. 31, 2014
Merrill Lynch Home Loans
Counterparty credit risk
Percentage derived	24.00%
Realogy and its affiliates
Counterparty credit risk
Percentage derived	24.00%
Morgan Stanley Private Bank, N.A.
Counterparty credit risk
Percentage derived	21.00%
HSBC Bank USA
Counterparty credit risk
Percentage derived	10.00%

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Nov. 30, 2014
Commitments and Contingencies
Reserves amount associated with legal and regulatory contingencies	$29	$2
Lease and Purchase Commitments
Rental expense	20	20	18
Future Minimum Operating Lease Payments
2015	16
2016	13
2017	11
2018	10
2019	10
Thereafter	27
Total	87
Future Minimum Capital Lease Payments
2015	2
Total	2
Purchase Commitments
2015	32
2016	3
2017	1
Total	36
Pending Litigation
Commitments and Contingencies
Reasonably possible losses in excess of recorded litigation liability	20
Reserves amount associated with legal and regulatory contingencies	29
Received recommended decision from administrative law judge				6.4
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

Commitments_and_Contingencies_2

Commitments and Contingencies (Details 2) (PMC, USD $)	Dec. 31, 2014
In Millions, unless otherwise specified
PMC
Net Worth Requirements
Required	$700
Actual net worth	$977

StockRelated_Matters_Details

Stock-Related Matters (Details) (USD $)	0 Months Ended	12 Months Ended
	Aug. 07, 2014	Dec. 31, 2014	Aug. 07, 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 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		4.5
Aggregate restricted net assets of reinsurance subsidiaries		769,000,000
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	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 $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Accumulated Other Comprehensive Income (Loss).
Currency translation adjustment		$22
Pension adjustment, net of income tax benefit of $(6) and $(4)	-11	-6
Accumulated other comprehensive income (loss)	-11	16
Accumulated Other Comprehensive Income (Loss)
Pension adjustment, income tax (benefit) expense	-6	-4
Accumulated other comprehensive income (loss) attributable to noncontrolling interests	0	0
Fleet business
Accumulated other comprehensive income (loss)
Gain from reclassification of currency translation adjustments	22
Reclassifications
Accumulated other comprehensive income (loss)
Realized gains from sale of available-for-sale securities		1
Realized losses from sale of available-for-sale securities		$1

