10-Q/A

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q/A

Amendment No. 1

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2011

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                     to

Commission File No. 1-7797

PHH CORPORATION

(Exact name of registrant as specified in its charter)

MARYLAND	52-0551284
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification Number)
3000 LEADENHALL ROAD	08054
MT. LAUREL, NEW JERSEY	(Zip Code)
(Address of principal executive offices)

856-917-1744
(Registrant’s telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes þ No o

     Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ No o

     Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer þ	Accelerated filer o	Non-accelerated filer o	Smaller reporting company o
		(Do not check if a smaller reporting company)

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes o No þ

     As of July 22, 2011, 56,330,713 shares of PHH Common stock were outstanding.

TABLE OF CONTENTS

	Item 6. Exhibits
SIGNATURES
EXHIBIT INDEX
EX-101 INSTANCE DOCUMENT
EX-101 SCHEMA DOCUMENT
EX-101 CALCULATION LINKBASE DOCUMENT
EX-101 LABELS LINKBASE DOCUMENT
EX-101 PRESENTATION LINKBASE DOCUMENT
EX-101 DEFINITION LINKBASE DOCUMENT

PHH CORPORATION AND SUBSIDIARIES
EXPLANATORY NOTE

The sole purpose of this Amendment No. 1 to PHH Corporation’s Quarterly Report on Form 10-Q for the period ended June 30, 2011 (the “Form 10-Q”) is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 consists of information from PHH Corporation’s Form 10-Q formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to the Form 10-Q. This Form 10-Q/A Amendment No. 1 does not reflect subsequent events occurring after the original filing date of the Form 10-Q or modify or update any disclosures made in the Form 10-Q.

Item 6. Exhibits

     Information in response to this Item is incorporated herein by reference to the Exhibit Index to this Form 10-Q/A.

1

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

PHH CORPORATION
By:	/s/ Jerome J. Selitto
	Jerome J. Selitto
	President and Chief Executive Officer

Date: August 23, 2011

By:	/s/ David Coles
	David Coles
	Interim Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

Date: August 23, 2011

2

EXHIBIT INDEX

Exhibit No.	Description	Incorporation by Reference
3.1	Amended and Restated Articles of Incorporation.	Incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on February 1, 2005.
3.2	Articles Supplementary.	Incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on March 27, 2008.
3.3	Articles of Amendment to the Charter of PHH Corporation effective as of June 12, 2009.	Incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on June 16, 2009.
3.4	Amended and Restated By-Laws.	Incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on April 2, 2009.
4.1	Specimen common stock certificate.	Incorporated by reference to Exhibit 4.1 to our Annual Report on Form 10-K for the year ended December 31, 2004 filed on March 15, 2005.
4.2	See Exhibits 3.1, 3.2, 3.3 and 3.4 for provisions of the Amended and Restated Articles of Incorporation, as amended, and Amended and Restated By-laws of the registrant defining the rights of holders of common stock of the registrant.	Incorporated by reference to Exhibit 3.1 to our Current Reports on Form 8-K filed on February 1, 2005, March 27, 2008, June 16, 2009 and April 2, 2009, respectively.
4.3	Indenture dated as of November 6, 2000 between PHH Corporation and The Bank of New York Mellon (formerly known as The Bank of New York, as successor in interest to Bank One Trust Company, N.A.), as Trustee.	Incorporated by reference to Exhibit 4.3 to our Annual Report on Form 10-K for the year ended December 31, 2005 filed on November 22, 2006.
4.3.1	Supplemental Indenture No. 1 dated as of November 6, 2000 between PHH Corporation and The Bank of New York Mellon (formerly known as The Bank of New York, as successor in interest to Bank One Trust Company, N.A.), as Trustee.	Incorporated by reference to Exhibit 4.4 to our Annual Report on Form 10-K for the year ended December 31, 2005 filed on November 22, 2006.
4.3.2	Supplemental Indenture No. 2 dated as of January 30, 2001 between PHH Corporation and The Bank of New York Mellon (formerly known as The Bank of New York, as successor in interest to Bank One Trust Company, N.A.), as Trustee.	Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on February 8, 2001.
4.3.3	Supplemental Indenture No. 3 dated as of May 30, 2002 between PHH Corporation and The Bank of New York Mellon (formerly known as The Bank of New York, as successor in interest to Bank One Trust Company, N.A.), as Trustee.	Incorporated by reference to Exhibit 4.5 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2007 filed on August 8, 2007.

3

Exhibit No.	Description	Incorporation by Reference
4.3.4	Supplemental Indenture No. 4 dated as of August 31, 2006 between PHH Corporation and The Bank of New York Mellon (formerly known as The Bank of New York, as successor in interest to Bank One Trust Company, N.A.), as Trustee.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on September 1, 2006.
4.3.5	Form of PHH Corporation Internotes.	Incorporated by reference to Exhibit 4.6 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2008 filed on May 9, 2008.
4.3.6	Form of 7.125% Note due 2013.	Incorporated by reference to Exhibit 4.5 to our Current Report on Form 8-K filed on February 24, 2003.
4.4‡‡	Amended and Restated Base Indenture dated as of December 17, 2008 among Chesapeake Finance Holdings LLC, as Issuer, and JP Morgan Chase Bank, N.A., as indenture trustee.	Incorporated by reference to Exhibit 10.76 to our Annual Report on Form 10-K for the year ended December 31, 2008 filed on March 2, 2009.
4.4.1	Series 2009-1 Indenture Supplement, dated as of June 9, 2009, among Chesapeake Funding LLC, as issuer, and The Bank of New York Mellon, as indenture trustee.	Incorporated by reference to Exhibit 4.5.11 to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009 filed on November 5, 2009.
4.4.2	Series 2009-2 Indenture Supplement, dated as of September 11, 2009, among Chesapeake Funding LLC, as issuer, and The Bank of New York Mellon, as indenture trustee.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on September 16, 2009.
4.4.3	Series 2009-3 Indenture Supplement, dated as of November 18, 2009, among Chesapeake Funding, LLC as issuer and The Bank of New York Mellon, as indenture trustee.	Incorporated by reference to Exhibit 4.4.3 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.4	Form of Series 2009-3 Class A Investor Note	Incorporated by reference to Exhibit 4.4.4 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.5	Form of Series 2009-3 Class B Investor Note	Incorporated by reference to Exhibit 4.4.5 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.6	Form of Series 2009-3 Class C Investor Note	Incorporated by reference to Exhibit 4.4.6 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.7	Series 2009-4 Indenture Supplement, dated as of December 18, 2009 among Chesapeake Funding, LLC as issuer and The Bank of New York Mellon, as indenture trustee.	Incorporated by reference to Exhibit 4.4.7 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.

4

Exhibit No.	Description	Incorporation by Reference
4.4.8	Form of Series 2009-4 Class A Investor Note	Incorporated by reference to Exhibit 4.4.8 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.9	Form of Series 2009-4 Class B Investor Note	Incorporated by reference to Exhibit 4.4.9 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.10	Form of Series 2009-4 Class C Investor Note	Incorporated by reference to Exhibit 4.4.10 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.11	Series 2010-1 Indenture Supplement, dated as of June 1, 2010 among Chesapeake Funding, LLC as issuer and The Bank of New York Mellon, as indenture trustee.	Incorporated by reference to Exhibit 4.4.11 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.12	Form of Series 2010-1 Floating Rate Asset Backed Variable Funding Investor Notes, Class A.	Incorporated by reference to Exhibit 4.4.12 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.13	Form of Series 2010-1 Floating Rate Asset Backed Investor Notes, Class B.	Incorporated by reference to Exhibit 4.4.13 to our Quarterly Report on Form 10-Q for the period ended June 30, 2010, filed on August 3, 2010.
4.4.14	Amended and Restated Series 2010-1 Indenture Supplement dated as of June 29, 2011, among Chesapeake Funding, LLC, PHH Vehicle Management Services, LLC, JPMorgan Chase Bank, N.A., Certain Non-Conduit Purchasers, Certain CP Conduit Purchaser Groups, Funding Agents for the CP Conduit Purchaser Groups, Certain Class B Note Purchasers and The Bank of New York Mellon.	Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on July 6, 2011.
4.4.15	Series 2011-1 Indenture Supplement dated as of June 29, 2011, among Chesapeake Funding, LLC, PHH Vehicle Management Services, LLC, JPMorgan Chase Bank, N.A., Certain Non-Conduit Purchasers, Certain CP Conduit Purchaser Groups, Funding Agents for the CP Conduit Purchaser Groups, Certain Class B Note Purchasers and The Bank of New York Mellon.	Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed on July 6, 2011.
4.5	Indenture dated as of April 2, 2008, by and between PHH Corporation and The Bank of New York, as Trustee.	Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on April 4, 2008.
4.5.1	Form of Global Note 4.00% Convertible Senior Note Due 2012.	Incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed on April 4, 2008.

5

Exhibit No.	Description	Incorporation by Reference
4.6	Indenture dated as of September 29, 2009, by and between PHH Corporation and The Bank of New York Mellon, as Trustee.	Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on October 1, 2009.
4.6.1	Form of Global Note 4.00% Convertible Senior Note Due 2014.	Incorporated by reference to Exhibit A of Exhibit 4.1 to our Current Report on Form 8-K filed on October 1, 2009.
4.7	Trust Indenture dated as of November 16, 2009, between BNY Trust Company of Canada as issuer trustee of Fleet Leasing Receivables Trust and ComputerShare Trust Company Of Canada, as indenture trustee.	Incorporated by reference to Exhibit 4.8 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.1	Series 2010-1 Supplemental Indenture dated as of January 27, 2010, between BNY Trust Company of Canada as issuer trustee of Fleet Leasing Receivables Trust and ComputerShare Trust Company Of Canada, as indenture trustee.	Incorporated by reference to Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.2	Fleet Leasing Receivables Trust Series 2010-1 Class A-1a Asset-Backed Note.	Incorporated by reference to Schedule A-1a of Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.3	Fleet Leasing Receivables Trust Series 2010-1 Class A-1b Asset-Backed Note.	Incorporated by reference to Schedule A-1b of Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.4	Fleet Leasing Receivables Trust Series 2010-1 Class A-2a Asset-Backed Note.	Incorporated by reference to Schedule A-2a of Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.5	Fleet Leasing Receivables Trust Series 2010-1 Class A-2b Asset-Backed Note.	Incorporated by reference to Schedule A-2b of Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.6	Fleet Leasing Receivables Trust Series 2010-1 Class B Asset-Backed Note.	Incorporated by reference to Schedule B of Exhibit 4.8.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
4.7.7	Series 2010-2 Supplemental Indenture dated as of August 31, 2010, between BNY Trust Company of Canada as issuer trustee of Fleet Leasing Receivables Trust and ComputerShare Trust Company Of Canada, as indenture trustee.	Incorporated by reference to Exhibit 4.7.7 to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2010 filed on November 3, 2010.
4.7.8	Fleet Leasing Receivables Trust Series 2010-2 Class A Asset-Backed Note.	Incorporated by reference to Exhibit 4.7.8 to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2010 filed on November 3, 2010.

6

Exhibit No.	Description	Incorporation by Reference
4.7.9	Fleet Leasing Receivables Trust Series 2010-2 Class B Asset-Backed Note.	Incorporated by reference to Exhibit 4.7.9 to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2010 filed on November 3, 2010.
4.8	Indenture dated as of August 11, 2010 between PHH Corporation, as Issuer, and The Bank of New York Mellon Trust Company, N.A., as Trustee.	Incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on August 12, 2010.
4.8.1	Form of 9¼% Senior Note Due 2016.	Incorporated by reference to Exhibit 4.8.1 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2011 filed on May 4, 2011.
10.1	Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of January 6, 2006, by and among PHH Corporation and PHH Vehicle Management Services, Inc., as Borrowers, J.P. Morgan Securities, Inc. and Citigroup Global Markets, Inc., as Joint Lead Arrangers, the Lenders referred to therein (the “Lenders”), and JPMorgan Chase Bank, N.A., as a Lender and Administrative Agent for the Lenders.	Incorporated by reference to Exhibit 10.47 to our Annual Report on Form 10-K for the year ended December 31, 2005 filed on November 22, 2006.
10.1.1	Second Amendment, dated as of November 2, 2007, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, as amended, dated as of January 6, 2006, by and among PHH Corporation and PHH Vehicle Management Services, Inc., as Borrowers, J.P. Morgan Securities, Inc. and Citigroup Global Markets, Inc., as Joint Lead Arrangers, the Lenders referred to therein, and JPMorgan Chase Bank, N.A., as a Lender and Administrative Agent for the Lenders.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on November 2, 2007.
10.1.2	Third Amendment, dated as of March 27, 2008, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, as amended, dated as of January 6, 2006, by and among PHH Corporation and PHH Vehicle Management Services, Inc., as Borrowers, J.P. Morgan Securities, Inc. and Citigroup Global Markets, Inc., as Joint Lead Arrangers, the Lenders referred to therein, and JPMorgan Chase Bank, N.A., as a Lender and Administrative Agent for the Lenders.	Incorporated by reference to Exhibit 10.1.2 to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2009 filed on November 5, 2009.
10.1.3‡‡	Fourth Amendment, dated as of June 25, 2010, to the Amended and Restated Competitive Advance and Revolving Credit Agreement, as amended, dated as of January 6, 2006, by and among PHH Corporation and PHH Vehicle Management Services, Inc., as Borrowers, J.P. Morgan Securities, Inc. and Citigroup Global Markets, Inc., as Joint Lead Arrangers, the Lenders referred to therein and JP Morgan Chase Bank, N.A. as a Lender and as a Administrative Agent for the lenders.	Incorporated by reference to Exhibit 10.1.3 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010 filed on August 3, 2010.

7

Exhibit No.	Description	Incorporation by Reference
10.2	Purchase Agreement dated March 27, 2008 by and between PHH Corporation, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wachovia Capital Markets, LLC, as representatives of the Initial Purchasers.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.1	Master Terms and Conditions for Convertible Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and J.P. Morgan Chase Bank, N.A.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.2	Master Terms and Conditions for Warrants dated March 27, 2008 by and between PHH Corporation and J.P. Morgan Chase Bank, N.A.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.3	Confirmation of Convertible Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and J.P. Morgan Chase Bank, N.A.	Incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.4	Confirmation of Warrant dated March 27, 2008 by and between PHH Corporation and J.P. Morgan Chase Bank, N.A.	Incorporated by reference to Exhibit 10.5 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.5	Master Terms and Conditions for Convertible Debt Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and Wachovia Bank, N.A.	Incorporated by reference to Exhibit 10.6 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.6	Master Terms and Conditions for Warrants dated March 27, 2008 by and between PHH Corporation and Wachovia Bank, N.A.	Incorporated by reference to Exhibit 10.7 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.7	Confirmation of Convertible Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and Wachovia Bank, N.A.	Incorporated by reference to Exhibit 10.8 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.8	Confirmation of Warrant dated March 27, 2008 by and between PHH Corporation and Wachovia Bank, N.A.	Incorporated by reference to Exhibit 10.9 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.9	Master Terms and Conditions for Convertible Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.10 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.10	Master Terms and Conditions for Warrants dated March 27, 2008 by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.11 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.11	Confirmation of Convertible Bond Hedging Transactions dated March 27, 2008 by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.12 to our Current Report on Form 8-K filed on April 4, 2008.
10.2.12	Confirmation of Warrant dated March 27, 2008 by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.13 to our Current Report on Form 8-K filed on April 4, 2008.

8

Exhibit No.	Description	Incorporation by Reference
10.3	Third Amended and Restated Master Repurchase Agreement dated as of June 24, 2011, between The Royal Bank of Scotland PLC, as Buyer, PHH Mortgage Corporation, as Seller.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on June 30, 2011.
10.3.1	Third Amended and Restated Guaranty dated as of June 18, 2010, made by PHH Corporation in favor of The Royal Bank of Scotland, PLC.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on June 23, 2010.
10.4‡‡	Purchase Agreement dated September 2, 2009 by and among PHH Corporation, PHH Vehicle Management Services, LLC, Chesapeake Funding LLC and J.P. Morgan Securities, Inc, Banc of America Securities LLC and Citigroup Global Markets, Inc., as representatives of several initial purchasers.	Incorporated by reference to Exhibit 10.12 to our Quarterly Report on Form 10-Q/A for the quarterly period ended September 30, 2009 filed on January 12, 2010.
10.5	Purchase Agreement dated September 23, 2009, by and between PHH Corporation, Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC, as representatives of the Initial Purchasers.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.1	Master Terms and Conditions for Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.2	Master Terms and Conditions for Warrants dated September 23, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.3	Confirmation of Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.4	Confirmation of Warrants dated September 23, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.5 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.5	Master Terms and Conditions for Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.6 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.6	Master Terms and Conditions for Warrants dated September 23, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.7 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.7	Confirmation of Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.8 to our Current Report on Form 8-K filed on September 29, 2009.

9

Exhibit No.	Description	Incorporation by Reference
10.5.8	Confirmation of Warrants dated September 23, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.9 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.9	Master Terms and Conditions for Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.10 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.10	Master Terms and Conditions for Warrants dated September 23, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.11 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.11	Confirmation of Convertible Bond Hedging Transactions dated September 23, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.12 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.12	Confirmation of Warrants dated September 23, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.13 to our Current Report on Form 8-K filed on September 29, 2009.
10.5.13	Amendment to Convertible Bond Hedging Transaction Confirmation dated September 29, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on October 1, 2009.
10.5.14	Confirmation of Additional Warrants dated September 29, 2009, by and between PHH Corporation and JPMorgan Chase Bank, National Association, London Branch.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on October 1, 2009.
10.5.15	Amendment to Convertible Bond Hedging Transaction Confirmation dated September 29, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on October 1, 2009.
10.5.16	Confirmation of Additional Warrants dated September 29, 2009, by and between PHH Corporation and Wachovia Bank, National Association.	Incorporated by reference to Exhibit 10.4 to our Current Report on Form 8-K filed on October 1, 2009.
10.5.17	Amendment to Convertible Bond Hedging Transaction Confirmation dated September 29, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.5 to our Current Report on Form 8-K filed on October 1, 2009.
10.5.18	Confirmation of Additional Warrants dated September 29, 2009, by and between PHH Corporation and Citibank, N.A.	Incorporated by reference to Exhibit 10.6 to our Current Report on Form 8-K filed on October 1, 2009.
10.6†	Form of Indemnification Agreement.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 20, 2010.
10.6.1†	PHH Corporation Unanimous Written Consent of the Board of Directors effective August 18, 2010.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on August 20, 2010.

10

Exhibit No.	Description	Incorporation by Reference
10.6.2†	PHH Corporation Management Incentive Plan.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on April 6, 2010.
10.6.3†	Form of PHH Corporation Management Incentive Plan Award Notice.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on April 6, 2010.
10.6.4†	Amended and Restated 2005 Equity and Incentive Plan (as amended and restated through June 17, 2009).	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on June 22, 2009.
10.6.5†	First Amendment to the PHH Corporation Amended and Restated 2005 Equity and Incentive Plan, effective August 18, 2010.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on August 20, 2010.
10.6.6†	Form of PHH Corporation 2005 Equity and Incentive Plan Non-Qualified Stock Option Agreement, as amended.	Incorporated by reference to Exhibit 10.28 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2005 filed on May 16, 2005.
10.6.7†	Form of PHH Corporation 2005 Equity and Incentive Plan Non-Qualified Stock Option Conversion Award Agreement.	Incorporated by reference to Exhibit 10.29 to our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2005 filed on May 16, 2005.
10.6.8†	Form of PHH Corporation 2005 Equity and Incentive Plan Non-Qualified Stock Option Award Agreement, as revised June 28, 2005.	Incorporated by reference to Exhibit 10.36 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 filed on August 12, 2005.
10.6.9†	Form of PHH Corporation 2005 Equity and Incentive Plan Restricted Stock Unit Award Agreement, as revised June 28, 2005.	Incorporated by reference to Exhibit 10.37 to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2005 filed on August 12, 2005.
10.6.10†‡‡	Form of 2009 Performance Unit Award Notice and Agreement for Certain Executive Officers, as approved by the Compensation Committee on March 25, 2009.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on March 31, 2009.
10.6.11†	Transition Services and Separation Agreement by and between PHH Corporation and Terence W. Edwards dated August 5, 2009.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 5, 2009.
10.6.12†	Amendment to the Transition Services and Separation Agreement by and between PHH Corporation and Terence W. Edwards dated as of September 11, 2009.	Incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed on September 16, 2009.
10.6.13†	Release by and between PHH Corporation and Terence W. Edwards dated as of September 11, 2009.	Incorporated by reference to Exhibit 10.3 to our Current Report on Form 8-K filed on September 16, 2009.
10.6.14†	Employment Agreement dated as of October 26, 2009, between Jerome J. Selitto and PHH Corporation.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on October 30, 2009.

