PHH Corp a Maryland corporation was incorporated in 1953. The Company is an outsource provider of mortgage and fleet management services. It provides mortgage banking services to a variety of clients, including financial institutions and real estate brokers, throughout the U.S. It conducts its business through three operating segments: Mortgage Production segment, Mortgage Servicing segment and Fleet Management Services segment. Its Mortgage Production segment provides mortgage services, including private-label mortgage services, to financial institutions and real estate brokers through PHH Mortgage. Within the retail platform, it operates through two business channels namely private label and real estate. The Mortgage Servicing segment services mortgage loans originated by PHH Mortgage, purchases mortgage servicing rights and acts as subservicer for certain clients that own the underlying servicing rights. The Company's Fleet Management Services segment provides commercial fleet management services to corporate clients and government agencies throughout the U.S. and Canada through its wholly owned subsidiary, PHH Vehicle Management Services Group LLC (PHH VMS). PHH VMS is a provider of fleet management services with a range of product offerings including managing and leasing vehicle fleets and providing other fee-based services for its clients' vehicle fleets. The Company's Mortgage Production and Mortgage Servicing segments are subject to numerous federal, state and local laws and regulations and might be subject to various judicial and administrative decisions imposing various requirements and restrictions on its business.