PHH 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 29, 2015
Document and Entity Information
Entity Registrant Name	PHH CORP
Entity Central Index Key	77776
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		49,656,148
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
REVENUES
Origination and other loan fees	$58	$47
Gain on loans held for sale, net	82	51
Net loan servicing income :
Loan servicing income	104	115
Change in fair value of mortgage servicing rights	-26	-79
Net derivative gain related to mortgage servicing rights	53	6
Net loan servicing income	131	42
Net interest expense:
Interest Income	9	8
Secured interest expense	-9	-9
Unsecured interest expense	-17	-29
Net interest expense	-17	-30
Other income	7	1
Net revenues	261	111
EXPENSES
Salaries and related expenses	87	89
Commissions	19	15
Loan origination expenses	24	19
Foreclosure and repossession expenses	15	14
Professional and third-party service fees	42	28
Technology equipment and software expenses	10	8
Occupancy and other office expenses	12	13
Depreciation and amortization	5	6
Other operating expenses	16	12
Total expenses	230	204
Income (loss) from continuing operations before income taxes	31	-93
Income tax expense (benefit)	8	-33
Income (loss) from continuing operations, net of tax	23	-60
Income from discontinued operations, net of tax		16
Net income (loss)	23	-44
Less: net income (loss) attributable to noncontrolling interest	2	-2
Net income (loss) attributable to PHH Corporation	$21	($42)
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	$0.40	($1.01)
From discontinued operations (in dollars per share)		$0.28
Total attributable to PHH Corporation (in dollars per share)	$0.40	($0.73)
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	$0.34	($1.01)
From discontinued operations (in dollars per share)		$0.28
Total attributable to PHH Corporation (in dollars per share)	$0.34	($0.73)

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income (loss)	$23	($44)
Other comprehensive income (loss), net of tax:
Change in unfunded pension liability, net	1
Currency translation adjustment		-7
Total other comprehensive income (loss), net of tax	1	-7
Total comprehensive income (loss)	24	-51
Less: comprehensive income (loss) attributable to noncontrolling interest	2	-2
Comprehensive income (loss) attributable to PHH Corporation	$22	($49)

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Millions, unless otherwise specified
ASSETS
Cash and cash equivalents	$1,269		$1,259
Restricted cash	46		56
Mortgage loans held for sale	971		915
Accounts receivable, net	126		123
Servicing advances, net	680		694
Mortgage servicing rights	986		1,005
Property and equipment, net	35		36
Other assets	225		208
Total assets	4,338	[1]	4,296	[1]
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	209		244
Subservicing advance liabilities	357		347
Debt	1,784		1,739
Deferred taxes	259		262
Loan repurchase and indemnification liability	62		63
Other liabilities	68		70
Total liabilities	2,739	[1]	2,725	[1]
Commitments and contingencies (Note 11)
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; 49,654,752 shares issued and outstanding at March 31, 2015; 51,143,723 shares issued and outstanding at December 31, 2014			1
Additional paid-in capital	999		989
Retained earnings	582		566
Accumulated other comprehensive loss	-10	[2]	-11	[2]
Total PHH Corporation stockholders' equity	1,571		1,545
Noncontrolling interest	28		26
Total equity	1,599		1,571
Total liabilities and equity	$4,338		$4,296
[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:
[2]	Includes amounts recorded related to the Company’s defined benefit pension plan, net of income tax benefits of $6 million as of both March 31, 2015 and December 31, 2014. During both the three months ended March 31, 2015 and 2014, there were no amounts reclassified out of Accumulated other comprehensive loss.

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014	Dec. 31, 2014
ASSETS
Cash and cash equivalents	$1,269		$1,032	$1,259
Restricted cash	46			56
Mortgage loans held for sale	971			915
Accounts receivable, net	126			123
Servicing advances, net	680			694
Property and equipment, net	35			36
Other assets	225			208
Total assets	4,338	[1]		4,296	[1]
LIABILITIES
Accounts payable and accrued expenses	209			244
Debt	1,784			1,739
Other liabilities	68			70
Total liabilities	2,739	[1]		2,725	[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)	49,654,752			51,143,723
Common stock, shares outstanding (in shares)	49,654,752			51,143,723
Pension adjustment, income tax benefit	6			6
Amounts reclassified out of Accumulated other comprehensive loss	0		0
Variable Interest Entity
ASSETS
Cash and cash equivalents	82			85
Restricted cash	12			23
Mortgage loans held for sale	482			378
Accounts receivable, net	14			8
Servicing advances, net	151			155
Property and equipment, net	1			1
Other assets	9			8
Total assets	751			658
LIABILITIES
Accounts payable and accrued expenses	16			16
Debt	535			443
Other liabilities	11			11
Total liabilities	$562			$470
[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $)	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, 2013	$1	$1,142	$507	$16	$24	$1,690
Balance (in shares) at Dec. 31, 2013	57,265,517
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)			-42	-7	-2	-51
Stock compensation expense		3				3
Stock issued under share-based payment plans		1				1
Stock issued under share-based payment plans (in shares)	113,595
Recognition of deferred taxes related to Convertible notes		1				1
Balance at Mar. 31, 2014	1	1,147	465	9	22	1,644
Balance (in shares) at Mar. 31, 2014	57,379,112
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
Increase (Decrease) in Stockholders' Equity
Total comprehensive income (loss)			21	1	2	24
Stock compensation expense		2				2
Stock issued under share-based payment plans		2				2
Stock issued under share-based payment plans (in shares)	85,281
Repurchase of Common stock	-1	5	-5			-1
Repurchase of Common stock (in shares)	-1,574,252
Recognition of deferred taxes related to Convertible notes		1				1
Balance at Mar. 31, 2015		$999	$582	($10)	$28	$1,599
Balance (in shares) at Mar. 31, 2015	49,654,752					49,654,752

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income (loss)	$23	($44)
Adjustments to reconcile Net income (loss) to net cash (used in) provided by operating activities:
Capitalization of originated mortgage servicing rights	-20	-25
Net (gain) loss on mortgage servicing rights and related derivatives	-27	73
Vehicle depreciation		300
Other depreciation and amortization	5	8
Origination of mortgage loans held for sale	-3,023	-2,725
Proceeds on sale of and payments from mortgage loans held for sale	3,011	3,003
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	-70	-33
Deferred income tax benefit	-2	-26
Other adjustments and changes in other assets and liabilities, net	-16	-60
Net cash (used in) provided by operating activities	-119	471
Cash flows from investing activities:
Net cash received on derivatives related to mortgage servicing rights	57	8
Proceeds on sale of mortgage servicing rights	23	4
Purchases of property and equipment	-5	-3
Decrease (increase) in restricted cash	10	-104
Investment in vehicles		-409
Proceeds on sale of investment vehicles		103
Other, net	2	6
Net cash provided by (used in) investing activities	87	-395
Cash flows from financing activities:
Proceeds from secured borrowings	3,706	4,873
Principal payments on secured borrowings	-3,664	-5,027
Issuances of common stock	2	2
Cash paid for debt issuance costs	-2	-9
Other, net		-1
Net cash provided by (used in) financing activities	42	-162
Effect of changes in exchange rates on Cash and cash equivalents		-4
Net increase (decrease) in Cash and cash equivalents	10	-90
Cash and cash equivalents at beginning of period	1,259	1,245
Less: Cash balance of discontinued operations at end of period		-123
Cash and cash equivalents	$1,269	$1,032

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
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 loans originated by PHH Mortgage and mortgage servicing rights purchased from others, and acts as a subservicer for certain clients that own the underlying mortgage servicing rights.
	The Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC (“PHH Home Loans”) and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements and Realogy Group LLC’s ownership interest is presented as a noncontrolling interest.  Intercompany balances and transactions have been eliminated from the Condensed Consolidated Financial Statements.
	Preparation of Financial Statements
	The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments, necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s 2014 Form 10-K.
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for 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 Condensed Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Condensed Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
	Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Condensed Consolidated Financial Statements are in millions.
	Changes in Accounting 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. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards.  The Company adopted this guidance as of January 1, 2015, and there was no impact to the Company’s financial statements or disclosures.
	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.  The Company adopted this guidance as of January 1, 2015 and there was no impact to the Company’s financial statements.
	Recently Issued Accounting Pronouncements
	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 this update retrospectively or by using a modified retrospective approach.  The Company is currently evaluating the impact of adopting this new standard.
	Interest.  In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the Balance Sheets as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.  The amendments in this update are to be applied retrospectively, and are effective for the first interim and annual periods beginning after December 15, 2015, with early adoption permitted.  The Company is currently evaluating the impact of adopting this new standard.
	Intangibles—Goodwill and Other—Internal-Use Software. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”  This update clarifies whether a cloud computing arrangement should be accounted for as a software license or as a service contract by the customer, depending on the terms of the arrangement.  In addition, the guidance requires all software licenses within the scope of the internal use software subtopic to be accounted for consistent with other licenses of intangible assets.  The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015, with early adoption permitted.  An entity can elect to adopt this update either: (i) prospectively to all arrangements entered into or materially modified after the effective date; or (ii) retrospectively.  The Company is currently evaluating the impact of adopting this new standard.

