<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF PHH CORPORATION FILED ON FORM
10-Q FOR THE QUARTERLY PERIOD ENDED JANUARY 31, 1996 AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<CIK> 0000077776
<NAME> PHH CORPORATION
<MULTIPLIER> 1000
<CURRENCY> 0
       
                                        
<PERIOD-TYPE>                              9-MOS
<FISCAL-YEAR-END>                          APR-30-1996
<PERIOD-START>                             MAY-01-1995
<PERIOD-END>                               JAN-31-1996
<EXCHANGE-RATE>                                  0.001
<CASH>                                            6814
<SECURITIES>                                         0
<RECEIVABLES>                                   513657
<ALLOWANCES>                                      7796
<INVENTORY>                                          0
<CURRENT-ASSETS>                                     0
<PP&E>                                           96328
<DEPRECIATION>                                       0
<TOTAL-ASSETS>                                 5741963
<CURRENT-LIABILITIES>                                0
<BONDS>                                              0
<COMMON>                                         91519
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<OTHER-SE>                                      494413
<TOTAL-LIABILITY-AND-EQUITY>                   5741963
<SALES>                                              0
<TOTAL-REVENUES>                               1758344
<CGS>                                                0
<TOTAL-COSTS>                                        0
<OTHER-EXPENSES>                               1493273
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              167111
<INCOME-PRETAX>                                  97960
<INCOME-TAX>                                     40613
<INCOME-CONTINUING>                                  0
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                     57347
<EPS-PRIMARY>                                     3.29
<EPS-DILUTED>                                     3.27