EXHIBIT 23.2

                        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, 333-49405, 333-78447 and
333-86469 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, 333-69505, 333-75303 and
333-78475 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
February 2, 2000

                              F-57