Discontinued_Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2015
Discontinued Operations
Discontinued Operations
	2. Discontinued Operations
	During the second quarter of 2014, the Company entered into a definitive agreement to sell its Fleet business to Element Financial Corporation and the sale was completed effective on July 1, 2014.
	The results of discontinued operations for the three months ended March 31, 2014 are summarized below:
		(In millions)
	Net revenues	$	405
	Total expenses	383
	Income before income taxes	22
	Income tax expense	6
	Income from discontinued operations, net of tax	$	16

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2015
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.
	During 2014, the Company entered into two separate Accelerated Share Repurchase agreements to repurchase an aggregate of $200 million of PHH’s Common stock.  The final delivery of shares occurred in March 2015 and resulted in a 1,574,252 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.
	Shares associated with anti-dilutive securities are outlined in the table below.
	The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated:
			Three Months Ended
			March 31,
			2015			2014
			(In millions, except share and
			per share data)
	Income (loss) from continuing operations, net of tax		$	23		$	-60
	Less: net income (loss) attributable to noncontrolling interest		2			-2
	Net income (loss) from continuing operations attributable to PHH Corporation		21			-58
	Income from discontinued operations, net of tax		—			16
	Net income (loss) attributable to PHH Corporation		$	21		$	-42
	Weighted-average common shares outstanding — basic		51,173,223			57,543,886
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		360,088			—
	Conversion of debt securities		9,022,268			—
	Weighted-average common shares outstanding — diluted(2)		60,555,579			57,543,886
	Basic earnings (loss) per share:
	From continuing operations		$	0.40		$	-1.01
	From discontinued operations		—			0.28
	Total attributable to PHH Corporation		$	0.40		$	-0.73
	Diluted earnings (loss) per share:
	From continuing operations		$	0.34		$	-1.01
	From discontinued operations		—			0.28
	Total attributable to PHH Corporation		$	0.34		$	-0.73
		-1		Represents incremental shares from restricted stock units and stock options.
		-2		For the three months ended March 31, 2014, 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:
			Three Months Ended
			March 31,
			2015		2014
	Outstanding stock-based compensation awards(1)		33,973		2,367,992
	Assumed conversion of debt securities		—		9,584,725
		-1		For the three months ended March 31, 2015, excludes 711,704 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor

Transfers and Servicing of Mortgage Loans	3 Months Ended
	Mar. 31, 2015
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 the Government National Mortgage Association (collectively the “Agencies”) or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: mortgage servicing rights and servicing obligations, recourse obligations and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests).  During the three months ended March 31, 2015, the Company did not retain any interest from sales or securitizations other than mortgage servicing rights.  See Note 10, “Credit Risk” for a further description of recourse obligations.
	The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the portfolio associated with loans subserviced for others.  The total servicing portfolio was $224.2 billion and $227.3 billion, as of March 31, 2015 and December 31, 2014, respectively.  Mortgage servicing rights (“MSRs”) recorded in the Condensed Consolidated Balance Sheets are related to the capitalized servicing portfolio and are created either through the direct purchase of servicing from a third party or through the sale of an originated loan.
	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 March 31, 2015, the Company had commitments to sell mortgage servicing rights related to $843 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 and $1.2 billion of the unpaid principal balance of loans in the capitalized servicing portfolio.  As of March 31, 2015, the fair value of the MSRs subject to sale commitments and associated with the loans in the capitalized portfolio was $14 million.
	The activity in the loan servicing portfolio associated with capitalized mortgage servicing rights consisted of:
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Balance, beginning of period		$	112,686	$	129,145
	Additions		1,913		2,266
	Payoffs and curtailments		-4,579		-4,129
	Sales		-1,228		-124
	Balance, end of period		$	108,792	$	127,158
	The activity in capitalized MSRs consisted of:
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Balance, beginning of period		$	1,005	$	1,279
	Additions		20		25
	Sales		-13		-1
	Changes in fair value due to:
	Realization of expected cash flows		-38		-34
	Changes in market inputs or assumptions used in the valuation model		12		-45
	Balance, end of period		$	986	$	1,224
	The value of MSRs is driven by the net positive cash flows associated with servicing activities.  These cash flows include contractually specified servicing fees, late fees and other ancillary servicing revenue and were recorded within Loan servicing income as follows:
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Servicing fees from capitalized portfolio		$	79	$	92
	Late fees		4		5
	Other ancillary servicing revenue		7		8
	As of March 31, 2015 and December 31, 2014, the MSRs had a weighted-average life of 6.2 years and 5.7 years, respectively. See Note 12, “Fair Value Measurements” for additional information regarding the valuation of MSRs.
	The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Proceeds from new loan sales or securitizations		$	1,975	$	2,336
	Servicing fees from capitalized portfolio(1)		79		92
	Purchases of delinquent or foreclosed loans (2)		-3		-17
	Servicing advances (3)		-574		-522
	Repayment of servicing advances (3)		587		523
		-1		Excludes late fees and other ancillary servicing revenue.
		-2		Excludes indemnification payments to investors and insurers of the related mortgage loans.
		-3		Outstanding servicing advance receivables are presented in Servicing advances, net in the Condensed Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.
	During the three months ended March 31, 2015 and 2014, pre-tax gains of $63 million and $72 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on loans held for sale, net in the Condensed Consolidated Statements of Operations.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2015
Derivatives
Derivatives
	5.  Derivatives
	Derivative instruments and the risks they manage are as follows:
		§		Forward delivery commitments—Related to interest rate and price risk for mortgage loans held for sale and interest rate lock commitments
		§		Option contracts—Related to interest rate and price risk for mortgage loans held for sale and interest rate lock commitments
		§		MSR-related agreements—Related to interest rate risk for mortgage servicing rights
	Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets.  The Company does not have any derivative instruments designated as hedging instruments.
	The following table summarizes the gross notional amount of derivatives:
			March 31,		December 31,
			2015		2014
			(In millions)
	Interest rate lock commitments		$	2,106	$	1,185
	Forward delivery commitments		5,062		3,893
	Option contracts		240		213
	MSR-related agreements		2,846		4,013
	The following tables present the balances of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting:
			31-Mar-15
			Gross Assets		Offsetting		Cash Collateral		Net Amount
					Payables		Received
			(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments		$	5	$	-5	$	—	$	—
	MSR-related agreements		76		-4		-70		2
	Derivative assets subject to netting		81		-9		-70		2
	Not subject to master netting arrangements:
	Interest rate lock commitments		38		—		—		38
	Forward delivery commitments		2		—		—		2
	Derivative assets not subject to netting		40		—		—		40
	Total derivative assets		$	121	$	-9	$	-70	$	42
			Gross Liabilities		Offsetting		Cash Collateral		Net Amount
					Receivables		Paid
			(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments		$	13	$	-9	$	-1	$	3
	Not subject to master netting arrangements:
	Forward delivery commitments		5		—		—		5
	Total derivative liabilities		$	18	$	-9	$	-1	$	8
			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
	The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:
			Three Months Ended
		March 31,
		2015		2014
		(In millions)
Gain on loans held for sale, net:
Interest rate lock commitments		$	81	$	74
Forward delivery commitments		-17		-20
Option contracts		—		-1
Net derivative gain related to mortgage servicing rights:
MSR-related agreements		53		6

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2015
Other Assets
Other Assets
	6.  Other Assets
	Other assets consisted of:
			March 31,		December 31,
			2015		2014
			(In millions)
	Repurchase eligible loans(1)		$	49	$	53
	Derivatives		42		33
	Equity method investments		33		34
	Mortgage loans in foreclosure, net		32		32
	Real estate owned, net		20		21
	Deferred financing costs		18		19
	Income taxes receivable		15		2
	Other		16		14
	Total		$	225	$	208
		-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 Condensed Consolidated Balance Sheets.

Other_Liabilities

Other Liabilities	3 Months Ended
	Mar. 31, 2015
Other Liabilities
Other Liabilities
	7.  Other Liabilities
	Other liabilities consisted of:
		March 31,		December 31,
		2015		2014
		(In millions)
	Litigation and regulatory reserves (Note 11)	$	28	$	29
	Pension and other post employment benefits liability	11		11
	Liability for income tax contingencies	8		9
	Derivatives	8		7
	Other	13		14
	Total	$	68	$	70

