Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2018

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The results of discontinued operations are summarized below:

	Three Months Ended June 30,					Six Months Ended June 30,
	2018		2017			2018			2017
	(In millions)
Net revenues	$	2	$	81		$	9		$	155
Total expenses	—		90			11			192
Loss before income taxes	2		(9		)	(2		)	(37		)
Income tax benefit	—		(1		)	—			(11		)
Net loss	2		(8		)	(2		)	(26		)
Less: net loss attributable to noncontrolling interest	—		(4		)	—			(8		)
Income (loss) from discontinued operations attributable to PHH Corporation, net of tax	$	2	$	(4	)	$	(2	)	$	(18	)

Assets and Liabilities

The carrying amounts of major classes of assets and liabilities related to discontinued operations consisted of the following:

	June 30, 2018		December 31, 2017
	(In millions)
ASSETS
Cash and cash equivalents	$	—	$	33
Restricted cash	1		8
Mortgage loans held for sale	3		167
Accounts receivable, net	—		5
Other assets	—		1
Total assets related to discontinued operations	$	4	$	214
LIABILITIES
Accounts payable and accrued expenses	$	8	$	43
Mortgage warehouse and advance facilities	1		135
Mandatorily redeemable noncontrolling interest	—		20
Other liabilities	—		1
Total liabilities related to discontinued operations	$	9	$	199

The following table summarizes the significant adjustments necessary to reconcile Net loss to net cash provided by operating activities that relate to discontinued operations:

	Six Months Ended June 30,
	2018			2017
	(In millions)
Capitalization of originated mortgage servicing rights	$	(2	)	$	(10	)
Origination of mortgage loans held for sale	(52		)	(3,185		)
Proceeds on sale of and payments from mortgage loans held for sale	208			3,226
Net gain on interest rate lock commitments, mortgage loans held for sale and related derivatives	(1		)	(100		)
Deferred income tax benefit	—			(11		)