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 PHH Corporation Announces Third Quarter 2017 Results
   Tuesday, November 07, 2017 4:15:04 PM ET

--Net loss attributable to PHH Corporation of $55 million, or $1.14 per basic share, which includes $39 million of pre-tax expenses related to notable items and $8 million of pre-tax expenses related to Exit and disposal costs.

--Our Board of Directors has provided a new authorization for up to $100 million of share repurchases as the next step in our capital return plan.

--Maintains estimate of potential excess cash(1) of up to $655 million, which includes $301 million of share repurchases completed year-to-date. Potential excess cash is based on certain assumptions for asset sales, contingencies, working capital, and transaction, restructuring and PLS exit costs.

--To date, we have closed substantially all conforming MSR sales to New Residential Investment Corp. and three of five asset sales of our PHH Home Loans Joint Venture to Guaranteed Rate Affinity.



--Our Total Servicing Portfolio was comprised of 693,785 loans serviced representing $151 billion of unpaid principal balance.

PHH Corporation (PHH ) ("PHH" or the "Company") today announced financial results for the quarter ended September 30, 2017. For the quarter ended September 30, 2017, the Company reported Net loss attributable to PHH Corporation of $55 million or $1.14 per basic share. Net loss attributable to PHH Corporation for the quarter ended September 30, 2016 was $27 million or $0.50 per basic share.

Robert B. Crowl, President and CEO of PHH Corporation, said, "We continue to execute against our key priorities with the objective of maximizing potential excess cash and the opportunity for near-term cash distributions to shareholders. Based on our progress to date, which does not include our remaining committed MSR sales, our Board has approved a new $100 million share repurchase authorization."

Crowl also commented, "Our business development activities have confirmed market demand for our subservicing and portfolio retention product offerings and we have built a pipeline of business development opportunities. We believe we are well-positioned to capture market opportunities due to the quality of our servicing and portfolio retention platforms, robust compliance framework, and available capacity. We are still in the early stages of these organic growth initiatives and the success of our business development effort will be critical to achieving our business and financial objectives."

__________________________
   (1)     The amount of excess cash is dependent upon a variety of factors,
                                                 including the execution of the sale of our remaining MSRs
                                                 committed for sale and the related servicing advances, the
                                                 monetization of our investment in PHH Home Loans, the successful
                                                 completion of our PLS exit activities, the resolution of our
                                                 outstanding legal and regulatory matters and the successful
                                                 completion of other restructuring and capital management
                                                 activities in accordance with our assumptions. There can be no
                                                 assurances that the actions will result in the amount of estimated
                                                 excess cash.
Summary Consolidated Results
-----------------------------------------------------------------------------------------------------------------------------------------------------------------
(In millions, except per share data)                                                                 
                                                                                                                            Three Months Ended
                                                                                                                               September 30,
                                                                                                         -------------------------------------------------
                                                                                                              2017                                  2016
                                                                                                         --------------                     ---------------------
GAAP Results
   Net revenues                                                                                            $   121                               $    197
   Loss before income taxes                                                                                    (78 )                                  (29 )
   Net loss attributable to PHH Corporation                                                                    (55 )                                  (27 )
                                                                                                                                             
   Basic & Diluted loss per share attributable to PHH Corporation                                          $ (1.14 )                             $  (0.50 )
   Weighted-average common shares outstanding -- basic & diluted shares                         48.210                                 53.578
                                                                                                                                             
Non-GAAP Results *
   Core loss (pre-tax)                                                                                     $   (88 )                             $    (22 )
   Core loss (after-tax)                                                                                       (53 )                                  (19 )
                                                                                                                                             
   Core loss per share                                                                                     $ (1.10 )                             $  (0.35 )
_______________
*       Non-GAAP Financial Measures: Core earnings or loss
                                              (pre-tax), core earnings or loss (after-tax) and core earnings or
                                              loss per share are financial measures that are not in accordance
                                              with U.S. generally accepted accounting principles (GAAP). See the
                                              "Note Regarding Non-GAAP Financial Measures" below for a detailed
                                              description and reconciliation of such Non-GAAP financial measures
                                              to their most directly comparable GAAP financial measures, as
                                              required by Regulation G.

Notable items, Exit and disposal costs and net MSRs fair value adjustments included the following:

                                                                                                                         Three Months Ended September 30,
                                                                                ---------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                            2017                                                                2016
                                                                                ------------------------------------------------------------                     ------------------------------------------------------------------------
                                                                                      Pre-Tax              Post-Tax                                     Pre-Tax                   Post-Tax
                                                                                         $                                    Per Share                                       $                                         Per Share
                                                                                -------------------                     --------------------                     --------------------------                     -------------------------
Notable items:
 Net proceeds from PHH Home Loans asset sales (1)                                     $      14                               $    0.18                                $ --                               $ --
 Legal and regulatory reserves                                                               (2 )                                 (0.03 )                                           (11 )                                        (0.22 )
 Strategic review expenses                                                                   (1 )                                 (0.01 )                                            (7 )                                        (0.08 )
 Loss from MSR sales and related costs                                                      (16 )                                 (0.21 )                                --                                 --
 Re-engineering and growth investments                                           --                          --                                              (5 )                                        (0.06 )
 Loss on early debt retirement                                                              (34 )                                 (0.43 )                                --                                 --
                                                                                                                                                                                                                 
Exit and disposal costs                                                                      (8 )                                 (0.11 )                                --                                 --
Market-related MSRs asset and secured liability fair value                                   (3 )                                 (0.04 )                                           (13 )                                        (0.15 )
adjustments, net of related derivatives
_______________
(1)     During the third quarter of 2017, we recognized a gain related to
                                              the PHH Home Loans asset sales of $28 million in Other income, which
                                              is reduced to $14 million after excluding the portion attributable
                                              to noncontrolling interest.