Debt_and_Borrowing_Arrangement

Debt and Borrowing Arrangements	3 Months Ended
	Mar. 31, 2015
Debt and Borrowing Arrangements
Debt and Borrowing Arrangements
	8.  Debt and Borrowing Arrangements
	The following table summarizes the components of Debt:
									December 31,
			March 31, 2015						2014
					Interest		Available
			Balance		Rate(1)		Capacity(2)		Balance
			(In millions)
	Committed warehouse facilities		$	853	2.2	%	$	1,222	$	800
	Uncommitted warehouse facilities		—		—		2,500		—
	Servicing advance facility		97		2.7	%	58		108
	Convertible notes due in 2017(3)		219		6.0	%	n/a		216
	Term notes due in 2019		275		7.375	%	n/a		275
	Term notes due in 2021		340		6.375	%	n/a		340
	Unsecured debt		834						831
	Total		$	1,784					$	1,739
		-1		Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs.  Warehouse facilities and the servicing advance facility are variable-rate.  Rate shown for warehouse facilities represents the weighted-average rate of current outstanding borrowings.
		-2		Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
		-3		Balance is net of unamortized discount of $26 million and $29 million as of March 31, 2015 and December 31, 2014, respectively. 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 March 31, 2015 consisted of:
					Servicing
			Warehouse		Advance
			Facilities		Facility
			(In millions)
	Restricted cash		$	6	$	9
	Servicing advances		—		151
	Mortgage loans held for sale (unpaid principal balance)		900		—
	Total		$	906	$	160
	The following table provides the contractual debt maturities as of March 31, 2015:
					Servicing
			Warehouse		Advance		Unsecured
			Facilities		Facility(1)		Debt(2)		Total
			(In millions)
	Within one year		$	853	$	76	$	—	$	929
	Between one and two years		—		21		—		21
	Between two and three years		—		—		245		245
	Between three and four years		—		—		—		—
	Between four and five years		—		—		275		275
	Thereafter		—		—		340		340
			$	853	$	97	$	860	$	1,810
		-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.  Those notes are currently eligible for conversion, and if presented for conversion, the principal portion of the notes would be due in cash and the conversion premium may be settled at the Company’s election in cash, shares or a combination of cash and shares.
	See Note 12, “Fair Value Measurements,” for the measurement of the fair value of Debt.
	Mortgage Warehouse Facilities
	In the first quarter of 2015, the committed mortgage repurchase facility with Wells Fargo Bank was extended to April 1, 2016, and the committed capacity was increased by $100 million to $450 million.
	Servicing Advance Facility
	In February 2015, the Company received an extension of the revolving period of the servicing advance facility, 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 the outstanding balance is required to be repaid by the Company through advance collections or additional payments, on or before final maturity.
	Unsecured Debt
	Convertible Notes due in 2017.  As of March 31, 2015, the if-converted value exceeded the principal amount of the notes by $218 million, and the notes met the requirements for conversion.  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 discussed further in Note 15, Subsequent Events, in May 2015 the Company commenced an exchange offer for the 2017 Convertible Notes.
	Debt Covenants
	There were no significant amendments to the terms of debt covenants during the three months ended March 31, 2015.  As of March 31, 2015, the Company was in compliance with all financial covenants related to its debt arrangements.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Taxes
Income Taxes
	9.   Income Taxes
	For the three months ended March 31, 2015, interim income tax expense was recorded by applying a projected full-year effective income tax rate to the quarterly Income from continuing operations before income taxes for results that are deemed to be reliably estimable. Certain results dependent on fair value adjustments of the Company are considered not to be reliably estimable, and therefore, discrete year-to-date income tax provisions are recorded on those results.
	For the three months ended March 31, 2014, interim income tax benefit was recorded using the discrete effective tax rate method.  Management believed the use of the discrete method for this period was more appropriate than applying the full-year effective tax rate method since the full-year effective tax rate method would not be considered reliable due to the sensitivity to small changes to forecasted annual pre-tax results.  Under the discrete method, the Company determines the tax provision based upon actual results as if the interim period were a full-year period.
	The following table and discussion summarizes items that significantly impacted Income tax expense or benefit from continuing operations and increased (decreased) the effective tax rate:
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	State and local income taxes, net of federal tax benefits	$	1	$	-3
	Noncontrolling interest	-1		1
	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 three months ended March 31, 2015 was lower compared to the three months ended March 31, 2014.
	Noncontrolling interest. Represents the impact to the effective tax rate from Realogy Group LLC’s portion of income taxes related to the income or loss attributable to PHH Home Loans.  The impact is driven by PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members.  Accordingly, the Company’s Income tax expense or benefit includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans.

Credit_Risk

Credit Risk	3 Months Ended
	Mar. 31, 2015
Credit Risk
Credit Risk
	10.   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:
			March 31,			December 31,
			2015			2014
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	111,260		$	113,849
	Subserviced		112,934			113,423
	Total		$	224,194		$	227,272
	Conventional loans		$	195,870		$	195,184
	Government loans		24,030			27,720
	Home equity lines of credit		4,294			4,368
	Total		$	224,194		$	227,272
	Weighted-average interest rate		3.9		%	3.9		%
			March 31, 2015						December 31, 2014
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		1.89	%		1.40	%		2.43	%	1.75	%
	60 days		0.40			0.29			0.58		0.41
	90 or more days		0.92			0.68			1.13		0.85
	Total		3.21	%		2.37	%		4.14	%	3.01	%
	Foreclosure/real estate owned(2)		2.13	%		1.94	%		2.22	%	2.04	%
		-1		Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
		-2		As of March 31, 2015 and December 31, 2014, the total servicing portfolio included 20,059 and 21,456 of loans in foreclosure with an unpaid principal balance of $3.9 billion and $4.1 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 limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party originator.  Repurchase and foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and for on-balance sheet loans in foreclosure and real estate owned.
	A summary of the activity in repurchase and foreclosure-related reserves is as follows:
			Three Months Ended
			March 31,
			2015			2014
			(In millions)
	Balance, beginning of period		$	93		$	142
	Realized losses		-5			-24
	Increase in reserves due to:
	Changes in assumptions		2			—
	New loan sales		2			2
	Balance, end of period		$	92		$	120
	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 March 31, 2015, $177 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 March 31, 2015 and December 31, 2014, liabilities for probable losses related to repurchase and indemnification obligations of $62 million and $63 million, respectively, are presented in the Condensed Consolidated Balance Sheets.
	Given the inherent uncertainties involved in estimating losses associated with future repurchase and indemnification requests, there is a reasonable possibility that future losses may be in excess of the recorded liability.  As of March 31, 2015, 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 entered into with Fannie Mae during the fourth quarter of 2014.  Excluded defects include, but are not limited to, loans with certain title defects or with violations of law.
	Mortgage Loans in Foreclosure and Real Estate Owned
	The carrying values of the mortgage loans in foreclosure and real estate owned were recorded within Other assets in the Condensed Consolidated Balance Sheets as follows:
			March 31,			December 31,
			2015			2014
			(In millions)
	Mortgage loans in foreclosure and related advances		$	46		$	46
	Allowance for probable foreclosure losses		-14			-14
	Mortgage loans in foreclosure, net		$	32		$	32
	Real estate owned and related advances		$	36		$	37
	Adjustment to value for real estate owned		-16			-16
	Real estate owned, net		$	20		$	21

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies
Commitments and Contingencies
	11.  Commitments and 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 March 31, 2015.
	As of March 31, 2015, the Company’s recorded reserves associated with legal and regulatory contingencies were $28 million and are presented in Other liabilities in the Condensed Consolidated Balance Sheets.  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.
	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 Bureau of Consumer Financial Protection (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 March 31, 2015.  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.
	In the first quarter of 2015, we were notified by the New York Department of Financial Services that it intends to propose that the Company enter into a settlement agreement and/or consent order to close out pending examination report findings, including New York findings stemming from the MMC examination.  While the Company believes it has meritorious explanations and defenses to the findings and has provided or is in the process of providing responses to these findings, the proposed settlement agreement and/or consent order may include fines and penalties, 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.
	CFPB Enforcement Action.  In January 2014, 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 March 31, 2015, 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.  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.
	Subpoenas and Investigations.  The Company has received document subpoenas from the Office of Inspector General of the U.S. Department of Housing and Urban Development (“HUD”) and the U.S. Attorney’s Offices for the Southern and Eastern Districts of New York. The HUD subpoenas request production of certain documents related to, among other things, the Company’s origination and underwriting process for loans insured by the Federal Housing Administration (“FHA”).  The U.S. Attorney’s Offices subpoenas requested production of certain documents related to, among other things, foreclosure expenses that we incurred in connection with the foreclosure of loans insured or guaranteed by FHA, Fannie Mae or Freddie Mac and loans sold pursuant to programs sponsored by Fannie Mae, Freddie Mac or Ginnie Mae. 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.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements
	12.  Fair Value Measurements
	The Company updates the valuation of each instrument recorded at fair value on a quarterly basis, evaluating all available observable information, which may include current market prices or bids, recent trade activity, changes in the levels of market activity and benchmarking of industry data.  The assessment also includes consideration of identifying the valuation approach that would be used currently by market participants.  If it is determined that a change in valuation technique or its application is appropriate, or if there are other changes in availability of observable data or market activity, the current methodology will be analyzed to determine if a transfer between levels of the valuation hierarchy is appropriate.  Such reclassifications are reported as transfers into or out of a level as of the beginning of the quarter that the change occurs.
	The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of March 31, 2015 or December 31, 2014.
	Recurring Fair Value Measurements
	The following summarizes the fair value hierarchy for instruments measured at fair value on a recurring basis:
		March 31, 2015
								Cash
		Level		Level		Level		Collateral
		One		Two		Three		and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—	$	930	$	41	$	—	$	971
	Mortgage servicing rights	—		—		986		—		986
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—		38		—		38
	Forward delivery commitments	—		7		—		-5		2
	MSR-related agreements	—		76		—		-74		2
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—	$	18	$	—	$	-10	$	8
		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
	Significant inputs to the measurement of fair value and further information on the assets and liabilities measured at fair value are as follows:
	Mortgage Loans Held for Sale (“MLHS”).  The following table reflects the difference between the carrying amounts of MLHS measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:
		March 31, 2015				December 31, 2014
		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	$	971	$	10	$	915	$	13
	Aggregate unpaid principal balance	957		13		903		17
	Difference	$	14	$	-3	$	12	$	-4
	The following table summarizes the components of mortgage loans held for sale:
		March 31,		December 31,
		2015		2014
		(In millions)
	First mortgages:
	Conforming	$	825	$	761
	Non-conforming	104		111
	Total first mortgages	929		872
	Second lien	4		5
	Scratch and Dent	37		37
	Other	1		1
	Total	$	971	$	915
	Mortgage Servicing Rights.  The following tables summarize certain information regarding the initial and ending capitalization rate of MSRs:
		Three Months Ended
		March 31,
		2015		2014
	Initial capitalization rate of additions to MSRs	1.06	%	1.08	%
	March 31,		December 31,
	2015		2014
Capitalization servicing rate	0.91	%	0.89	%
Capitalization servicing multiple	3.2		3.1
Weighted-average servicing fee (in basis points)	29		29
The significant assumptions used in estimating the fair value of MSRs were as follows (in annual rates):
	March 31,		December 31,
	2015		2014
Weighted-average prepayment speed (CPR)	9.8	%	11.5	%
Option adjusted spread, in basis points (OAS)	979		865
Weighted-average delinquency rate	4.2	%	5.0	%
In the first quarter of 2015, the Company integrated an updated prepayment model used in the valuation of MSRs which is more closely aligned with the slower actual prepayment speeds of the capitalized servicing portfolio and made further updates to the cash flow model based on a market data calibration.  During the three months ended March 31, 2015, these updates to the valuation model resulted in a $46 million positive change in fair value of MSRs.
The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:
	March 31, 2015
	Weighted-				Weighted-
	Average		Option		Average
	Prepayment		Adjusted		Delinquency
	Speed		Spread		Rate
	(In millions)
Impact on fair value of 10% adverse change	$	-40	$	-46	$	-20
Impact on fair value of 20% adverse change	-77		-89		-40
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.  The average pullthrough percentage used in measuring the fair value of interest rate lock commitments as of March 31, 2015 and December 31, 2014 was 73% and 74%, respectively. The pullthrough percentage is considered a significant unobservable input and is estimated based on changes in pricing and actual borrower behavior using a historical analysis of loan closing and fallout data.  Actual loan pullthrough is compared to the modeled estimates in order to evaluate this assumption each period based on current trends.  Generally, a change in interest rates is accompanied by a directionally opposite change in the assumption used for the pullthrough percentage, and the impact to fair value of a change in pullthrough would be partially offset by the related change in price.
Level Three Measurements
Activity of assets and liabilities classified within Level Three of the valuation hierarchy consisted of:
	Three Months Ended						Three Months Ended
	March 31, 2015						March 31, 2014
					IRLCs,						IRLCs,
	MLHS		MSRs		net		MLHS		MSRs		net
	(In millions)
Balance, beginning of period	$	42	$	1,005	$	22	$	49	$	1,279	$	22
Realized and unrealized gains (losses)	2		-26		81		-3		-79		74
Purchases	7		—		—		16		—		—
Issuances	—		20		—		1		25		—
Settlements	-6		-13		-65		-13		-1		-76
Transfers into Level Three	7		—		—		6		—		—
Transfers out of Level Three	-11		—		—		-7		—		—
Balance, end of period	$	41	$	986	$	38	$	49	$	1,224	$	20
Transfers into Level Three generally represent mortgage loans held for sale with performance issues, origination flaws, or other characteristics that impact their salability in active secondary market transactions.  Transfers out of Level Three represent Scratch and Dent loans that were foreclosed upon and loans that have been cured.
Realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy were included in the Condensed Consolidated Statements of Operations as follows:
	Three Months Ended
	March 31,
	2015		2014
	(In millions)
Gain on loans held for sale, net:
Mortgage loans held for sale	$	1	$	-4
Interest rate lock commitments	81		74
Change in fair value of mortgage servicing rights:
Mortgage servicing rights	-26		-79
Interest income:
Mortgage loans held for sale	1		1
Unrealized gains (losses) included in the Condensed Consolidated Statement of Operations related to assets and liabilities classified within Level Three of the valuation hierarchy that are included in the Condensed Consolidated Balance Sheets were as follows:
	Three Months Ended
	March 31,
	2015		2014
	(In millions)
Gain on loans held for sale, net	$	36	$	16
Change in fair value of mortgage servicing rights	12		-45
Fair Value of Other Financial Instruments
As of March 31, 2015 and December 31, 2014, 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 March 31, 2015 and December 31, 2014, the total fair value of Debt was $2.1 billion and $2.0 billion, respectively, and is measured using Level Two inputs. As of March 31, 2015, 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) $1.0 billion was measured using observable spreads and terms for recent pricing of similar instruments.

