Madeline Flanagan Named Senior Vice President and General Counsel of PHH Corporation

Will Succeed William Brown Effective January 1, 2018

Leadership Changes Consistent with Previously Announced Management Transition Plans

PHH Corporation PHH ("PHH" or the "Company") today announced that Madeline Flanagan will succeed William Brown as Senior Vice President and General Counsel of PHH Corporation, effective January 1, 2018. Flanagan has served as Senior Vice President and General Counsel of PHH Mortgage, the Company's mortgage subsidiary, since 2012.

The Company announced on March 30, 2017 certain management changes it expects to make prior to the end of 2017. These changes are part of its previously announced plan to reduce costs as the Company transitions to a business focused on mortgage subservicing and portfolio retention services.

Robert B. Crowl, President and CEO of PHH Corporation, said, "We are fortunate to have a 15-year veteran of the Company and someone as qualified as Madeline ready to step into the General Counsel role. She has extensive experience across a number of legal and regulatory areas and has deep knowledge of the mortgage industry. She is a proven leader within our organization and I am confident she is the right person to lead the execution of our legal strategy to support our overall strategic direction."

Crowl added, "Bill has provided invaluable leadership and legal expertise for PHH for over three decades, a period in which the mortgage industry has experienced tremendous business, legal and regulatory changes. He has built an exceptional legal organization that oversaw multiple strategic transactions and has performed his duties as General Counsel with extraordinary devotion, a tireless work ethic and always with the highest standards of integrity. I want to thank Bill for his significant contributions to PHH during his 32-year tenure with the Company and his continuing support through the end of the year to ensure a smooth leadership transition."

The Company also announced that Ryan Melcher, Assistant General Counsel and Assistant Secretary of PHH Corporation, will assume the role of Corporate Secretary currently held by Brown. Melcher, who is currently responsible for all legal matters with respect to Finance and Capital Markets, will assume the role of Vice President, Deputy General Counsel and Corporate Secretary effective January 1, 2018 and will report to Flanagan.

Biographies

Madeline Flanagan joined PHH in 2002 with more than 25 years of experience as a mortgage and banking attorney. She was promoted to Senior Vice President and General Counsel of PHH Mortgage in 2012 and has responsibility for all aspects of legal services, including contract administration, licensing, regulatory compliance, mortgage transactions and mortgage litigation. Prior to joining PHH, Ms. Flanagan held legal roles at CoreStates Financial Corporation (now part of Wells Fargo) and Philadelphia Savings Fund Society. She earned her Bachelor of Arts degree from Cornell University and J.D. from Rutgers University School of Law, Camden.

Ryan Melcher joined PHH in 2013 and currently serves as Assistant General Counsel and Assistant Secretary. During his time with PHH, he has advised the Company on a variety of legal matters, including with respect to strategic transactions, securities law, corporate governance, capital markets, debt finance and treasury functions. Prior to joining PHH, Mr. Melcher spent nine years as a transactional attorney at Lowenstein Sandler LLP primarily focusing on a range of debt finance, mortgage finance and structured finance matters. He obtained his Bachelor of Arts degree from Brandeis University and J.D. from the University of North Carolina School of Law.

About PHH Corporation

PHH Corporation PHH, through its subsidiary PHH Mortgage, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing and portfolio retention solutions to investors of mortgage servicing rights, financial and wealth management institutions, regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. 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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