11

Exhibit No.	Description	Incorporation by Reference
10.6.15†	Separation Agreement between PHH Corporation and Mark R. Danahy dated as of August 4, 2010.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 4, 2010.
10.6.16†	Letter Agreement between PHH Corporation and Alvarez & Marsal North America, LLC dated March 1, 2011.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on March 4, 2011.
10.6.17†	Separation Agreement by and between Sandra Bell and PHH Corporation dated as of May 6, 2011.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on May 9, 2011.
10.7	Trust Purchase Agreement dated January 27, 2010 between Fleet Leasing Receivables Trust, as purchaser, PHH Fleet Lease Receivables L.P., as seller, PHH Vehicle Management Services Inc., as servicer and PHH Corporation, as performance guarantor.	Incorporated by reference to Exhibit 10.15 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
10.7.1	Agency Agreement dated as of January 25, 2010, between BNY Trust Company of Canada as trustee of Fleet Leasing Receivables Trust, PHH Vehicle Management Services Inc., as financial services agent of Fleet Leasing Receivables Trust and as originator, PHH Fleet Lease Receivables L.P., as seller and Merrill Lynch Canada Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and Scotia Capital Inc., as agents.	Incorporated by reference to Exhibit 10.15.1 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
10.7.2‡‡	Agency Agreement dated as of January 25, 2010, between BNY Trust Company of Canada as trustee of Fleet Leasing Receivables Trust, PHH Vehicle Management Services Inc., as financial services agent of Fleet Leasing Receivables Trust and as originator, PHH Fleet Lease Receivables L.P., as seller and Merrill Lynch Canada Inc. and Banc of America Securities LLC, as agents.	Incorporated by reference to Exhibit 10.15.2 to our Annual Report on Form 10-K for the year ended December 31, 2009 filed on March 1, 2010.
10.8	Mortgage Loan Participation Purchase and Sale Agreement dated as of July 23, 2010, between PHH Mortgage Corporation, as seller, and Bank of America, N.A., as purchaser.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on July 29, 2010.
10.8.1	Amendment No. 2 to Mortgage Loan Participation Purchase and Sale Agreement dated as of July 14, 2011, between Bank of America, N.A. and PHH Mortgage Corporation.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on July 20, 2011.
10.9‡‡	Purchase Agreement, dated August 6, 2010, by and between PHH Corporation, Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and RBS Securities Inc., as representatives of the Initial Purchasers.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August 9, 2010.

12

Exhibit No.	Description	Incorporation by Reference
10.10	Registration Rights Agreement, dated August 11, 2010, by and between PHH Corporation and Banc of America Securities LLC, Citigroup Global Markets Inc., J.P. Morgan Securities Inc., and RBS Securities Inc., as representatives of several initial purchasers of the notes.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on August, 12, 2010.
10.11	Mortgage Loan Participation Sale Agreement dated as of September 2, 2010, between PHH Mortgage Corporation, as seller, and JPMorgan Chase Bank, National Association, as purchaser.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on September 3, 2010.
10.12	Letter Agreement between Fannie Mae and PHH Mortgage Corporation dated December 16, 2010.	Incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed on December 22, 2010.
31.1	Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Incorporated by reference to Exhibit 31.1 to our Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed on July 29, 2011.
31.2	Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.	Incorporated by reference to Exhibit 31.2 to our Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed on July 29, 2011.
32.1	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Incorporated by reference to Exhibit 32.1 to our Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed on July 29, 2011.
32.2	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.	Incorporated by reference to Exhibit 32.2 to our Quarterly Report on Form 10-Q for the period ended June 30, 2011, filed on July 29, 2011.
101.INS	XBRL Instance Document	Furnished herewith.
101.SCH	XBRL Taxonomy Extension Schema Document	Furnished herewith.
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document	Furnished herewith.
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document	Furnished herewith.
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document	Furnished herewith.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document	Furnished herewith.

‡ Confidential treatment has been requested for certain portions of this Exhibit pursuant to Rule 24b-2 of the Exchange Act which portions have been omitted and filed separately with the Commission.

13

‡‡	Confidential treatment has been granted for certain portions of this Exhibit pursuant to an order under the Exchange Act which portions have been omitted and filed separately with the Commission.
†	Management or compensatory plan or arrangement required to be filed pursuant to Item 601(b)(10) of Regulation S-K.

14

XML



Debt and Borrowing Arrangements (Details 2) (USD $) In Millions	Jun. 30, 2011
Long Term Debt By Maturity [Abstract]
Within one year	$ 2,625
Between one and two years	1,289
Between two and three years	717
Between three and four years	681
Between four and five years	434
Thereafter	8
Total	5,754
Vehicle Management Asset-Backed Debt [Member]
Long Term Debt By Maturity [Abstract]
Within one year	939
Between one and two years	862
Between two and three years	712
Between three and four years	426
Between four and five years	81
Thereafter	0
Total	3,020
Mortgage Asset-Backed Debt [Member]
Long Term Debt By Maturity [Abstract]
Within one year	1,428
Between one and two years	0
Between two and three years	0
Between three and four years	0
Between four and five years	0
Thereafter	0
Total	1,428
Unsecured Debt [Member]
Long Term Debt By Maturity [Abstract]
Within one year	250
Between one and two years	420
Between two and three years	0
Between three and four years	250
Between four and five years	350
Thereafter	8
Total	1,278
Mortgage loan securitization debt certificates [Member]
Long Term Debt By Maturity [Abstract]
Within one year	8
Between one and two years	7
Between two and three years	5
Between three and four years	5
Between four and five years	3
Thereafter	0
Total	$ 28

XML



Condensed Consolidated Balance Sheets (Unaudited) (USD $) In Millions	Jun. 30, 2011		Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 212		$ 195
Restricted cash, cash equivalents and investments (including $241 and $254 of available-for-sale securities at fair value)	535		531
Mortgage loans held for sale	1,707		4,329
Accounts receivable, net	672		573
Net investment in fleet leases	3,526		3,492
Mortgage servicing rights	1,508		1,442
Property, plant and equipment, net	60		46
Goodwill	25		25
Other assets	504		637
Total assets	8,749	[1]	11,270	[1]
LIABILITIES AND EQUITY
Accounts payable and accrued expenses	452		521
Debt	5,697		8,085
Deferred taxes	722		728
Other liabilities	280		358
Total liabilities	7,151	[1]	9,692	[1]
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; 56,330,713 shares issued and outstanding at June 30, 2011; 55,699,218 shares issued and outstanding at December 31, 2010	1		1
Additional paid-in capital	1,079		1,069
Retained earnings	473		465
Accumulated other comprehensive income	36		29
Total PHH Corporation stockholders' equity	1,589		1,564
Noncontrolling interest	9		14
Total equity	1,598		1,578
Total liabilities and equity	$ 8,749		$ 11,270

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

XML



Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) In Millions, except Share data	Jun. 30, 2011		Dec. 31, 2010
ASSETS
Cash and cash equivalents	$ 212		$ 195
Restricted investments, at fair value	241		254
Restricted cash, cash equivalents and investments	535		531
Mortgage loans held for sale	1,707		4,329
Accounts receivable, net	672		573
Net investment in fleet leases	3,526		3,492
Property, plant and equipment, net	60		46
Other assets	504		637
Total assets	8,749	[1]	11,270	[1]
LIABILITIES
Accounts payable and accrued expenses	452		521
Debt	5,697		8,085
Other liabilities	280		358
Total liabilities	7,151	[1]	9,692	[1]
EQUITY
Preferred stock, par value	$ 0.01		$ 0.01
Preferred stock, shares authorized	1,090,000		1,090,000
Preferred stock, shares issued	0		0
Preferred stock, shares outstanding	0		0
Common stock, par value	$ 0.01		$ 0.01
Common stock, shares authorized	273,910,000		273,910,000
Common stock, shares issued	56,330,713		55,699,218
Common stock, shares outstanding	56,330,713		55,699,218
Variable Interest Entity [Member]
ASSETS
Cash and cash equivalents	36		47
Restricted cash, cash equivalents and investments	262		241
Mortgage loans held for sale	364		389
Accounts receivable, net	79		64
Net investment in fleet leases	3,311		3,356
Property, plant and equipment, net	1		1
Other assets	57		82
Total assets	4,110		4,180
LIABILITIES
Accounts payable and accrued expenses	21		38
Debt	3,300		3,367
Other liabilities	5		5
Total liabilities	$ 3,326		$ 3,410

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

XML



Variable Interest Entities (Details) (USD $) In Millions, unless otherwise specified															6 Months Ended
	Jun. 30, 2011		Dec. 31, 2010		Jun. 30, 2010	Dec. 31, 2009	Jun. 30, 2011 Variable Interest Entity [Member] PHH Home Loans [Member]	Dec. 31, 2010 Variable Interest Entity [Member] PHH Home Loans [Member]	Jun. 30, 2011 Variable Interest Entity [Member] Chesapeake and D.L. Peterson Trust [Member]	Dec. 31, 2010 Variable Interest Entity [Member] Chesapeake and D.L. Peterson Trust [Member]	Jun. 30, 2011 Variable Interest Entity [Member] FLRT and PHH Lease Receivables LP [Member]	Dec. 31, 2010 Variable Interest Entity [Member] FLRT and PHH Lease Receivables LP [Member]	Jun. 30, 2011 Variable Interest Entity [Member] Mortgage Securitization Trust [Member]	Dec. 31, 2010 Variable Interest Entity [Member] Mortgage Securitization Trust [Member]	Jun. 30, 2011 Variable Interest Entity [Member]	Dec. 31, 2010 Variable Interest Entity [Member]
ASSETS
Cash and cash equivalents	$ 212		$ 195		$ 184	$ 150	$ 28	$ 40	$ 5	$ 4	$ 0	$ 0	$ 0	$ 0	$ 36	$ 47
Restricted cash, cash equivalents and investments	535		531				0	0	219	202	42	39	0	0	262	241
Mortgage loans held for sale	1,707		4,329				358	384	0	0	0	0	0	0	364	389
Accounts receivable, net	672		573				5	14	74	50	0	0	0	0	79	64
Net investment in fleet leases	3,526		3,492				0	0	2,761	2,854	550	502	0	0	3,311	3,356
Property, plant and equipment, net	60		46				1	1	0	0	0	0	0	0	1	1
Other assets	504		637				10	10	9	12	4	18	34	42	57	82
Total assets	8,749	[1]	11,270	[1]			402	449	3,068	3,122	596	559	34	42	4,110	4,180
Assets held as collateral							311	331	3,054	3,106	516	506	0	0
LIABILITIES
Accounts payable and accrued expenses	452		521				16	20	2	3	2	16	0	0	21	38
Debt	5,697		8,085				290	304	2,523	2,577	456	450	26	30	3,300	3,367
Other liabilities	280		358				5	5	0	0	0	0	0	0	5	5
Total liabilities	$ 7,151	[1]	$ 9,692	[1]			$ 311	$ 329	$ 2,525	$ 2,580	$ 458	$ 466	$ 26	$ 30	$ 3,326	$ 3,410
Variable Interest Entities (Textuals) [Abstract]
Mortgage loan originated From Realogy Corporations Affiliates															21.00%
Mortgage loan originated by home loans															83.00%

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

XML



Debt and Borrowing Arrangements (Details Textuals 1) (USD $)	6 Months Ended			6 Months Ended								6 Months Ended
	Jun. 30, 2011 Term Notes [Member] Unsecured Debt [Member]	Jun. 30, 2011 Term Notes [Member] Unsecured Debt [Member] Senior Notes [Member]	Jun. 30, 2011 Term Notes [Member] Unsecured Debt [Member] Medium-term notes [Member]	Jun. 30, 2011 Variable-funding notes [Member] Vehicle Management Asset-Backed Debt [Member] FLRT Series 2010-2 [Member]	Jun. 30, 2011 Variable-funding notes [Member] Vehicle Management Asset-Backed Debt [Member] Chesapeake Series 2010-1 [Member]	Jun. 30, 2011 Variable-funding notes [Member] Vehicle Management Asset-Backed Debt [Member] Chesapeake Series 2011-1 [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] CSFB Facility [Member] Committed warehouse facilities [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] RBS Facility [Member] Committed warehouse facilities [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] RBS Facility [Member] Uncommitted Warehouse Facilities [Member]	Jun. 30, 2011 Unsecured Debt [Member] Convertible notes [Member]	Dec. 31, 2010 Unsecured Debt [Member] Convertible notes [Member]	Jun. 30, 2011 Unsecured Debt [Member] Convertible notes [Member] 2012 Series [Member]	Jun. 30, 2011 Unsecured Debt [Member] Convertible notes [Member] 2014 Series [Member]	Jun. 30, 2011 Vehicle Management Asset-Backed Debt [Member]	Jun. 30, 2011 Vehicle Management Asset-Backed Debt [Member] Term notes, in amortization [Member]	Jun. 30, 2011 Vehicle Management Asset-Backed Debt [Member] Term notes, in revolving period [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] Committed warehouse facilities [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] Committed warehouse facilities [Member] Ally Bank facility [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] Committed warehouse facilities [Member] Fannie Mae Facility [Member]	Jun. 30, 2011 Mortgage Asset-Backed Debt [Member] Uncommitted Warehouse Facilities [Member] Fannie Mae Facility [Member]
Debt Instrument [Line Items]
Unused Capacity for mortgage asset-backed debt, uncommitted warehouse facilities																				$ 2,200,000,000
Variable-rate uncommitted facilities, total capacity									200,000,000											3,000,000,000
Long term debt, face amount		350,000,000	423,000,000									250,000,000	250,000,000
Debt Instrument, Unamortized Discount										53,000,000	70,000,000
Debt instruments Effective interest rate	9.40%									12.70%
Debt instruments interest rate stated percentage		9.25%										4.00%	4.00%
Asset-backed variable funding notes commitment period														364 days			364 days
Capacity								500,000,000
Debt Instrument Current Borrowing Capacity Amount					700,000,000	500,000,000
Debt Instrument Maturity Date		Dec. 31, 2016		Aug. 30, 2011	Jun. 27, 2012	Jun. 27, 2013	May 23, 2012	Jun. 22, 2011				Apr. 15, 2012	Sep. 01, 2014
Debt Instrument Revolving Period Expiration Date Range Start																Oct. 20, 2011
Debt Instrument Revolving Period Expiration Date Range End																Jun. 27, 2013
Debt Instrument Maturity Date Range Start	2013/03/01														September 2012		2011/10/5
Debt Instrument Maturity Date Range End	2018/04/15														March 2014		2012/6/22
Debt Instrument, Maturity Date, Description																		Earliest of (i) July 31, 2011 or (ii) 90 days after either the Company or Ally Bank gives notice of termination
Outstanding uncommitted mortgage repurchase facility																			$ 1,000,000,000

XML



Restricted Cash, Cash Equivalents And Investments (Tables)

6 Months Ended

Jun. 30, 2011

Restricted Cash, Cash Equivalents And Investments [Abstract]

Restricted cash, cash equivalents and investment balances

The following table summarizes Restricted cash, cash equivalents and investment balances:

	June 30,		December 31,
	2011		2010
	(In millions)
Restricted cash and cash equivalents	$	294	$	277
Restricted investments, at fair value		241		254
Restricted cash, cash equivalents and investments	$	535	$	531

Investments remain in trust for capital fund requirements and potential reinsurance losses

The restricted cash related to our reinsurance activities was invested in certain debt securities as permitted under the reinsurance agreements. These investments remain in trust for capital fund requirements and potential reinsurance losses, as summarized in the following tables:

	June 30, 2011
									Weighted-
									average
	Amortized		Fair		Unrealized		Unrealized		remaining
	Cost		Value		Gains		Losses		maturity
Restricted investments classified as available-for-sale:	(In millions)
Corporate securities	$	57	$	58	$	1	$	—	29 mos.
Agency securities (1)		111		112		1		—	22 mos.
Government securities		71		71		—		—	25 mos.
Total available-for-sale securities	$	239	$	241	$	2	$	—	25 mos.

	December 31, 2010
									Weighted-
									average
	Amortized		Fair		Unrealized		Unrealized		remaining
	Cost		Value		Gains		Losses		maturity
Restricted investments classified as available-for-sale:	(In millions)
Corporate securities	$	71	$	71	$	—	$	—	30 mos.
Agency securities (1)		106		107		1		—	26 mos.
Government securities		76		76		—		—	28 mos.
Total available-for-sale securities	$	253	$	254	$	1	$	—	27 mos.

⁽¹⁾ Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.

XML



Document and Entity Information (USD $) In Millions, except Share data	6 Months Ended
	Jun. 30, 2011	Jul. 22, 2011	Jun. 30, 2010
Document and Entity Information [Abstract]
Entity Registrant Name	PHH CORP
Entity Central Index Key	0000077776
Document Type	10-Q
Document Period End Date	Jun. 30, 2011
Amendment Flag	false
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 1,054
Entity Common Stock, Shares Outstanding		56,330,713

XML



Debt and Borrowing Arrangements (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Debt, Long-term and Short-term, Combined Amount
Debt	$ 5,697	$ 8,085
Total Vehicle Management Asset-Backed Debt [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	3,015	3,066
Term notes, in amortization [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	1,627	1,167
Weighted Average -Interest Rate	2.00%	2.20%
Term notes, in revolving period [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	92	989
Weighted Average -Interest Rate	2.10%	2.00%
Variable-funding notes [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	1,260	871
Weighted Average -Interest Rate	1.60%	1.90%
Other [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	36	39
Weighted Average -Interest Rate	5.10%	5.10%
Total Mortgage Asset-Backed Debt [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	1,428	3,777
Committed warehouse facilities [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	1,352	2,419
Weighted Average -Interest Rate	2.00%	2.10%
Uncommitted warehouse facilities [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	0	1,290
Weighted Average -Interest Rate		1.20%
Servicing advance facility [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	76	68
Weighted Average -Interest Rate	2.70%	2.80%
Unsecured Debt [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	1,228	1,212
Term Notes [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	781	782
Weighted Average -Interest Rate	8.10%	8.10%
Convertible notes [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	447	430
Weighted Average -Interest Rate	4.00%	4.00%
Credit facilities [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	0	0
Mortgage loan securitization debt certificates [Member]
Debt, Long-term and Short-term, Combined Amount
Debt	$ 26	$ 30
Weighted Average -Interest Rate	7.00%	7.00%

XML



Vehicle Leasing Activities (Tables)

6 Months Ended

Jun. 30, 2011

Vehicle Leasing Activities [Abstract]

Components of Net investment in fleet leases

The components of Net investment in fleet leases were as follows:

	June 30,			December 31,
	2011			2010
Operating Leases:	(In millions)
Vehicles under open-end operating leases	$	8,110		$	7,601
Vehicles under closed-end operating leases		189			208
Vehicles under operating leases		8,299			7,809
Less: Accumulated depreciation		(5,093	)		(4,671	)
Net investment in operating leases		3,206			3,138
Direct Financing Leases:
Lease payments receivable		92			106
Less: Unearned income		(2	)		(3	)
Net investment in direct financing leases		90			103
Off-Lease Vehicles:
Vehicles not yet subject to a lease		221			248
Vehicles held for sale		17			7
Less: Accumulated depreciation		(8	)		(4	)
Net investment in off-lease vehicles		230			251
Net investment in fleet leases	$	3,526		$	3,492

XML



Vehicle Leasing Activities (Details) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Operating Leases:
Vehicles under operating leases	$ 8,299	$ 7,809
Less: Accumulated depreciation	(5,093)	(4,671)
Net investment in operating leases	3,206	3,138
Direct Financing Leases:
Lease payments receivable	92	106
Less: Unearned income	(2)	(3)
Net investment in direct financing leases	90	103
Off-Lease Vehicles:
Vehicles not yet subject to a lease	221	248
Vehicles held for sale	17	7
Less: Accumulated depreciation	(8)	(4)
Net investment in off-lease vehicles	230	251
Net investment in fleet leases	3,526	3,492
Vehicles under open-end operating leases [Member]
Operating Leases:
Vehicles under operating leases	8,110	7,601
Vehicles under closed-end operating leases [Member]
Operating Leases:
Vehicles under operating leases	$ 189	$ 208

XML



Derivatives

6 Months Ended

Jun. 30, 2011

Derivatives [Abstract]

Derivatives

5.  Derivatives

The Company did not have any derivative instruments designated as hedging instruments as of and during the six months ended June 30, 2011 or as of and during the year ended December 31, 2010. Derivative instruments are recorded in Other assets and Other liabilities in the Condensed Consolidated Balance Sheets, except for certain instruments related to the convertible note transactions which are recorded in equity. Derivative instruments and the risks they manage are as follows:

• Forward delivery commitments—Related to interest rate and price risk for Mortgage loans held for sale and interest rate lock commitments

• Option contracts— Related to interest rate and price risk for interest rate lock commitments

• Interest rate contracts—Related to interest rate risk for variable-rate debt arrangements and fixed-rate leases

• Convertible note-related agreements—Related to the issuance of the 2014 Convertible notes

• Foreign exchange contracts—Related to exposure to currency fluctuations that would impact our investment in, or borrowings related to, our Canadian operations

The following table presents the balances of outstanding derivative amounts on a gross basis prior to the application of counterparty and collateral netting:

	June 30, 2011								December 31, 2010
	Asset			Liability					Asset			Liability
	Derivatives			Derivatives			Notional		Derivatives			Derivatives			Notional
	(In millions)
Interest rate lock commitments	$	52		$	4		$	5,076	$	42		$	46		$	7,328
Forward delivery commitments: (1)
Not subject to master netting arrangements		13			18			4,061		61			14			4,703
Subject to master netting arrangements(2)		30			34			7,716		248			68			16,438
Interest rate contracts		2			—			552		4			—			653
Option contracts		3			—			1,025		—			—			—
Convertible note-related agreements (3)		31			31			—		54			54			—
Foreign exchange contracts		—			1			104		—			—			30
Gross derivative assets and liabilities		131			88					409			182
Netting adjustments:
Offsetting receivables / payables		(32	)		(32	)				(241	)		(241	)
Cash collateral paid / received		9			(1	)				—			190
Net fair value of derivative instruments	$	108		$	55				$	168		$	131

⁽¹⁾ The net notional amount of Forward delivery commitments was $5.7 billion and $10.3 billion as of June 30, 2011 and December 31, 2010, respectively.

