Variable Interest Entities (Tables)

9 Months Ended

Sep. 30, 2014

Variable Interest Entities

Schedule of significant variable interest entities included in the Consolidated Balance Sheets

	September 30, 2014				December 31, 2013
			Servicing
			Advance
	PHH Home		Receivables		PHH Home
	Loans		Trust		Loans
	(In millions)
ASSETS
Cash	$	83	$	—	$	91
Restricted cash	4		4		3
Mortgage loans held for sale	352		—		308
Accounts receivable, net	20		172		7
Property and equipment, net	1		—		2
Other assets	8		1		7
Total assets	$	468	$	177	$	418
Assets held as collateral(1)	$	339	$	176	$	300
LIABILITIES
Accounts payable and accrued expenses	$	14	$	—	$	15
Debt	324		118		280
Other liabilities	9		—		11
Total liabilities(2)	$	347	$	118	$	306

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(1) Represents amounts not available to pay the Company’s general obligations.  See Note 9, “Debt and Borrowing Arrangements” for further information.

(2) Excludes intercompany payables.