PHH Corporation Announces the Completion of its Previously Announced $100 Million Open Market Share Repurchase Program

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--

PHH Corporation PHH ("PHH" or the "Company") today announced the completion of its $100 million open market share repurchase program previously announced on November 4, 2015. Under the terms of the program, the Company repurchased a total of approximately 6.35 million shares of common stock at an average share price of $15.75.

Glen A. Messina, president and CEO of PHH Corporation, said, "With the successful completion of our $100 million open market share repurchase program, we have repurchased more than 10 percent of the shares outstanding at the commencement of the open market share repurchase program, further demonstrating our commitment to generating shareholder value and executing a capital deployment framework to help achieve our long-term return objectives."

The share repurchases were executed as part of an authorization by the Company's Board of Directors to repurchase up to $250 million of common stock in open market share repurchases prior to December 31, 2016. With the completion of the $100 million program, $150 million remains under this authorization. In considering whether to proceed with any additional share repurchases pursuant to the remaining authorization, the Company will closely monitor regulatory developments and evaluate its overall capital structure, liquidity position and the nature of other potential uses of cash, including investments in growth.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of end-to-end mortgage solutions through its subsidiary, PHH Mortgage. Its outsourcing model and proven expertise, combined with a strong commitment to operational excellence and customer service, has enabled PHH Mortgage to become one of the largest non-bank originators and servicers of residential mortgages in the United States. PHH Mortgage provides mortgage solutions for the real estate market and financial institutions, and offers home financing directly to consumers. For additional information, please visit www.phh.com.

Forward-Looking Statements

Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only our current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as "expects," "anticipates," "intends," "projects," "estimates," "plans," "may increase," "may fluctuate" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could."

You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in our periodic reports filed with the U.S. Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by us or our businesses generally. Such periodic reports are available in the "Investors" section of our website at http://www.phh.com and are also available at http://www.sec.gov. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events.

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