⁽²⁾ Represents derivative instruments that are executed with the same counterparties and subject to master netting arrangements. Forward delivery commitments subject to netting shown above were presented in the Balance sheets as follows:

	June 30, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(In millions)
Other Assets	$	15	$	17	$	10	$	3
Other Liabilities		15		17		238		65
Total	$	30	$	34	$	248	$	68

⁽³⁾ The notional amount of derivative instruments related to the issuance of the 2014 Convertible notes is 9.6881 million shares of the Company’s Common stock as of June 30, 2011 and December 31, 2010.

The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Gain on mortgage loans, net:
IRLCs	$	249		$	379		$	433		$	581
Option contracts		(4	)		(12	)		(7	)		(12	)
Forward delivery commitments		(100	)		(189	)		(90	)		(246	)
Fleet interest expense:
Interest rate contracts		(1	)		(3	)		(1	)		(6	)
Foreign exchange contracts		(3	)		6			(5	)		5
Total	$	141		$	181		$	330		$	322

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Debt and Borrowing Arrangements (Tables)

6 Months Ended

Jun. 30, 2011

Debt Disclosure [Abstract]

Components of indebtedness

The following table summarizes the components of Debt:

	June 30, 2011			December 31, 2010
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate(1)	Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	1,627	2.0%	$	1,167	2.2%
Term notes, in revolving period		92	2.1%		989	2.0%
Variable-funding notes		1,260	1.6%		871	1.9%
Other		36	5.1%		39	5.1%
Total Vehicle Management Asset-Backed Debt		3,015			3,066
Committed warehouse facilities		1,352	2.0%		2,419	2.1%
Uncommitted warehouse facilities		—	—		1,290	1.2%
Servicing advance facility		76	2.7%		68	2.8%
Total Mortgage Asset-Backed Debt		1,428			3,777
Term notes		781	8.1%		782	8.1%
Convertible notes		447	4.0%		430	4.0%
Credit facilities		—	—		—	—
Total Unsecured Debt		1,228			1,212
Mortgage Loan Securitization Debt Certificates, at Fair Value (2)		26	7.0%		30	7.0%
Total	$	5,697		$	8,085

(1)	Represents the weighted-average stated interest rate of the facilities as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts, and issuance costs. Facilities are variable-rate, except for the Term notes, Convertible notes, and Mortgage Loan Securitization Debt Certificates which are fixed-rate.
(2)	Cash flows of securitized mortgage loans support payment of the debt certificates and creditors of the securitization trust do not have recourse to the Company.

Assets held as collateral that are not available to pay the Company's general obligations

Assets held as collateral that are not available to pay the Company’s general obligations as of June 30, 2011 consisted of:

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed
	Debt		Debt
	(In millions)
Restricted cash and cash equivalents	$	262	$	9
Accounts receivable		74		90
Mortgage loans held for sale		—		1,390
Net investment in fleet leases		3,264		—
Total	$	3,600	$	1,489

Contractual debt maturities

The following table provides the contractual debt maturities as of June 30, 2011:

	Vehicle		Mortgage				Mortgage Loan
	Asset-		Asset-				Securitization
	Backed		Backed		Unsecured		Debt
	Debt(1)		Debt		Debt		Certificates		Total
	(In millions)
Within one year	$	939	$	1,428	$	250	$	8	$	2,625
Between one and two years		862		—		420		7		1,289
Between two and three years		712		—		—		5		717
Between three and four years		426		—		250		5		681
Between four and five years		81		—		350		3		434
Thereafter		—		—		8		—		8
	$	3,020	$	1,428	$	1,278	$	28	$	5,754

⁽¹⁾ Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.

Available capacity under committed asset-backed debt arrangements and unsecured credit facilities

Capacity under all borrowing agreements is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available capacity under asset-backed funding arrangements may be further limited by asset eligibility requirements. Available capacity under committed asset-backed debt arrangements and unsecured credit facilities as of June 30, 2011 consisted of:

			Utilized		Available
	Capacity		Capacity		Capacity
	(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period	$	92	$	92	$	—
Variable-funding notes		1,511		1,260		251
Mortgage Asset-Backed Debt:
Committed warehouse facilities		2,535		1,352		1,183
Servicing advance facility		120		76		44
Unsecured Committed Credit Facilities(1)		530		16		514

⁽¹⁾ Utilized capacity reflects $16 million of letters of credit issued under the Amended Credit Facility, which are not included in Debt in the Condensed Consolidated Balance Sheet.

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Derivatives (Details) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	$ 131	$ 409
Liability Derivatives	88	182
Netting adjustments:
Offsetting receivables / payables, Asset	(32)	(241)
Offsetting receivables / payables, Liability	(32)	(241)
Cash collateral paid / received, Asset	9	0
Cash collateral paid / received, Liability	(1)	190
Net fair value of derivative instruments, Asset	108	168
Net fair value of derivative instruments, Liability	55	131
Interest rate lock commitments [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	52	42
Liability Derivatives	4	46
Notional	5,076	7,328
Forward delivery commitments, Not subject to master netting arrangements [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	13	61
Liability Derivatives	18	14
Notional	4,061	4,703
Forward delivery commitments [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	30	248
Liability Derivatives	34	68
Notional	7,716	16,438
Interest rate contracts [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	2	4
Liability Derivatives	0	0
Notional	552	653
Option Contracts [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	3	0
Liability Derivatives	0	0
Notional	1,025	0
Convertible note-related agreements [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	31	54
Liability Derivatives	31	54
Notional	0	0
Foreign Exchange Contract [Member]
Summary of outstanding derivative amounts prior to the application of counterparty and collateral netting
Asset Derivatives	0	0
Liability Derivatives	1	0
Notional	$ 104	$ 30

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Transfers and Servicing of Mortgage Loans (Details) (USD $) In Millions			6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2011 Capitalized servicing rights [Member]	Jun. 30, 2010 Capitalized servicing rights [Member]
Activity in the loan servicing portfolio associated with capitalized servicing rights
Balance, beginning of period	$ 173,651	$ 166,075	$ 134,753	$ 127,700
Additions			18,649	12,381
Payoffs, sales and curtailments			(10,966)	(9,984)
Balance, end of period	$ 173,651	$ 166,075	$ 142,436	$ 130,097

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Derivatives (Tables)

6 Months Ended

Jun. 30, 2011

Derivatives [Abstract]

Summary of outstanding derivative amounts, prior to the application of counterparty and collateral netting

The following table presents the balances of outstanding derivative amounts on a gross basis prior to the application of counterparty and collateral netting:

	June 30, 2011								December 31, 2010
	Asset			Liability					Asset			Liability
	Derivatives			Derivatives			Notional		Derivatives			Derivatives			Notional
	(In millions)
Interest rate lock commitments	$	52		$	4		$	5,076	$	42		$	46		$	7,328
Forward delivery commitments: (1)
Not subject to master netting arrangements		13			18			4,061		61			14			4,703
Subject to master netting arrangements(2)		30			34			7,716		248			68			16,438
Interest rate contracts		2			—			552		4			—			653
Option contracts		3			—			1,025		—			—			—
Convertible note-related agreements (3)		31			31			—		54			54			—
Foreign exchange contracts		—			1			104		—			—			30
Gross derivative assets and liabilities		131			88					409			182
Netting adjustments:
Offsetting receivables / payables		(32	)		(32	)				(241	)		(241	)
Cash collateral paid / received		9			(1	)				—			190
Net fair value of derivative instruments	$	108		$	55				$	168		$	131

⁽¹⁾ The net notional amount of Forward delivery commitments was $5.7 billion and $10.3 billion as of June 30, 2011 and December 31, 2010, respectively.

Forward delivery commitments subject to netting arrangements

⁽²⁾ Represents derivative instruments that are executed with the same counterparties and subject to master netting arrangements. Forward delivery commitments subject to netting shown above were presented in the Balance sheets as follows:

	June 30, 2011				December 31, 2010
	Asset		Liability		Asset		Liability
	Derivatives		Derivatives		Derivatives		Derivatives
	(In millions)
Other Assets	$	15	$	17	$	10	$	3
Other Liabilities		15		17		238		65
Total	$	30	$	34	$	248	$	68

Gains (losses) in the Consolidated Statement of Operations for derivative instruments

The following table summarizes the gains (losses) recorded in the Condensed Consolidated Statements of Operations for derivative instruments:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
Gain on mortgage loans, net:
IRLCs	$	249		$	379		$	433		$	581
Option contracts		(4	)		(12	)		(7	)		(12	)
Forward delivery commitments		(100	)		(189	)		(90	)		(246	)
Fleet interest expense:
Interest rate contracts		(1	)		(3	)		(1	)		(6	)
Foreign exchange contracts		(3	)		6			(5	)		5
Total	$	141		$	181		$	330		$	322

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2011

Commitments and Contingencies [Abstract]

Commitments and Contingencies

10. Commitments and Contingencies

Legal Contingencies

The Company is party to various claims and legal proceedings from time to time related to contract disputes and other commercial, employment and tax matters.

PHH Mortgage Corporation, a wholly-owned subsidiary of the Company, is the defendant in a lawsuit initiated in 2009 in the United States District Court, Middle District of Georgia, by a borrower with a loan that has been serviced by the Company. The borrower alleged breach of contract, negligent servicing and violations of the Real Estate Settlement Procedures Act. On March 21, 2011, the jury issued a verdict in favor of the borrower, awarding compensatory damages of $1 million and punitive damages of $20 million, resulting in an exposure of $21 million.

The Company has sought further judicial review of the case, including appeal. The recorded liability for probable losses related to this matter as of June 30, 2011 was not significant.

In connection with the heightened focus on foreclosure practices across the mortgage industry in 2010 and 2011, the Company has received inquiries from regulators and attorneys general of certain states as well as from the Committee on Oversight and Government Reform of the U.S. House of Representatives, requesting information regarding foreclosure practices, processes and procedures, among other things. Although the Company has not been assessed any material penalties or fines associated with its foreclosure practices to-date, it is reasonably possible that the Company could experience an increase in foreclosure-related litigation and could be assessed fines and penalties related to foreclosure practices in the future. However, the amount of any losses in connection with such matters cannot be reasonably estimated given the inherent uncertainty around the outcome of such matters.

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Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2011

Summary of Significant Accounting Policies [Abstract]

Summary of Significant Accounting Policies

1.  Summary of Significant Accounting Policies

Basis of Presentation

PHH Corporation and subsidiaries (collectively, “PHH” or the “Company”) is a leading outsource provider of mortgage and fleet management services operating in the following business segments:

§	Mortgage Production — provides mortgage loan origination services and sells mortgage loans.
§	Mortgage Servicing — performs servicing activities for originated and purchased loans.
§	Fleet Management Services — provides commercial fleet management services.

The Condensed Consolidated Financial Statements include the accounts and transactions of PHH and its subsidiaries, as well as entities in which the Company directly or indirectly has a controlling interest and variable interest entities of which the Company is the primary beneficiary. PHH Home Loans, LLC and its subsidiaries are consolidated within the Condensed Consolidated Financial Statements, and Realogy Corporation’s ownership interest is presented as a noncontrolling interest.

The Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States, which is commonly referred to as GAAP, for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In management’s opinion, the unaudited Condensed Consolidated Financial Statements contain all adjustments, which include normal and recurring adjustments necessary for a fair presentation of the financial position and results of operations for the interim periods presented. The results of operations reported for interim periods are not necessarily indicative of the results of operations for the entire year or any subsequent interim period. These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2010.

On March 31, 2011, the Company sold 50.1% of the equity interest in its appraisal services business, Speedy Title and Appraisal Review Services, (“STARS”) to CoreLogic, Inc. for a total purchase price of $35 million. The total purchase price consisted of an initial $20 million cash payment that was received on March 31, 2011, and three future $5 million installment payments to be received on March 31, 2012, 2014 and 2016. Upon the occurrence of certain events prior to September 30, 2017, the Company may have the right or obligation to purchase CoreLogic’s interests. The Company deconsolidated STARS and retained a 49.9% equity interest, which is accounted for under the equity method and is recorded within Other assets with an initial fair value of $34 million as of March 31, 2011. The net assets of STARS were not significant. A $68 million gain on the sale of the 50.1% equity interest was recorded within Other income, which consisted of the net present value of the purchase price paid by CoreLogic plus the initial fair value of the remaining equity method investment in STARS. Subsequent to March 31, 2011, the Company will still participate in the appraisal services business through its interest in STARS, and will be entitled to its proportionate share of STARS’ earnings based on its 49.9% ownership interest.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates and assumptions include, but are not limited to, those related to the valuation of mortgage servicing rights, mortgage loans held for sale, other financial instruments and goodwill, the estimation of liabilities for mortgage loan repurchases and indemnifications and reinsurance losses, and the determination of certain income tax assets and liabilities and associated valuation allowances. Actual results could differ from those estimates.

Unless otherwise noted and except for share and per share data, dollar amounts presented within these Notes to Condensed Consolidated Financial Statements are in millions.

Changes In Accounting Policies

Goodwill. In December 2010, the FASB issued new accounting guidance on performing tests of goodwill impairment, ASU No. 2010-28, “When to Perform Step 2 of the Goodwill Impairment Test for Reporting Units with Zero or Negative Carrying Amounts”. This new accounting guidance requires that entities perform a two-step test when evaluating goodwill impairment by first assessing whether the carrying value of the reporting unit exceeds the fair value (Step 1) and, if it does, perform additional procedures to determine if goodwill has been impaired (Step 2). This guidance require entities performing the goodwill impairment test to perform Step 2 of the test for reporting units with zero or negative carrying amounts if it is more likely than not that a goodwill impairment exists based on qualitative considerations. The Company adopted the updates to goodwill impairment guidance effective January 1, 2011. The adoption did not have an impact the Company’s financial statements.

Business Combinations. In December 2010, the FASB issued new accounting guidance on business combinations, ASU No. 2010-29, “Disclosure of Supplementary Pro Forma Information for Business Combinations”. This new accounting guidance requires a public entity that presents comparative financial statements to disclose revenue and earnings of the combined entity as though the business combination that occurred during the current year had occurred as of the beginning of the comparable prior annual reporting period only. This new accounting guidance also expands the supplemental pro-forma disclosures for Business Combinations to include a description of the nature and amount of material, nonrecurring pro forma adjustments directly attributable to the business combination included in the reported pro forma revenue and earnings. The Company adopted the new business combination guidance effective January 1, 2011. The adoption did not have an impact on the Company’s financial statements.

Revenue Recognition. In October 2009, the FASB issued new accounting guidance on revenue recognition, ASU No. 2009-13, “Multiple Deliverable Arrangements”. This new accounting guidance addresses how to determine whether an arrangement involving multiple deliverables (i) contains more than one unit of accounting and (ii) how the arrangement consideration should be measured and allocated to the separate units of accounting. The Company adopted the updates revenue recognition guidance effective January 1, 2011. The adoption did not have an impact on the Company’s financial statements.

Recently Issued Accounting Pronouncements

Receivables. In April 2011, the FASB issued ASU 2011-02, “A Creditor’s Determination of Whether a Restructuring Is a Troubled Debt Restructuring”. This new guidance requires a creditor performing an evaluation of whether a restructuring constitutes a troubled debt restructuring, to separately conclude that both (i) the restructuring constitutes a concession and (ii) the debtor is experiencing financial difficulties. This standard clarifies the guidance on a creditor’s evaluation of whether it has granted a concession as well as the guidance on a creditor’s evaluation of whether a debtor is experiencing financial difficulties. The update also requires entities to disclose additional quantitative activity regarding troubled debt restructurings of finance receivables that occurred during the period, as well as additional information regarding troubled debt restructurings that occurred within the previous twelve months and for which there was a payment default during the current period. The new accounting guidance is effective beginning July 1, 2011, and should be applied retrospectively to January 1, 2011. The Company does not anticipate the adoption of this update will have a material impact on its financial statements.

Transfers and Servicing. In April 2011, the FASB issued ASU 2011-03, “Reconsideration of Effective Control for Repurchase Agreements”. This update to transfers and servicing guidance removes from the assessment of effective control the criterion relating to the transferor’s ability to repurchase or redeem financial assets on substantially the agreed terms, even in the event of default by the transferee. This update also eliminates the requirement to demonstrate that the transferor possesses adequate collateral to fund substantially all the cost of purchasing replacement financial assets. The new accounting guidance is effective beginning January 1, 2012, and should be applied prospectively to transactions or modifications of existing transactions that occur on or after January 1, 2012. The Company does not anticipate the adoption of this update will have a material impact on its financial statements.

Fair Value Measurement. In May 2011, the FASB issued ASU 2011-04, “Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards”. This update to fair value measurement guidance addresses changes to concepts regarding performing fair value measurements including: (i) the application of the highest and best use and valuation premise; (ii) the valuation of an instrument classified in the reporting entity’s shareholders’ equity; (iii) the valuation of financial instruments that are managed within a portfolio; and (iv) the application of premiums and discounts. This update also enhances disclosure requirements about fair value measurements, including providing information regarding Level 3 measurements such as quantitative information about unobservable inputs, further discussion of the valuation processes used and assumption sensitivity analysis. The new accounting guidance is effective beginning January 1, 2012, and should be applied prospectively. The Company does not anticipate the adoption of this update will have a material impact on its financial statements.

Comprehensive Income. In June 2011, the FASB issued ASU 2011-05, “Presentation of Comprehensive Income”. This update to comprehensive income guidance requires all nonowner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. This update also requires additional changes to the face of the financial statements including eliminating the presentation of other comprehensive income as a part of stockholders’ equity, and the presentation of certain reclassification adjustments between net income and other comprehensive income. The new accounting guidance is effective beginning January 1, 2012, and should be applied retrospectively. The adoption of this update will impact the presentation and disclosure of the Company’s financial statements but will not impact its results of operations, financial position, or cash flows.

