2.2.0.25falsefalse0205 - Disclosure - Mortgage Loan Salestruefalsefalse1falsefalseUSDfalsefalse1/1/2011 - 3/31/2011 USD ($) USD ($) / shares $Jan-01-2011_Mar-31-2011http://www.sec.gov/CIK0000077776duration2011-01-01T00:00:002011-03-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_DisclosureOfTransferOfSecuritizedFinancialAssetsAccountedForAsSaleAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalseMortgage Loan Sales [Abstract]3false0phh_MortgageLoanSalesTextBlockphhfalsenadurationDisclosure of Transfer of Securitizations or Asset-backed Financing Financial Assets Accounted for as Sale. Contains of...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00  <div style="font-family: 'Times New Roman',Times,serif"> <div align="left" style="font-size: 10pt; margin-top: 12pt"><b>5. Mortgage Loan Sales</b> </div> <div style="width: 100%; border-bottom: 1px solid black; margin-top: 0pt; font-size: 1pt">  </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">Residential mortgage loans are sold through one of the following methods: (i) sales to Fannie Mae and Freddie Mac and loan sales to other investors guaranteed by Ginnie Mae (collectively “GSEs”), or (ii) sales to private investors. The Company may have continuing involvement in mortgage loans sold by retaining one or more of the following: servicing rights and servicing obligations, recourse obligations and/or beneficial interests (such as interest-only strips, principal-only strips, or subordinated interests). During the three months ended March 31, 2011, the Company did not retain any interests from sales or securitizations other than mortgage servicing rights. See Note 10, “Credit Risk” for a further description of recourse obligations. </div> <div align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement: </div> <div align="center"> <table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">  <tr valign="bottom"> <td width="76%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> <td width="5%"> </td> <td width="3%"> </td> <td width="1%"> </td> <td width="3%"> </td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7"><b>Three Months</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Ended March 31,</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2011</b></td> <td> </td> <td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2010</b></td> </tr> <tr style="font-size: 8pt" valign="bottom"> <td> </td> <td> </td> <td nowrap="nowrap" align="center" colspan="7"><b>(In millions)</b></td> </tr>   <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Proceeds from new loan sales or securitizations </div></td> <td> </td> <td align="right">$</td> <td align="right">12,306</td> <td> </td> <td> </td> <td align="right">$</td> <td align="right">5,763</td> <td> </td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Servicing fees received <sup style="font-size: 85%; vertical-align: text-top">(1)</sup> </div></td> <td> </td> <td> </td> <td align="right">106</td> <td> </td> <td> </td> <td> </td> <td align="right">97</td> <td> </td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Purchases of delinquent or foreclosed loans <sup style="font-size: 85%; vertical-align: text-top">(2)</sup> </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(9</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(12</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom"> <td> <div style="margin-left:15px; text-indent:-15px">Servicing advances <sup style="font-size: 85%; vertical-align: text-top">(3)</sup> </div></td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(436</td> <td nowrap="nowrap">)</td> <td> </td> <td nowrap="nowrap" align="right"> </td> <td align="right">(344</td> <td nowrap="nowrap">)</td> </tr> <tr valign="bottom" style="background: #cceeff"> <td> <div style="margin-left:15px; text-indent:-15px">Repayment of servicing advances </div></td> <td> </td> <td> </td> <td align="right">426</td> <td> </td> <td> </td> <td> </td> <td align="right">338</td> <td> </td> </tr>  </table> </div> <div align="left"> <div style="font-size: 0pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">  </div> </div> <table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left"> <tr> <td width="3%"></td> <td width="1%"></td> <td width="96%"></td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(1)</sup></td> <td> </td> <td>Excludes late fees and other ancillary servicing revenue.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(2)</sup></td> <td> </td> <td>Excludes indemnification payments to investors and insurers of the related mortgage loans.</td> </tr> <tr style="font-size: 3pt"> <td> </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left"><sup style="font-size: 85%; vertical-align: text-top">(3)</sup></td> <td> </td> <td>As of March 31, 2011 and December 31, 2010, outstanding servicing advance receivables of $194 million and $187 million, respectively, were included in Accounts receivable, net.</td> </tr> </table> <div align="left" style="font-size: 10pt; margin-top: 6pt">During the three months ended March 31, 2011 and 2010, pre-tax gains of $178 million and $102 million, respectively, related to the sale or securitization of residential mortgage loans were recognized in Gain on mortgage loans, net in the Condensed Consolidated Statements of Operations. </div>   </div>  <div style="font-family: 'Times New Roman',Times,serif"> <div align="center" style="font-size: 10pt; margin-top: 0pt"> <b> </b> </div> </div>  <!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of Transfer of Securitizations or Asset-backed Financing Financial Assets Accounted for as Sale. Contains of quantitative and qualitative disclosure including the characteristics of transfers in securitization or asset-backed financing arrangements recognized as sales, a description of the transferor's continued involvement with the transferred assets (including servicing, recourse, and restriction on interests if any) that continue to be held by the transferor, sensitivity analysis and cash flow information.No authoritative reference available.falsefalseMortgage Loan Sales12Mortgage Loan SalesUnKnownUnKnownUnKnownUnKnownfalsetrue