PHH Corporation Announces Comprehensive Review of Strategic Options to Maximize Shareholder Value

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

PHH Corporation PHH ("PHH" or the "Company") today announced that its Board of Directors and management are undertaking a comprehensive review of all strategic options, including capital structure and deployment alternatives, to maximize value for shareholders. The Company has retained Credit Suisse Securities (USA) LLC and J.P. Morgan as financial advisors and Jones Day as legal advisor to assist in the process, and the Board has retained Latham & Watkins as its legal advisor in connection with the process.

James O. Egan, Non-Executive Chairman of the Board, said, "In 2014, the Board and management took decisive action to separate the Fleet and Mortgage business. Since then, we have made considerable progress in strengthening our business and balance sheet by repurchasing shares, reducing our debt levels, renegotiating our private label contracts and re-engineering our cost structure. However, in light of changing industry and regulatory dynamics impacting our business, the Board and management have decided to undertake a comprehensive review of all strategic options, including capital allocation alternatives, to maximize shareholder value."

The Company has not made a decision at this time to pursue any specific transaction or any other strategic option. There can be no assurance that the review of strategic options will result in the completion of any transaction or other option. The Company expects to provide an update on the review on its next earnings conference call or earlier if the Company determines further disclosure is appropriate or required by law.

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.

PHH Corporation
Investors
Rob Crowl, 856-917-7118
robert.crowl@phh.com
or
Media
Dico Akseraylian, 856-917-0066
dico.akseraylian@phh.com

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Posted In: Press Releases
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