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(Loss) Earnings Per Share (Details) (USD $) In Millions, except Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
(Loss) Earnings Per Share [Abstract]
Net (loss) income attributable to PHH Corporation	$ (41)	$ (133)	$ 8	$ (125)
Weighted-average common shares outstanding - basic	56,374,448	55,547,650	56,242,221	55,293,111
Effect of potentially dilutive securities:
Share-based payment arrangements			619,926
Conversion of debt securities			897,245
Weighted-average common shares outstanding - diluted	56,374,448	55,547,650	57,759,392	55,293,111
Basic (loss) earnings per share attributable to PHH Corporation	$ (0.73)	$ (2.40)	$ 0.14	$ (2.26)
Diluted (loss) earnings per share attributable to PHH Corporation	$ (0.73)	$ (2.40)	$ 0.14	$ (2.26)
Outstanding stock-based compensation awards [Member]
Earnings (Loss) Per Share (Textuals)
Anti dilutive securities excluded from computation of earnings per share	2,000,000	2,700,000	300,000	2,700,000
2012 Convertible Notes [Member]
Earnings (Loss) Per Share (Textuals)
Anti dilutive securities excluded from computation of earnings per share	200,000

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Debt and Borrowing Arrangements

6 Months Ended

Jun. 30, 2011

Debt Disclosure [Abstract]

Debt and Borrowing Arrangements

7.  Debt and Borrowing Arrangements

The following table summarizes the components of Debt:

	June 30, 2011			December 31, 2010
			Wt. Avg-			Wt. Avg-
			Interest			Interest
	Balance		Rate(1)	Balance		Rate(1)
	(In millions)
Term notes, in amortization	$	1,627	2.0%	$	1,167	2.2%
Term notes, in revolving period		92	2.1%		989	2.0%
Variable-funding notes		1,260	1.6%		871	1.9%
Other		36	5.1%		39	5.1%
Total Vehicle Management Asset-Backed Debt		3,015			3,066
Committed warehouse facilities		1,352	2.0%		2,419	2.1%
Uncommitted warehouse facilities		—	—		1,290	1.2%
Servicing advance facility		76	2.7%		68	2.8%
Total Mortgage Asset-Backed Debt		1,428			3,777
Term notes		781	8.1%		782	8.1%
Convertible notes		447	4.0%		430	4.0%
Credit facilities		—	—		—	—
Total Unsecured Debt		1,228			1,212
Mortgage Loan Securitization Debt Certificates, at Fair Value (2)		26	7.0%		30	7.0%
Total	$	5,697		$	8,085

(1)	Represents the weighted-average stated interest rate of the facilities as of the respective date, which may be different from the effective rate due to the amortization of premiums, discounts, and issuance costs. Facilities are variable-rate, except for the Term notes, Convertible notes, and Mortgage Loan Securitization Debt Certificates which are fixed-rate.
(2)	Cash flows of securitized mortgage loans support payment of the debt certificates and creditors of the securitization trust do not have recourse to the Company.

Assets held as collateral that are not available to pay the Company’s general obligations as of June 30, 2011 consisted of:

	Vehicle		Mortgage
	Asset-Backed		Asset-Backed
	Debt		Debt
	(In millions)
Restricted cash and cash equivalents	$	262	$	9
Accounts receivable		74		90
Mortgage loans held for sale		—		1,390
Net investment in fleet leases		3,264		—
Total	$	3,600	$	1,489

The following table provides the contractual debt maturities as of June 30, 2011:

	Vehicle		Mortgage				Mortgage Loan
	Asset-		Asset-				Securitization
	Backed		Backed		Unsecured		Debt
	Debt(1)		Debt		Debt		Certificates		Total
	(In millions)
Within one year	$	939	$	1,428	$	250	$	8	$	2,625
Between one and two years		862		—		420		7		1,289
Between two and three years		712		—		—		5		717
Between three and four years		426		—		250		5		681
Between four and five years		81		—		350		3		434
Thereafter		—		—		8		—		8
	$	3,020	$	1,428	$	1,278	$	28	$	5,754

⁽¹⁾ Maturities of vehicle management asset-backed notes, a portion of which are amortizing in accordance with their terms, represent estimated payments based on the expected cash inflows related to the securitized vehicle leases and related assets.

Capacity under all borrowing agreements is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements. Available capacity under asset-backed funding arrangements may be further limited by asset eligibility requirements. Available capacity under committed asset-backed debt arrangements and unsecured credit facilities as of June 30, 2011 consisted of:

			Utilized		Available
	Capacity		Capacity		Capacity
	(In millions)
Vehicle Management Asset-Backed Debt:
Term notes, in revolving period	$	92	$	92	$	—
Variable-funding notes		1,511		1,260		251
Mortgage Asset-Backed Debt:
Committed warehouse facilities		2,535		1,352		1,183
Servicing advance facility		120		76		44
Unsecured Committed Credit Facilities(1)		530		16		514

⁽¹⁾ Utilized capacity reflects $16 million of letters of credit issued under the Amended Credit Facility, which are not included in Debt in the Condensed Consolidated Balance Sheet.

Capacity for Mortgage asset-backed debt shown above excludes $2.2 billion not drawn under uncommitted facilities.

The fair value of debt was $5.9 billion and $8.2 billion as of June 30, 2011 and December 31, 2010, respectively.

Vehicle Management Asset-Backed Debt

Vehicle management asset-backed debt primarily represents variable-rate debt issued by a wholly owned subsidiary, Chesapeake Funding LLC, to support the acquisition of vehicles by the Fleet Management Services segment’s U.S. leasing operations and debt issued by the consolidated special purpose trust, Fleet Leasing Receivables Trust (“FLRT”), the Canadian special purpose trust, used to finance leases originated by the Canadian fleet operation.

Vehicle management asset-backed debt includes term notes, which provide a fixed funding amount at the time of issuance, or Variable-funding notes under which the committed capacity may be drawn upon as needed during a commitment period, which is typically 364 days in duration. The available capacity under Variable-funding notes may be used to fund future amortization of other Vehicle management asset-backed debt or to fund growth in Net investment in fleet leases during the term of the commitment.

As with the Variable-funding notes, certain Term notes may contain provisions that allow the outstanding debt to revolve for specified periods of time. During these revolving periods, the monthly collection of lease payments allocable to each outstanding series is available to fund the acquisition of vehicles and/or equipment to be leased to customers. Upon expiration of the revolving period, the repayment of principal commences, and the monthly allocated lease payments are applied to the notes until they are paid in full.

Term Notes

As of June 30, 2011, Term notes outstanding that are revolving in accordance with their terms are Chesapeake Series 2009-3, 2010-1 Note B and 2011-1 Note B. Expiration dates of Term notes in their revolving period range from October 20, 2011 to June 27, 2013.

As of June 30, 2011, Term notes outstanding that are amortizing in accordance with their terms are Chesapeake Series 2009-1, 2009-2 and 2009-4 and the FLRT Series 2010-1. Final repayment dates of Term notes in their amortization period range from September 2012 to March 2014.

Variable-funding Notes

On June 29, 2011, Chesapeake amended and restated its Series 2010-1 Indenture Supplement and entered into a Series 2011-1 Indenture Supplement. As a result of amending the Series 2010-1 Supplement and entering into the Series 2011-1 Supplement, the maturity of the Series 2010-1 Variable-funding notes was extended and the total committed funding available to Chesapeake was increased. Pursuant to the 2010-1 and 2011-1 Supplements, Chesapeake may issue from time to time up to $700 million and $500 million, respectively, in aggregate principal under commitments provided by a syndicate of lenders. Proceeds received on June 29, 2011 under the Series 2011-1 Variable-funding notes were used to paydown the outstanding balance of the Series 2010-1 Variable-funding notes. As of June 30, 2011, commitments under the 2010-1 and 2011-1 Supplements are scheduled to expire on June 27, 2012 and June 27, 2013, respectively, but are renewable subject to agreement by the parties. If the scheduled expiration date of the commitments is not extended, the notes’ amortization period will begin.

As of June 30, 2011, Variable-funding notes outstanding also include the FLRT Series 2010-2 and commitments are scheduled to expire August 30, 2011, but are renewable subject to agreement by the parties.

Mortgage Asset-Backed Debt

Mortgage asset-backed debt primarily represents variable-rate warehouse facilities to support the origination of mortgage loans, which provide creditors a collateralized interest in specific mortgage loans that meet the eligibility requirements under the terms of the facility during the warehouse period. The source of repayment of the facilities is typically from the sale or securitization of the underlying loans into the secondary mortgage market. These facilities are typically 364-day facilities, and as of June 30, 2011, the range of maturity dates for committed facilities is October 5, 2011 to June 22, 2012.

Committed Facilities

The Company has outstanding committed mortgage warehouse facilities with the Royal Bank of Scotland, plc, Credit Suisse First Boston Mortgage Capital LLC, Ally Bank, Bank of America, and Fannie Mae.

On March 3, 2011, the variable-rate committed facility of PHH Home Loans with Ally Bank was amended to extend the maturity date from March 31, 2011 to the earliest of (i) July 31, 2011 or (ii) 90 days after either the Company or Ally Bank gives notice of termination.

On May 25, 2011, the committed variable-rate mortgage repurchase facilities with Credit Suisse First Boston Mortgage Capital, LLC were extended to May 23, 2012, with the option to renew the agreements for another year.

On June 24, 2011, the variable-rate committed mortgage repurchase facility with The Royal Bank of Scotland, plc was amended to reduce the committed capacity to $500 million and was extended to June 22, 2012, among other provisions.

Uncommitted Facilities

The Company has an outstanding uncommitted mortgage repurchase facility with Fannie Mae. The facility has total capacity of up to $3.0 billion as of June 30, 2011, less certain amounts outstanding under the $1.0 billion committed Fannie Mae facility.

On June 24, 2011, the Company entered into a $200 million variable-rate uncommitted facility with The Royal Bank of Scotland, plc.

Servicing Advance Facility

The Company has a committed facility with Fannie Mae that provides for the early reimbursement of certain servicing advances made on behalf of Fannie Mae.

Unsecured Debt

Term Notes

Term notes include $350 million of 9 1/4% Senior notes due in 2016 that have been registered under a public registration statement and $423 million of Medium-term notes. The effective interest rate of the term notes, which includes the accretion of the discount and issuance costs, was 9.4% as of June 30, 2011. The range of maturity dates for the term notes is March 1, 2013 to April 15, 2018.

Credit Facilities

Credit facilities primarily represents an Amended and Restated Competitive Advance and Revolving Credit Agreement, dated as of January 6, 2006, among PHH, a group of lenders and JPMorgan Chase Bank, N.A., as administrative agent. The facility has $525 million of commitments which are scheduled to terminate on February 29, 2012. Provided certain conditions are met, the Company may extend the commitments for an additional year at its request.

As of June 30, 2011, there were no outstanding amounts borrowed under the Amended Credit Facility and the interest rate of commitments of the facility ranged from 3.8% to 5.5%.

Convertible Notes

Convertible notes include a private offering of $250 million of 4.0% Convertible senior notes with a maturity date of April 15, 2012 and a private offering of $250 million of 4.0% Convertible senior notes with a maturity date of September 1, 2014.

As of June 30, 2011 and December 31, 2010, the carrying amount of the convertible notes is net of an unamortized discount of $53 million and $70 million, respectively. The effective interest rate of the convertible notes, which includes the accretion of the discount and issuance costs, was 12.7% as of June 30, 2011. There have been no conversions of the convertible notes since issuance.

Debt Covenants

Certain debt arrangements require the maintenance of certain financial ratios and contain affirmative and negative covenants, including, but not limited to, material adverse change, liquidity maintenance, restrictions on indebtedness of the Company and its material subsidiaries, mergers, liens, liquidations, sale and leaseback transactions, and restrictions on certain types of payments.

During the six months ended June 30, 2011, the covenants for the RBS repurchase facility and the CSFB Mortgage repurchase facility were amended to require the Company to maintain a minimum of $1.0 billion in committed mortgage repurchase or warehouse facilities, with no more than $500 million of gestation facilities included towards the minimum, excluding the uncommitted facilities provided by Fannie Mae. As of June 30, 2011, the Company was in compliance with all financial covenants related to its debt arrangements.

Under certain of the Company’s financing, servicing, hedging and related agreements and instruments, the lenders or trustees have the right to notify the Company if they believe it has breached a covenant under the operative documents and may declare an event of default. If one or more notices of default were to be given, the Company believes it would have various periods in which to cure certain of such events of default. If it does not cure the events of default or obtain necessary waivers within the required time periods, the maturity of some of its debt could be accelerated and its ability to incur additional indebtedness could be restricted. In addition, an event of default or acceleration under certain agreements and instruments would trigger cross-default provisions under certain of its other agreements and instruments.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair Value Measurements

12. Fair Value Measurements

Recurring Fair Value Measurements

For assets and liabilities measured at fair value on a recurring basis, there has been no change in the valuation methodologies and classification pursuant to the valuation hierarchy during the six months ended June 30, 2011. The incorporation of counterparty credit risk did not have a significant impact on the valuation of assets and liabilities recorded at fair value as of June 30, 2011 or December 31, 2010. Significant inputs to the measurement of fair value on a recurring basis and further information on the assets and liabilities measured at fair value on a recurring basis are as follows:

Mortgage Loans Held for Sale. For Level Three mortgage loans held for sale, fair value is estimated utilizing either a discounted cash flow model or underlying collateral values. The assumptions used to measure fair value using a discounted cash flow valuation methodology are as follows:

	June 30,			December 31,
	2011			2010
Prepayment speed		10	%		13	%
Discount Rate		7-10	%		7-10	%
Yield		3-8	%		3-8	%
Credit Loss (annualized)		7-32	%		5-31	%

The following table reflects the difference between the carrying amount of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:

	June 30, 2011					December 31, 2010
			Loans 90 or						Loans 90 or
			more days past						more days past
			due and on non-						due and on non-
	Total		accrual status			Total			accrual status
	(In millions)
Mortgage loans held for sale:
Carrying amount	$	1,707	$	16		$	4,329		$	14
Aggregate unpaid principal balance		1,689		24			4,356			21
Difference	$	18	$	(8	)	$	(27	)	$	(7	)

The following table summarizes the components of Mortgage loans held for sale:

	June 30,		December 31,
	2011		2010
First mortgages:	(In millions)
Conforming(1)	$	1,534	$	4,123
Non-conforming		117		138
Construction loans		8		11
Total first mortgages		1,659		4,272
Second lien		9		11
Scratch and Dent(2)		38		40
Other		1		6
Total	$	1,707	$	4,329

(1)	Represents mortgage loans that conform to the standards of the government-sponsored entities.
(2)	Represents mortgage loans with origination flaws or performance issues.

Derivative Instruments. The average pullthrough percentage used in measuring the fair value of interest rate lock commitments was 77% and 78% as of June 30, 2011 and December 31, 2010, respectively.

Mortgage Servicing Rights. The significant assumptions used in estimating the fair value of Mortgage servicing rights (“MSRs”) were as follows (in annual rates):

	June 30,			December 31,
	2011			2010
Weighted-average prepayment speed (CPR)		12	%		12	%
Option adjusted spread, in basis points		826			844
Volatility		28	%		29	%

The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:

	June 30, 2011
	Weighted-
	Average			Option
	Prepayment			Adjusted
	Speed			Spread			Volatility
	(In millions)
Impact on fair value of 10% adverse change	$	(79	)	$	(68	)	$	(29	)
Impact on fair value of 20% adverse change		(152	)		(130	)		(60	)

These sensitivities are hypothetical and presented for illustrative purposes only. Changes in fair value based on a variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption is calculated without changing any other assumption; in reality, changes in one assumption may result in changes in another, which may magnify or counteract the sensitivities. Further, this analysis does not assume any impact resulting from management’s intervention to mitigate these variations.

Assets and liabilities measured at fair value on a recurring basis were included in the Condensed Consolidated Balance Sheets as follows:

	June 30, 2011
							Cash
	Level		Level		Level		Collateral
	One		Two		Three		and Netting(1)			Total
	(In millions)
Assets:
Restricted investments	$	—	$	241	$	—	$	—		$	241
Mortgage loans held for sale		—		1,552		155		—			1,707
Mortgage servicing rights		—		—		1,508		—			1,508
Other assets:
Derivative assets:
Interest rate lock commitments		—		—		52		—			52
Forward delivery commitments		—		43		—		(23	)		20
Interest rate contracts		—		2		—		—			2
Option contracts		—		3		—		—			3
Convertible note-related agreements		—		—		31		—			31
Securitized mortgage loans		—		—		34		—			34
Liabilities:
Other liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	4	$	—		$	4
Forward delivery commitments		—		52		—		(33	)		19
Foreign exchange contracts		—		1		—		—			1
Convertible note-related agreements		—		—		31		—			31
Debt:
Mortgage loan securitization debt certificates		—		—		26		—			26

	December 31, 2010
							Cash
	Level		Level		Level		Collateral
	One		Two		Three		and Netting(1)			Total
	(In millions)
Assets:
Restricted investments	$	—	$	254	$	—	$	—		$	254
Mortgage loans held for sale		—		4,157		172		—			4,329
Mortgage servicing rights				—		1,442		—			1,442
Other assets:
Derivative assets:
Interest rate lock commitments		—		—		42		—			42
Forward delivery commitments		—		309		—		(241	)		68
Interest rate contracts		—		4		—		—			4
Convertible note-related agreements		—		—		54		—			54
Securitized mortgage loans		—		—		42		—			42
Liabilities:
Other liabilities:
Derivative liabilities:
Interest rate lock commitments		—		—		46		—			46
Forward delivery commitments		—		82		—		(51	)		31
Convertible note-related agreements		—		—		54		—			54
Debt:
Mortgage loan securitization debt certificates		—		—		30		—			30

⁽¹⁾ Represents adjustments to arrive at the carrying amounts of assets and liabilities presented in the Condensed Consolidated Balance Sheets for the effect of netting the payable or receivable and cash collateral held or placed with the same counterparties under master netting arrangements.

The activity in assets and liabilities classified within Level Three of the valuation hierarchy consisted of:

	Three Months Ended June 30, 2011
							Other Assets							Debt
								Interest rate						Mortgage loan
	Mortgage			Mortgage				lock			Securitized			securitization
	loans held			servicing				commitments,			mortgage			debt
	for sale			rights				net			loans			certificates
	(In millions)
Balance, beginning of period	$	157		$	1,590			$	49		$	37		$	28
Realized and unrealized gains (losses)  for assets		2			(159	)			249			—			—
Realized and unrealized (gains) losses for liabilities		—			—				—			—			1
Purchases		12			—				—			—			—
Issuances		131			77				—			—			—
Settlements		(131	)		—				(250	)		(3	)		(3	)
Transfers into level three (1)		36			—				—			—			—
Transfers out of level three (2)		(52	)		—				—			—			—
Balance, end of period	$	155		$	1,508			$	48		$	34		$	26

	Six Months Ended June 30, 2011
							Other Assets						Debt
							Interest rate						Mortgage loan
	Mortgage			Mortgage			lock			Securitized			securitization
	loans held			servicing			commitments,			mortgage			debt
	for sale			rights			net			loans			certificates
	(In millions)
Balance, beginning of period	$	172		$	1,442		$	(4	)	$	42		$	30
Realized and unrealized gains (losses)  for assets		(10	)		(191	)		433			(1	)		—
Realized and unrealized (gains) losses for liabilities		—			—			—			—			2
Purchases		24			—			—			—			—
Issuances		308			257			—			—			—
Settlements		(304	)		—			(381	)		(7	)		(6	)
Transfers into level three (1)		84			—			—			—			—
Transfers out of level three (2)		(119	)		—			—			—			—
Balance, end of period	$	155		$	1,508		$	48		$	34		$	26

	Three Months Ended June 30, 2010
							Other Assets									Debt
	Mortgage									Interest rate						Mortgage loan
	loans			Mortgage						lock			Securitized			securitization
	held			servicing			Investment			commitments,			mortgage			debt
	for sale			rights			securities			net			loans			certificates
	(In millions)
Balance, beginning of period	$	92		$	1,458		$	1		$	51		$	49		$	37
Realized and unrealized gains (losses) for assets		(3	)		(320	)		—			379			2			—
Realized and unrealized losses for liabilities		—			—			—			—			—			1
Purchases, issuances and settlements, net		15			98			(1	)		(288	)		(4	)		(3	)
Transfers into level three (1)		8			—			—			—			—			—
Transfers out of level three (2)		(9	)		—			—			—			—			—
Balance, end of period	$	103		$	1,236		$	—		$	142		$	47		$	35

	Six Months Ended June 30, 2010
							Other Assets									Debt
	Mortgage									Interest rate						Mortgage loan
	loans			Mortgage						lock			Securitized			securitization
	held			servicing			Investment			commitments,			mortgage			debt
	for sale			rights			securities			net			loans			certificates
	(In millions)
Balance, beginning of period	$	111		$	1,413		$	12		$	26		$	—		$	—
Realized and unrealized gains (losses) for assets		(5	)		(372	)		—			581			4			—
Realized and unrealized losses for liabilities		—			—			—			—			—			2
Purchases, issuances and settlements, net		(4	)		195			(1	)		(465	)		(8	)		(7	)
Transfers into level three (1)		26			—			—			—			—			—
Transfers out of level three (2)		(25	)		—			—			—			—			—
Transition adjustment (3)		—			—			(11	)		—			51			40
Balance, end of period	$	103		$	1,236		$	—		$	142		$	47		$	35

(1)	Represents transfers to Scratch and Dent and Non-Conforming loans from conforming loans. Loans that transfer into Level Three represent mortgage loans with origination flaws, performance issues, or characteristics that would make them not currently saleable through the agency mortgage-backed security market.
(2)	Represents Scratch and Dent and construction loans that were foreclosed upon, construction loans that converted to first mortgages and Scratch and Dent or Non-Conforming loans with origination flaws, performance issues or characteristics that were corrected. Mortgage loans in foreclosure are measured at fair value on a non-recurring basis, as discussed in further detail below.
(3)	Represents the transition adjustment related to the adoption of updates to Consolidation and Transfers and Servicing accounting guidance resulting in the consolidation of a mortgage loan securitization trust.