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2015
Variable Interest Entities
Variable Interest Entities
	13.  Variable Interest Entities
	Assets and liabilities of significant variable interest entities are included in the Condensed Consolidated Balance Sheets as follows:
			March 31, 2015				December 31, 2014
					Servicing				Servicing
					Advance				Advance
			PHH Home		Receivables		PHH Home		Receivables
			Loans		Trust		Loans		Trust
			(In millions)
	ASSETS
	Cash		$	79	$	—	$	82	$	—
	Restricted cash		3		9		3		20
	Mortgage loans held for sale		482		—		378		—
	Accounts receivable, net		14		—		8		—
	Servicing advances, net		—		151		—		155
	Property and equipment, net		1		—		1		—
	Other assets		9		—		8		—
	Total assets		$	588	$	160	$	480	$	175
	Assets held as collateral		$	459	$	160	$	353	$	175
	LIABILITIES
	Accounts payable and accrued expenses		$	16	$	—	$	16	$	—
	Debt		438		97		335		108
	Other liabilities		10		—		10		—
	Total liabilities(1)		$	464	$	97	$	361	$	108
		-1		Excludes intercompany payables.

Segment_Information

Segment Information	3 Months Ended
	Mar. 31, 2015
Segment Information
Segment Information
	14.  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 loans originated by PHH Mortgage and mortgage servicing rights purchased from others, and acts as a subservicer for certain clients that own the underlying mortgage servicing rights.
	The Company’s continuing operations are located in the U.S. 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 heading Other includes expenses that are not allocated back to the two reportable segments and, for 2014, also includes 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 Group LLC’s noncontrolling interest in the profit or loss of PHH Home Loans.
	Segment results were as follows:
			Net Revenues				Segment Profit (Loss) (1)
			Three Months Ended				Three Months Ended
			March 31,				March 31,
			2015		2014		2015		2014
			(In millions)
	Mortgage Production segment		$	137	$	82	$	-19	$	-60
	Mortgage Servicing segment		121		29		57		-29
	Other		3		—		-9		-2
	Total		$	261	$	111	$	29	$	-91
	(1)The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Income (loss) from continuing operations before income taxes		$	31	$	-93
	Less: net income (loss) attributable to noncontrolling interest		2		-2
	Segment profit (loss)		$	29	$	-91

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events.
Subsequent Events
	15.  Subsequent Events
	On May 6, 2015, the Company commenced an offer to exchange the $245 million outstanding aggregate principal amount of its 6.0% Convertible notes due 2017 plus accrued and unpaid interest for cash and a number of shares of the Company’s Common stock for the conversion value in excess of principal.
	The number of shares of Common stock to be issued in connection with the exchange will be determined based on the Company’s volume adjusted weighted-average stock price (VWAP) over the exchange period.  The exchange offer will expire on June 15, 2015, unless it is extended or earlier terminated by the Company.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale and other financial instruments, the estimation of liabilities for 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 Condensed Consolidated Statements of Operations, and have been excluded from continuing operations and segment results for all periods presented.  The cash flows and comprehensive income related to the Fleet business have not been segregated and are included in the Condensed Consolidated Statements of Cash Flows and Condensed Consolidated Statements of Comprehensive Income, respectively, for all periods presented.  Amounts related to the Fleet business are excluded from the Notes to Condensed Consolidated Financial Statements unless otherwise noted.  See Note 2, “Discontinued Operations” for additional information.
Changes in Accounting Pronouncements and Recently Issued Accounting Pronouncements
	Changes in 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. Due to the change in requirements for reporting discontinued operations described above, presentation and disclosures of future disposal transactions after adoption may be different than under current standards.  The Company adopted this guidance as of January 1, 2015, and there was no impact to the Company’s financial statements or disclosures.
	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.  The Company adopted this guidance as of January 1, 2015 and there was no impact to the Company’s financial statements.
	Recently Issued Accounting Pronouncements
	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 this update retrospectively or by using a modified retrospective approach.  The Company is currently evaluating the impact of adopting this new standard.
	Interest.  In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” which requires that debt issuance costs related to a recognized debt liability be presented in the Balance Sheets as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.  The amendments in this update are to be applied retrospectively, and are effective for the first interim and annual periods beginning after December 15, 2015, with early adoption permitted.  The Company is currently evaluating the impact of adopting this new standard.
	Intangibles—Goodwill and Other—Internal-Use Software. In April 2015, the FASB issued ASU 2015-05, “Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement.”  This update clarifies whether a cloud computing arrangement should be accounted for as a software license or as a service contract by the customer, depending on the terms of the arrangement.  In addition, the guidance requires all software licenses within the scope of the internal use software subtopic to be accounted for consistent with other licenses of intangible assets.  The amendments in this update are effective for the first interim and annual periods beginning after December 15, 2015, with early adoption permitted.  An entity can elect to adopt this update either: (i) prospectively to all arrangements entered into or materially modified after the effective date; or (ii) retrospectively.  The Company is currently evaluating the impact of adopting this new standard.