Capital Update

Under the $100 million open market program announced in May 2017, we paid $34 million to reduce our issued and outstanding common shares by 2.45 million through August 9, 2017. On August 11, 2017, our Board of Directors launched a modified Dutch Auction tender offer for our shares of common stock and on September 15, 2017, we repurchased 18.763 million common shares for $267 million at a share price of $14.25.

In July 2017, we completed a tender offer on our unsecured debt and repaid $496 million principal for $524 million in cash, plus accrued interest. After the completion of the tender offer, $119 million principal of unsecured debt remains outstanding.

Our Board of Directors has provided a new share repurchase authorization under which we may, from time to time, purchase up to $100 million of our outstanding common stock in accordance with all applicable securities laws and regulations, including without limitation Rule 10b-18 of the Securities Exchange Act of 1934, as amended. We have no obligation to repurchase shares under this authorization, and any share repurchase program may be extended, modified, suspended or discontinued at any time. The number, timing and purchase price of any shares will be at management’s discretion and based on an evaluation of a number of factors, including but not limited to general market and economic conditions, the trading price of the common stock, and regulatory requirements.

Legal and Regulatory Update

We have reached agreements in principle to resolve and close out findings of a multistate coalition of certain mortgage banking regulators (MMC) examination related to the Company’s legacy mortgage servicing practices. However, the final documents have not been executed. Although there can be no assurances, we expect final resolution to occur in the fourth quarter of 2017. As of September 30, 2017, we included an estimate of probable losses from this matter in the recorded liability.

Conference Call/Webcast

The Company will host a conference call at 10:00 a.m. (Eastern Time) on Wednesday, November 8, 2017, to discuss its third quarter 2017 results. All interested parties are welcome to participate. An investor presentation with an appendix of supplemental schedules will accompany the conference call and be available by visiting the Investor Relations page of PHH’s website at www.phh.com, prior to the start of the conference call.

You can access the conference call by dialing (877) 340-7912 or (719) 457-2647 and using the conference ID 1816985 approximately 10 minutes prior to the call. The conference call will also be webcast, which can be accessed from the Investor Relations page of PHH’s website at www.phh.com under webcasts and presentations.

A replay will be available beginning shortly after the end of the call through November 23, 2017, by dialing (888) 203-1112 or (866) 375-1919 and using conference ID 1816985, or by visiting the Investor Relations page of PHH’s website at www.phh.com.

About PHH Corporation

PHH Corporation (PHH ), through its subsidiary, PHH Mortgage, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing and portfolio retention solutions to investors of MSRs, financial and wealth management institutions, regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. For additional information, please visit www.phh.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could."

You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Such periodic reports are available in the "Investors" section of our website at http://www.phh.com and are also available at http://www.sec.gov . Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.

                                                                                                                                                            
PHH CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
                                                                                                                                                                                                    
                                                                                                                         Three Months Ended                                                                                            Nine Months Ended
                                                                                                                            September 30,                                                                                                September 30,
                                                                                      ---------------------------------------------------------------------------------                            ---------------------------------------------------------------------------------
                                                                                                   2017                               2016                                                   2017                               2016
                                                                                      ------------------------------                     -------------------------------------                     ------------------------------                     -------------------------------------
REVENUES
   Origination and other loan fees                                                     $    33                                                 $      75                                            $   114                                                 $     215
   Gain on loans held for sale, net                                                         35                                                        87                                                129                                                       212
   Loan servicing income, net                                                               35                                                        39                                                 96                                                       138
   Net interest expense                                                                    (10 )                                                      (7 )                                              (23 )                                                     (23 )
   Other income                                                                             28                                      3                              31                                      8  
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
Net revenues                                                                               121                                    197                             347                                    550  
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
                                                                                                                                                                                                                                                       
EXPENSES
   Salaries and related expenses                                                            62                                                        86                                                223                                                       268
   Commissions                                                                              13                                                        19                                                 38                                                        49
   Loan origination expenses                                                                 9                                                        18                                                 27                                                        52
   Foreclosure and repossession expenses                                                     4                                                        10                                                 16                                                        26
   Professional and third-party service fees                                                25                                                        35                                                 92                                                       111
   Technology equipment and software expenses                                                9                                                        10                                                 27                                                        30
   Occupancy and other office expenses                                                       8                                                        11                                                 26                                                        35
   Depreciation and amortization                                                             4                                                         4                                                 11                                                        13
   Exit and disposal costs                                                                   8                                            --                                                 49                                            --
   Other operating expenses                                                                 57                                     33                             104                                     64  
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
Total expenses                                                                             199                                    226                             613                                    648  
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
Loss before income taxes                                                                   (78 )                                                     (29 )                                             (266 )                                                     (98 )
Income tax benefit                                                                         (36 )                                                      (8 )                                             (103 )                                                     (38 )
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
Net loss                                                                                   (42 )                                                     (21 )                                             (163 )                                                     (60 )
Less: net income attributable to noncontrolling interest                                    13                                      6                               5                                      9  
                                                                                      -----------------------------                      ------------------------------------                      -----------------------------                      ------------------------------------
Net loss attributable to PHH Corporation                                               $   (55 )                                               $     (27 )                                          $  (168 )                                               $     (69 )
                                                                                      == ===== ====================                      ======= ======= ====================                      == ===== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                       
Basic and Diluted loss per share attributable to PHH Corporation                       $ (1.14 )                                               $   (0.50 )                                          $ (3.25 )                                               $   (1.28 )
                                                                                      == ===== ====================                      ======= ======= ====================                      == ===== ====================                      ======= ======= ====================
                                                                                                              
