The Board of Directors
PHH Corporation:


We consent to the incorporation by reference in Registration Statement Nos.
33-63237, 33-95126, 333-11035, 333-13537, 333-17323, 333-17411, 333-20391,
333-26927, 333-35709, 333-35707, and 333-23063 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 and 333-42549 on Forms S-8 for Cendant 
Corporation of our report dated April 30, 1997, with respect to the 
consolidated balance sheets of PHH Corporation and subsidiaries (the 
"Company") at December 31, 1996 and January 31, 1996 and the related 
consolidated statements of income, stockholders' equity, and cash flows 
for the year ended December 31, 1996 and each of the years in the two year 
period ended January 31, 1996, which report appears in the Form 8-K of Cendant
Corporation dated January 28, 1998, incorporated by reference in the above
Registration Statements.

Our report contains an explanatory paragraph that states that the Company
adopted the provisions of Statement of Financial Accounting Standards No. 122,
"Accounting for Mortgage Servicing Rights," in the year ended January 31, 1996.

                                                  /s/ KPMG Peat Marwick LLP
                                                      KPMG Peat Marwick LLP



Baltimore, Maryland
January 28, 1998