Market Overview

PHH Corporation Provides Update on Proposed Merger with Ocwen Financial Corporation

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PHH Corporation (NYSE:PHH) ("PHH" or the "Company") announced today an
update on its proposed merger with Ocwen Financial Corporation (NYSE: OCN) ("Ocwen").

PHH and Ocwen have been working diligently to meet all closing
conditions to the merger, including obtaining the requisite consents
from governmental agencies and state regulatory and licensing entities.
The parties have now received all state regulatory and governmental
entity consents in order to be in a position to close and intend to
consummate the merger within the next 10 days.

As previously announced on February 27, 2018, if the merger is
consummated, Ocwen will acquire all of the Company's outstanding shares
of common stock in an all cash transaction valued at approximately $360
million or $11.00 per fully diluted share.

About PHH Corporation

PHH Corporation (NYSE: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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