<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, 1997 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>                   9-MOS
<FISCAL-YEAR-END>                              APR-30-1997
<PERIOD-START>                                 MAY-01-1996
<PERIOD-END>                                   JAN-31-1997
<EXCHANGE-RATE>                                       .001
<CASH>                                             113,949
<SECURITIES>                                             0
<RECEIVABLES>                                      523,144
<ALLOWANCES>                                         6,188
<INVENTORY>                                              0
<CURRENT-ASSETS>                                         0
<PP&E>                                              90,136
<DEPRECIATION>                                           0
<TOTAL-ASSETS>                                   6,070,180
<CURRENT-LIABILITIES>                                    0
<BONDS>                                                  0
<PREFERRED-MANDATORY>                                    0
<PREFERRED>                                              0
<COMMON>                                           102,843
<OTHER-SE>                                         574,890
<TOTAL-LIABILITY-AND-EQUITY>                     6,070,180
<SALES>                                                  0
<TOTAL-REVENUES>                                 1,444,715
<CGS>                                                    0
<TOTAL-COSTS>                                            0
<OTHER-EXPENSES>                                 1,145,510
<LOSS-PROVISION>                                         0
<INTEREST-EXPENSE>                                 171,256
<INCOME-PRETAX>                                    127,949
<INCOME-TAX>                                        52,636
<INCOME-CONTINUING>                                      0
<DISCONTINUED>                                           0
<EXTRAORDINARY>                                          0
<CHANGES>                                                0
<NET-INCOME>                                        75,313
<EPS-PRIMARY>                                         2.11
<EPS-DILUTED>                                         2.08