For assets and liabilities classified within Level Three of the valuation hierarchy, the following tables summarize amounts included in the Condensed Consolidated Statements of Operations for: (i) realized and unrealized gains and losses and (ii) unrealized gains and losses related to assets and liabilities that are included in the Condensed Consolidated Balance Sheets as of the end of the respective period:

	Three Months Ended June 30, 2011
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2011
	(In millions)
Gain on mortgage loans, net	$	(1	)	$	—		$	249	$	—	$	—		$	43
Change in fair value of mortgage servicing rights		—			(159	)		—		—		—			(130	)
Mortgage interest income		3			—			—		1		—			—
Mortgage interest expense		—			—			—		—		(1	)		—
Other income		—			—			—		—		—			—

	Six Months Ended June 30, 2011
												Mortgage			Related to
												loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized			securitization			liabilities held at
	loans held			servicing			lock		mortgage			debt			June 30,
	for sale			rights			commitments		loans			certificates			2011
	(In millions)
Gain on mortgage loans, net	$	(16	)	$	—		$	433	$	—		$	—		$	35
Change in fair value of mortgage servicing rights		—			(191	)		—		—			—			(102	)
Mortgage interest income		6			—			—		2			—			—
Mortgage interest expense		—			—			—		—			(2	)		—
Other income		—			—			—		(3	)		—			(3	)

	Three Months Ended June 30, 2010
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2010
	(In millions)
Gain on mortgage loans, net	$	(5	)	$	—		$	379	$	—	$	—		$	133
Change in fair value of mortgage servicing rights		—			(320	)		—		—		—			(273	)
Mortgage interest income		2			—			—		2		—			—
Mortgage interest expense		—			—			—		—		(2	)		—
Other income		—			—			—		—		1			—

	Six Months Ended June 30, 2010
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2010
	(In millions)
Gain on mortgage loans, net	$	(10	)	$	—		$	581	$	—	$	—		$	130
Change in fair value of mortgage servicing rights		—			(372	)		—		—		—			(262	)
Mortgage interest income		5			—			—		3		—			—
Mortgage interest expense		—			—			—		—		(3	)		—
Other income		—			—			—		1		1			1

Non-Recurring Fair Value Measurements

Other Assets. The allowance for probable losses associated with mortgage loans in foreclosure and the adjustment to record real estate owned at estimated net realizable value were based upon fair value measurements from Level Two of the valuation hierarchy. During the three and six months ended June 30, 2011, total foreclosure-related charges of $24 million and $39 million, respectively, were recorded in Other operating expenses, which include changes in the estimate of losses related to off-balance sheet exposure to loan repurchases and indemnifications in addition to the provision for valuation adjustments for mortgage loans in foreclosure and real estate owned. During the three and six months ended June 30, 2010, total foreclosure-related charges of $20 million and $43 million, respectively, were recorded.

See Note 9, “Credit Risk” for further discussion regarding the balances of mortgage loans in foreclosure, real estate owned, and the off-balance sheet exposure to loan repurchases and indemnifications.

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Segment Information (Details 1) (USD $) In Millions, unless otherwise specified	3 Months Ended			6 Months Ended
	Jun. 30, 2011	Mar. 31, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Reconciliation of Income (loss) before income taxes to segment profit (loss)
(Loss) income before income taxes	$ (66)		$ (215)	$ 19	$ (196)
Less: net income attributable to noncontrolling interest	4		7	7	7
Segment profit (loss)	(70)		(222)	12	(203)
Segment Information (Textuals) [Abstract]
Number of reportable segments				3
PHH Corporation Ownership Interest prior to transaction		50.10%
Gain on Sale of STARS		$ 68		$ 68

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Income Taxes

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Income Taxes

8. Income Taxes

Interim income tax expense or benefit is recorded by applying a projected full-year effective income tax rate to the quarterly Income before income taxes for results that are deemed to be reliably estimable. Certain results dependent on fair value adjustments of the Mortgage Production and Mortgage Servicing segments are considered not to be reliably estimable and therefore discrete year-to-date income tax provisions are recorded on those results.

Income tax (benefit) expense was significantly impacted by the following items that increased (decreased) the effective tax rate:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
State and local income taxes, net of federal tax benefits	$	(4	)	$	(13	)	$	1		$	(12	)
Liabilities for income tax contingencies		—			—			(8	)		1
Changes in valuation allowance		2			3			6			5
Noncontrolling interest (1)		(2	)		(3	)		(3	)		(3	)

⁽¹⁾   Represents Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans.

State and local income taxes, net of federal tax benefits. The impact to the effective tax rate from state and local income taxes primarily represents the volatility in the pre-tax income or loss, as well as the mix of income and loss from the operations by entity and state income tax jurisdiction. As a result of this mix, during the six months ended June 30, 2011 as compared to 2010, the effective state tax rate has decreased.

Liabilities for income tax contingencies. The impact to the effective tax rate from changes in the liabilities for income tax contingencies primarily represents decreases in liabilities associated with the resolution and settlement with various taxing authorities, partially offset by increases in liabilities associated with new uncertain tax positions taken during the period. During the six months ended June 30, 2011, the IRS concluded its examination and review of the Company’s taxable years 2006 through 2009.

Changes in valuation allowance. The impact to the effective tax rate from changes in valuation allowance primarily represents loss carryforwards generated during the period for which the Company believes it is more likely than not that the amounts will not be realized. For the six months ended June 30, 2011 and 2010, the increases were primarily driven by tax losses generated by our mortgage business in each period.

Noncontrolling interest. The impact to the effective tax rate from noncontrolling interest primarily represents the impact of PHH Home Loans’ election to report as a partnership for federal and state income tax purposes, whereby, the tax expense is reported by the individual LLC members. Accordingly, the Company’s Income tax (benefit) expense includes only its proportionate share of the income tax related to the income or loss generated by PHH Home Loans.

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Variable Interest Entities (Tables)

6 Months Ended

Jun. 30, 2011

Variable Interest Entities [Abstract]

Significant variable interest entities included in the Condensed Consolidated Balance Sheets

Significant variable interest entities included in the Condensed Consolidated Balance Sheets are as follows:

	June 30, 2011
			Chesapeake
			and D.L		FLRT and		Mortgage
	PHH Home		Peterson		PHH Lease		Securitization
	Loans		Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	28	$	5	$	—	$	—
Restricted cash(1)		—		219		42		—
Mortgage loans held for sale		358		—		—		—
Accounts receivable, net		5		74		—		—
Net investment in fleet leases		—		2,761		550		—
Property, plant and equipment, net		1		—		—		—
Other assets		10		9		4		34
Total assets	$	402	$	3,068	$	596	$	34
Assets held as collateral(2)	$	311	$	3,054	$	516	$	—
LIABILITIES
Accounts payable and accrued expenses	$	16	$	2	$	2	$	—
Debt		290		2,523		456		26
Other liabilities		5		—		—		—
Total liabilities(3)	$	311	$	2,525	$	458	$	26

	December 31, 2010
			Chesapeake
			and D.L		FLRT and		Mortgage
	PHH Home		Peterson		PHH Lease		Securitization
	Loans		Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	40	$	4	$	—	$	—
Restricted cash(1)		—		202		39		—
Mortgage loans held for sale		384		—		—		—
Accounts receivable, net		14		50		—		—
Net investment in fleet leases		—		2,854		502		—
Property, plant and equipment, net		1		—		—		—
Other assets		10		12		18		42
Total assets	$	449	$	3,122	$	559	$	42
Assets held as collateral(2)	$	331	$	3,106	$	506	$	—
LIABILITIES
Accounts payable and accrued expenses	$	20	$	3	$	16	$	—
Debt		304		2,577		450		30
Other liabilities		5		—		—		—
Total liabilities(3)	$	329	$	2,580	$	466	$	30

(1)	Relates primarily to amounts collected for lease payments and related receivables specifically designated to purchase assets, to repay debt and/or to provide over-collateralization related to vehicle management asset-backed debt arrangements.
(2)	Relates to the entity’s borrowing arrangements and are not available to pay the Company’s general obligations. See Note 7, “Debt and Borrowing Arrangements” for further information.
(3)	Excludes intercompany payables.

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Vehicle Leasing Activities

6 Months Ended

Jun. 30, 2011

Vehicle Leasing Activities [Abstract]

Vehicle Leasing Activities

6.  Vehicle Leasing Activities

The components of Net investment in fleet leases were as follows:

	June 30,			December 31,
	2011			2010
Operating Leases:	(In millions)
Vehicles under open-end operating leases	$	8,110		$	7,601
Vehicles under closed-end operating leases		189			208
Vehicles under operating leases		8,299			7,809
Less: Accumulated depreciation		(5,093	)		(4,671	)
Net investment in operating leases		3,206			3,138
Direct Financing Leases:
Lease payments receivable		92			106
Less: Unearned income		(2	)		(3	)
Net investment in direct financing leases		90			103
Off-Lease Vehicles:
Vehicles not yet subject to a lease		221			248
Vehicles held for sale		17			7
Less: Accumulated depreciation		(8	)		(4	)
Net investment in off-lease vehicles		230			251
Net investment in fleet leases	$	3,526		$	3,492

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Debt and Borrowing Arrangements (Details Textuals) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Debt and Borrowing Arrangements (Textuals) [Abstract]
Fair value of debt	$ 5,900	$ 8,200
Debt Instrument Covenant Description	During the six months ended June 30, 2011, the terms of the debt covenants for the RBS repurchase facility and the CSFB Mortgage repurchase facility were amended to require the Company to maintain a minimum of $1.0 billion in committed mortgage repurchase or warehouse facilities, with no more than $500 million of gestation facilities included towards the minimum, excluding the uncommitted facilities provided by Fannie Mae.
Unsecured Debt [Member] | Credit facilities [Member]
Line Of Credit Facility [Line Items]
Letters of credit issued	16
Line of credit facility initiation date	2006/01/06
Line of credit facility expiration date	2012/02/29
Amount outstanding under Amended Credit Facility	0
Line of Credit Facility, Current Borrowing Capacity	$ 525
Line of Credit Facility Interest Rate Range, Minimum	3.80%
Line of Credit Facility Interest Rate Range, Maximum	5.50%

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Unrealized gain on available for sale securities, tax effect	$ 0	$ 1
Stock options exercised, tax effect	0	0
Additional Paid-In Capital
Stock options exercised, tax effect	0	0
Accumulated Other Comprehensive Income (Loss)
Unrealized gain on available for sale securities, tax effect	$ 0	$ 1

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(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2011

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

2.  (Loss) Earnings Per Share

Basic (loss) earnings per share attributable to PHH Corporation was computed by dividing Net (loss) income attributable to PHH Corporation during the period by the weighted-average number of shares outstanding during the period. Diluted (loss) earnings per share attributable to PHH Corporation was computed by dividing Net (loss) income attributable to PHH Corporation by the weighted-average number of shares outstanding, assuming all potentially dilutive common shares were issued.

The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of securities that would be anti-dilutive, including: (i) outstanding stock-based compensation awards for the three and six months ending June 30, 2011 of approximately 2.0 million and 0.3 million, respectively, and for the three and six months ending June 30, 2010 of 2.7 million; (ii) 0.2 million of stock assumed to be issued related to the 2012 Convertible notes for the three months ended June 30, 2011; (iii) purchased options and sold warrants related to the assumed conversion of the 2012 Convertible notes; and (iv) sold warrants related to the Company’s 2014 Convertible notes. The computation also excludes the assumed issuance of the 2014 Convertible notes and related purchased options as they are currently to be settled only in cash.

The following table summarizes the calculations of basic and diluted (loss) earnings per share attributable to PHH Corporation for the periods indicated:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011		2010
	(In millions, except share and per share data)
Net (loss) income attributable to PHH Corporation	$	(41	)	$	(133	)	$	8	$	(125	)
Weighted-average common shares outstanding — basic		56,374,448			55,547,650			56,242,221		55,293,111
Effect of potentially dilutive securities:
Share-based payment arrangements(1)		—			—			619,926		—
Conversion of debt securities(2)		—			—			897,245		—
Weighted-average common shares outstanding — diluted		56,374,448			55,547,650			57,759,392		55,293,111
Basic (loss) earnings per share attributable to PHH Corporation	$	(0.73	)	$	(2.40	)	$	0.14	$	(2.26	)
Diluted (loss) earnings per share attributable to PHH Corporation	$	(0.73	)	$	(2.40	)	$	0.14	$	(2.26	)

(1)	Represents incremental shares from restricted stock units and stock options.
(2)	Represents assumed conversion of the 2012 Convertible notes.

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Transfers and Servicing of Mortgage Loans (Details 2) (USD $) In Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:
Net service fee revenue	$ 110	$ 99	$ 216	$ 196
Late fees	4	5	10	10
Other ancillary servicing revenue	$ 8	$ 8	$ 19	$ 18

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2011

Fair Value Measurements [Abstract]

Fair value of mortgage loan held for sale

Mortgage Loans Held for Sale. For Level Three mortgage loans held for sale, fair value is estimated utilizing either a discounted cash flow model or underlying collateral values. The assumptions used to measure fair value using a discounted cash flow valuation methodology are as follows:

	June 30,			December 31,
	2011			2010
Prepayment speed		10	%		13	%
Discount Rate		7-10	%		7-10	%
Yield		3-8	%		3-8	%
Credit Loss (annualized)		7-32	%		5-31	%

The difference between the carrying amount of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity

The following table reflects the difference between the carrying amount of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity:

	June 30, 2011					December 31, 2010
			Loans 90 or						Loans 90 or
			more days past						more days past
			due and on non-						due and on non-
	Total		accrual status			Total			accrual status
	(In millions)
Mortgage loans held for sale:
Carrying amount	$	1,707	$	16		$	4,329		$	14
Aggregate unpaid principal balance		1,689		24			4,356			21
Difference	$	18	$	(8	)	$	(27	)	$	(7	)

Components of mortgage loans held for sale

The following table summarizes the components of Mortgage loans held for sale:

	June 30,		December 31,
	2011		2010
First mortgages:	(In millions)
Conforming(1)	$	1,534	$	4,123
Non-conforming		117		138
Construction loans		8		11
Total first mortgages		1,659		4,272
Second lien		9		11
Scratch and Dent(2)		38		40
Other		1		6
Total	$	1,707	$	4,329

(1)	Represents mortgage loans that conform to the standards of the government-sponsored entities.
(2)	Represents mortgage loans with origination flaws or performance issues.

Assumptions used fair value of mortgage servicing rights

Mortgage Servicing Rights. The significant assumptions used in estimating the fair value of Mortgage servicing rights (“MSRs”) were as follows (in annual rates):

	June 30,			December 31,
	2011			2010
Weighted-average prepayment speed (CPR)		12	%		12	%
Option adjusted spread, in basis points		826			844
Volatility		28	%		29	%

Estimated change in fair value of MSRs from adverse changes in significant assumptions

The following table summarizes the estimated change in the fair value of MSRs from adverse changes in the significant assumptions:

	June 30, 2011
	Weighted-
	Average			Option
	Prepayment			Adjusted
	Speed			Spread			Volatility
	(In millions)
Impact on fair value of 10% adverse change	$	(79	)	$	(68	)	$	(29	)
Impact on fair value of 20% adverse change		(152	)		(130	)		(60	)

Fair value of assets and liabilities measured on a recurring basis

Assets and liabilities measured at fair value on a recurring basis were included in the Condensed Consolidated Balance Sheets as follows:

	June 30, 2011
							Cash
	Level		Level		Level		Collateral
	One		Two		Three		and Netting(1)			Total
	(In millions)
Assets:
Restricted investments	$	—	$	241	$	—	$	—		$	241
Mortgage loans held for sale		—		1,552		155		—			1,707
Mortgage servicing rights		—		—		1,508		—			1,508
Other assets:
Derivative assets:
Interest rate lock commitments		—		—		52		—			52
Forward delivery commitments		—		43		—		(23	)		20
Interest rate contracts		—		2		—		—			2
Option contracts		—		3		—		—			3
Convertible note-related agreements		—		—		31		—			31
Securitized mortgage loans		—		—		34		—			34
Liabilities:
Other liabilities:
Derivative liabilities:
Interest rate lock commitments	$	—	$	—	$	4	$	—		$	4
Forward delivery commitments		—		52		—		(33	)		19
Foreign exchange contracts		—		1		—		—			1
Convertible note-related agreements		—		—		31		—			31
Debt:
Mortgage loan securitization debt certificates		—		—		26		—			26

	December 31, 2010
							Cash
	Level		Level		Level		Collateral
	One		Two		Three		and Netting(1)			Total
	(In millions)
Assets:
Restricted investments	$	—	$	254	$	—	$	—		$	254
Mortgage loans held for sale		—		4,157		172		—			4,329
Mortgage servicing rights				—		1,442		—			1,442
Other assets:
Derivative assets:
Interest rate lock commitments		—		—		42		—			42
Forward delivery commitments		—		309		—		(241	)		68
Interest rate contracts		—		4		—		—			4
Convertible note-related agreements		—		—		54		—			54
Securitized mortgage loans		—		—		42		—			42
Liabilities:
Other liabilities:
Derivative liabilities:
Interest rate lock commitments		—		—		46		—			46
Forward delivery commitments		—		82		—		(51	)		31
Convertible note-related agreements		—		—		54		—			54
Debt:
Mortgage loan securitization debt certificates		—		—		30		—			30

⁽¹⁾ Represents adjustments to arrive at the carrying amounts of assets and liabilities presented in the Condensed Consolidated Balance Sheets for the effect of netting the payable or receivable and cash collateral held or placed with the same counterparties under master netting arrangements.