StockBased_Compensation_Detail

Stock-Based Compensation (Details) (USD $)	12 Months Ended
In Millions, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Stock-Based Compensation
Aggregate number of shares issuable under the plan	9,591,435
Expense recognized related to stock-based compensation arrangements
Income tax benefit related to stock based compensation expense	($5)	($4)	($2)
Stock-based compensation expense, net of income taxes	7	5	4
Unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest	14
Weighted-average period for recognition of unrecognized compensation cost related to outstanding and unvested stock options and RSUs that are expected to vest	1 year 10 months 24 days
Performance-Based Awards | Minimum
Stock-Based Compensation
Vesting period	2 years
Performance-Based Awards | Maximum
Stock-Based Compensation
Vesting period	3 years
Service-Based Awards | Maximum
Stock-Based Compensation
Vesting period	5 years
Market-based stock awards
Stock-Based Compensation
Vesting period	3 years
Total Stock Options
Number of Options
Outstanding at the beginning of the period (in shares)	1,934,401
Exercised (in shares)	-526,935
Forfeited or expired (in shares)	-110,285
Outstanding at the end of the period (in shares)	1,297,181	1,934,401
Exercisable at the end of the period (in shares)	161,824
Stock options vested and expected to vest (in shares)	1,315,122
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$18.70
Exercised (in dollars per share)	$19.55
Forfeited or expired (in dollars per share)	$21.03
Outstanding at the end of the period (in dollars per share)	$18.16	$18.70
Exercisable at the end of the period (in dollars per share)	$20.05
Stock options vested and expected to vest (in dollars per share)	$18.20
Weighted-Average Remaining Contractual Term
Outstanding at the end of the period	7 years
Exercisable at the end of the period	3 years 1 month 6 days
Stock options vested and expected to vest	6 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding at the end of the period	8
Exercisable at the end of the period	1
Stock options vested and expected to vest	8
Weighted-average grant-date fair value per stock option for awards granted (in dollars per share)		$11.27	$8.68
Intrinsic value of options exercised (in dollars)	2	1	2
Assumptions used for estimating weighted-average grant-date fair value of stock options
Expected life		6 years 6 months	6 years 6 months
Risk-free interest rate (as a percent)		1.14%	1.10%
Expected volatility (as a percent)		52.30%	51.70%
Total Stock Options | Maximum
Stock-Based Compensation
Contractual term	10 years
Equity Awards
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense	8	9	6
Liability Awards
Expense recognized related to stock-based compensation arrangements
Stock-based compensation expense	4
Performance-Based & Market-Based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	792,594
Granted (in shares)	152,453
Forfeited (in shares)	-54,778
Outstanding at the end of the period (in shares)	890,269
RSUs expected to be converted into shares of Common stock (in shares)	827,715
Number of RSUs that will be settled in cash	148,023
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$9.67
Granted (in dollars per share)	$13.70
Forfeited (in dollars per share)	$10.02
Outstanding at the end of the period (in dollars per share)	$10.34
RSUs expected to be converted into shares of Common stock (in dollars per share)	$9.84
Market-based RSUs
Assumptions used for estimating weighted-average grant-date fair value of stock options
Grant date stock price	$22.93	$22.28	$17.09
Risk-free interest rate (as a percent)	0.94%	0.42%	0.40%
Expected volatility (as a percent)	35.30%	38.60%	42.80%
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$11.32	$12.47	$6.69
Service-Based RSUs
Number of RSUs
Outstanding at the beginning of the period (in shares)	623,115
Granted (in shares)	343,188
Converted (in shares)	-380,945
Forfeited (in shares)	-500
Outstanding at the end of the period (in shares)	584,858
RSUs expected to be converted into shares of Common stock (in shares)	565,178
Number of RSUs that will be settled in cash	284,370
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$21.16
Granted (in dollars per share)	$22.88
Converted (in dollars per share)	$19.75
Forfeited (in dollars per share)	$13.79
Outstanding at the end of the period (in dollars per share)	$23.09
RSUs expected to be converted into shares of Common stock (in dollars per share)	$23.11
Service-Based RSUs | Non-employee directors
Number of RSUs
Granted (in shares)	55,996
Converted (in shares)	272,084
Total RSUs
Stock-Based Compensation
Number of shares of common stock of the entity that employees are entitled to receive for each RSU granted	1
Weighted-Average Grant-Date Fair Value
Total fair value of RSUs converted into shares of Common stock (in dollars)	$2	$5	$5

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
In Millions, unless otherwise specified
Fair Value Measurements
Mortgage servicing rights	$1,005	$1,279	$1,022	$1,209
Derivative assets	33	46
Derivative liabilities	7	20
Recurring basis | Level Two
Fair Value Measurements
Mortgage loans held for sale	873	785
Recurring basis | Level Two | Forward delivery commitments
Fair Value Measurements
Derivative assets	5	26
Derivative liabilities	14	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	66	4
Recurring basis | Level Three
Fair Value Measurements
Mortgage loans held for sale	42	49
Mortgage servicing rights	1,005	1,279
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Derivative assets	22	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	-2	-21
Derivative liabilities	-7	-8
Recurring basis | Cash Collateral and Netting | MSR-related agreements
Fair Value Measurements
Derivative assets	-58	-4
Derivative liabilities		1
Recurring basis | Total
Fair Value Measurements
Mortgage loans held for sale	915	834
Mortgage servicing rights	1,005	1,279
Recurring basis | Total | Interest rate lock commitments
Fair Value Measurements
Derivative assets	22	23
Derivative liabilities		1
Recurring basis | Total | Forward delivery commitments
Fair Value Measurements
Derivative assets	3	5
Derivative liabilities	7	2
Recurring basis | Total | Option contracts
Fair Value Measurements
Derivative assets		2
Recurring basis | Total | MSR-related agreements
Fair Value Measurements
Derivative assets	8
Derivative liabilities		1
Recurring basis | Total | Convertible note-related agreements
Fair Value Measurements
Derivative assets		16
Derivative liabilities		$16

