INDEPENDENT AUDITORS' CONSENT




The Board of Directors
PHH Corporation:

We consent to the  incorporation  by reference in  Registration  Statement  Nos.
333-11035,  333-17323,  333-17411,  333-20391,  333-26927, 333-35709, 333-35707,
333-23063,  333-45155,  333-45227 and 333-49405 on Forms S-3 and in Registration
Statement Nos.  33-26875,  33-75682,  33-93322,  33-41823,  33-48175,  33-58896,
33-91656,  333-03241,   33-74068,  33-74066,  33-91658,  333-00475,   333-03237,
33-75684,  33-80834,  33-93372,  333-09633,   333-09637,  333-09655,  333-22003,
333-34517-2, 333-42503, 333-30649, 333-42549, 333-45183, 333-47537 and 333-69505
on Forms S-8 for Cendant  Corporation  of our report dated April 30, 1997,  with
respect to the consolidated statements of income,  shareholder's equity and cash
flows of PHH  Corporation  and  subsidiaries  (the "Company") for the year ended
December  31,  1996,  before  the  restatement  related to the merger of Cendant
Corporation's  relocation  business  with the Company and  reclassifications  to
conform  to the  presentation  used by  Cendant  Corporation,  which  report  is
included in the Annual Report on Form 10-K/A of Cendant Corporation for the year
ended December 31, 1998.


KPMG LLP

/s/ KPMG LLP            
Baltimore, Maryland
May 10, 1999