<ARTICLE>                     5
<LEGEND>                      
     THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION
     EXTRACTED FROM THE CONDENSED CONSOLIDATED FINANCIAL
     STATEMENTS OF PHH CORPORATION FILED ON FORM 10-Q FOR THE
     QUARTERLY PERIOD ENDED OCTOBER 31, 1995 AND IS QUALIFIED
     IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<CIK>                         0000077776
<NAME>                        PHH CORPORATION
<MULTIPLIER>                  1,000
<CURRENCY>                    0
       
                             
<PERIOD-TYPE>                                  6-MOS
<FISCAL-YEAR-END>                              APR-30-1996
<PERIOD-START>                                 MAY-01-1995
<PERIOD-END>                                   OCT-31-1995
<EXCHANGE-RATE>                                .001
<CASH>                                         1,320
<SECURITIES>                                   0
<RECEIVABLES>                                  488,107
<ALLOWANCES>                                   7,850
<INVENTORY>                                    0
<CURRENT-ASSETS>                               0
<PP&E>                                         98,452
<DEPRECIATION>                                 0
<TOTAL-ASSETS>                                 5,501,791
<CURRENT-LIABILITIES>                          0
<BONDS>                                        0
<COMMON>                                       88,460                                   
<PREFERRED-MANDATORY>                          0
<PREFERRED>                                    0
<OTHER-SE>                                     485,356
<TOTAL-LIABILITY-AND-EQUITY>                   5,501,791
<SALES>                                        0
<TOTAL-REVENUES>                               1,171,627
<CGS>                                          0
<TOTAL-COSTS>                                  0
<OTHER-EXPENSES>                               997,363
<LOSS-PROVISION>                               0
<INTEREST-EXPENSE>                             109,384
<INCOME-PRETAX>                                64,880
<INCOME-TAX>                                   27,015
<INCOME-CONTINUING>                            0
<DISCONTINUED>                                 0
<EXTRAORDINARY>                                0
<CHANGES>                                      0
<NET-INCOME>                                   37,865
<EPS-PRIMARY>                                  2.18
<EPS-DILUTED>                                  2.17