PHH CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
                                                                                                                                                      
                                                                                                       September 30,                                      December 31,
                                                                                                           2017                                               2016
                                                                                           ----------------------------------                        --------------------
ASSETS
   Cash and cash equivalents                                                                     $     494                                                    $        906
   Restricted cash                                                                                      52                                                              57
   Mortgage loans held for sale                                                                        590                                                             683
   Accounts receivable, net                                                                             94                                                              66
   Servicing advances, net (1)                                                                         413                                                             628
   Mortgage servicing rights (1)                                                                       500                                                             690
   Property and equipment, net                                                                          24                                                              36
   Deferred taxes, net                                                                                  80                                                  --
   Other assets                                                                                         54                                          109
                                                                                           ------------------------------------                      ----------------------
Total assets                                                                                     $   2,301                                 $      3,175
                                                                                           ======= ======= ====================                      ========== ==========
                                                                                                                                                      
LIABILITIES
   Accounts payable and accrued expenses                                                         $     218                                                    $        193
   Subservicing advance liabilities                                                                    228                                                             290
   Mortgage servicing rights secured liability (2)                                                     440                                                  --
   Debt, net (3)                                                                                       653                                                           1,262
   Deferred taxes, net                                                                      --                                                             101
   Loan repurchase and indemnification liability                                                        38                                                              49
   Other liabilities                                                                                    86                                          157
                                                                                           ------------------------------------                      ----------------------
Total liabilities                                                                                    1,663                                        2,052
                                                                                           ------------------------------------                      ----------------------
Redeemable noncontrolling interest                                                                      44                                                              33
                                                                                                                                                      
Total PHH Corporation stockholders’ equity                                  594                                        1,090
                                                                                           ------------------------------------                      ----------------------
Total liabilities and equity                                                                     $   2,301                                 $      3,175
                                                                                           ======= ======= ====================                      ========== ==========
_______________
(1)     MSR and Advances Sale Commitments. As of September 30,
                           2017, we had commitments to sell MSRs, representing $7.0 billion
                           of unpaid principal balance, for $43 million in MSR fair value.
                           Additionally, we had commitments to transfer approximately $145
                           million in Servicing advances to the counterparties of these
                           agreements.
                            
(2)                        MSRs secured liability. In 2017, we completed sales of MSRs
                           to New Residential which did not qualify for sale accounting
                           treatment under GAAP and have been treated as a secured borrowing.
                           Under this accounting treatment, the $440 million of related MSRs
                           remain on the Condensed Consolidated Balance Sheet within Mortgage
                           servicing rights and the proceeds from the sale are recognized as
                           a MSRs secured liability.
                            
                           We have elected to record the MSRs secured liability at fair value
                           thereafter, consistent with the accounting treatment of the related
                           MSR asset, and any changes in fair value of the MSR asset and
                           liability related the New Residential transfers will fully offset in
                           the Condensed Consolidated Statements of Operations.
                            
(3)                        Unsecured Debt Tender Completed. In July 2017, we completed
                           a tender offer on our unsecured debt and repaid $496 million
                           principal for $524 million in cash, plus accrued interest. After
                           the completion of the tender offer, $119 million principal of
                           unsecured debt remains outstanding.
Segment Results                                                                                                                                           
-------------------------------------------------------- -------------------- --------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- --------------------------------------------------------- -------------------------------------
(In millions)                                                                                                                                                                                                                                                           Third
                                                                                                                                                                                                                                                                                                                                                   Quarter
                                                                                                                                                                                                                                                                                                                                                    2016
                                                                                                                                                                           Third Quarter 2017
                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------
                                                                         Mortgage                                                      Mortgage                                                         Other(1)                                                     Total PHH                                                 Total PHH
                                                                                           Production                                                     Servicing                                                                                                                    Corporation                                               Corporation
                                                                              ----------------------------------                        -----------------------------------------                        -----------------------------------------                        ----------------------------------                        ----------------------------------
Origination and other loan fees                                                     $      33                                                 $ --                                                 $ --                                                 $      33                                                 $      75
Gain on loans held for sale, net                                                           35                                                   --                                                   --                                                        35                                                        87
Loan servicing income                                                          --                                                               42                                                   --                                                        42                                                        89
MSRs asset & secured liability fair value adjustments:
   Prepayments and receipts of recurring cash flows                            --                                                               (4 )                                                 --                                                        (4 )                                                     (37 )
   Market-related, net of derivatives                                          --                                                               (3 )                                                 --                                                        (3 )                                                     (13 )
Net interest income (expense)                                                               2                                                              (12 )                                                 --                                                       (10 )                                                      (7 )
Other income                                                                               28                                --                                --                                     28                                      3  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Net revenues                                                                               98                                            23                                --                                    121                                    197  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                                                                     
   Salaries and related expenses                                                           35                                                               14                                                               13                                                        62                                                        86
   Commissions                                                                             13                                                   --                                                   --                                                        13                                                        19
   Loan origination expenses                                                                9                                                   --                                                   --                                                         9                                                        18
   Foreclosure and repossession expenses                                       --                                                                4                                                   --                                                         4                                                        10
   Professional and third-party service fees                                                8                                                               10                                                                7                                                        25                                                        35
   Technology equipment and software expenses                                               1                                                                4                                                                4                                                         9                                                        10
   Occupancy and other office expenses                                                      5                                                                2                                                                1                                                         8                                                        11
   Depreciation and amortization                                                            2                                                                1                                                                1                                                         4                                                         4
   Exit and disposal costs                                                                  6                                                   --                                                                2                                                         8                                            --
   Other operating expenses:
                                                                               --                                                                5                                                   --                                                         5                                                         7
     Repurchase and foreclosure-related charges
     Loss on early debt retirement                                             --                                                   --                                                               34                                                        34                                            --
     Legal and regulatory reserves                                             --                                                                2                                                   --                                                         2                                                        11
     Corporate overhead allocation                                                         21                                                                8                                                              (29 )                                          --                                            --
     Other                                                                                  3                                            10                                             3                                     16                                     15  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Total expenses                                                                            103                                            60                                            36                                    199                                    226  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Loss before income taxes                                                                   (5 )                                                            (37 )                                                            (36 )                                               $     (78 )                                               $     (29 )
                                                                                                                                                                                                                                                                          ======= ======= ====================                      ======= ======= ====================
Less: net income attributable to noncontrolling interest                                   13                                --                                --  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------
Segment loss                                                                        $     (18 )                                               $            (37 )                                               $            (36 )
                                                                              ======= ======= ====================                      ======= ============== ====================                      ======= ============== ====================
_______________
(1)     Loss from ’Other’ net shared services operations in 2017 primarily
                           represents $34 million in Loss on early debt retirement and $2
                           million in Exit and disposal costs related to our reorganization of
                           our operations.
                                                                                                                                                                                                                                    
