CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions		Sep. 30, 2016	Dec. 31, 2015
ASSETS
Cash and cash equivalents		$ 996	$ 906
Restricted cash		50	47
Mortgage loans held for sale		761	743
Accounts receivable, net		89	81
Servicing advances, net		668	691
Mortgage servicing rights		645	880
Property and equipment, net		50	47
Other assets		187	247
Total assets	[1]	3,446	3,642
LIABILITIES
Accounts payable and accrued expenses		200	251
Subservicing advance liabilities		318	314
Debt		1,332	1,348
Deferred taxes		117	182
Loan repurchase and indemnification liability		65	62
Other liabilities		154	137
Total liabilities	[1]	2,186	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; 53,585,565 shares issued and outstanding at September 30, 2016; 55,007,983 shares issued and outstanding at December 31, 2015		1	1
Additional paid-in capital		885	911
Retained earnings		347	416
Accumulated other comprehensive loss	[2]	(9)	(10)
Total PHH Corporation stockholders’ equity		1,224	1,318
Noncontrolling interest		36	30
Total equity		1,260	1,348
Total liabilities and equity		3,446	3,642
Variable Interest Entity
ASSETS
Cash and cash equivalents		61	80
Restricted cash		20	18
Mortgage loans held for sale		436	389
Accounts receivable, net		26	5
Servicing advances, net		153	157
Property and equipment, net		1	1
Other assets		19	12
Total assets		716	662
LIABILITIES
Accounts payable and accrued expenses		15	14
Debt		486	456
Other liabilities		6	6
Total liabilities		$ 507	$ 476

[1] The Condensed Consolidated Balance Sheets include assets and liabilities of variable interest entities. The assets can be used only to settle the obligations of the variable interest entities, and the liabilities have creditors or beneficial interest holders that do not have recourse to PHH Corporation and subsidiaries. These assets and liabilities are as follows: September 30, 2016 December 31, 2015ASSETS Cash and cash equivalents$61 $80Restricted cash20 18Mortgage loans held for sale436 389Accounts receivable, net26 5Servicing advances, net153 157Property and equipment, net1 1Other assets19 12Total assets$716 $662 LIABILITIES Accounts payable and accrued expenses$15 $14Debt486 456Other liabilities6 6Total liabilities$507 $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 September 30, 2016 and December 31, 2015. During both the three and nine months ended September 30, 2016 and September 30, 2015, there were no amounts reclassified out of Accumulated other comprehensive loss.