CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Jun. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 1,005	$ 906
Restricted cash		54	47
Mortgage loans held for sale		922	743
Accounts receivable, net		82	81
Servicing advances, net		657	691
Mortgage servicing rights		679	880
Property and equipment, net		50	47
Other assets		182	247
Total assets	[1]	3,631	3,642
LIABILITIES
Accounts payable and accrued expenses		225	251
Subservicing advance liabilities		316	314
Debt		1,471	1,348
Deferred taxes		125	182
Loan repurchase and indemnification liability		62	62
Other liabilities		151	137
Total liabilities	[1]	2,350	2,294
Commitments and contingencies (Note 10)
EQUITY
Preferred stock, $0.01 par value; 1,090,000 shares authorized; none issued or outstanding		0	0
Common stock, $0.01 par value; 273,910,000 shares authorized; 53,527,838 shares issued and outstanding at June 30, 2016; 55,007,983 shares issued and outstanding at December 31, 2015		1	1
Additional paid-in capital		883	911
Retained earnings		374	416
Accumulated other comprehensive loss	[2]	(10)	(10)
Total PHH Corporation stockholders’ equity		1,248	1,318
Noncontrolling interest		33	30
Total equity		1,281	1,348
Total liabilities and equity		3,631	3,642
Variable Interest Entity
ASSETS
Cash and cash equivalents		56	80
Restricted cash		23	18
Mortgage loans held for sale		521	389
Accounts receivable, net		12	5
Servicing advances, net		152	157
Property and equipment, net		1	1
Other assets		19	12
Total assets		784	662
LIABILITIES
Accounts payable and accrued expenses		20	14
Debt		554	456
Other liabilities		8	6
Total liabilities		$ 582	$ 476

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle the obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows: June 30, 2016 December 31, 2015ASSETS Cash and cash equivalents$56 $80Restricted cash23 18Mortgage loans held for sale521 389Accounts receivable, net12 5Servicing advances, net152 157Property and equipment, net1 1Other assets19 12Total assets$784 $662 LIABILITIES Accounts payable and accrued expenses$20 $14Debt554 456Other liabilities8 6Total liabilities$582 $476

[2] Includes amounts recorded related to the Company’s defined benefit pension plan, net of income tax benefits of $6 million as of both June 30, 2016 and December 31, 2015. During both the three and six months ended June 30, 2016 and June 30, 2015, there were no amounts reclassified out of Accumulated other comprehensive loss.