Segment Results                                                                                                                                           
-------------------------------------------------------- -------------------- --------------------------------------------------------- ---------------------------------------------------------------- ---------------------------------------------------------------- --------------------------------------------------------- -------------------------------------
(In millions)                                                                                                                                                                                                                                                                                                                                    Nine Months
                                                                                                                                                                                                                                                                                                                                                    Ended
                                                                                                                                                                                                                                                                                                                                                September 30,
                                                                                                                                                                                                                                                                                                                                                    2016
                                                                                                                                                                  Nine Months Ended September 30, 2017
                                                         ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------                     ----------------------------------
                                                                                            Mortgage                                                      Mortgage                                                           Other                                                      Total PHH                                                 Total PHH
                                                                                           Production                                                     Servicing                                                                                                                    Corporation                                               Corporation
                                                                              ----------------------------------                        -----------------------------------------                        -----------------------------------------                        ----------------------------------                        ----------------------------------
Origination and other loan fees                                                     $     114                                                 $ --                                                 $ --                                                 $     114                                                 $     215
Gain on loans held for sale, net                                                          129                                                   --                                                   --                                                       129                                                       212
Loan servicing income                                                          --                                                              162                                                   --                                                       162                                                       271
MSRs asset & secured liability fair value adjustments:
   Prepayments and receipt of recurring cash flows                             --                                                              (57 )                                                 --                                                       (57 )                                                     (98 )
   Market-related, net of derivatives                                          --                                                               (9 )                                                 --                                                        (9 )                                                     (35 )
Net interest income (expense)                                                               4                                                              (27 )                                                 --                                                       (23 )                                                     (23 )
Other income                                                                               29                                             2                                --                                     31                                      8  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Net revenues                                                                              276                                            71                                --                                    347                                    550  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
                                                                                                                                                                                                                                                                                                                                     
   Salaries and related expenses                                                          131                                                               46                                                               46                                                       223                                                       268
   Commissions                                                                             38                                                   --                                                   --                                                        38                                                        49
   Loan origination expenses                                                               27                                                   --                                                   --                                                        27                                                        52
   Foreclosure and repossession expenses                                       --                                                               16                                                   --                                                        16                                                        26
   Professional and third-party service fees                                               20                                                               25                                                               47                                                        92                                                       111
   Technology equipment and software expenses                                               3                                                               11                                                               13                                                        27                                                        30
   Occupancy and other office expenses                                                     16                                                                8                                                                2                                                        26                                                        35
   Depreciation and amortization                                                            5                                                                2                                                                4                                                        11                                                        13
   Exit and disposal costs                                                                 29                                                                2                                                               18                                                        49                                            --
   Other operating expenses:
     Repurchase and foreclosure-related charges                                --                                                                7                                                   --                                                         7                                                        10
     Loss on early debt retirement                                             --                                                   --                                                               34                                                        34                                            --
     Legal and regulatory reserves                                             --                                                               24                                                   --                                                        24                                                        16
     Corporate overhead allocation                                                         72                                                               27                                                              (99 )                                          --                                            --
     Other                                                                                 14                                            17                                             8                                     39                                     38  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Total expenses                                                                            355                                           185                                            73                                    613                                    648  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------                      ------------------------------------                      ------------------------------------
Loss before income taxes                                                                  (79 )                                                           (114 )                                                            (73 )                                               $    (266 )                                               $     (98 )
                                                                                                                                                                                                                                                                          ======= ======= ====================                      ======= ======= ====================
Less: net income attributable to noncontrolling interest                                    5                                --                                --  
                                                                              ------------------------------------                      -------------------------------------------                      -------------------------------------------
Segment loss                                                                        $     (84 )                                               $           (114 )                                               $            (73 )
                                                                              ======= ======= ====================                      ======= ============== ====================                      ======= ============== ====================

Mortgage Production

Mortgage Production segment loss in the third quarter of 2017 was $18 million, compared to a segment profit of $22 million in the third quarter of 2016. Our results in the segment reflect the reduced volumes associated with our 2017 exit of the PLS business, and reductions in our Real Estate channel from the transfer of two of five PHH Home Loans ("HL") locations in the third quarter of 2017. In addition, our third quarter of 2017 segment loss includes $25 million of PLS operating losses and $6 million of Exit and disposal costs, partially offset by $14 million in net proceeds from the HL asset sales.

