EXHIBIT 12

                        PHH CORPORATION AND SUBSIDIARIES
                COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                  (IN MILLIONS)


                                                            SIX MONTHS ENDED
                                                             JUNE 30, 2000
                                                            -----------------

EARNINGS BEFORE FIXED CHARGES:
Income before income taxes                                  $              90
Plus: Fixed charges                                                        62
                                                            -----------------

Earnings available to cover fixed charges                   $             152
                                                            =================

FIXED CHARGES (1):
    Interest, including amortization of deferred
      financing costs                                       $              57
    Interest portion of rental payment                                      5
                                                            -----------------

Total fixed charges                                         $              62
                                                            =================


RATIO OF EARNINGS TO FIXED CHARGES                                       2.45X
                                                            =================

- --------
(1) Fixed charges consist of interest expense on all indebtedness (including
    amortization of deferred financing costs) and the portion of operating lease
    rental expense that is representative of the interest factor (deemed to be
    one-third of operating lease rentals). The substantial portion of interest
    expense incurred on debt is used to finance the Company's mortgage services
    and relocation services activities.




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