<ARTICLE> 5
<LEGEND>
"THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM PHH 
CORPORATION'S FINANCIAL STATEMENTS FILED IN FORM 10-Q FOR THE QUARTERLY PERIOD
ENDED JULY 31, 1994" AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH 
FINANCIAL STATEMENTS. 
</LEGEND>
<RESTATED> 
<CIK> 0000077776
<NAME> PHH CORPORATION
<MULTIPLIER> 1000
       
                                                  
<PERIOD-TYPE>                   QTR-1                   YEAR
<FISCAL-YEAR-END>                          APR-30-1995             APR-30-1995
<PERIOD-START>                             MAY-01-1994             MAY-01-1994
<PERIOD-END>                               JUL-31-1994             JUL-31-1994
<CASH>                                            3139                    3139 
<SECURITIES>                                         0                       0
<RECEIVABLES>                                   505322                  505322 
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<INVENTORY>                                          0                       0
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<TOTAL-ASSETS>                                 5057729                 5057729
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<TOTAL-LIABILITY-AND-EQUITY>                   5057729                 5057729
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<CGS>                                                0                       0
<TOTAL-COSTS>                                   451924                  451924
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<INCOME-PRETAX>                                  28035                   28035
<INCOME-TAX>                                     11520                   11520
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<NET-INCOME>                                     16515                   16515
<EPS-PRIMARY>                                      .95                     .95
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