Net revenues were $98 million, a decline of 42% from the third quarter of 2016 primarily driven by lower application and closing volumes from our PLS business. Total retail closing units in the third quarter of 2017 declined by 49%, driving the decrease of $42 million in Origination and other loan fees, as compared to the third quarter of 2016. Gain on loans held for sale, net decreased by $52 million as compared to the prior year quarter, primarily from a 41% decrease in saleable applications that was primarily due to our decline in retail applications as we execute the exit of the PLS channel and from the asset sale of two HL locations in our Real Estate channel during the third quarter of 2017. This was offset by an increase to Other income of $25 million primarily as a result of the gross proceeds from HL asset sales.

Total expenses were $103 million, a decline of $37 million or 26% from the third quarter of 2016. Salaries and related expenses decreased by $18 million as a result of declining average employee headcount and lower contract labor and overtime from declining application volumes. Commissions were down $6 million primarily due to a 23% decrease in closing volume from our real estate channel and lower private label closing volume, and Loan origination expenses were down $9 million primarily due to a 54% decrease in retail application units. Corporate overhead allocation decreased by $7 million primarily due to reduced professional fees for information technology shared services. This was offset by $6 million in Exit and disposal costs in the third quarter of 2017, primarily related to $3 million of retention expenses for employees impacted by the PLS exit and the Reorganization and $2 million of employee-related costs to former HL employees as part of the HL asset sale.

                                                                                                Three Months Ended                                                               Nine Months Ended
                                                                                                                      September 30,                                                                                      September 30,
                                                                                 -------------------------------------------------------------------------------                            -----------------------------------------------------------------
                                                                                             2017                              2016                                                  2017                       2016
                                                                                 ----------------------------                     -------------------------------------                     ----------------------------                     ----------------------
                                                                                                                                                                    (In millions)
Segment Results:
-----------------------------------------------------------
   Origination and other loan fees                                                $  33                                                 $      75                                            $ 114                                                    $        215
   Gain on loans held for sale, net                                                  35                                                        87                                              129                                                             212
   Net interest income                                                                2                                                         3                                                4                                                               8
   Other income                                                                      28                                      3                            29                                            8
                                                                                 ---------------------------                      ------------------------------------                      ---------------------------                      ----------------------
   Net revenues                                                                      98                                    168                           276                                          443
                                                                                 ---------------------------                      ------------------------------------                      ---------------------------                      ----------------------
                                                                                                                                                                                                                                              
   Salaries and related expenses                                                     35                                                        53                                              131                                                             167
   Commissions                                                                       13                                                        19                                               38                                                              49
   Loan origination expenses                                                          9                                                        18                                               27                                                              52
   Professional and third-party service fees                                          8                                                         6                                               20                                                              17
   Technology equipment and software expenses                                         1                                                         1                                                3                                                               3
   Occupancy and other office expenses                                                5                                                         6                                               16                                                              20
   Depreciation and amortization                                                      2                                                         2                                                5                                                               7
   Exit and disposal costs                                                            6                                            --                                               29                                                  --
   Other operating expenses                                                          24                                     35                            86                                          110
                                                                                 ---------------------------                      ------------------------------------                      ---------------------------                      ----------------------
   Total expenses                                                                   103                                    140                           355                                          425
                                                                                 ---------------------------                      ------------------------------------                      ---------------------------                      ----------------------
   (Loss) income before income taxes                                                 (5 )                                                      28                                              (79 )                                                            18
   Less: net income attributable to noncontrolling interest                          13                                      6                             5                                            9
                                                                                 ---------------------------                      ------------------------------------                      ---------------------------                      ----------------------
   Segment (loss) profit                                                          $ (18 )                                               $      22                         $ (84 )                                                  $          9
                                                                                 == === ====================                      ======= ======= ====================                      == === ====================                      ========== ==========
                                                                                      Three Months Ended                                                                      Nine Months Ended
                                                                                                            September 30,                                                                                             September 30,
                                                                     -----------------------------------------------------------------------------------                            --------------------------------------------------------------------------
                                                                                     2017                                 2016                                                   2017                            2016
                                                                     -------------------------------------                     --------------------------------                     -------------------------------------                     ----------------------
                                                                                                                                                             ($ in Millions)
Closings:
-----------------------------------------------
   Saleable to investors                                                   $   1,894                                             $  2,759                                                 $   5,663                                                    $      7,594
   Fee-based                                                                   3,050                             7,258                                 10,632                                       20,750
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total                                                                 $   4,944                          $ 10,017                              $  16,295                                 $     28,344
                                                                     ======= ======= ====================                      === ====== ====================                      ======= ======= ====================                      ========== ==========
                                                                                                                                                                                                                                               
   Purchase                                                                $   3,059                                             $  4,421                                                 $   9,283                                                    $     12,748
   Refinance                                                                   1,885                             5,596                                  7,012                                       15,596
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total                                                                 $   4,944                          $ 10,017                              $  16,295                                 $     28,344
                                                                     ======= ======= ====================                      === ====== ====================                      ======= ======= ====================                      ========== ==========
                                                                                                                                                                                                                                               
   Retail - PLS                                                            $   3,298                                             $  7,853                                                 $  11,587                                                    $     22,161
   Retail - Real Estate                                                        1,646                             2,137                                  4,708                                        5,598
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total retail                                                              4,944                                                9,990                                                    16,295                                                          27,759
   Wholesale/correspondent                                            --                                27                         --                                          585
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total                                                                 $   4,944                          $ 10,017                              $  16,295                                 $     28,344
                                                                     ======= ======= ====================                      === ====== ====================                      ======= ======= ====================                      ========== ==========
                                                                                                                                                                                                                                               