Discontinued_Operations_Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2015
Discontinued Operations
Schedule of results of discontinued operations
	The results of discontinued operations for the three months ended March 31, 2014 are summarized below:
		(In millions)
	Net revenues	$	405
	Total expenses	383
	Income before income taxes	22
	Income tax expense	6
	Income from discontinued operations, net of tax	$	16

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share
Schedule of calculations of basic and diluted earnings or loss per share attributable to the entity
			Three Months Ended
			March 31,
			2015			2014
			(In millions, except share and
			per share data)
	Income (loss) from continuing operations, net of tax		$	23		$	-60
	Less: net income (loss) attributable to noncontrolling interest		2			-2
	Net income (loss) from continuing operations attributable to PHH Corporation		21			-58
	Income from discontinued operations, net of tax		—			16
	Net income (loss) attributable to PHH Corporation		$	21		$	-42
	Weighted-average common shares outstanding — basic		51,173,223			57,543,886
	Effect of potentially dilutive securities:
	Share-based payment arrangements(1)		360,088			—
	Conversion of debt securities		9,022,268			—
	Weighted-average common shares outstanding — diluted(2)		60,555,579			57,543,886
	Basic earnings (loss) per share:
	From continuing operations		$	0.40		$	-1.01
	From discontinued operations		—			0.28
	Total attributable to PHH Corporation		$	0.40		$	-0.73
	Diluted earnings (loss) per share:
	From continuing operations		$	0.34		$	-1.01
	From discontinued operations		—			0.28
	Total attributable to PHH Corporation		$	0.34		$	-0.73
		-1		Represents incremental shares from restricted stock units and stock options.
		-2		For the three months ended March 31, 2014, 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
			Three Months Ended
			March 31,
			2015		2014
	Outstanding stock-based compensation awards(1)		33,973		2,367,992
	Assumed conversion of debt securities		—		9,584,725
		-1		For the three months ended March 31, 2015, excludes 711,704 shares that are contingently issuable for which the contingency has not been met.

Transfers_and_Servicing_of_Mor1

Transfers and Servicing of Mortgage Loans (Tables)	3 Months Ended
	Mar. 31, 2015
Transfers and Servicing of Mortgage Loans
Schedule of activity in loan servicing portfolio associated with capitalized servicing rights
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Balance, beginning of period		$	112,686	$	129,145
	Additions		1,913		2,266
	Payoffs and curtailments		-4,579		-4,129
	Sales		-1,228		-124
	Balance, end of period		$	108,792	$	127,158
Schedule of activity in capitalized MSRs
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Balance, beginning of period		$	1,005	$	1,279
	Additions		20		25
	Sales		-13		-1
	Changes in fair value due to:
	Realization of expected cash flows		-38		-34
	Changes in market inputs or assumptions used in the valuation model		12		-45
	Balance, end of period		$	986	$	1,224
Schedule of contractually specified servicing fees, late fees and other ancillary servicing revenue
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Servicing fees from capitalized portfolio		$	79	$	92
	Late fees		4		5
	Other ancillary servicing revenue		7		8
Schedule of cash flows relating to loan sales in which the Company has continuing involvement
			Three Months Ended
			March 31,
			2015		2014
			(In millions)
	Proceeds from new loan sales or securitizations		$	1,975	$	2,336
	Servicing fees from capitalized portfolio(1)		79		92
	Purchases of delinquent or foreclosed loans (2)		-3		-17
	Servicing advances (3)		-574		-522
	Repayment of servicing advances (3)		587		523
		-1		Excludes late fees and other ancillary servicing revenue.
		-2		Excludes indemnification payments to investors and insurers of the related mortgage loans.
		-3		Outstanding servicing advance receivables are presented in Servicing advances, net in the Condensed Consolidated Balance Sheets, except for advances related to loans in foreclosure or real estate owned, which are included in Other assets.

Derivatives_Tables

Derivatives (Tables)	3 Months Ended
	Mar. 31, 2015
Derivatives
Summary of gross notional amount of derivatives
		March 31,		December 31,
		2015		2014
		(In millions)
	Interest rate lock commitments	$	2,106	$	1,185
	Forward delivery commitments	5,062		3,893
	Option contracts	240		213
	MSR-related agreements	2,846		4,013
Schedule of outstanding derivative instruments on a gross basis and the application of counterparty and collateral netting
		31-Mar-15
		Gross Assets		Offsetting		Cash Collateral		Net Amount
				Payables		Received
		(In millions)
	ASSETS
	Subject to master netting arrangements:
	Forward delivery commitments	$	5	$	-5	$	—	$	—
	MSR-related agreements	76		-4		-70		2
	Derivative assets subject to netting	81		-9		-70		2
	Not subject to master netting arrangements:
	Interest rate lock commitments	38		—		—		38
	Forward delivery commitments	2		—		—		2
	Derivative assets not subject to netting	40		—		—		40
	Total derivative assets	$	121	$	-9	$	-70	$	42
		Gross Liabilities		Offsetting		Cash Collateral		Net Amount
				Receivables		Paid
		(In millions)
	LIABILITIES
	Subject to master netting arrangements:
	Forward delivery commitments	$	13	$	-9	$	-1	$	3
	Not subject to master netting arrangements:
	Forward delivery commitments	5		—		—		5
	Total derivative liabilities	$	18	$	-9	$	-1	$	8
		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
Schedule of gains (losses) recorded in the Consolidated Statements of Operations
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	Gain on loans held for sale, net:
	Interest rate lock commitments	$	81	$	74
	Forward delivery commitments	-17		-20
	Option contracts	—		-1
	Net derivative gain related to mortgage servicing rights:
	MSR-related agreements	53		6

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Other Assets
Schedule of other assets			March 31,		December 31,
			2015		2014
			(In millions)
	Repurchase eligible loans(1)		$	49	$	53
	Derivatives		42		33
	Equity method investments		33		34
	Mortgage loans in foreclosure, net		32		32
	Real estate owned, net		20		21
	Deferred financing costs		18		19
	Income taxes receivable		15		2
	Other		16		14
	Total		$	225	$	208
		-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 Condensed Consolidated Balance Sheets.

Other_Liabilities_Tables

Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Other Liabilities
Schedule of other liabilities
		March 31,		December 31,
		2015		2014
		(In millions)
	Litigation and regulatory reserves (Note 11)	$	28	$	29
	Pension and other post employment benefits liability	11		11
	Liability for income tax contingencies	8		9
	Derivatives	8		7
	Other	13		14
	Total	$	68	$	70

Debt_and_Borrowing_Arrangement1

Debt and Borrowing Arrangements (Tables)	3 Months Ended
	Mar. 31, 2015
Debt and Borrowing Arrangements
Summary of the components of Debt									December 31,
			March 31, 2015						2014
					Interest		Available
			Balance		Rate(1)		Capacity(2)		Balance
			(In millions)
	Committed warehouse facilities		$	853	2.2	%	$	1,222	$	800
	Uncommitted warehouse facilities		—		—		2,500		—
	Servicing advance facility		97		2.7	%	58		108
	Convertible notes due in 2017(3)		219		6.0	%	n/a		216
	Term notes due in 2019		275		7.375	%	n/a		275
	Term notes due in 2021		340		6.375	%	n/a		340
	Unsecured debt		834						831
	Total		$	1,784					$	1,739
		-1		Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs.  Warehouse facilities and the servicing advance facility are variable-rate.  Rate shown for warehouse facilities represents the weighted-average rate of current outstanding borrowings.
		-2		Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements.
		-3		Balance is net of unamortized discount of $26 million and $29 million as of March 31, 2015 and December 31, 2014, respectively. 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
	Assets held as collateral that are not available to pay the Company’s general obligations as of March 31, 2015 consisted of:
					Servicing
			Warehouse		Advance
			Facilities		Facility
			(In millions)
	Restricted cash		$	6	$	9
	Servicing advances		—		151
	Mortgage loans held for sale (unpaid principal balance)		900		—
	Total		$	906	$	160
Schedule of contractual debt maturities
	The following table provides the contractual debt maturities as of March 31, 2015:
					Servicing
			Warehouse		Advance		Unsecured
			Facilities		Facility(1)		Debt(2)		Total
			(In millions)
	Within one year		$	853	$	76	$	—	$	929
	Between one and two years		—		21		—		21
	Between two and three years		—		—		245		245
	Between three and four years		—		—		—		—
	Between four and five years		—		—		275		275
	Thereafter		—		—		340		340
			$	853	$	97	$	860	$	1,810
		-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.  Those notes are currently eligible for conversion, and if presented for conversion, the principal portion of the notes would be due in cash and the conversion premium may be settled at the Company’s election in cash, shares or a combination of cash and shares.

Income_Taxes_Tables

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2015
Income Taxes
Schedule of items that significantly impacted Income tax expense or benefit from continuing operations and increased (decreased) the effective tax rate:
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	State and local income taxes, net of federal tax benefits	$	1	$	-3
	Noncontrolling interest	-1		1

Credit_Risk_Tables

Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2015
Credit Risk
Schedule of information regarding the total loan servicing portfolio
			March 31,			December 31,
			2015			2014
			(In millions)
	Loan Servicing Portfolio Composition
	Owned		$	111,260		$	113,849
	Subserviced		112,934			113,423
	Total		$	224,194		$	227,272
	Conventional loans		$	195,870		$	195,184
	Government loans		24,030			27,720
	Home equity lines of credit		4,294			4,368
	Total		$	224,194		$	227,272
	Weighted-average interest rate		3.9		%	3.9		%
Schedule of portfolio delinquency
			March 31, 2015						December 31, 2014
			Number of			Unpaid			Number of		Unpaid
			Loans			Balance			Loans		Balance
	Portfolio Delinquency(1)
	30 days		1.89	%		1.40	%		2.43	%	1.75	%
	60 days		0.40			0.29			0.58		0.41
	90 or more days		0.92			0.68			1.13		0.85
	Total		3.21	%		2.37	%		4.14	%	3.01	%
	Foreclosure/real estate owned(2)		2.13	%		1.94	%		2.22	%	2.04	%
		-1		Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
		-2		As of March 31, 2015 and December 31, 2014, the total servicing portfolio included 20,059 and 21,456 of loans in foreclosure with an unpaid principal balance of $3.9 billion and $4.1 billion, respectively.
Summary of the activity in repurchase and foreclosure-related reserves
			Three Months Ended
			March 31,
			2015			2014
			(In millions)
	Balance, beginning of period		$	93		$	142
	Realized losses		-5			-24
	Increase in reserves due to:
	Changes in assumptions		2			—
	New loan sales		2			2
	Balance, end of period		$	92		$	120
Schedule of carrying values of the mortgage loans in foreclosure and real estate owned
			March 31,			December 31,
			2015			2014
			(In millions)
	Mortgage loans in foreclosure and related advances		$	46		$	46
	Allowance for probable foreclosure losses		-14			-14
	Mortgage loans in foreclosure, net		$	32		$	32
	Real estate owned and related advances		$	36		$	37
	Adjustment to value for real estate owned		-16			-16
	Real estate owned, net		$	20		$	21