Activity of Level three assets and liabilities

The activity in assets and liabilities classified within Level Three of the valuation hierarchy consisted of:

	Three Months Ended June 30, 2011
							Other Assets							Debt
								Interest rate						Mortgage loan
	Mortgage			Mortgage				lock			Securitized			securitization
	loans held			servicing				commitments,			mortgage			debt
	for sale			rights				net			loans			certificates
	(In millions)
Balance, beginning of period	$	157		$	1,590			$	49		$	37		$	28
Realized and unrealized gains (losses)  for assets		2			(159	)			249			—			—
Realized and unrealized (gains) losses for liabilities		—			—				—			—			1
Purchases		12			—				—			—			—
Issuances		131			77				—			—			—
Settlements		(131	)		—				(250	)		(3	)		(3	)
Transfers into level three (1)		36			—				—			—			—
Transfers out of level three (2)		(52	)		—				—			—			—
Balance, end of period	$	155		$	1,508			$	48		$	34		$	26

	Six Months Ended June 30, 2011
							Other Assets						Debt
							Interest rate						Mortgage loan
	Mortgage			Mortgage			lock			Securitized			securitization
	loans held			servicing			commitments,			mortgage			debt
	for sale			rights			net			loans			certificates
	(In millions)
Balance, beginning of period	$	172		$	1,442		$	(4	)	$	42		$	30
Realized and unrealized gains (losses)  for assets		(10	)		(191	)		433			(1	)		—
Realized and unrealized (gains) losses for liabilities		—			—			—			—			2
Purchases		24			—			—			—			—
Issuances		308			257			—			—			—
Settlements		(304	)		—			(381	)		(7	)		(6	)
Transfers into level three (1)		84			—			—			—			—
Transfers out of level three (2)		(119	)		—			—			—			—
Balance, end of period	$	155		$	1,508		$	48		$	34		$	26

	Three Months Ended June 30, 2010
							Other Assets									Debt
	Mortgage									Interest rate						Mortgage loan
	loans			Mortgage						lock			Securitized			securitization
	held			servicing			Investment			commitments,			mortgage			debt
	for sale			rights			securities			net			loans			certificates
	(In millions)
Balance, beginning of period	$	92		$	1,458		$	1		$	51		$	49		$	37
Realized and unrealized gains (losses) for assets		(3	)		(320	)		—			379			2			—
Realized and unrealized losses for liabilities		—			—			—			—			—			1
Purchases, issuances and settlements, net		15			98			(1	)		(288	)		(4	)		(3	)
Transfers into level three (1)		8			—			—			—			—			—
Transfers out of level three (2)		(9	)		—			—			—			—			—
Balance, end of period	$	103		$	1,236		$	—		$	142		$	47		$	35

	Six Months Ended June 30, 2010
							Other Assets									Debt
	Mortgage									Interest rate						Mortgage loan
	loans			Mortgage						lock			Securitized			securitization
	held			servicing			Investment			commitments,			mortgage			debt
	for sale			rights			securities			net			loans			certificates
	(In millions)
Balance, beginning of period	$	111		$	1,413		$	12		$	26		$	—		$	—
Realized and unrealized gains (losses) for assets		(5	)		(372	)		—			581			4			—
Realized and unrealized losses for liabilities		—			—			—			—			—			2
Purchases, issuances and settlements, net		(4	)		195			(1	)		(465	)		(8	)		(7	)
Transfers into level three (1)		26			—			—			—			—			—
Transfers out of level three (2)		(25	)		—			—			—			—			—
Transition adjustment (3)		—			—			(11	)		—			51			40
Balance, end of period	$	103		$	1,236		$	—		$	142		$	47		$	35

Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations

For assets and liabilities classified within Level Three of the valuation hierarchy, the following tables summarize amounts included in the Condensed Consolidated Statements of Operations for: (i) realized and unrealized gains and losses and (ii) unrealized gains and losses related to assets and liabilities that are included in the Condensed Consolidated Balance Sheets as of the end of the respective period:

	Three Months Ended June 30, 2011
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2011
	(In millions)
Gain on mortgage loans, net	$	(1	)	$	—		$	249	$	—	$	—		$	43
Change in fair value of mortgage servicing rights		—			(159	)		—		—		—			(130	)
Mortgage interest income		3			—			—		1		—			—
Mortgage interest expense		—			—			—		—		(1	)		—
Other income		—			—			—		—		—			—

	Six Months Ended June 30, 2011
												Mortgage			Related to
												loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized			securitization			liabilities held at
	loans held			servicing			lock		mortgage			debt			June 30,
	for sale			rights			commitments		loans			certificates			2011
	(In millions)
Gain on mortgage loans, net	$	(16	)	$	—		$	433	$	—		$	—		$	35
Change in fair value of mortgage servicing rights		—			(191	)		—		—			—			(102	)
Mortgage interest income		6			—			—		2			—			—
Mortgage interest expense		—			—			—		—			(2	)		—
Other income		—			—			—		(3	)		—			(3	)

	Three Months Ended June 30, 2010
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2010
	(In millions)
Gain on mortgage loans, net	$	(5	)	$	—		$	379	$	—	$	—		$	133
Change in fair value of mortgage servicing rights		—			(320	)		—		—		—			(273	)
Mortgage interest income		2			—			—		2		—			—
Mortgage interest expense		—			—			—		—		(2	)		—
Other income		—			—			—		—		1			—

	Six Months Ended June 30, 2010
											Mortgage			Related to
											loan			assets and
	Mortgage			Mortgage			Interest rate		Securitized		securitization			liabilities held at
	loans held			servicing			lock		mortgage		debt			June 30,
	for sale			rights			commitments		loans		certificates			2010
	(In millions)
Gain on mortgage loans, net	$	(10	)	$	—		$	581	$	—	$	—		$	130
Change in fair value of mortgage servicing rights		—			(372	)		—		—		—			(262	)
Mortgage interest income		5			—			—		3		—			—
Mortgage interest expense		—			—			—		—		(3	)		—
Other income		—			—			—		1		1			1

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Credit Risk (Details 3) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Summary of the activity in reinsurance-related reserves
Balance, beginning of period	$ 113	$ 108
Realized reinsurance losses	(33)	(6)
Increase in liability for reinsurance losses	17	26
Balance, end of period	$ 97	$ 128

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Commitments and Contingencies (Details) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011
Commitments and Contingencies (Textuals)
Compensatory damages	$ 1
Punitive damages	20
Damages exposed	$ 21

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Debt and Borrowing Arrangements (Details 3) (USD $) In Millions	Jun. 30, 2011
Term notes, in revolving period [Member] | Vehicle Management Asset-Backed Debt [Member]
Available capacity under committed asset-backed debt arrangements and unsecured credit facilities
Capacity	$ 92
Utilized Capacity	92
Available Capacity	0
Variable-funding notes [Member] | Vehicle Management Asset-Backed Debt [Member]
Available capacity under committed asset-backed debt arrangements and unsecured credit facilities
Capacity	1,511
Utilized Capacity	1,260
Available Capacity	251
Committed warehouse facilities [Member] | Mortgage Asset-Backed Debt [Member]
Available capacity under committed asset-backed debt arrangements and unsecured credit facilities
Capacity	2,535
Utilized Capacity	1,352
Available Capacity	1,183
Servicing advance facility [Member] | Mortgage Asset-Backed Debt [Member]
Available capacity under committed asset-backed debt arrangements and unsecured credit facilities
Capacity	120
Utilized Capacity	76
Available Capacity	44
Credit facilities [Member] | Unsecured Debt [Member]
Available capacity under committed asset-backed debt arrangements and unsecured credit facilities
Capacity	530
Utilized Capacity	16
Available Capacity	$ 514

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Fair Value Measurements (Details 2) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Components of mortgage loans held for sale
Mortgage loans held for sale	$ 1,707	$ 4,329
Fair Value, Measurements, Recurring [Member] | Conforming [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	1,534	4,123
Fair Value, Measurements, Recurring [Member] | Non-conforming [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	117	138
Fair Value, Measurements, Recurring [Member] | Construction Loans [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	8	11
Fair Value, Measurements, Recurring [Member] | First Mortgage [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	1,659	4,272
Fair Value, Measurements, Recurring [Member] | Second lien [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	9	11
Fair Value, Measurements, Recurring [Member] | Scratch and Dent [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	38	40
Fair Value, Measurements, Recurring [Member] | Other [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	1	6
Fair Value, Measurements, Recurring [Member]
Components of mortgage loans held for sale
Mortgage loans held for sale	$ 1,707	$ 4,329

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Restricted Cash, Cash Equivalents And Investments

6 Months Ended

Jun. 30, 2011

Restricted Cash, Cash Equivalents And Investments [Abstract]

Restricted Cash, Cash Equivalents and Investments

3.  Restricted Cash, Cash Equivalents and Investments

The following table summarizes Restricted cash, cash equivalents and investment balances:

	June 30,		December 31,
	2011		2010
	(In millions)
Restricted cash and cash equivalents	$	294	$	277
Restricted investments, at fair value		241		254
Restricted cash, cash equivalents and investments	$	535	$	531

The restricted cash related to our reinsurance activities was invested in certain debt securities as permitted under the reinsurance agreements. These investments remain in trust for capital fund requirements and potential reinsurance losses, as summarized in the following tables:

	June 30, 2011
									Weighted-
									average
	Amortized		Fair		Unrealized		Unrealized		remaining
	Cost		Value		Gains		Losses		maturity
Restricted investments classified as available-for-sale:	(In millions)
Corporate securities	$	57	$	58	$	1	$	—	29 mos.
Agency securities (1)		111		112		1		—	22 mos.
Government securities		71		71		—		—	25 mos.
Total available-for-sale securities	$	239	$	241	$	2	$	—	25 mos.

	December 31, 2010
									Weighted-
									average
	Amortized		Fair		Unrealized		Unrealized		remaining
	Cost		Value		Gains		Losses		maturity
Restricted investments classified as available-for-sale:	(In millions)
Corporate securities	$	71	$	71	$	—	$	—	30 mos.
Agency securities (1)		106		107		1		—	26 mos.
Government securities		76		76		—		—	28 mos.
Total available-for-sale securities	$	253	$	254	$	1	$	—	27 mos.

⁽¹⁾ Represents bonds and notes issued by various agencies including, but not limited to, Fannie Mae, Freddie Mac and Federal Home Loan Banks.

During the three and six months ended June 30, 2011 and 2010, the amount of realized gains and losses from the sale of available-for-sale securities was not significant.

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Transfers and Servicing of Mortgage Loans (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Transfers And Servicing (Textuals) [Abstract]
Servicing portfolio including loans subserviced for others	$ 173,651		$ 173,651		$ 166,075
Mortgage Servicing Rights, weighted average life			5.6		5.7
Outstanding servicing advance receivables	218		218		187
Pre-tax gains from securitization of residential mortgage loans	$ 140	$ 96	$ 318	$ 198

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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2011

Income Taxes [Abstract]

Schedule of Significant Components of Income Tax Expense (Benefit)

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2011			2010			2011			2010
	(In millions)
State and local income taxes, net of federal tax benefits	$	(4	)	$	(13	)	$	1		$	(12	)
Liabilities for income tax contingencies		—			—			(8	)		1
Changes in valuation allowance		2			3			6			5
Noncontrolling interest (1)		(2	)		(3	)		(3	)		(3	)

⁽¹⁾   Represents Realogy Corporation’s portion of income taxes related to the income or loss attributable to PHH Home Loans.

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Fair Value Measurements (Details 4) (Fair Value, Measurements, Recurring [Member], USD $) In Millions	Jun. 30, 2011
Fair Value, Measurements, Recurring [Member]
Estimated change in the fair value of MSRs from adverse changes in the significant assumptions
Impact on fair value of 10% adverse change, Weighted-Average Prepayment Speed	$ (79)
Impact on fair value of 20% adverse change, Weighted-Average Prepayment Speed	(152)
Impact on fair value of 10% adverse change, Option Adjusted Spread	(68)
Impact on fair value of 20% adverse change, Option Adjusted Spread	(130)
Impact on fair value of 10% adverse change, Volatility	(29)
Impact on fair value of 20% adverse change, Volatility	$ (60)

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Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member])	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Fair value of Mortgage Loan Held for Sale
Prepayment speed	10.00%	13.00%
Minimum [Member]
Fair value of Mortgage Loan Held for Sale
Discount Rate	7.00%	7.00%
Yield	3.00%	3.00%
Credit Loss (annualized)	7.00%	5.00%
Maximum [Member]
Fair value of Mortgage Loan Held for Sale
Discount Rate	10.00%	10.00%
Yield	8.00%	8.00%
Credit Loss (annualized)	32.00%	31.00%

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Segment Information (Tables)

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment results

Segment results were as follows:

	Net Revenues
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	(In millions)
Mortgage Production segment(1)	$	169		$	202		$	383		$	354
Mortgage Servicing segment		(58	)		(238	)		(1	)		(202	)
Fleet Management Services segment		406			407			801			797
Total reportable segments		517			371			1,183			949
Other		(1	)		—			(2	)		(1	)
Total	$	516		$	371		$	1,181		$	948

	Segment Profit (Loss) (2)
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	(In millions)
Mortgage Production segment(1)	$	25		$	49		$	77		$	74
Mortgage Servicing segment		(113	)		(284	)		(99	)		(297	)
Fleet Management Services segment		19			13			35			21
Total reportable segments		(69	)		(222	)		13			(202	)
Other		(1	)		—			(1	)		(1	)
Total	$	(70	)	$	(222	)	$	12		$	(203	)

	Total Assets
	As of		As of
	June 30,		December 31,
	2011		2010
	(In millions)
Mortgage Production segment	$	1,990	$	4,605
Mortgage Servicing segment		2,291		2,291
Fleet Management Services segment		4,333		4,216
Other		135		158
Total Company	$	8,749	$	11,270

⁽¹⁾ For the six months ended June 30, 2011, Net revenues and segment profit for the Mortgage Production segment includes a $68 million gain on the 50.1% sale of the equity interests in the Company’s appraisal services business.

Reconciliation of Income (loss) before income taxes to segment profit (loss)

⁽²⁾ The following is a reconciliation of (Loss) income before income taxes to segment profit (loss):

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011		2010
	(In millions)
(Loss) income before income taxes	$	(66	)	$	(215	)	$	19	$	(196	)
Less: net income attributable to noncontrolling interest		4			7			7		7
Segment profit (loss)	$	(70	)	$	(222	)	$	12	$	(203	)

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Transfers and Servicing of Mortgage Loans (Details 3) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows relating to loan sales in which the Company has continuing involvement:
Proceeds from new loan sales or securitizations	$ 18,818	$ 12,599
Servicing fees received	216	196
Other cash flows on retained interests		1
Purchases of delinquent or foreclosed loans	(20)	(30)
Servicing advances	(884)	(846)
Repayment of servicing advances	$ 846	$ 829

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Accumulated Other Comprehensive Income (Tables)

6 Months Ended

Jun. 30, 2011

Accumulated Other Comprehensive Income [Abstract]

After-tax components of Accumulated other comprehensive income

The after-tax components of Accumulated other comprehensive income were as follows:

Six Months Ended June 30, 2011

			Unrealized
			Gains
	Currency		On Available-
	Translation		for-Sale		Pension
	Adjustment		Securities		Adjustment			Total
	(In millions)
Balance at December 31, 2010	$	36	$	1	$	(8	)	$	29
Change during 2011		6		1		—			7
Balance at June 30, 2011	$	42	$	2	$	(8	)	$	36

Six Months Ended June 30, 2010

				Unrealized
				Gains
	Currency			On Available-
	Translation			for-Sale		Pension
	Adjustment			Securities		Adjustment			Total
	(In millions)
Balance at December 31, 2009	$	27		$	—	$	(8	)	$	19
Change during 2010		(2	)		1		—			(1	)
Balance at June 30, 2010	$	25		$	1	$	(8	)	$	18

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Accumulated Other Comprehensive Income

6 Months Ended

Jun. 30, 2011

Accumulated Other Comprehensive Income [Abstract]

Accumulated Other Comprehensive Income (Loss)

11. Accumulated Other Comprehensive Income

The after-tax components of Accumulated other comprehensive income were as follows:

Six Months Ended June 30, 2011

			Unrealized
			Gains
	Currency		On Available-
	Translation		for-Sale		Pension
	Adjustment		Securities		Adjustment			Total
	(In millions)
Balance at December 31, 2010	$	36	$	1	$	(8	)	$	29
Change during 2011		6		1		—			7
Balance at June 30, 2011	$	42	$	2	$	(8	)	$	36

Six Months Ended June 30, 2010

				Unrealized
				Gains
	Currency			On Available-
	Translation			for-Sale		Pension
	Adjustment			Securities		Adjustment			Total
	(In millions)
Balance at December 31, 2009	$	27		$	—	$	(8	)	$	19
Change during 2010		(2	)		1		—			(1	)
Balance at June 30, 2010	$	25		$	1	$	(8	)	$	18

All components of Accumulated other comprehensive income presented above are net of income taxes; however the currency translation adjustment presented above excludes income taxes on undistributed earnings of foreign subsidiaries, which are considered to be indefinitely invested.

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Credit Risk (Details 1) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Summary of the activity in foreclosure-related reserves
Balance, beginning of period	$ 111	$ 86
Realized foreclosure losses	(35)	(32)
Increase in reserves due to:
Changes in assumptions	39	45
New loan sales	7	5
Balance, end of period	$ 122	$ 104

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Accumulated Other Comprehensive Income (Details) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
After-tax components of Accumulated other comprehensive income
Currency Translation Adjustment, Balance, beginning of period	$ 36	$ 27
Currency Translation Adjustment, change	6	(2)
Currency Translation Adjustment, Balance, end of period	42	25
Unrealized Gains On Available-for-Sale Securities, Balance, beginning of period	1	0
Unrealized Gains On Available-for-Sale Securities, Change	1	1
Unrealized Gains On Available-for-Sale Securities, Balance, end of period	2	1
Pension Adjustment, Balance, beginning of period	(8)	(8)
Pension Adjustment, Balance, end of period	(8)	(8)
Total, Balance, beginning of period	29	19
Total, Change	7	(1)
Total, Balance, end of period	$ 36	$ 18

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Transfers and Servicing of Mortgage Loans

6 Months Ended

Jun. 30, 2011

Transfers and Servicing of Mortgage Loans [Abstract]

Transfers and Servicing of Mortgage Loans

4.  Transfers and Servicing of Mortgage Loans

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 six months ended June 30, 2011, the Company did not retain any interests from sales or securitizations other than mortgage servicing rights. See Note 9, “Credit Risk” for a further description of recourse obligations.

The total servicing portfolio consists of loans associated with capitalized mortgage servicing rights, loans held for sale, and the servicing portfolio associated with loans subserviced for others. The total servicing portfolio, including loans subserviced for others was $173.7 billion and $166.1 billion as of June 30, 2011 and December 31, 2010, respectively. Mortgage servicing rights (“MSRs”) recorded in the Condensed Consolidated Balance Sheets are related to the capitalized servicing portfolio, and are created either through the direct purchase of servicing from a third party, or through the sale of an originated loan.

The activity in the loan servicing portfolio associated with capitalized servicing rights consisted of:

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	134,753		$	127,700
Additions		18,649			12,381
Payoffs, sales and curtailments		(10,966	)		(9,984	)
Balance, end of period	$	142,436		$	130,097

The activity in capitalized MSRs consisted of:

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Mortgage Servicing Rights:
Balance, beginning of period	$	1,442		$	1,413
Additions		257			195
Changes in fair value due to:
Realization of expected cash flows		(89	)		(110	)
Changes in market inputs or assumptions used in the valuation model		(102	)		(262	)
Balance, end of period	$	1,508		$	1,236

Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2011		2010		2011		2010
	(In millions)
Net service fee revenue	$	110	$	99	$	216	$	196
Late fees		4		5		10		10
Other ancillary servicing revenue		8		8		19		18

As of June 30, 2011 and December 31, 2010, the MSRs had a weighted-average life of approximately 5.6 years and 5.7 years, respectively. See Note 12, “Fair Value Measurements” for additional information regarding the valuation of MSRs.

The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Proceeds from new loan sales or securitizations	$	18,818		$	12,599
Servicing fees received (1)		216			196
Other cash flows on retained interests (2)		—			1
Purchases of delinquent or foreclosed loans (3)		(20	)		(30	)
Servicing advances (4)		(884	)		(846	)
Repayment of servicing advances		846			829

(1)	Excludes late fees and other ancillary servicing revenue.
(2)	Represents cash flows received on retained interests other than servicing fees.
(3)	Excludes indemnification payments to investors and insurers of the related mortgage loans.
(4)	As of June 30, 2011 and December 31, 2010, outstanding servicing advance receivables of $218 million and $187 million, respectively, were included in Accounts receivable, net.

During the three months and six ended June 30, 2011, pre-tax gains of $140 million and $318 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.

During the three months and six ended June 30, 2010, pre-tax gains of $96 million and $198 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.

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Segment Information

6 Months Ended

Jun. 30, 2011

Segment Information [Abstract]

Segment Information

14. Segment Information

Operations are conducted through three business segments: Mortgage Production, Mortgage Servicing and Fleet Management Services.

• Mortgage Production — provides mortgage loan origination services and sells mortgage loans.

• Mortgage Servicing — performs servicing activities for originated and purchased loans.

• Fleet Management Services — provides commercial fleet management services.

Certain income and expenses not allocated to the three reportable segments and intersegment eliminations are reported under the heading Other. The Company’s operations are substantially located in the U.S.

Management evaluates the operating results of each of the reportable segments based upon Net revenues and segment profit or loss, which is presented as the income or loss before income tax expense or benefit and after net income or loss attributable to noncontrolling interest. The Mortgage Production segment profit or loss excludes Realogy Corporation’s noncontrolling interest in the profit or loss of PHH Home Loans.

Segment results were as follows:

	Net Revenues
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	(In millions)
Mortgage Production segment(1)	$	169		$	202		$	383		$	354
Mortgage Servicing segment		(58	)		(238	)		(1	)		(202	)
Fleet Management Services segment		406			407			801			797
Total reportable segments		517			371			1,183			949
Other		(1	)		—			(2	)		(1	)
Total	$	516		$	371		$	1,181		$	948

	Segment Profit (Loss) (2)
	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011			2010
	(In millions)
Mortgage Production segment(1)	$	25		$	49		$	77		$	74
Mortgage Servicing segment		(113	)		(284	)		(99	)		(297	)
Fleet Management Services segment		19			13			35			21
Total reportable segments		(69	)		(222	)		13			(202	)
Other		(1	)		—			(1	)		(1	)
Total	$	(70	)	$	(222	)	$	12		$	(203	)

	Total Assets
	As of		As of
	June 30,		December 31,
	2011		2010
	(In millions)
Mortgage Production segment	$	1,990	$	4,605
Mortgage Servicing segment		2,291		2,291
Fleet Management Services segment		4,333		4,216
Other		135		158
Total Company	$	8,749	$	11,270

⁽¹⁾ For the six months ended June 30, 2011, Net revenues and segment profit for the Mortgage Production segment includes a $68 million gain on the 50.1% sale of the equity interests in the Company’s appraisal services business.