   Retail - PLS (units)                                                        5,140                                               13,590                                                    19,142                                                          38,718
   Retail - Real Estate (units)                                                5,503                             7,379                                 15,929                                       19,928
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total retail (units)                                                     10,643                                               20,969                                                    35,071                                                          58,646
   Wholesale/correspondent (units)                                    --                               107                         --                                        2,298
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total (units)                                                            10,643                            21,076                                 35,071                                       60,944
                                                                     ====================================                      ===============================                      ====================================                      ======================
                                                                                                                                                                                                                                               
Applications:
-----------------------------------------------
                                                                           $   2,436                                             $  4,136                                                 $   7,953                                                    $     11,580
   Saleable to investors
   Fee-based                                                                   3,241                             8,217                                 11,623                                       25,720
                                                                     ------------------------------------                      -------------------------------                      ------------------------------------                      ----------------------
     Total                                                                 $   5,677                          $ 12,353                              $  19,576                                 $     37,300
                                                                     ======= ======= ====================                      === ====== ====================                      ======= ======= ====================                      ========== ==========
                                                                                                                                                                                                                                               
Other:
-----------------------------------------------
   IRLCs expected to close                                                 $     784                                             $  1,199                                                 $   2,073                                                    $      3,685
   Total loan margin on IRLCs (in basis points)                                  299                                                  388                                                       307                                                             342
   Loans sold                                                              $   1,940                                             $  2,954                                                 $   5,782                                                    $      7,804

Mortgage Servicing

Mortgage Servicing segment loss in the third quarter of 2017 was $37 million, compared to a segment loss of $52 million in the third quarter of 2016.

Net revenues were $23 million, a decline of $6 million or 21% from the third quarter of 2016, primarily driven by a smaller total loan servicing portfolio. Our decline in Net revenues reflects a $12 million decline in Net revenues from Capitalized servicing driven by the 76% decrease in our average owned capitalized loan servicing portfolio from MSR sales and resulting lower service fee income, partially offset by lower risk and market adjustments from MSR market-related adjustments. However, we had a $6 million improvement to Net revenues from Subservicing, related to the growth in subservicing units from the executed New Residential MSR sales in 2017.

Total expenses were $60 million, a decline of $21 million or 26% compared to the third quarter of 2016. Salaries and related expenses decreased by $3 million due to declines in the average employee headcount. Foreclosure and repossession expenses decreased $6 million primarily due to lower foreclosure activity and improved delinquencies that were partially the result of the Lakeview MSR sales of delinquent government loans. We recorded a $2 million provision for legal and regulatory matters during the third quarter of 2017, as compared to an $11 million provision during the third quarter of 2016, driven by adjustments for negotiated settlements related to our legacy mortgage servicing practices and provisions for other matters. Corporate overhead allocation decreased by $5 million primarily from decreases in professional fees for information technology shared services.

At September 30, 2017, our subservicing portfolio consisted of approximately 648,000 units, up 36% from September 30, 2016. Our increase in total subservicing units was primarily driven by the addition of subserviced loans from the June and July 2017 sales of MSRs to New Residential, that was partially offset by the fourth quarter of 2016 insourcing and MSR sale actions of two clients’ subserviced loans.

                                                                                      Three Months Ended                                                                            Nine Months Ended
                                                                                                            September 30,                                                                                                   September 30,
                                                                   ----------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------
                                                                                   2017                                   2016                                                  2017                               2016
                                                                   -------------------------------------                     -------------------------------------                     -----------------------------                     -------------------------------------
                                                                                                                                                                 ($ in millions)
Segment Results:
---------------------------------------------
   Loan servicing income, net                                            $      35                                                 $      39                                            $   96                                                 $     138
   Net interest expense                                                        (12 )                                                     (10 )                                             (27 )                                                     (31 )
   Other income                                                     --                         --                              2                         --  
                                                                   ------------------------------------                      ------------------------------------                      ----------------------------                      ------------------------------------
   Net revenues                                                                 23                                     29                             71                                    107  
                                                                   ------------------------------------                      ------------------------------------                      ----------------------------                      ------------------------------------
                                                                                                                                                                                                                                          
   Salaries and related expenses                                                14                                                        17                                                46                                                        54
   Foreclosure and repossession expenses                                         4                                                        10                                                16                                                        26
   Professional and third-party service fees                                    10                                                         9                                                25                                                        27
   Technology equipment and software expenses                                    4                                                         4                                                11                                                        12
   Occupancy and other office expenses                                           2                                                         4                                                 8                                                        13
   Depreciation and amortization                                                 1                                            --                                                 2                                                         2
   Exit and disposal costs                                          --                                            --                                                 2                                            --
   Other operating expenses                                                     25                                     37                             75                  79  
                                                                   ------------------------------------                      ------------------------------------                      ---------------------------- -------------------- ------------------------------------
   Total expenses                                                               60                                     81                            185                                    213  
                                                                   ------------------------------------                      ------------------------------------                      ----------------------------                      ------------------------------------
   Segment loss                                                          $     (37 )                                               $     (52 )                                          $ (114 )                                               $    (106 )
                                                                   ======= ======= ====================                      ======= ======= ====================                      == ==== ====================                      ======= ======= ====================
                                                                                                               September 30,
                                                                                           -------------------------------------------------------------------------------------------
                                                                                                         2017                                 2016
                                                                                           ---------------------------------                     -------------------------------------
                                                                                                                                 ($ in millions)
Total Loan Servicing Portfolio:
---------------------------------------------------------------------
    Conventional loans                                                                       $ 140,515                                                 $ 200,592
    Government loans                                                                             9,344                                                    23,415
    Home equity lines of credit                                                                  1,623                                  3,876  
                                                                                           --------------------------------                      ------------------------------------
  Total Unpaid Principal Balance                                                             $ 151,482                                                 $ 227,883
                                                                                                                                                  