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Schedule of assets and liabilities measured at fair value on a recurring basis
		March 31, 2015
								Cash
		Level		Level		Level		Collateral
		One		Two		Three		and Netting		Total
		(In millions)
	ASSETS
	Mortgage loans held for sale	$	—	$	930	$	41	$	—	$	971
	Mortgage servicing rights	—		—		986		—		986
	Other assets—Derivative assets:
	Interest rate lock commitments	—		—		38		—		38
	Forward delivery commitments	—		7		—		-5		2
	MSR-related agreements	—		76		—		-74		2
	LIABILITIES
	Other liabilities—Derivative liabilities:
	Forward delivery commitments	$	—	$	18	$	—	$	-10	$	8
		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
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
		March 31, 2015				December 31, 2014
		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	$	971	$	10	$	915	$	13
	Aggregate unpaid principal balance	957		13		903		17
	Difference	$	14	$	-3	$	12	$	-4
Schedule of components of Mortgage loans held for sale
		March 31,		December 31,
		2015		2014
		(In millions)
	First mortgages:
	Conforming	$	825	$	761
	Non-conforming	104		111
	Total first mortgages	929		872
	Second lien	4		5
	Scratch and Dent	37		37
	Other	1		1
	Total	$	971	$	915
Schedule of initial and ending capitalization rate of Mortgage Servicing Rights (MSRs)
		Three Months Ended
		March 31,
		2015		2014
	Initial capitalization rate of additions to MSRs	1.06	%	1.08	%
		March 31,		December 31,
		2015		2014
	Capitalization servicing rate	0.91	%	0.89	%
	Capitalization servicing multiple	3.2		3.1
	Weighted-average servicing fee (in basis points)	29		29
Schedule of significant assumptions used in estimating the fair value of Mortgage servicing rights (MSRs)
		March 31,		December 31,
		2015		2014
	Weighted-average prepayment speed (CPR)	9.8	%	11.5	%
	Option adjusted spread, in basis points (OAS)	979		865
	Weighted-average delinquency rate	4.2	%	5.0	%
Schedule of estimated change in the fair value of MSRs from adverse changes in the significant assumptions
		March 31, 2015
		Weighted-				Weighted-
		Average		Option		Average
		Prepayment		Adjusted		Delinquency
		Speed		Spread		Rate
		(In millions)
	Impact on fair value of 10% adverse change	$	-40	$	-46	$	-20
	Impact on fair value of 20% adverse change	-77		-89		-40
Schedule of activity in assets and liabilities classified within Level Three of the valuation hierarchy
		Three Months Ended						Three Months Ended
		March 31, 2015						March 31, 2014
						IRLCs,						IRLCs,
		MLHS		MSRs		net		MLHS		MSRs		net
		(In millions)
	Balance, beginning of period	$	42	$	1,005	$	22	$	49	$	1,279	$	22
	Realized and unrealized gains (losses)	2		-26		81		-3		-79		74
	Purchases	7		—		—		16		—		—
	Issuances	—		20		—		1		25		—
	Settlements	-6		-13		-65		-13		-1		-76
	Transfers into Level Three	7		—		—		6		—		—
	Transfers out of Level Three	-11		—		—		-7		—		—
	Balance, end of period	$	41	$	986	$	38	$	49	$	1,224	$	20
Schedule of realized and unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	Gain on loans held for sale, net:
	Mortgage loans held for sale	$	1	$	-4
	Interest rate lock commitments	81		74
	Change in fair value of mortgage servicing rights:
	Mortgage servicing rights	-26		-79
	Interest income:
	Mortgage loans held for sale	1		1
Schedule of unrealized gains (losses) related to assets and liabilities classified within Level Three of the valuation hierarchy
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	Gain on loans held for sale, net	$	36	$	16
	Change in fair value of mortgage servicing rights	12		-45

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2015
Variable Interest Entities
Schedule of significant variable interest entities included in the Consolidated Balance Sheets
			March 31, 2015				December 31, 2014
					Servicing				Servicing
					Advance				Advance
			PHH Home		Receivables		PHH Home		Receivables
			Loans		Trust		Loans		Trust
			(In millions)
	ASSETS
	Cash		$	79	$	—	$	82	$	—
	Restricted cash		3		9		3		20
	Mortgage loans held for sale		482		—		378		—
	Accounts receivable, net		14		—		8		—
	Servicing advances, net		—		151		—		155
	Property and equipment, net		1		—		1		—
	Other assets		9		—		8		—
	Total assets		$	588	$	160	$	480	$	175
	Assets held as collateral		$	459	$	160	$	353	$	175
	LIABILITIES
	Accounts payable and accrued expenses		$	16	$	—	$	16	$	—
	Debt		438		97		335		108
	Other liabilities		10		—		10		—
	Total liabilities(1)		$	464	$	97	$	361	$	108
		-1		Excludes intercompany payables.

Segment_Information_Tables

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Information
Schedule of segment results
		Net Revenues				Segment Profit (Loss) (1)
		Three Months Ended				Three Months Ended
		March 31,				March 31,
		2015		2014		2015		2014
		(In millions)
	Mortgage Production segment	$	137	$	82	$	-19	$	-60
	Mortgage Servicing segment	121		29		57		-29
	Other	3		—		-9		-2
	Total	$	261	$	111	$	29	$	-91
	(1)The following is a reconciliation of Income or loss from continuing operations before income taxes to Segment profit or loss:
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	Income (loss) from continuing operations before income taxes	$	31	$	-93
	Less: net income (loss) attributable to noncontrolling interest	2		-2
	Segment profit (loss)	$	29	$	-91
Schedule of reconciliation of Income (loss) before income taxes to Segment profit (loss)
		Three Months Ended
		March 31,
		2015		2014
		(In millions)
	Income (loss) from continuing operations before income taxes	$	31	$	-93
	Less: net income (loss) attributable to noncontrolling interest	2		-2
	Segment profit (loss)	$	29	$	-91

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Details)	3 Months Ended
	Mar. 31, 2015
	item
Summary of Significant Accounting Policies
Number of reportable segments	2

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014
Results of discontinued operations
Income from discontinued operations, net of tax	$16
Fleet business
Results of discontinued operations
Net revenues	405
Total expenses	383
Income before income taxes	22
Income tax expense	6
Income from discontinued operations, net of tax	$16

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended	12 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
		item
Share repurchase agreements
Aggregate amount of PHH's common stock repurchase	1
Accelerated Stock Repurchase Programs
Share repurchase agreements
Number of separate ASR agreements to repurchase PHH's common stock		2
Aggregate amount of PHH's common stock repurchase		$200
Repurchase of common stock (in shares)	1,574,252

Earnings_Per_Share_Details_2

Earnings Per Share (Details 2) (USD $)	3 Months Ended
In Millions, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share
Income (Loss) from continuing operations, net of tax	$23	($60)
Less: net income (loss) attributable to noncontrolling interest	2	-2
Net Income (loss) from continuing operations attributable to PHH Corporation	21	-58
Income from discontinued operations, net of tax		16
Net income (loss) attributable to PHH Corporation	$21	($42)
Weighted-average common shares outstanding - basic (in shares)	51,173,223	57,543,886
Effect of potentially dilutive securities:
Share-based payment arrangements (in shares)	360,088
Conversion of debt securities (in shares)	9,022,268
Weighted-average common shares outstanding - diluted (in shares)	60,555,579	57,543,886
Basic earnings (loss) per share:
From continuing operations (in dollars per share)	$0.40	($1.01)
From discontinued operations (in dollars per share)		$0.28
Total attributable to PHH Corporation (in dollars per share)	$0.40	($0.73)
Diluted earnings (loss) per share:
From continuing operations (in dollars per share)	$0.34	($1.01)
From discontinued operations (in dollars per share)		$0.28
Total attributable to PHH Corporation (in dollars per share)	$0.34	($0.73)
Contingently issuable shares
Contingently issuable shares for which the contingency has not been met	711,704
Outstanding stock-based compensation awards
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)	33,973	2,367,992
Debt securities
Anti-dilutive securities
Anti-dilutive securities excluded from the computation of dilutive securities (in shares)		9,584,725

Transfers_and_Servicing_of_Mor2

Transfers and Servicing of Mortgage Loans (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Transfers and Servicing of Mortgage Loans
Servicing portfolio	$224,194		$227,272
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period			227,272
Balance, end of period	224,194		227,272
Capitalized servicing rights
Transfers and Servicing of Mortgage Loans
Servicing portfolio	108,792	127,158
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	112,686	129,145
Additions	1,913	2,266
Payoffs and curtailments	-4,579	-4,129
Sales	-1,228	-124
Balance, end of period	108,792	127,158
Commitment to sell Mortgage Servicing Rights, related MLHS and IRLC principal	1,200
Commitment to sell Mortgage servicing rights, fair value	14
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	$843