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 2) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	$915	$834
Mortgage loans held for sale
Difference between carrying amounts measured at fair value and aggregate unpaid principal amount
Carrying amount, Total	915	834
Carrying amount, Loans 90 days or more past due and on non-accrual status	13	12
Aggregate unpaid principal balance, Total	903	837
Aggregate unpaid principal balance, Loans 90 days or more past due and on non-accrual status	17	17
Difference, Total	12	-3
Difference, Loans 90 days or more past due and on non-accrual status	($4)	($5)

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 3) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Components of Mortgage loans held for sale
Mortgage loans held for sale	$915	$834
First mortgages
Components of Mortgage loans held for sale
Mortgage loans held for sale	872	785
First mortgages, Conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	761	737
First mortgages, Non-conforming
Components of Mortgage loans held for sale
Mortgage loans held for sale	111	48
Second lien
Components of Mortgage loans held for sale
Mortgage loans held for sale	5	5
Scratch and Dent
Components of Mortgage loans held for sale
Mortgage loans held for sale	37	44
Other
Components of Mortgage loans held for sale
Mortgage loans held for sale	$1

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
	item	item
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)	0.89%	0.99%
Capitalization servicing multiple	3.10%	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)	11.50%	9.00%
Option adjusted spread, in basis points (as a percent)	8.65%	10.56%
Weighted-average delinquency rate (as a percent)	5.00%	5.80%

Fair_Value_Measurements_Detail4

Fair Value Measurements (Details 5) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	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	-48
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-93
Impact on fair value of 10% adverse change, Option Adjusted Spread	-43
Impact on fair value of 20% adverse change, Option Adjusted Spread	-83
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	-22
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	-44

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Interest rate lock commitments
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$22	$139
Realized and unrealized gains (losses)	309	475
Settlements	-309	-592
Balance, end of period	22	22
Mortgage loans held for sale
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	49	64
Realized and unrealized gains (losses)	-3	-10
Purchases	50	73
Issuances	3	2
Settlements	-53	-85
Transfers into level Three	32	46
Transfers out of level Three	-36	-41
Balance, end of period	42	49
Mortgage servicing rights
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	1,279	1,022
Realized and unrealized gains (losses)	-320	13
Issuances	97	244
Settlements	-51
Balance, end of period	$1,005	$1,279