    Number of loans in owned portfolio (units)                                                  45,677                                                   588,700
    Number of subserviced loans (units) (1)                                                    648,108                                475,877  
                                                                                           --------------------------------                      ------------------------------------
  Total number of loans serviced (units)                                                       693,785                                                 1,064,577
                                                                                                                                                  
  Weighted-average interest rate                                                                   3.9                    %                                  3.8                    %
                                                                                                                                                  
  Portfolio delinquency
---------------------------------------------------------------------
    % of UPB - 30 days or more past due                                                           2.34                    %                                 2.24                    %
    % of UPB - Foreclosure, REO and Bankruptcy                                                    1.55                    %                                 1.75                    %
    Units - 30 days or more past due                                                              3.30                    %                                 3.22                    %
    Units - Foreclosure, REO and Bankruptcy                                                       2.08                    %                                 2.19                    %
                                                                                                                                                  
Total Capitalized Servicing Portfolio:
---------------------------------------------------------------------
    Unpaid Principal Balance of capitalized MSRs owned                                       $   8,906                                                 $  88,622
    Unpaid Principal Balance of capitalized MSRs in secured borrowing                           51,465                         --  
    arrangement (2)
                                                                                           ----------  --------------------                      --------------  --------------------
  Total Unpaid Principal Balance of capitalized servicing portfolio                          $  60,371                                                 $  88,622
                                                                                                                                                  
  Capitalized servicing rate                                                                      0.83                    %                                 0.73                    %
  Capitalized servicing multiple                                                                   3.0                                                       2.6
  Weighted-average servicing fee (in basis points)                                                  27                                                        28
                                                      Three Months Ended                                    Nine Months Ended
                                                                            September 30,                                                           September 30,
                                                            --------------------------------------                            --------------------------------------------------
                                                                2017          2016                             2017                2016
                                                            ------------                     ------------                     -------------                     ----------------------
Total Loan Servicing Portfolio:
   Average Portfolio UPB                                     $ 156,887                        $ 229,969                         $ 162,735                                $    230,479
                                                                                                                                                                 
Owned Capitalized Servicing Portfolio:
(3)
--------------------------------------
   Average Portfolio UPB                                     $  21,842                        $  90,655                         $  53,964                                $     94,213
   Payoffs and principal curtailments                              614                            5,335                             7,249                                      14,102
   Sales                                                         4,570                              246                            17,086                                         742
_______________
(1)     For September 30, 2017, includes 376,551 units of New Residential
                           subserviced loans that are accounted for as a secured borrowing
                           arrangement based on our evaluation of the New Residential MSR sale
                           agreement.
(2)                        Represents MSRs sold to New Residential during 2017 that are
                           accounted for as a secured borrowing arrangement.
(3)                        For 2017, balances exclude MSRs sold to New Residential that are
                           accounted for as a secured borrowing arrangement.

* NOTE REGARDING NON-GAAP FINANCIAL MEASURES

Core earnings or loss (pre-tax and after-tax) and core earnings or loss per share are financial measures that are not in accordance with GAAP. See Non-GAAP Reconciliations below for a reconciliation of these measures to the most directly comparable GAAP financial measures as required by Regulation G.

These Non-GAAP measures are used in managing certain aspects of the Company’s business. For example, management’s reviews of results incorporate Non-GAAP measures and certain of the Company’s debt agreements contain covenants calculated using a measure similar to the calculations of the Non-GAAP measures. The Company has also designed certain management incentives based upon the achievement of targets related to Non-GAAP measures. The Company believes that these Non-GAAP Financial Measures can be useful to investors because they provide a means by which investors can evaluate the Company’s underlying key drivers and operating performance of the business, exclusive of certain adjustments and activities that investors may consider to be unrelated to the underlying economic performance of the business for a given period.

The Company also believes that any meaningful analysis of the Company’s financial performance by investors requires an understanding of the factors that drive the Company’s underlying operating performance which can be obscured by significant unrealized changes in value of the Company’s mortgage servicing rights and mortgage servicing rights secured liability, as well as any gain or loss on derivatives that are intended to offset market-related fair value adjustments on the Company’s mortgage servicing rights.

The Company believes these Non-GAAP measures provide useful information to investors that is supplementary to our results in accordance with GAAP; however, there are inherent limitations to these measures and they should not be viewed as a substitute for our results in accordance with GAAP as measurements of the Company’s financial performance.

Core earnings or loss (pre-tax and after-tax) and core earnings or loss per share

Core earnings or loss (after-tax) and core earnings or loss per share involves differences from Net income or loss attributable to PHH Corporation and Basic earnings or loss per share attributable to PHH Corporation computed in accordance with GAAP.

Core earnings or loss (pre-tax and after-tax) and core earnings or loss per share measure the Company’s financial performance excluding unrealized changes in fair value of the Company’s mortgage servicing rights and mortgage servicing rights secured liability that are based upon projections of expected future cash flows and prepayments as well as realized and unrealized changes in the fair value of derivatives that are intended to offset changes in the fair value of mortgage servicing rights. The changes in fair value of mortgage servicing rights, mortgage servicing rights secured liability and related derivatives are highly sensitive to changes in interest rates and are dependent upon the level of current and projected interest rates at the end of each reporting period.

NON-GAAP RECONCILIATIONS

(In millions, except per share data)

See "Note Regarding Non-GAAP Financial Measures" above in this press release for a description of the uses and limitations of the Non-GAAP Financial Measures.