Transfers_and_Servicing_of_Mor3

Transfers and Servicing of Mortgage Loans (Details 2) (USD $)	0 Months Ended		3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Activity in capitalized MSRs
Balance, beginning of period	$986	$1,005	$1,005	$1,279
Additions			20	25
Sales			-13	-1
Changes in fair value due to:
Realization of expected cash flows			-38	-34
Changes in market inputs or assumptions used in the valuation model			12	-45
Balance, end of period			986	1,224
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Servicing fees from capitalized portfolio			79	92
Late fees			4	5
Other ancillary servicing revenue			7	8
Weighted average life of MSRs	6 years 2 months 12 days	5 years 8 months 12 days
Cash flows relating to loan sales in which the Company has continuing involvement
Proceeds from new loan sales or securitizations			1,975	2,336
Servicing fees from capitalized portfolio			79	92
Purchases of delinquent or foreclosed loans			-3	-17
Servicing advances			-574	-522
Repayment of servicing advances			587	523
Realized Gain Loss on Sale
Pre-tax gains related to sale or securitization of residential mortgage loans			$63	$72

Derivatives_Details

Derivatives (Details) (Not designated as hedging instruments, USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Interest rate lock commitments
Notional amount of derivatives
Notional	$2,106	$1,185
Forward delivery commitments
Notional amount of derivatives
Notional	5,062	3,893
Option contracts
Notional amount of derivatives
Notional	240	213
MSR-related agreements
Notional amount of derivatives
Notional	$2,846	$4,013

Derivatives_Details_2

Derivatives (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
ASSETS
Net Amount, asset	$42	$33
LIABILITIES
Net Amount, liability	8	7
Not designated as hedging instruments
ASSETS
Gross Assets, Total	121	93
Offsetting Payables	-9	-4
Cash Collateral Received	-70	-56
Net Amount, asset	42	33
LIABILITIES
Gross Liabilities, Total	18	14
Offsetting Receivables	-9	-4
Cash Collateral Paid	-1	-3
Net Amount, liability	8	7
Not designated as hedging instruments | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	81	68
Offsetting Payables	-9	-4
Cash Collateral Received	-70	-56
Net Amount, asset	2	8
LIABILITIES
Gross Liabilities, Subject to master netting agreements	13	9
Offsetting Receivables	-9	-4
Cash Collateral Paid	-1	-3
Net Amount, liability	3	2
Not designated as hedging instruments | Not subject to master netting arrangements
ASSETS
Gross Assets, Not subject to master netting agreements	40	25
Net Amount, asset	40	25
LIABILITIES
Gross Liabilities, Not subject to master netting agreements	5	5
Net Amount, liability	5	5
Not designated as hedging instruments | Interest rate lock commitments | Not subject to master netting arrangements
ASSETS
Gross Assets, Not subject to master netting agreements	38	22
Net Amount, asset	38	22
Not designated as hedging instruments | Forward delivery commitments | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	5	2
Offsetting Payables	-5	-2
LIABILITIES
Gross Liabilities, Subject to master netting agreements	13	9
Offsetting Receivables	-9	-4
Cash Collateral Paid	-1	-3
Net Amount, liability	3	2
Not designated as hedging instruments | Forward delivery commitments | Not subject to master netting arrangements
ASSETS
Gross Assets, Not subject to master netting agreements	2	3
Net Amount, asset	2	3
LIABILITIES
Gross Liabilities, Not subject to master netting agreements	5	5
Net Amount, liability	5	5
Not designated as hedging instruments | MSR-related agreements | Subject to master netting arrangements
ASSETS
Gross Assets, Subject to master netting agreements	76	66
Offsetting Payables	-4	-2
Cash Collateral Received	-70	-56
Net Amount, asset	$2	$8

Derivatives_Details_3

Derivatives (Details 3) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest rate lock commitments | Gain on loans held for sale, net
Derivatives
Gains (losses) on derivative instruments	$81	$74
Forward delivery commitments | Gain on loans held for sale, net
Derivatives
Gains (losses) on derivative instruments	-17	-20
Option contracts | Gain on loans held for sale, net
Derivatives
Gains (losses) on derivative instruments		-1
MSR-related agreements | Net derivative gain related to mortgage servicing rights
Derivatives
Gains (losses) on derivative instruments	$53	$6

Other_Assets_Details

Other Assets (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Other Assets
Repurchase eligible loans	$49	$53
Derivatives	42	33
Equity method investments	33	34
Mortgage loans in foreclosure, net	32	32
Real estate owned, net	20	21
Deferred financing costs	18	19
Income taxes receivable	15	2
Other	16	14
Total	$225	$208

Other_Liabilities_Details

Other Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Other Liabilities
Litigation and regulatory reserves (Note 11)	$28	$29
Pension and other post employment benefits liability	11	11
Liability for income tax contingencies	8	9
Derivatives	8	7
Other	13	14
Total	$68	$70

Debt_and_Borrowing_Arrangement2

Debt and Borrowing Arrangements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Debt and Borrowing Arrangements
Total Debt	$1,784	$1,739
Committed warehouse facilities
Debt and Borrowing Arrangements
Total Debt	853	800
Weighted Avg-Interest Rate (as a percent)	2.20%
Available Capacity	1,222
Uncommitted warehouse facilities
Debt and Borrowing Arrangements
Available Capacity	2,500
Servicing advance facility
Debt and Borrowing Arrangements
Total Debt	97	108
Weighted Avg-Interest Rate (as a percent)	2.70%
Available Capacity	58
Unsecured debt
Debt and Borrowing Arrangements
Total Debt	834	831
6.0% Convertible Notes due 2017
Debt and Borrowing Arrangements
Total Debt	219	216
Weighted Avg-Interest Rate (as a percent)	6.00%
Unamortized discount	26	29
Effective interest rate (as a percent)	13.00%	13.00%
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	$340
Weighted Avg-Interest Rate (as a percent)	6.38%

Debt_and_Borrowing_Arrangement3

Debt and Borrowing Arrangements (Details 2) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Debt and Borrowing Arrangements
Restricted cash	$46	$56
Servicing Advances Net	680	694
Mortgage loans held for sale (unpaid principal balance)	971	915
Warehouse facilities | Assets held as collateral
Debt and Borrowing Arrangements
Restricted cash	6
Mortgage loans held for sale (unpaid principal balance)	900
Total	906
Servicing advance facility | Assets held as collateral
Debt and Borrowing Arrangements
Restricted cash	9
Servicing Advances Net	151
Total	$160

Debt_and_Borrowing_Arrangement4

Debt and Borrowing Arrangements (Details 3) (USD $)	Mar. 31, 2015
In Millions, unless otherwise specified
Contractual debt maturities
Within one year	$929
Between one and two years	21
Between two and three years	245
Between four and five years	275
Thereafter	340
Total	1,810
Warehouse facilities
Contractual debt maturities
Within one year	853
Total	853
Servicing advance facility
Contractual debt maturities
Within one year	76
Between one and two years	21
Total	97
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 $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Committed warehouse facilities | Wells Fargo Bank
Debt and Borrowing Arrangements
Borrowing capacity	$450
Increase in aggregate maximum principal	100
6.0% Convertible Notes due 2017
Debt and Borrowing Arrangements
Amount by which the if-converted value exceeded its principle amount	$218

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Taxes
State and local income taxes, net of federal tax benefits	$1	($3)
Noncontrolling interest	($1)	$1

Credit_Risk_Details

Credit Risk (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
	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	$224,194,000,000	$227,272,000,000
Weighted-average interest rate (as a percent)	3.90%	3.90%
Portfolio Delinquency
Number of Loans (as a percent)	3.21%	4.14%
Unpaid Balance (as a percent)	2.37%	3.01%
Foreclosure/real estate owned
Number of Loans (as a percent)	2.13%	2.22%
Unpaid Balance (as a percent)	1.94%	2.04%
Number of loans in foreclosure	20,059	21,456
Unpaid principal balance of loans in foreclosure	3,900,000,000	4,100,000,000
30 days
Portfolio Delinquency
Number of Loans (as a percent)	1.89%	2.43%
Unpaid Balance (as a percent)	1.40%	1.75%
60 days
Portfolio Delinquency
Number of Loans (as a percent)	0.40%	0.58%
Unpaid Balance (as a percent)	0.29%	0.41%
90 or more days
Portfolio Delinquency
Number of Loans (as a percent)	0.92%	1.13%
Unpaid Balance (as a percent)	0.68%	0.85%
Conventional loans
Loan Servicing Portfolio Composition
Total servicing portfolio	195,870,000,000	195,184,000,000
Government loans
Loan Servicing Portfolio Composition
Total servicing portfolio	24,030,000,000	27,720,000,000
Home equity lines of credit
Loan Servicing Portfolio Composition
Total servicing portfolio	4,294,000,000	4,368,000,000
Owned
Loan Servicing Portfolio Composition
Total servicing portfolio	111,260,000,000	113,849,000,000
Subserviced
Loan Servicing Portfolio Composition
Total servicing portfolio	$112,934,000,000	$113,423,000,000

Credit_Risk_Details_2

Credit Risk (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Changes in repurchase and foreclosure-related reserves
Balance, beginning of period	$93	$142
Realized losses	-5	-24
Increase in reserves due to:
Changes in assumptions	2
New loan sales	2	2
Balance, end of period	92	120
Loans with full risk of loss or with respect to which the company has identified a breach of representation and warranty provisions	177
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%
Loan repurchase and indemnification liability	62		63
Recourse obligations
Loss contingencies
Estimated amount of reasonably possible losses in excess of the recorded liability	$20

