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, 333-23063, 333-45227 and 333-45155 on Forms 
S-3, in Registration Statement No. 333-46661 on Form S-4 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, and 333-47537 on 
Forms S-8 for Cendant Corporation of our report dated April 30, 1997, with 
respect to the consolidated balance sheet of PHH Corporation and subsidiaries 
(the "Company") at December 31, 1996 and the related consolidated statements 
of income, shareholders' equity, and cash flows for the years ended December 
31, 1996 and January 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 incorporated by reference in the Annual Report on Form 10-K 
of Cendant Corporation for the year ended December 31, 1997. 

                                          KPMG Peat Marwick LLP 

Baltimore, Maryland 
March 30, 1998