CORE EARNINGS - Regulation G Reconciliation                                                                           
-------------------------------------------------------- -------------------- --------------------------------------------------------- ------------------------------------------------------- --------------------------------------------------------- -----------------------------------
                                                                                                Three Months Ended                                                                              Nine Months Ended
                                                                                                                      September 30,                                                                                                     September 30,
                                                                              --------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------
                                                                                              2017                                  2016                                                     2017                                  2016
                                                                              -------------------------------------                     -----------------------------------                     -------------------------------------                     -----------------------------------
Loss before income taxes - as reported                                              $     (78 )                                              $    (29 )                                               $    (266 )                                              $    (98 )
Less: net income attributable to noncontrolling interest                                   13                                    6                                      5                                    9  
                                                                              ------------------------------------                      ----------------------------------                      ------------------------------------                      ----------------------------------
Segment loss                                                                              (91 )                                                   (35 )                                                    (271 )                                                  (107 )
  Market-related fair value adjustments (1)                                                 3                                                       9                                                         9                                                     174
  Net derivative loss (gain) related to MSRs                                   --                                    4                         --                                 (139 )
                                                                              ------------------------------------                      ----------------------------------                      ------------------------------------                      ----------------------------------
Core loss (pre-tax)                                                                 $     (88 )                                              $    (22 )                                               $    (262 )                                              $    (72 )
                                                                                                                                                                                                                                                           
Net loss attributable to PHH Corporation - as reported                              $     (55 )                                              $    (27 )                                               $    (168 )                                              $    (69 )
  Market-related fair value adjustments (1)                                                 3                                                       9                                                         9                                                     174
  Net derivative loss (gain) related to MSRs                                   --                                    4                         --                                 (139 )
                                                                              ------------------------------------                      ----------------------------------                      ------------------------------------                      ----------------------------------
                                                                                          (52 )                                                   (14 )                                                    (159 )                                                   (34 )
  Income tax expense on Core adjustments (2)                                                1                                    5                                      3                                   13  
                                                                              ------------------------------------                      ----------------------------------                      ------------------------------------                      ----------------------------------
Core loss (after-tax)                                                               $     (53 )                                              $    (19 )                                               $    (162 )                                              $    (47 )
                                                                              ======= ======= ====================                      ====== ====== ====================                      ======= ======= ====================                      ====== ====== ====================
                                                                                                                                                                                                                                                           
Core loss (after-tax) per share (3)                                                 $   (1.10 )                                              $  (0.35 )                                               $   (3.14 )                                              $  (0.88 )
                                                                              ======= ======= ====================                      ====== ====== ====================                      ======= ======= ====================                      ====== ====== ====================
CORE EARNINGS BY SEGMENT - Regulation G Reconciliation                                                                                                                                                                                                      
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------- ------------------------------------------------------- -------------------------------------
                                                                                                                                                                                                                                                          
                                                                              Mortgage                            Mortgage                                                 Other                                                   Mortgage                                                 Mortgage                                                   Other
                                                                             Production                                              Servicing                                                                                                       Production                                                Servicing
                                                                ----------------------------------                        ----------------------------                        ----------------------------------                        ----------------------------------                        --------------------------------                        ----------------------------------
                                                                                                                       Three Months Ended September 30, 2017                                                                                                                                     Nine Months Ended September 30, 2017
                                                                ---------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------
Segment loss                                                          $     (18 )                                            $  (37 )                                               $     (36 )                                               $     (84 )                                              $   (114 )                                               $     (73 )
Market-related fair value adjustments (1)                        --                                3                         --                         --                                    9                         --  
                                                                ------------------------------------                      ------------------------------                      ------------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Core loss (pre-tax)                                                   $     (18 )                                            $  (34 )                                               $     (36 )                                               $     (84 )                                              $   (105 )                                               $     (73 )
                                                                ======= ======= ====================                      ==== ==== ====================                      ======= ======= ====================                      ======= ======= ====================                      ====== ====== ====================                      ======= ======= ====================
                                                                                                                                                                                                                                                                                                                                                           
                                                                                                                       Three Months Ended September 30, 2016                                                                                                                                     Nine Months Ended September 30, 2016
                                                                ---------------------------------------------------------------------------------------------------------------------------------------------------                     -------------------------------------------------------------------------------------------------------------------------------------------------------
Segment profit (loss)                                                 $      22                                              $  (52 )                                               $      (5 )                                               $       9                                                $   (106 )                                               $     (10 )
Market-related fair value adjustments (1)                        --                                                   9                                            --                                            --                                                     174                                            --
Net derivative loss (gain) related to MSRs                       --                                4                         --                         --                                 (139 )                                          --  
                                                                ------------------------------------                      ------------------------------                      ------------------------------------                      ------------------------------------                      ----------------------------------                      ------------------------------------
Core earnings (loss) (pre-tax)                                        $      22                           $  (39 )                                               $      (5 )                                               $       9                             $    (71 )                            $     (10 )
                                                                ======= ======= ====================                      ==== ==== ====================                      ======= ======= ====================                      ======= ======= ====================                      ====== ====== ==================== ==================== ======= ======= ====================
___________
(1)   Represents the net Change in fair value of MSRs asset and secured
                         liability due to changes in market inputs and assumptions used in
                         the valuation model.
(2)                      An incremental effective tax rate of 39% was applied to arrive at
                         the net of taxes amounts.
(3)                      Basic weighted-average shares outstanding of 48.210 million and
                         53.578 million for the three months ended September 30, 2017 and
                         2016, respectively, and 51.725 million and 53.616 million for the
                         nine months ended September 30, 2017 and 2016, respectively, were
                         used to calculate per share amounts.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20171107006698r1&sid=cmtx6&distro=nx&lang=en

View source version on businesswire.com: http://www.businesswire.com/news/home/20171107006698/en/

SOURCE: PHH Corporation

PHH Corporation 
Investors 
Hugo Arias, 856-917-0108 
hugo.arias@phh.com 
or 
Media 
Dico Akseraylian, 856-917-0066 
dico.akseraylian@phh.com


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