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Gain on mortgage loans, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	$17,000,000	$16,000,000
Change in fair value of mortgage servicing rights
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	-165,000,000	276,000,000
Other income
Non-Recurring Fair Value Measurements
Impairment to equity method investments	0	5,000,000
Interest rate lock commitments | Gain on mortgage loans, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	309,000,000	475,000,000
Mortgage loans held for sale | Gain on mortgage loans, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	-8,000,000	-15,000,000
Mortgage loans held for sale | Mortgage interest income
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	5,000,000	5,000,000
Mortgage servicing rights | Gain on mortgage loans, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	-320,000,000	13,000,000
Level Two
Debt
Fair value of debt	2,000,000,000	2,400,000,000
Level Two | Market based approach
Debt
Fair value of debt	1,100,000,000
Level Two | Observable spreads and terms for recent pricing of similar instruments
Debt
Fair value of debt	900,000,000
Non-recurring basis | Level Three
Non-Recurring Fair Value Measurements
Repurchase and foreclosure-related charges	($2,000,000)	$7,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	3 Months Ended										12 Months Ended
	Dec. 31, 2014		Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013		Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
ASSETS
Cash	$1,259,000,000					$1,126,000,000					$1,259,000,000		$1,126,000,000		$758,000,000
Restricted cash	56,000,000					27,000,000					56,000,000		27,000,000
Mortgage loans held for sale	915,000,000					834,000,000					915,000,000		834,000,000
Accounts receivable, net	123,000,000					71,000,000					123,000,000		71,000,000
Servicing advances, net	694,000,000					657,000,000					694,000,000		657,000,000
Property and equipment, net	36,000,000					51,000,000					36,000,000		51,000,000
Other assets	208,000,000					352,000,000					208,000,000		352,000,000
Total assets	4,296,000,000					8,853,000,000					4,296,000,000		8,853,000,000
LIABILITIES
Accounts payable and accrued expenses	244,000,000					281,000,000					244,000,000		281,000,000
Debt	1,739,000,000					2,024,000,000					1,739,000,000		2,024,000,000
Other liabilities	70,000,000					50,000,000					70,000,000		50,000,000
Total liabilities	2,725,000,000	[1]				7,163,000,000	[1]				2,725,000,000	[1]	7,163,000,000	[1]
Company Involvement with Variable Interest Entity
Net income (loss)	-32,000,000		218,000,000	-55,000,000	-44,000,000	44,000,000		-46,000,000	102,000,000	64,000,000	87,000,000		164,000,000		93,000,000
Variable Interest Entities
Amount of loans originated from Realogy Corporation's affiliates (as a percent)											24.00%
Variable Interest Entity
ASSETS
Cash	85,000,000					94,000,000					85,000,000		94,000,000
Restricted cash	23,000,000					3,000,000					23,000,000		3,000,000
Mortgage loans held for sale	378,000,000					318,000,000					378,000,000		318,000,000
Accounts receivable, net	8,000,000					7,000,000					8,000,000		7,000,000
Servicing advances, net	155,000,000										155,000,000
Property and equipment, net	1,000,000					2,000,000					1,000,000		2,000,000
Other assets	8,000,000					7,000,000					8,000,000		7,000,000
Total assets	658,000,000					4,284,000,000					658,000,000		4,284,000,000
LIABILITIES
Accounts payable and accrued expenses	16,000,000					16,000,000					16,000,000		16,000,000
Debt	443,000,000					289,000,000					443,000,000		289,000,000
Other liabilities	11,000,000					12,000,000					11,000,000		12,000,000
Total liabilities	470,000,000					3,788,000,000					470,000,000		3,788,000,000
PHH Home Loans | Variable Interest Entity
ASSETS
Cash	82,000,000					91,000,000					82,000,000		91,000,000
Restricted cash	3,000,000					3,000,000					3,000,000		3,000,000
Mortgage loans held for sale	378,000,000					308,000,000					378,000,000		308,000,000
Accounts receivable, net	8,000,000					7,000,000					8,000,000		7,000,000