⁽²⁾ The following is a reconciliation of (Loss) income before income taxes to segment profit (loss):

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011		2010
	(In millions)
(Loss) income before income taxes	$	(66	)	$	(215	)	$	19	$	(196	)
Less: net income attributable to noncontrolling interest		4			7			7		7
Segment profit (loss)	$	(70	)	$	(222	)	$	12	$	(203	)

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Fair Value Measurements (Details 3) (Mortgage servicing rights [Member], Fair Value, Measurements, Recurring [Member])	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Mortgage servicing rights [Member] | Fair Value, Measurements, Recurring [Member]
Estimated Fair Value Of Mortgage Servicing Rights
Weighted-average prepayment speed (CPR)	12.00%	12.00%
Option adjusted spread, in basis points	826	844
Volatility	28.00%	29.00%

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Fair Value Measurements (Details 1) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
The difference between the carrying amount of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity
Carrying amount, Total	$ 1,707	$ 4,329
Fair Value, Measurements, Recurring [Member]
The difference between the carrying amount of Mortgage loans held for sale measured at fair value, and the aggregate unpaid principal amount that the Company is contractually entitled to receive at maturity
Carrying amount, Total	1,707	4,329
Carrying amount, Loans 90 or more days past due and on non-accrual status	16	14
Aggregate unpaid principal balance, Total	1,689	4,356
Aggregate unpaid principal balance, Loans 90 or more days past due and on non-accrual status	24	21
Difference, Total	18	(27)
Difference, Loans 90 or more days past due and on non-accrual status	$ (8)	$ (7)

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Transfers and Servicing of Mortgage Loans (Details 1) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Summary of Mortgage Servicing Rights
Balance, beginning of period	$ 1,442	$ 1,413
Additions	257	195
Changes in fair value due to:
Realization of expected cash flows	(89)	(110)
Changes in market inputs or assumptions used in the valuation model	(102)	(262)
Balance, end of period	$ 1,508	$ 1,236

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Fair Value Measurements (Details Textuals) (USD $) In Millions, unless otherwise specified	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010	Dec. 31, 2010
Fair Value Measurements (Textuals) [Abstract]
Average pull through percentage used in measuring fair value of interest rate lock commitments			77.00%		78.00%
Fair value assets measured on nonrecurring basis
Total foreclosure-related charges	$ 24	$ 20	$ 39	$ 43

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Credit Risk (Tables)

6 Months Ended

Jun. 30, 2011

Credit Risk [Abstract]

Information regarding the total loan servicing portfolio

Loan performance is an indicator of the inherent risk associated with our origination and servicing activities. In limited circumstances, the Company has exposure to possible losses on loans within the servicing portfolio due to loan repurchases and indemnifications, as further discussed below. The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others:

	June 30,		December 31,
	2011		2010
Loan Servicing Portfolio Composition:	(In millions)
Owned	$	144,615	$	140,160
Subserviced		29,036		25,915
Total servicing portfolio	$	173,651	$	166,075
Conventional loans	$	140,198	$	136,261
Government loans		26,810		23,100
Home equity lines of credit		6,643		6,714
Total servicing portfolio	$	173,651	$	166,075
Weighted-average interest rate		4.8%		4.9%

Information regarding Portfolio Delinquency

	June 30, 2011				December 31, 2010
	Number		Unpaid		Number		Unpaid
Portfolio Delinquency(1)	of Loans		Balance		of Loans		Balance
30 days	2.17	%	1.82	%	2.36	%	2.01	%
60 days	0.53	%	0.47	%	0.67	%	0.60	%
90 or more days	0.95	%	0.93	%	1.21	%	1.27	%
Total delinquency	3.65	%	3.22	%	4.24	%	3.88	%
Foreclosure/real estate owned (2)	2.06	%	2.13	%	2.30	%	2.37	%

(1)	Represents the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
(2)	As of June 30, 2011 and December 31, 2010, there were 16,913 and 18,554 of loans in foreclosure with unpaid principal balances of $3.0 billion and $3.3 billion, respectively.

Summary of the activity in foreclosure-related reserves

Foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and on-balance sheet loans in foreclosure and real estate owned. A summary of the activity in foreclosure-related reserves is as follows:

	Six Months Ended
	June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	111		$	86
Realized foreclosure losses		(35	)		(32	)
Increase in reserves due to:
Changes in assumptions		39			45
New loan sales		7			5
Balance, end of period	$	122		$	104

Carrying values of the mortgage loans in foreclosure and real estate owned are recorded within other assets

The carrying values of the mortgage loans in foreclosure and real estate owned are recorded within Other Assets on the Condensed Consolidated Balance Sheets as follows:

	June 30,			December 31,
	2011			2010
	(In millions)
Mortgage loans in foreclosure	$	120		$	128
Allowance for probable losses		(21	)		(22	)
Mortgage loans in foreclosure, net	$	99		$	106
Real Estate Owned	$	49		$	54
Adjustment to estimated net realizable value		(13	)		(15	)
Real Estate Owned, net	$	36		$	39

Summary of the activity in reinsurance-related reserves

A summary of the activity in reinsurance-related reserves is as follows:

	Six Months Ended
	June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	113		$	108
Realized reinsurance losses		(33	)		(6	)
Increase in liability for reinsurance losses		17			26
Balance, end of period	$	97		$	128

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Condensed Consolidated Statements of Changes in Equity (Unaudited) (USD $) In Millions, except Share data	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interest
Balance at Dec. 31, 2009	$ 1,504	$ 1	$ 1,056	$ 416	$ 19	$ 12
Balance, Shares at Dec. 31, 2009		54,774,639
Comprehensive (loss) income:
Net (loss) income	(118)			(125)		7
Currency translation adjustment	(2)				(2)
Unrealized gains on available-for-sale securities, net of income taxes	1				1
Total comprehensive (loss) income	(119)			(125)	(1)	7
Distributions to noncontrolling interest	(5)					(5)
Stock compensation expense	5		5
Stock issued under share-based payment plans, including excess tax benefit of $0	3		3
Stock issued under share-based payment plans, including excess tax benefit of $0, Shares		717,585
Ending Balance at Jun. 30, 2010	1,388	1	1,064	291	18	14
Ending Balance, Shares at Jun. 30, 2010		55,492,224
Balance at Dec. 31, 2010	1,578	1	1,069	465	29	14
Balance, Shares at Dec. 31, 2010		55,699,218
Comprehensive (loss) income:
Net (loss) income	15			8		7
Currency translation adjustment	6				6
Unrealized gains on available-for-sale securities, net of income taxes	1				1
Total comprehensive (loss) income	22			8	7	7
Distributions to noncontrolling interest	(12)					(12)
Stock compensation expense	4		4
Stock issued under share-based payment plans, including excess tax benefit of $0	6		6
Stock issued under share-based payment plans, including excess tax benefit of $0, Shares		631,495
Ending Balance at Jun. 30, 2011	$ 1,598	$ 1	$ 1,079	$ 473	$ 36	$ 9
Ending Balance, Shares at Jun. 30, 2011		56,330,713

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(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2011

(Loss) Earnings Per Share [Abstract]

Calculation of basic and diluted Earnings (loss) Per Share

The following table summarizes the calculations of basic and diluted (loss) earnings per share attributable to PHH Corporation for the periods indicated:

	Three Months						Six Months
	Ended June 30,						Ended June 30,
	2011			2010			2011		2010
	(In millions, except share and per share data)
Net (loss) income attributable to PHH Corporation	$	(41	)	$	(133	)	$	8	$	(125	)
Weighted-average common shares outstanding — basic		56,374,448			55,547,650			56,242,221		55,293,111
Effect of potentially dilutive securities:
Share-based payment arrangements(1)		—			—			619,926		—
Conversion of debt securities(2)		—			—			897,245		—
Weighted-average common shares outstanding — diluted		56,374,448			55,547,650			57,759,392		55,293,111
Basic (loss) earnings per share attributable to PHH Corporation	$	(0.73	)	$	(2.40	)	$	0.14	$	(2.26	)
Diluted (loss) earnings per share attributable to PHH Corporation	$	(0.73	)	$	(2.40	)	$	0.14	$	(2.26	)

(1)	Represents incremental shares from restricted stock units and stock options.
(2)	Represents assumed conversion of the 2012 Convertible notes.

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Derivatives (Details 1) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Forward delivery commitments subject to netting arrangements
Asset Derivatives	$ 131	$ 409
Liability Derivatives	88	182
Other Assets [Member] | Forward delivery commitments [Member]
Forward delivery commitments subject to netting arrangements
Asset Derivatives	15	10
Liability Derivatives	17	3
Other Liabilities [Member] | Forward delivery commitments [Member]
Forward delivery commitments subject to netting arrangements
Asset Derivatives	15	238
Liability Derivatives	17	65
Forward delivery commitments [Member]
Forward delivery commitments subject to netting arrangements
Asset Derivatives	30	248
Liability Derivatives	$ 34	$ 68

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Transfers and Servicing of Mortgage Loans (Tables)

6 Months Ended

Jun. 30, 2011

Transfers and Servicing of Mortgage Loans [Abstract]

Activity in loan servicing portfolio associated with capitalized servicing rights

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	134,753		$	127,700
Additions		18,649			12,381
Payoffs, sales and curtailments		(10,966	)		(9,984	)
Balance, end of period	$	142,436		$	130,097

Summary of Mortgage Servicing Rights

The activity in capitalized MSRs consisted of:

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Mortgage Servicing Rights:
Balance, beginning of period	$	1,442		$	1,413
Additions		257			195
Changes in fair value due to:
Realization of expected cash flows		(89	)		(110	)
Changes in market inputs or assumptions used in the valuation model		(102	)		(262	)
Balance, end of period	$	1,508		$	1,236

Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:

Contractually specified servicing fees, late fees and other ancillary servicing revenue were recorded within Loan servicing income as follows:

	Three Months				Six Months
	Ended June 30,				Ended June 30,
	2011		2010		2011		2010
	(In millions)
Net service fee revenue	$	110	$	99	$	216	$	196
Late fees		4		5		10		10
Other ancillary servicing revenue		8		8		19		18

Cash flows relating to loan sales in which the Company has continuing involvement:

The following table sets forth information regarding cash flows relating to loan sales in which the Company has continuing involvement:

	Six Months
	Ended June 30,
	2011			2010
	(In millions)
Proceeds from new loan sales or securitizations	$	18,818		$	12,599
Servicing fees received (1)		216			196
Other cash flows on retained interests (2)		—			1
Purchases of delinquent or foreclosed loans (3)		(20	)		(30	)
Servicing advances (4)		(884	)		(846	)
Repayment of servicing advances		846			829

(1)	Excludes late fees and other ancillary servicing revenue.
(2)	Represents cash flows received on retained interests other than servicing fees.
(3)	Excludes indemnification payments to investors and insurers of the related mortgage loans.
(4)	As of June 30, 2011 and December 31, 2010, outstanding servicing advance receivables of $218 million and $187 million, respectively, were included in Accounts receivable, net.

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Segment Information (Details) (USD $) In Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2011		Jun. 30, 2010	Jun. 30, 2011		Jun. 30, 2010	Dec. 31, 2010
Segment results
Net revenues	$ 516		$ 371	$ 1,181		$ 948
Segment profit (loss)	(70)		(222)	12		(203)
Total assets	8,749	[1]		8,749	[1]		11,270	[1]
Mortgage Production Segment [Member]
Segment results
Net revenues	169		202	383		354
Segment profit (loss)	25		49	77		74
Total assets	1,990			1,990			4,605
Mortgage Servicing Segment [Member]
Segment results
Net revenues	(58)		(238)	(1)		(202)
Segment profit (loss)	(113)		(284)	(99)		(297)
Total assets	2,291			2,291			2,291
Fleet Management Services Segment [Member]
Segment results
Net revenues	406		407	801		797
Segment profit (loss)	19		13	35		21
Total assets	4,333			4,333			4,216
Total reportable segments [Member]
Segment results
Net revenues	517		371	1,183		949
Segment profit (loss)	(69)		(222)	13		(202)
Other [Member]
Segment results
Net revenues	(1)			(2)		(1)
Segment profit (loss)	(1)			(1)		(1)
Total assets	$ 135			$ 135			$ 158

[1] The Condensed Consolidated Balance Sheets include assets of variable interest entities which can be used only to settle their obligations and liabilities of variable interest entities which creditors or beneficial interest holders do not have recourse to PHH Corporation and subsidiaries as follows:

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Fair Value Measurements (Details 6) (USD $) In Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Mortgage loans held for sale [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period	$ 157	$ 92	$ 172	$ 111
Realized and unrealized gains (losses)	2	(3)	(10)	(5)
Purchases	12		24
Issuances	131		308
Settlements	(131)		(304)
Purchases, issuances and settlements, net asset		15		(4)
Transfers into level three	36	8	84	26
Transfers out of level three	(52)	(9)	(119)	(25)
Balance, end of period	155	103	155	103
Mortgage servicing rights [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period	1,590	1,458	1,442	1,413
Realized and unrealized gains (losses)	(159)	(320)	(191)	(372)
Issuances	77		257
Purchases, issuances and settlements, net asset		98		195
Balance, end of period	1,508	1,236	1,508	1,236
Investments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period		1		12
Purchases, issuances and settlements, net asset		(1)		(1)
Transition adjustment				(11)
Balance, end of period		0		0
Interest rate lock commitments [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period	49	51	(4)	26
Realized and unrealized gains (losses)	249	379	433	581
Settlements	(250)		(381)
Purchases, issuances and settlements, net asset		(288)		(465)
Balance, end of period	48	142	48	142
Securitized mortgage loans [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period	37	49	42
Realized and unrealized gains (losses)		2	(1)	4
Settlements	(3)		(7)
Purchases, issuances and settlements, net asset		(4)		(8)
Transition adjustment				51
Balance, end of period	34	47	34	47
Mortgage loan securitization debt certificates [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation
Balance, beginning of period	28	37	30
Realized and unrealized (gains) losses for liabilities	1	1	2	2
Settlements, Liability	3		6
Purchases, issuances and settlements, net, liabilities		(3)		(7)
Transition adjustment, liability				40
Balance, end of period	$ 26	$ 35	$ 26	$ 35

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Millions	6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010
Cash flows from operating activities:
Net income (loss)	$ 15	$ (118)
Adjustments to reconcile Net income (loss) to net cash provided by (used in) operating activities:
Capitalization of originated mortgage servicing rights	(257)	(195)
Net unrealized loss on mortgage servicing rights	191	372
Vehicle depreciation	615	614
Other depreciation and amortization	12	11
Origination of mortgage loans held for sale	(17,376)	(13,649)
Proceeds on sale of and payments from mortgage loans held for sale	20,292	13,001
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(102)	(203)
Deferred income tax benefit	(6)	(85)
Other adjustments and changes in other assets and liabilities, net	(285)	55
Net cash provided by (used in) operating activities	3,099	(197)
Cash flows from investing activities:
Investment in vehicles	(819)	(797)
Proceeds on sale of investment vehicles	169	192
Proceeds on sale of mortgage servicing rights		5
Purchases of property, plant and equipment	(9)	(6)
Purchases of restricted investments	(109)	(288)
Proceeds from sales and maturities of restricted investments	122	48
(Increase) decrease in Restricted cash and cash equivalents	(14)	278
Other, net	22	6
Net cash used in investing activities	(638)	(562)
Cash flows from financing activities:
Proceeds from borrowings	27,142	22,125
Principal payments on borrowings	(29,564)	(21,301)
Issuances of Company Common Stock	8	6
Cash paid for debt issuance costs	(14)	(29)
Other, net	(12)	(8)
Net cash (used in) provided by financing activities	(2,440)	793
Effect of changes in exchange rates on Cash and cash equivalents	(4)
Net increase in Cash and cash equivalents	17	34
Cash and cash equivalents at beginning of period	195	150
Cash and cash equivalents at end of period	$ 212	$ 184

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Credit Risk

6 Months Ended

Jun. 30, 2011

Credit Risk [Abstract]

Credit Risk

9. Credit Risk

The Company is subject to the following forms of credit risk:

• Consumer credit risk—through mortgage banking activities as a result of originating and servicing residential mortgage loans

• Commercial credit risk—through fleet management and leasing activities

• Counterparty credit risk—through derivative transactions, sales agreements and various mortgage loan origination and servicing agreements

Consumer Credit Risk

The Company is not subject to the majority of the risks inherent in maintaining a mortgage loan portfolio because loans are not held for investment purposes and are generally sold to investors within 60 days of origination. The majority of mortgage loans sales are on a non-recourse basis; however, the Company has exposure in certain circumstances in its capacity as a loan originator and servicer to loan repurchases and indemnifications through representation and warranty provisions. Additionally, the Company has exposure through its reinsurance agreements that are inactive and in runoff.

Loan performance is an indicator of the inherent risk associated with our origination and servicing activities. In limited circumstances, the Company has exposure to possible losses on loans within the servicing portfolio due to loan repurchases and indemnifications, as further discussed below. The following tables summarize certain information regarding the total loan servicing portfolio, which includes loans associated with the capitalized Mortgage servicing rights as well as loans subserviced for others:

	June 30,		December 31,
	2011		2010
Loan Servicing Portfolio Composition:	(In millions)
Owned	$	144,615	$	140,160
Subserviced		29,036		25,915
Total servicing portfolio	$	173,651	$	166,075
Conventional loans	$	140,198	$	136,261
Government loans		26,810		23,100
Home equity lines of credit		6,643		6,714
Total servicing portfolio	$	173,651	$	166,075
Weighted-average interest rate		4.8%		4.9%

	June 30, 2011				December 31, 2010
	Number		Unpaid		Number		Unpaid
Portfolio Delinquency(1)	of Loans		Balance		of Loans		Balance
30 days	2.17	%	1.82	%	2.36	%	2.01	%
60 days	0.53	%	0.47	%	0.67	%	0.60	%
90 or more days	0.95	%	0.93	%	1.21	%	1.27	%
Total delinquency	3.65	%	3.22	%	4.24	%	3.88	%
Foreclosure/real estate owned (2)	2.06	%	2.13	%	2.30	%	2.37	%

(1)	Represents the loan servicing portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio.
(2)	As of June 30, 2011 and December 31, 2010, there were 16,913 and 18,554 of loans in foreclosure with unpaid principal balances of $3.0 billion and $3.3 billion, respectively.

Foreclosure-Related Reserves

Representations and warranties are provided to purchasers and insurers on a significant portion of loans sold and are assumed on purchased mortgage servicing rights. In the event of a breach of these representations and warranties, the Company may be required to repurchase a mortgage loan or indemnify the purchaser, and any loss on the mortgage loan may be borne by the Company. If there is no breach of a representation and warranty provision, there is no obligation to repurchase the loan or indemnify the investor against loss. In limited circumstances, the full risk of loss on loans sold is retained to the extent the liquidation of the underlying collateral is insufficient. In some instances where the Company has purchased loans from third parties, it may have the ability to recover the loss from the third party.

Foreclosure-related reserves are maintained for probable losses related to repurchase and indemnification obligations and on-balance sheet loans in foreclosure and real estate owned. A summary of the activity in foreclosure-related reserves is as follows:

	Six Months Ended
	June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	111		$	86
Realized foreclosure losses		(35	)		(32	)
Increase in reserves due to:
Changes in assumptions		39			45
New loan sales		7			5
Balance, end of period	$	122		$	104

Foreclosure-related reserves consist of the following:

Loan Repurchases and Indemnifications

The maximum exposure to representation and warranty provisions exceeds the amount of loans in the capitalized portfolio of $142.4 billion; however, the range of total possible losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties. As of June 30, 2011, approximately $197 million of loans have been identified in which the Company has full risk of loss or has identified a breach of representation and warranty provisions; 15% of which were at least 90 days delinquent (calculated based upon the unpaid principal balance of the loans).

As of June 30, 2011 and December 31, 2010, liabilities for probable losses related to repurchase and indemnification obligations of $88 million and $74 million, respectively, are included in Other liabilities in the Condensed Consolidated Balance Sheets.