Credit_Risk_Details_3

Credit Risk (Details 3) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Carrying values of the mortgage loans in foreclosure and real estate owned
Mortgage loans in foreclosure and related advances	$46	$46
Allowance for probable foreclosure losses	-14	-14
Mortgage loans in foreclosure, net	32	32
Real estate owned and related advances	36	37
Adjustment to value for real estate owned	-16	-16
Real estate owned, net	$20	$21

Commitments_and_Contingencies_

Commitments and Contingencies (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Nov. 30, 2014
In Millions, unless otherwise specified
Commitments and Contingencies
Reserves amount associated with legal and regulatory contingencies	$28	$29
Pending Litigation
Commitments and Contingencies
Reasonably possible losses in excess of recorded litigation liability	20
Reserves amount associated with legal and regulatory contingencies	28
Received recommended decision from administrative law judge			$6.40

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Fair Value Measurements
Mortgage servicing rights	$986	$1,005	$1,224	$1,279
Derivative assets	42	33
Derivative liabilities	8	7
Recurring basis | Level Two
Fair Value Measurements
Mortgage loans held for sale	930	873
Recurring basis | Level Two | Forward delivery commitments
Fair Value Measurements
Derivative assets	7	5
Derivative liabilities	18	14
Recurring basis | Level Two | MSR-related agreements
Fair Value Measurements
Derivative assets	76	66
Recurring basis | Level Three
Fair Value Measurements
Mortgage loans held for sale	41	42
Mortgage servicing rights	986	1,005
Recurring basis | Level Three | Interest rate lock commitments
Fair Value Measurements
Derivative assets	38	22
Recurring basis | Cash Collateral and Netting | Forward delivery commitments
Fair Value Measurements
Derivative assets	-5	-2
Derivative liabilities	-10	-7
Recurring basis | Cash Collateral and Netting | MSR-related agreements
Fair Value Measurements
Derivative assets	-74	-58
Recurring basis | Total
Fair Value Measurements
Mortgage loans held for sale	971	915
Mortgage servicing rights	986	1,005
Recurring basis | Total | Interest rate lock commitments
Fair Value Measurements
Derivative assets	38	22
Recurring basis | Total | Forward delivery commitments
Fair Value Measurements
Derivative assets	2	3
Derivative liabilities	8	7
Recurring basis | Total | MSR-related agreements
Fair Value Measurements
Derivative assets	$2	$8

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 4) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.06%	1.08%
Capitalization servicing rate (as a percent)	0.91%		0.89%
Capitalization servicing multiple	3.20%		3.10%
Weighted-average servicing fee, in basis points (as a percent)	0.29%		0.29%
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$12	($45)
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.80%		11.50%
Option adjusted spread, in basis points (as a percent)	9.79%		8.65%
Weighted-average delinquency rate (as a percent)	4.20%		5.00%
Mortgage servicing rights | Prepayment Risk and Market Data
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$46

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 4) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.06%	1.08%
Capitalization servicing rate (as a percent)	0.91%		0.89%
Capitalization servicing multiple	3.20%		3.10%
Weighted-average servicing fee, in basis points (as a percent)	0.29%		0.29%
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$12	($45)
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.80%		11.50%
Option adjusted spread, in basis points (as a percent)	9.79%		8.65%
Weighted-average delinquency rate (as a percent)	4.20%		5.00%
Mortgage servicing rights | Prepayment Risk and Market Data
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$46

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details 4) (USD $)	3 Months Ended		12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Information regarding the initial and ending capitalization rate of MSRs
Initial capitalization rate of additions to MSRs (as a percent)	1.06%	1.08%
Capitalization servicing rate (as a percent)	0.91%		0.89%
Capitalization servicing multiple	3.20%		3.10%
Weighted-average servicing fee, in basis points (as a percent)	0.29%		0.29%
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$12	($45)
Mortgage servicing rights
Significant assumptions used in estimating fair value
Weighted-average prepayment speed (CPR) (as a percent)	9.80%		11.50%
Option adjusted spread, in basis points (as a percent)	9.79%		8.65%
Weighted-average delinquency rate (as a percent)	4.20%		5.00%
Mortgage servicing rights | Prepayment Risk and Market Data
Significant assumptions used in estimating fair value
Positive change in fair value of MSRs	$46

Fair_Value_Measurements_Detail4

Fair Value Measurements (Details 5) (USD $)	3 Months Ended	12 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivative Instruments
Average pull through percentage used in measuring fair value of interest rate lock commitments	73.00%	74.00%
Mortgage servicing rights
Estimated change in fair value from adverse changes in significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	-40
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	-77
Impact on fair value of 10% adverse change, Option Adjusted Spread	-46
Impact on fair value of 20% adverse change, Option Adjusted Spread	-89
Impact on fair value of 10% adverse change, Weighted Average Delinquency Rate	-20
Impact on fair value of 20% adverse change, Weighted Average Delinquency Rate	-40

Fair_Value_Measurements_Detail5

Fair Value Measurements (Details 6) (Level Three, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Interest rate lock commitments
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	$22	$22
Realized and unrealized gains (losses)	81	74
Settlements	-65	-76
Balance, end of period	38	20
Mortgage loans held for sale
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	42	49
Realized and unrealized gains (losses)	2	-3
Purchases	7	16
Issuances		1
Settlements	-6	-13
Transfers into level Three	7	6
Transfers out of level Three	-11	-7
Balance, end of period	41	49
Mortgage servicing rights
Activity in assets classified within Level Three of the valuation hierarchy
Balance, beginning of period	1,005	1,279
Realized and unrealized gains (losses)	-26	-79
Issuances	20	25
Settlements	-13	-1
Balance, end of period	$986	$1,224

Fair_Value_Measurements_Detail6

Fair Value Measurements (Details 7) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Gain on loans held for sale, net
Unrealized gains (losses) related to assets and liabilities included in Condensed Consolidated Balance Sheets
Unrealized Gain or Loss for Level 3 Fair Value instruments	$36,000,000	$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	12,000,000	-45,000,000
Interest rate lock commitments | Gain on loans held for sale, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	81,000,000	74,000,000
Mortgage loans held for sale | Gain on loans held for sale, net
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	1,000,000	-4,000,000
Mortgage loans held for sale | 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	1,000,000	1,000,000
Mortgage servicing rights | Change in fair value of mortgage servicing rights
Realized and unrealized gains and losses related to assets and liabilities
Realized and Unrealized Gain or Loss from Level 3 Fair Value instruments	-26,000,000	-79,000,000
Level Two
Debt
Fair value of debt	2,100,000,000		2,000,000,000
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	$1,000,000,000

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014		Mar. 31, 2014
In Millions, unless otherwise specified
ASSETS
Cash	$1,269		$1,259		$1,032
Restricted cash	46		56
Mortgage loans held for sale	971		915
Accounts receivable, net	126		123
Servicing advances, net	680		694
Property and equipment, net	35		36
Other assets	225		208
Total assets	4,338	[1]	4,296	[1]
LIABILITIES
Accounts payable and accrued expenses	209		244
Debt	1,784		1,739
Other liabilities	68		70
Total liabilities	2,739	[1]	2,725	[1]
Variable Interest Entity
ASSETS
Cash	82		85
Restricted cash	12		23
Mortgage loans held for sale	482		378
Accounts receivable, net	14		8
Servicing advances, net	151		155
Property and equipment, net	1		1
Other assets	9		8
Total assets	751		658
LIABILITIES
Accounts payable and accrued expenses	16		16
Debt	535		443
Other liabilities	11		11
Total liabilities	562		470
PHH Home Loans | Variable Interest Entity
ASSETS
Cash	79		82
Restricted cash	3		3
Mortgage loans held for sale	482		378
Accounts receivable, net	14		8
Property and equipment, net	1		1
Other assets	9		8
Total assets	588		480
Assets held as collateral	459		353
LIABILITIES
Accounts payable and accrued expenses	16		16
Debt	438		335
Other liabilities	10		10
Total liabilities	464		361
Servicing Advance Receivables Trust | Variable Interest Entity
ASSETS
Restricted cash	9		20
Servicing advances, net	151		155
Total assets	160		175
Assets held as collateral	160		175
LIABILITIES
Debt	97		108
Total liabilities	$97		$108
[1]	The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

Segment_Information_Details

Segment Information (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	item
Segment Information
Number of reportable segments	2
Segment Information
Net Revenues	$261	$111
Segment (Loss) Profit	29	-91
Other
Segment Information
Net Revenues	3
Segment (Loss) Profit	-9	-2
Mortgage Production segment | Operating segment
Segment Information
Net Revenues	137	82
Segment (Loss) Profit	-19	-60
Mortgage Servicing segment | Operating segment
Segment Information
Net Revenues	121	29
Segment (Loss) Profit	$57	($29)

Segment_Information_Details_2

Segment Information (Details 2) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reconciliation of (Loss) income before income taxes to Segment (loss) profit
Income (loss) from continuing operations before income taxes	$31	($93)
Less: net income (loss) attributable to noncontrolling interest	2	-2
Segment profit (loss)	$29	($91)

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	Mar. 31, 2015	6-May-15
In Millions, unless otherwise specified
Subsequent events..
Aggregate principal amount of outstanding notes	$1,810
6.0% Convertible Notes due 2017
Subsequent events..
Weighted Avg-Interest Rate (as a percent)	6.00%
Subsequent Event | Commencement of Offer to Exchange Debt | 6.0% Convertible Notes due 2017
Subsequent events..
Aggregate principal amount of outstanding notes		$245
Weighted Avg-Interest Rate (as a percent)		6.00%