Property and equipment, net	1,000,000					2,000,000					1,000,000		2,000,000
Other assets	8,000,000					7,000,000					8,000,000		7,000,000
Total assets	480,000,000					418,000,000					480,000,000		418,000,000
Assets held as collateral	353,000,000					300,000,000					353,000,000		300,000,000
LIABILITIES
Accounts payable and accrued expenses	16,000,000					15,000,000					16,000,000		15,000,000
Debt	335,000,000					280,000,000					335,000,000		280,000,000
Other liabilities	10,000,000					11,000,000					10,000,000		11,000,000
Total liabilities	361,000,000					306,000,000					361,000,000		306,000,000
Company Involvement with Variable Interest Entity
Net income (loss)											16,000,000		43,000,000		111,000,000
PHH Corporation investment	57,000,000					57,000,000					57,000,000		57,000,000
Intercompany receivable (payable)	14,000,000					15,000,000					14,000,000		15,000,000
Variable Interest Entities
Ownership percentage											50.10%
Ownership percentage by Realogy											49.90%
Required amount of Mortgage loans originated sold to unaffiliated third party investors per Agreement (as a percent)											15.00%
Originated residential mortgage loans											7,400,000,000		9,300,000,000		12,100,000,000
Residential mortgage loans brokered or sold											3,300,000,000		5,000,000,000		6,000,000,000
Amount of loans originated from Realogy Corporation's affiliates (as a percent)											88.00%
Outstanding commitments related to residential mortgage loans	250,000,000										250,000,000
Period whose net income is used as multiplier to make cash payment											12 months
Period for which notice is to be given to terminate an operating agreement											2 years
Maximum period of term loan considered to make cash payments											12 years
Period of term loan considered to make cash payments											2 years
Period whose EBITDA is used as multiplier to calculate fair value											12 months
Distributions received											4,000,000		40,000,000		42,000,000
PHH Home Loans | Variable Interest Entity | Unsecured subordinated Intercompany Line of Credit
Variable Interest Entities
Borrowing capacity											60,000,000
Intercompany line of credit	0					0					0		0
PSART | Variable Interest Entity
ASSETS
Restricted cash	20,000,000										20,000,000
Servicing advances, net	155,000,000										155,000,000
Total assets	175,000,000										175,000,000
Assets held as collateral	175,000,000										175,000,000
LIABILITIES
Debt	108,000,000										108,000,000
Total liabilities	108,000,000										108,000,000
Company Involvement with Variable Interest Entity
Net income (loss)											-5,000,000
PHH Corporation investment	72,000,000										72,000,000
Variable Interest Entities
Distributions received											742,000,000
Contributions of Accounts Receivable											$814,000,000
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
									item
Segment Information
Number of reportable segments									2
Segment Information
Total Assets	$4,296				$8,853				$4,296	$8,853
Net Revenues	180	152	196	111	238	211	415	336	639	1,200	1,126
Segment Profit (Loss)									-290	111	-73
Interest Income									42	70	91
Interest Expense									130	185	212
Depreciation on operating leases									596	1,211	1,212
Other depreciation and amortization									23	23	15
Assets related to discontinued operations
Segment Information
Total Assets					4,456					4,456
Other
Segment Information
Total Assets	1,163				1,051				1,163	1,051
Net Revenues									11
Pre-tax loss on extinguishment of debt									24	54	13
Segment Profit (Loss)									-46	-66	-25
Mortgage Production segment | Operating segment
Segment Information
Total Assets	1,209				1,127				1,209	1,127
Net Revenues									465	821	1,234
Segment Profit (Loss)									-141	22	416
Interest Income									38	63	84
Interest Expense									77	127	150
Mortgage Servicing segment | Operating segment
Segment Information
Total Assets	1,924				2,219				1,924	2,219
Net Revenues									163	379	-108
Segment Profit (Loss)									-103	155	-464
Interest Income									4	7	7
Interest Expense									$53	$58	$62