Mortgage Loans in Foreclosure and Real Estate Owned

Mortgage loans in foreclosure represent the unpaid principal balance of mortgage loans for which foreclosure proceedings have been initiated, plus recoverable advances made on those loans. These amounts are recorded net of an allowance for probable losses on such mortgage loans and related advances.

Real estate owned, which are acquired from mortgagors in default, are recorded at the lower of the adjusted carrying amount at the time the property is acquired or fair value. Fair value is estimated based upon the estimated net realizable value of the underlying collateral less the estimated costs to sell.

The carrying values of the mortgage loans in foreclosure and real estate owned are recorded within Other Assets on the Condensed Consolidated Balance Sheets as follows:

	June 30,			December 31,
	2011			2010
	(In millions)
Mortgage loans in foreclosure	$	120		$	128
Allowance for probable losses		(21	)		(22	)
Mortgage loans in foreclosure, net	$	99		$	106
Real Estate Owned	$	49		$	54
Adjustment to estimated net realizable value		(13	)		(15	)
Real Estate Owned, net	$	36		$	39

Mortgage Reinsurance

The Company has exposure to consumer credit risk through losses from two contracts with primary mortgage insurance companies, that are inactive and in runoff. The exposure to losses through these reinsurance contracts is based on mortgage loans pooled by year of origination.

As of June 30, 2011, the contractual reinsurance period for each pool was 10 years and the weighted-average reinsurance period was 4.5 years. Loss rates on these pools are determined based on the unpaid principal balance of the underlying loans. The Company indemnifies the primary mortgage insurers for losses that fall between a stated minimum and maximum loss rate on each annual pool. In return for absorbing this loss exposure, the Company is contractually entitled to a portion of the insurance premium from the primary mortgage insurers.

The Company is required to hold cash and securities in trust related to this potential obligation, which were $246 million, included in Restricted cash, cash equivalents and investments in the Condensed Consolidated Balance Sheet as of June 30, 2011. The amount of cash and securities held in trust is contractually specified in the reinsurance agreements and is based on the original risk assumed under the contracts and the incurred losses to date.

As of June 30, 2011 the unpaid reinsurance losses outstanding were $8 million, and $97 million was included in Other liabilities in the Condensed Consolidated Balance Sheet for incurred and incurred but not reported losses associated with mortgage reinsurance activities (estimated on an undiscounted basis).

A summary of the activity in reinsurance-related reserves is as follows:

	Six Months Ended
	June 30,
	2011			2010
	(In millions)
Balance, beginning of period	$	113		$	108
Realized reinsurance losses		(33	)		(6	)
Increase in liability for reinsurance losses		17			26
Balance, end of period	$	97		$	128

Commercial Credit Risk

Vehicle leases are primarily classified as operating leases; however, certain leases are classified as direct financing leases and recorded within Net investment in fleet leases in the Condensed Consolidated Balance Sheets.

As of June 30, 2011 and December 31, 2010, direct financing leases greater than 90 days past due total $20 million and $19 million, respectively. As of June 30, 2011 and December 31, 2010, direct financing leases greater than 90 days that are still accruing interest were $18 million and $16 million and the allowance for credit losses was $2 million and $3 million, respectively.

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Credit Risk (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2011	Dec. 31, 2010
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	$ 173,651	$ 166,075
Weighted Average Interest Rate	4.80%	4.90%
Portfolio Delinquency
Number of Loans	3.65%	4.24%
Unpaid Balance	3.22%	3.88%
Number of Loans	2.06%	2.30%
Conventional loans [Member]
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	140,198	136,261
Government Loans [Member]
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	26,810	23,100
Home equity lines of credit [Member]
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	6,643	6,714
Owned [Member]
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	144,615	140,160
Subserviced [Member]
Loan Servicing Portfolio Composition:
Loan Servicing Portfolio	$ 29,036	$ 25,915
30 days [Member]
Portfolio Delinquency
Number of Loans	2.17%	2.36%
Unpaid Balance	1.82%	2.01%
60 days [Member]
Portfolio Delinquency
Number of Loans	0.53%	0.67%
Unpaid Balance	0.47%	0.60%
90 or more days [Member]
Portfolio Delinquency
Number of Loans	0.95%	1.21%
Unpaid Balance	0.93%	1.27%
Foreclosure/real estate owned [Member]
Portfolio Delinquency
Unpaid Balance	2.13%	2.37%

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Credit Risk (Details Textuals) (USD $)	6 Months Ended
	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Credit Risk (Textuals) [Abstract]
Number of days with in which loans are sold to investors	60 days
Number of Loans in Foreclosure	16,913	18,554
Unpaid principal balances	$ 3,000,000,000	$ 3,300,000,000
Loan repurchase and indemnification amount of loans sold	197,000,000
Percentage of identified breach of representation and warranty provisions	15.00%
Liabilities for probable losses related to repurchase and indemnification obligations	88,000,000	74,000,000
Contractual reinsurance period for each pool	10 years
Weighted average reinsurance period	4.5
Securities in trust included in Restricted cash, cash equivalents and investments	246,000,000
Unpaid reinsurance losses outstanding	8,000,000
Other liabilities associated with mortgage reinsurance activities	97,000,000	113,000,000	128,000,000	108,000,000
Direct finance leases greater than 90 days past due	20,000,000	19,000,000
Maximum amount of loans in capitalized portfolio	142,436,000,000
Direct financing leases, Accrued	18,000,000	16,000,000
Allowance for credit losses related to direct financing receivables	$ 2,000,000	$ 3,000,000
Guarantor Obligations, Maximum Exposure Inestimable	The maximum exposure to representation and warranty provisions exceeds the amount of loans in the capitalized portfolio of $142.4 billion; however, the range of total possible losses cannot be estimated because the Company does not service all of the loans for which it has provided representations or warranties.

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Fair Value Measurements (Details 7) (Fair Value, Measurements, Recurring [Member], USD $) In Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations
Gain on mortgage loans, net, related to assets and liabilities still held on balance sheet	$ 43	$ 133	$ 35	$ 130
Change in fair value of Mortgage servicing rights, related to assets and liabilities still held on balance sheet	(130)	(273)	(102)	(262)
Other Income, related to assets and liabilities still held on balance sheet			(3)	1
Mortgage loans held for sale [Member]
Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations
Gain on Mortgage Loans, Net	(1)	(5)	(16)	(10)
Mortgage interest income	3	2	6	5
Mortgage servicing rights [Member]
Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations
Change in fair value of mortgage servicing rights	(159)	(320)	(191)	(372)
Interest rate lock commitments, net [Member]
Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations
Gain on Mortgage Loans, Net	249	379	433	581
Securitized mortgage loans [Member]
Realized and unrealized gains and losses related to assets and liabilities classified within Level Three included in Statements of Operations
Mortgage interest income	1	2	2	3
Other income			(3)	1
Mortgage loan securitization debt certificates [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Mortgage interest expense	(1)	(2)	(2)	(3)
Other income		$ 1		$ 1

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Summary of Significant Accounting Policies (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended	6 Months Ended
	Mar. 31, 2011	Jun. 30, 2011
Summary of Significant Accounting Policies (Textuals) [Abstract]
PHH Corporation Ownership Interest prior to transaction	50.10%
Purchase price of STARS equity interest	$ 35
Cash payment received	20
Number of installments	3
Installment amount to be received	5
PHH Corporation Ownership Interest after transaction	49.90%
Initial Value of Equity Investment in STARS	34
Gain on Sale of STARS	$ 68	$ 68
Nature of Continuing Involvement in STARS joint venture	Subsequent to March 31, 2011, the Company will still participate in the appraisal services business through its interest in STARS, and will be entitled to its proportionate share of STARS’ earnings based on its 49.9% ownership interest

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Variable Interest Entities

6 Months Ended

Jun. 30, 2011

Variable Interest Entities [Abstract]

Variable Interest Entities

13. Variable Interest Entities

Significant variable interest entities included in the Condensed Consolidated Balance Sheets are as follows:

	June 30, 2011
			Chesapeake
			and D.L		FLRT and		Mortgage
	PHH Home		Peterson		PHH Lease		Securitization
	Loans		Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	28	$	5	$	—	$	—
Restricted cash(1)		—		219		42		—
Mortgage loans held for sale		358		—		—		—
Accounts receivable, net		5		74		—		—
Net investment in fleet leases		—		2,761		550		—
Property, plant and equipment, net		1		—		—		—
Other assets		10		9		4		34
Total assets	$	402	$	3,068	$	596	$	34
Assets held as collateral(2)	$	311	$	3,054	$	516	$	—
LIABILITIES
Accounts payable and accrued expenses	$	16	$	2	$	2	$	—
Debt		290		2,523		456		26
Other liabilities		5		—		—		—
Total liabilities(3)	$	311	$	2,525	$	458	$	26

	December 31, 2010
			Chesapeake
			and D.L		FLRT and		Mortgage
	PHH Home		Peterson		PHH Lease		Securitization
	Loans		Trust		Receivables LP		Trust
	(In millions)
ASSETS
Cash	$	40	$	4	$	—	$	—
Restricted cash(1)		—		202		39		—
Mortgage loans held for sale		384		—		—		—
Accounts receivable, net		14		50		—		—
Net investment in fleet leases		—		2,854		502		—
Property, plant and equipment, net		1		—		—		—
Other assets		10		12		18		42
Total assets	$	449	$	3,122	$	559	$	42
Assets held as collateral(2)	$	331	$	3,106	$	506	$	—
LIABILITIES
Accounts payable and accrued expenses	$	20	$	3	$	16	$	—
Debt		304		2,577		450		30
Other liabilities		5		—		—		—
Total liabilities(3)	$	329	$	2,580	$	466	$	30

(1)	Relates primarily to amounts collected for lease payments and related receivables specifically designated to purchase assets, to repay debt and/or to provide over-collateralization related to vehicle management asset-backed debt arrangements.
(2)	Relates to the entity’s borrowing arrangements and are not available to pay the Company’s general obligations. See Note 7, “Debt and Borrowing Arrangements” for further information.
(3)	Excludes intercompany payables.

PHH Home Loans

For the six months ended June 30, 2011, approximately 21% of the mortgage loans originated by the Company were derived from Realogy Corporation’s affiliates, of which approximately 83% were originated by PHH Home Loans.

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Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Millions, except Per Share data	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues
Mortgage fees	$ 56	$ 66	$ 142	$ 118
Fleet management fees	44	40	86	78
Net fee income	100	106	228	196
Fleet lease income	343	349	680	688
Gain on mortgage loans, net	119	139	178	244
Mortgage interest income	23	22	58	40
Mortgage interest expense	(48)	(41)	(102)	(79)
Mortgage net finance expense	(25)	(19)	(44)	(39)
Loan servicing income	117	97	225	198
Change in fair value of mortgage servicing rights	(159)	(320)	(191)	(372)
Net loan servicing (loss) income	(42)	(223)	34	(174)
Other income	21	19	105	33
Net revenues	516	371	1,181	948
Expenses
Salaries and related expenses	117	119	251	233
Occupancy and other office expenses	15	14	30	29
Depreciation on operating leases	309	306	615	614
Fleet interest expense	21	25	41	48
Other depreciation and amortization	6	5	12	11
Other operating expenses	114	117	213	209
Total expenses	582	586	1,162	1,144
(Loss) income before income taxes	(66)	(215)	19	(196)
Income tax (benefit) expense	(29)	(89)	4	(78)
Net (loss) income	(37)	(126)	15	(118)
Less: net income attributable to noncontrolling interest	4	7	7	7
Net (loss) income attributable to PHH Corporation	$ (41)	$ (133)	$ 8	$ (125)
Basic (loss) earnings per share attributable to PHH Corporation	$ (0.73)	$ (2.40)	$ 0.14	$ (2.26)
Diluted (loss) earnings per share attributable to PHH Corporation	$ (0.73)	$ (2.40)	$ 0.14	$ (2.26)

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Restricted Cash, Cash Equivalents and Investments (Details) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Restricted Cash, Cash Equivalents And Investments [Abstract]
Restricted cash and cash equivalents	$ 294	$ 277
Restricted investments, at fair value	241	254
Restricted cash, cash equivalents and investments	$ 535	$ 531

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Debt and Borrowing Arrangements (Details 1) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Financial Instruments Pledged as Collateral [Abstract]
Restricted cash, cash equivalents and investments	$ 535	$ 531
Accounts receivable	672	573
Mortgage loans held for sale	1,707	4,329
Net investment in fleet leases	3,526	3,492
Vehicle Management Asset-Backed Debt [Member] | Assets held as collateral [Member]
Financial Instruments Pledged as Collateral [Abstract]
Restricted cash, cash equivalents and investments	262
Accounts receivable	74
Net investment in fleet leases	3,264
Total	3,600
Mortgage Asset-Backed Debt [Member] | Assets held as collateral [Member]
Financial Instruments Pledged as Collateral [Abstract]
Restricted cash, cash equivalents and investments	9
Accounts receivable	90
Mortgage loans held for sale	1,390
Total	$ 1,489

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Credit Risk (Details 2) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010
Carrying values of the mortgage loans in foreclosure and real estate owned are recorded within other assets
Mortgage loans in foreclosure	$ 120	$ 128
Allowance for probable losses	(21)	(22)
Mortgage loans in foreclosure, net	99	106
Real Estate Owned	49	54
Adjustment to estimated net realizable value	(13)	(15)
Real Estate Owned, net	$ 36	$ 39

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Fair Value Measurements (Details 5) (USD $) In Millions	Jun. 30, 2011	Dec. 31, 2010	Jun. 30, 2010	Dec. 31, 2009
Assets:
Mortgage servicing rights	$ 1,508	$ 1,442	$ 1,236	$ 1,413
Debt:
Fair value of debt	5,900	8,200
Forward delivery commitments [Member] | Fair Value, Measurements, Recurring [Member] | Level Two [Member]
Other assets:
Other assets, fair value disclosure	43	309
Other liabilities:
Other liabilities, fair value disclosure	52	82
Interest rate contracts [Member] | Fair Value, Measurements, Recurring [Member] | Level Two [Member]
Other assets:
Other assets, fair value disclosure	2	4
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member] | Level Two [Member]
Other liabilities:
Other liabilities, fair value disclosure	1
Fair Value, Measurements, Recurring [Member] | Level Two [Member]
Assets:
Restricted investments	241	254
Mortgage loans held for sale	1,552	4,157
Fair Value, Measurements, Recurring [Member] | Level Two [Member] | Option Contracts [Member]
Other assets:
Other assets, fair value disclosure	3
Interest rate lock commitments [Member] | Fair Value, Measurements, Recurring [Member] | Level Three [Member]
Other assets:
Other assets, fair value disclosure	52	42
Other liabilities:
Other liabilities, fair value disclosure	4	46
Convertible note-related agreements [Member] | Fair Value, Measurements, Recurring [Member] | Level Three [Member]
Other assets:
Other assets, fair value disclosure	31	54
Other liabilities:
Other liabilities, fair value disclosure	31	54
Fair Value, Measurements, Recurring [Member] | Level Three [Member]
Assets:
Mortgage loans held for sale	155	172
Mortgage servicing rights	1,508	1,442
Fair Value, Measurements, Recurring [Member] | Level Three [Member] | Securitized mortgage loans [Member]
Other assets:
Other assets, fair value disclosure	34	42
Fair Value, Measurements, Recurring [Member] | Level Three [Member] | Mortgage loan securitization debt certificates [Member]
Debt:
Fair value of debt	26	30
Forward delivery commitments [Member] | Fair Value, Measurements, Recurring [Member] | Cash Collateral and Netting [Member]
Other assets:
Other assets, fair value disclosure	(23)	(241)
Other liabilities:
Other liabilities, fair value disclosure	(33)	(51)
Interest rate lock commitments [Member] | Fair Value, Measurements, Recurring [Member]
Other assets:
Other assets, fair value disclosure	52	42
Other liabilities:
Other liabilities, fair value disclosure	4	46
Forward delivery commitments [Member] | Fair Value, Measurements, Recurring [Member]
Other assets:
Other assets, fair value disclosure	20	68
Other liabilities:
Other liabilities, fair value disclosure	19	31
Interest rate contracts [Member] | Fair Value, Measurements, Recurring [Member]
Other assets:
Other assets, fair value disclosure	2	4
Convertible note-related agreements [Member] | Fair Value, Measurements, Recurring [Member]
Other assets:
Other assets, fair value disclosure	31	54
Other liabilities:
Other liabilities, fair value disclosure	31	54
Foreign Exchange Contract [Member] | Fair Value, Measurements, Recurring [Member]
Other liabilities:
Other liabilities, fair value disclosure	1
Fair Value, Measurements, Recurring [Member]
Assets:
Restricted investments	241	254
Mortgage loans held for sale	1,707	4,329
Mortgage servicing rights	1,508	1,442
Fair Value, Measurements, Recurring [Member] | Securitized mortgage loans [Member]
Other assets:
Other assets, fair value disclosure	34	42
Fair Value, Measurements, Recurring [Member] | Option Contracts [Member]
Other assets:
Other assets, fair value disclosure	3
Fair Value, Measurements, Recurring [Member] | Mortgage loan securitization debt certificates [Member]
Debt:
Fair value of debt	$ 26	$ 30

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Derivatives (Details 2) (USD $) In Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	$ 141	$ 181	$ 330	$ 322
Option Contracts [Member] | Gain on mortgage loans, net [Member]
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	(4)	(12)	(7)	(12)
Interest rate contracts [Member] | Fleet Interest Expense [Member]
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	(1)	(3)	(1)	(6)
Foreign Exchange Contract [Member] | Fleet Interest Expense [Member]
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	(3)	6	(5)	5
Interest rate lock commitments [Member] | Gain on mortgage loans, net [Member]
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	249	379	433	581
Forward delivery commitments [Member] | Gain on mortgage loans, net [Member]
Gains (losses) in the Consolidated Statement of Operations for derivative instruments
Total	$ (100)	$ (189)	$ (90)	$ (246)

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Derivatives (Details Textuals) (USD $) In Billions, except Share data	Jun. 30, 2011	Dec. 31, 2010
Derivatives (Textuals) [Abstract]
Number of shares of common stock	9,688,100	9,688,100
Forward delivery commitments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Net notional amount of forward delivery commitments	$ 5.7	$ 10.3

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Income Taxes (Details) (USD $) In Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Income tax expense was significantly impacted by the following items that increased (decreased) the effective tax rate:
State and local income taxes, net of federal tax benefits	$ (4)	$ (13)	$ 1	$ (12)
Liabilities for income tax contingencies			(8)	1
Changes in valuation allowance	2	3	6	5
Noncontrolling interest	$ (2)	$ (3)	$ (3)	$ (3)

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Restricted Cash, Cash Equivalents and Investments (Details 1) (USD $) In Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2011	Dec. 31, 2010
Restricted investments classified as available-for-sale:
Available-for-sale, Debt securities, Fair Value	$ 241	$ 254
Corporate Securities [Member] | Restricted Investments [Member]
Restricted investments classified as available-for-sale:
Available-for-sale Securities, Debt Maturities, Amortized Cost, Total	57	71
Available-for-sale, Debt securities, Fair Value	58	71
Available-for-sale, Debt securities, Unrealized Gains	1	0
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale, Debt securities, Weighted-average remaining maturity	29 months	30 months
Agency Securities [Member] | Restricted Investments [Member]
Restricted investments classified as available-for-sale:
Available-for-sale Securities, Debt Maturities, Amortized Cost, Total	111	106
Available-for-sale, Debt securities, Fair Value	112	107
Available-for-sale, Debt securities, Unrealized Gains	1	1
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale, Debt securities, Weighted-average remaining maturity	22 months	26 months
Government Securities [Member] | Restricted Investments [Member]
Restricted investments classified as available-for-sale:
Available-for-sale Securities, Debt Maturities, Amortized Cost, Total	71	76
Available-for-sale, Debt securities, Fair Value	71	76
Available-for-sale, Debt securities, Unrealized Gains	0	0
Available-for-sale Securities, Gross Unrealized Losses	0	0
Available-for-sale, Debt securities, Weighted-average remaining maturity	25 months	28 months
Restricted Investments [Member]
Restricted investments classified as available-for-sale:
Available-for-sale Securities, Debt Maturities, Amortized Cost, Total	239	253
Available-for-sale, Debt securities, Fair Value	241	254
Available-for-sale, Debt securities, Unrealized Gains	2	1
Available-for-sale Securities, Gross Unrealized Losses	$ 0	$ 0
Available-for-sale, Debt securities, Weighted-average remaining maturity	25 months	27 months