<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 JULY 31, 1996 AND IS QUALIFIED
     IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<CIK>                         0000077776
<NAME>                        PHH CORPORATION
<MULTIPLIER>                                   1,000
<CURRENCY>                                     0
   
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                              APR-30-1997
<PERIOD-START>                                 MAY-01-1996
<PERIOD-END>                                   JUL-31-1996
<EXCHANGE-RATE>                                       .001
<CASH>                                               9,854
<SECURITIES>                                             0
<RECEIVABLES>                                      460,527
<ALLOWANCES>                                         5,723
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                              91,133
<DEPRECIATION>                                           0
<TOTAL-ASSETS>                                   5,832,085
<CURRENT-LIABILITIES>                                    0
<BONDS>                                                  0
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                              0
<COMMON>                                            98,604
<OTHER-SE>                                         530,837
<TOTAL-LIABILITY-AND-EQUITY>                     5,832,085
<SALES>                                                  0
<TOTAL-REVENUES>                                   475,761
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                   381,417
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                  57,231
<INCOME-PRETAX>                                     37,113
<INCOME-TAX>                                        15,341
<INCOME-CONTINUING>                                      0
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                        21,772
<EPS-PRIMARY>                                          .61
<EPS-DILUTED>                                          .61