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Reconciliation of (Loss) income before income taxes to Segment (loss) profit
(Loss) income from continuing operations before income taxes	($41)	($129)	($21)	($93)	$36	($101)	$133	$72	($284)	$140	($14)
Less: net income attributable to noncontrolling interest									6	29	59
Segment profit (loss)									($290)	$111	($73)

Selected_Quarterly_Financial_D2

Selected Quarterly Financial Data-(unaudited) (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, except Per Share data, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Selected Quarterly Financial Data-(unaudited)
Net revenues	$180	$152	$196	$111	$238	$211	$415	$336	$639	$1,200	$1,126
(Loss) income from continuing operations before income taxes	-41	-129	-21	-93	36	-101	133	72	-284	140	-14
Net income (loss)	-32	218	-55	-44	44	-46	102	64	87	164	93
Net income (loss) attributable to PHH Corporation	($33)	$215	($59)	($42)	$45	($52)	$90	$52	$81	$135	$34
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	($0.62)	($1.64)	($0.23)	($1.01)	$0.48	($1.19)	$1.30	$0.62	($3.47)	$1.21	($0.64)
From discontinued operations (in dollars per share)	($0.04)	$5.64	($0.79)	$0.28	$0.30	$0.29	$0.28	$0.28	$4.94	$1.15	$1.24
Total attributable to PHH Corporation (in dollars per share)	($0.66)	$4	($1.02)	($0.73)	$0.78	($0.90)	$1.58	$0.90	$1.47	$2.36	$0.60
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	($0.62)	($1.64)	($0.23)	($1.01)	$0.41	($1.19)	$1.15	$0.54	($3.47)	$1.05	($0.64)
From discontinued operations (in dollars per share)	($0.04)	$5.64	($0.79)	$0.28	$0.26	$0.29	$0.25	$0.25	$4.94	$1.01	$1.24
Total attributable to PHH Corporation (in dollars per share)	($0.66)	$4	($1.02)	($0.73)	$0.67	($0.90)	$1.40	$0.79	$1.47	$2.06	$0.60

SCHEDULE_I_CONDENSED_FINANCIAL1

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details) (USD $)	3 Months Ended								12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Revenues
Other income									$22	$3	$12
Net revenues	180	152	196	111	238	211	415	336	639	1,200	1,126
Expenses
Salaries and related expenses									358	425	387
Professional and third-party service fees									127	111	88
Technology equipment and software expenses									37	33	30
Other operating expenses									108	138	284
Total expenses									923	1,060	1,140
Income tax benefit									-99	42	-37
(Loss) income from continuing operations, net of tax									-185	98	23
Income from discontinued operations, net of tax									272	66	70
Net income attributable to PHH Corporation	-33	215	-59	-42	45	-52	90	52	81	135	34
Other comprehensive (loss) income, net of tax:
Comprehensive income (loss) attributable to PHH Corporation									54	125	39
PHH Corporation
Revenues
Other income									11
Interest income											1
Net revenues									11		1
Expenses
Salaries and related expenses									67	55	55
Interest expense									95	126	134
Depreciation and amortization									9	9	8
Professional and third-party service fees									62	48	27
Technology equipment and software expenses									18	15	13
Other operating expenses									32	64	21
Total expenses before allocations									283	317	258
Corporate overhead allocations to subsidiaries									-131	-125	-99
Unsecured interest expense allocation to subsidiaries									-95	-126	-133
Total expenses									-57	-66	-26
Loss before income taxes and equity in (loss) earnings of subsidiaries									-46	-66	-25
Income tax benefit									-13	-25	-10
Loss before equity in (loss) earnings of subsidiaries									-33	-41	-15
Equity in earnings (loss) of subsidiaries, excluding discontinued operations									-158	110	-21
(Loss) income from continuing operations, net of tax									-191	69	-36
Income from discontinued operations, net of tax									272	66	70
Net income attributable to PHH Corporation									81	135	34
Other comprehensive (loss) income, net of tax:
Currency translation adjustment									-22	-14	5
Change in unrealized gains on available-for-sale securities, net									-5	-1	-1
Change in unfunded pension liability, net										5	1
Total other comprehensive (loss) income, net of tax									-27	-10	5
Comprehensive income (loss) attributable to PHH Corporation									$54	$125	$39

SCHEDULE_I_CONDENSED_FINANCIAL2

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 2) (USD $)	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012	Dec. 31, 2011
In Millions, unless otherwise specified
ASSETS
Cash and cash equivalents	$1,259		$1,126		$758
Restricted cash	56		27
Accounts receivable	123		71
Property and equipment, net	36		51
Other assets	208		352
Total assets	4,296		8,853
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	244		281
Debt	1,739		2,024
Other liabilities	70		50
Total liabilities	2,725	[1]	7,163	[1]
Commitments and contingencies
EQUITY
Preferred stock
Common stock	1		1
Additional paid-in capital	989		1,142
Retained earnings	566		507
Accumulated other comprehensive (loss) income	-11		16
Total PHH Corporation stockholders' equity	1,545		1,666
Total liabilities and equity	4,296		8,853
PHH Corporation
ASSETS
Cash and cash equivalents	1,115		969		634	307
Restricted cash	9		10
Accounts receivable	5		27
Due from Consolidated subsidiaries	248		309
Investment in consolidated subsidiaries	1,000		1,502
Property and equipment, net	10		15
Other assets	74		174
Total assets	2,461		3,006
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	65		61
Debt	831		1,249
Other liabilities	20		30
Total liabilities	916		1,340
Commitments and contingencies
EQUITY
Preferred stock
Common stock	1		1
Additional paid-in capital	989		1,142
Retained earnings	566		507
Accumulated other comprehensive (loss) income	-11		16
Total PHH Corporation stockholders' equity	1,545		1,666
Total liabilities and equity	$2,461		$3,006
[1]	The Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

SCHEDULE_I_CONDENSED_FINANCIAL3

SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF REGISTRANT (Details 3) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Condensed Financial Information of Registrant
Net cash (used in) provided by operating activities	($11)	$2,709	$2,057
Cash flows from investing activities:
Purchases of property and equipment	-15	-32	-31
Purchases of certificates of deposit	-250
Proceeds from maturities of certificates of deposit	250
Decrease (increase) in restricted cash	-87	67	109
Net cash provided by (used in) investing activities	489	-1,177	-1,215
Cash flows from financing activities:
Proceeds from unsecured borrowings		350	518
Principal payments on unsecured borrowings	-435	-288	-671
Issuances of common stock	10	3	5
Repurchase of common stock	200
Cash paid for debt issuance costs	-21	-29	-57
Other, net	-3	-6	-4
Net cash used in financing activities	-464	-1,112	-427
Net increase in Cash and cash equivalents	14	416	415
Cash and cash equivalents at beginning of period	1,126	758
Cash and cash equivalents at end of period	1,259	1,126	758
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	22	50	14
Interest payments	125	177	213
Income tax payments, net	543	12	11
PHH Corporation
Condensed Financial Information of Registrant
Net cash (used in) provided by operating activities	-522	-6	115
Cash flows from investing activities:
Proceeds from sale of business, net of transaction costs	1,369
Purchases of property and equipment	-5	-4	-6
Purchases of certificates of deposit	-250
Proceeds from maturities of certificates of deposit	250
Decrease (increase) in restricted cash	1	13	-23
Dividends from consolidated subsidiaries		106	40
Net cash provided by (used in) investing activities	1,365	115	11
Cash flows from financing activities:
Net cash (used) provided by consolidated subsidiaries	-69	175	373
Proceeds from unsecured borrowings		350	518
Principal payments on unsecured borrowings	-435	-288	-671
Issuances of common stock	10	3	5
Repurchase of common stock	200
Cash paid for debt issuance costs		-9	-19
Other, net	-3	-5	-5
Net cash used in financing activities	-697	226	201
Net increase in Cash and cash equivalents	146	335	327
Cash and cash equivalents at beginning of period	969	634	307
Cash and cash equivalents at end of period	1,115	969	634
Supplemental Cash Flow Information [Abstract]
Payments for debt retirement premiums	22	50	14
Interest payments	83	89	105
Income tax payments, net	$534	$4	$4

SCHEDULE_II_VALUATION_AND_QUAL1

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) (Deferred tax asset valuation allowance, USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
PHH Corporation and Subsidiaries
Reconciliation of valuation and qualifying accounts
Balance, beginning of period	$26	$30	$44
Additions: Charged to costs and expenses	5	2	2
Additions: Charged to other accounts	4		-8
Reductions		-6	-8
Balance, end of period	35	26	30
PHH Corporation
Reconciliation of valuation and qualifying accounts
Balance, beginning of period	5	6	7
Additions: Charged to costs and expenses	2
Reductions	-2	-1	-1
Balance, end of period	$5	$5	$6