UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 Form 11-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from
                 to
 Commission File No. 1-7797
 
  PHH Corporation Employee Savings Plan
  PHH Corporation
3000 Leadenhall Road
Mt. Laurel, New Jersey 08054




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TABLE OF CONTENTS
  PageREPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
    
    1FINANCIAL STATEMENTS:Statements of Net Assets Available for Benefits as of December 31, 2010 and 2009
    
    2Statements of Changes in Net Assets Available for Benefits for the Years Ended
December 31, 2010 and 2009
    
    3Notes to Financial Statements
    
    4SUPPLEMENTAL SCHEDULE:Form 5500,
Part IV, Schedule H, Line 4i  Schedule of Assets (Held at End of
Year) as of 
December 31, 2010
    
    12SIGNATURES
    
    13EX-23.1: CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM




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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the PHH Corporation Employee Benefits Committee and Participants of the PHH Corporation Employee
Savings Plan:
      
 1




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
  December 31,2010
    
    
    2009ASSETS:Cash and cash equivalents
    
    $
    37,712
    
    
    $
    40,568Participant-directed investments, at fair value
    
    
    239,326,695
    
    
    
    215,800,500Loans to participants
    
    
    7,641,385
    
    
    
    7,696,828Receivables:Participant contributions
    
    
    314
    
    
    
    963Employer contributions
    
    
    84
    
    
    
    297Interest and dividends
    
    
    30,540
    
    
    
    30,451Total receivables
    
    
    30,938
    
    
    
    31,711NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
    
    
    247,036,730
    
    
    
    223,569,607Adjustment from fair value to contract value
for fully benefit responsive 
investment
contracts (Note 2)
    
    
    
    
    
    
    2,700,291NET ASSETS AVAILABLE FOR BENEFITS
    
    $
    247,036,730
    
    
    $
    226,269,898
  2




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
 Year Ended December 31,2010
    
    
    2009ADDITIONS TO NET ASSETS:Contributions:Participant
    
    $
    12,485,683
    
    
    $
    13,214,010Employer
    
    
    6,017,484
    
    
    
    6,416,843Rollovers
    
    
    496,037
    
    
    
    246,476Total contributions
    
    
    18,999,204
    
    
    
    19,877,329Net investment income:Interest and dividends
    
    
    4,831,180
    
    
    
    3,869,234Net appreciation in investments
    
    
    21,295,414
    
    
    
    39,860,632Total net investment income
    
    
    26,126,594
    
    
    
    43,729,866Assets transferred in from the
PHH Home Loans, LLC Employee

Savings Plan
    
    
    617,116
    
    
    
    969,223Total net additions
    
    
    45,742,914
    
    
    
    64,576,418DEDUCTIONS FROM NET ASSETS:Benefits paid to participants
    
    
    23,814,118
    
    
    
    21,984,941Assets transferred out to the
PHH Home Loans, LLC Employee
Savings 
Plan
    
    
    1,147,679
    
    
    
    1,033,433Administrative expenses
    
    
    14,285
    
    
    
    14,221Total deductions
    
    
    24,976,082
    
    
    
    23,032,595NET INCREASE IN NET ASSETS
    
    
    20,766,832
    
    
    
    41,543,823NET ASSETS AVAILABLE FOR BENEFITS:BEGINNING OF YEAR
    
    
    226,269,898
    
    
    
    184,726,075END OF YEAR
    
    $
    247,036,730
    
    
    $
    226,269,898
  3




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 1. Description of the Plan
 
  General
  Plan Provisions
 Eligibility.
 Participant Accounts.
 Participant Contributions.
 Employer Contributions.
 Rollovers.
 Investments.
 4




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 Vesting.
 Loans to Participants.
 Payment of Benefits to Participants.
   Forfeitures.
 Transfers.
 Administrative Expenses.
 Plan Termination.
 5




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 2. Summary of Significant Accounting Policies
 
 Basis of Accounting
  Cash and Cash Equivalents
  Investments and Income Recognition
    Fair Value Measurements
  6




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
  Level One .
 Level Two .
 Level Three .
  Use of Estimates
  Risks and Uncertainties
  Subsequent Events
  Changes in Accounting Policies
 Fair Value Measurements.
 7




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 Participant Loans.
 3. Investments
 
  December 31,2010
    
    
    2009Bank of America, N.A. Retirement Preservation Trust (1) (2)
    
    $
    40,126,156
    
    
    $
    37,225,501Pimco Total Return Fund
    
    
    29,399,499
    
    
    
    25,634,883Harbor International Fund
    
    
    21,295,856
    
    
    
    20,089,596Goldman Sachs Growth Opportunities Fund
    
    
    16,151,651
    
    
    
    15,769,039Davis New York Venture Fund
    
    
    15,977,811
    
    
    
    15,249,538Oppenheimer Capital Appreciation Fund
    
    
    15,826,311
    
    
    
    15,413,921Harbor Small Cap Value Fund (3)
    
    
    14,272,423
    
    
    
    10,271,120Harding Loevner Emerging Markets Collective Investment Fund
    
    
    13,769,956
    
    
    
    11,710,252Bank of America, N.A. Equity Index Trust (3)
    
    
    12,749,798
    
    
    
    9,936,402
 
 (1)
    
    Exempt party-in-interest transaction (See Note 6, Exempt Party-in-Interest
Transactions).(2)
    
    The contract value of the Bank of America, N.A. Retirement Preservation Trust was
$39,925,792 as of December 31, 2009. See Note 2  Summary of Significant Accounting
Policies for a description of the change in accounting method from contract value to fair
value accounting effective on October 6, 2010.(3)
    
    Less than 5% of net assets available for benefits as of December 31, 2009, but
included for comparative purposes.
  Year Ended December 31,2010
    
    
    2009Mutual funds
    
    $
    16,346,289
    
    
    $
    32,126,347Common/collective trusts
    
    
    4,653,407
    
    
    
    7,566,760Common stocks (1)
    
    
    295,718
    
    
    
    167,525$
    21,295,414
    
    
    $
    39,860,632
 
 (1)
    
    Exempt party-in-interest transaction (See Note 6, Exempt Party-in-Interest
Transactions).
 8




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 4. Fair Value Measurements
 
  Mutual Funds.
 Common/Collective Trusts.
  Money Market Funds.
 Common Stock.
  December 31, 2010Level
    
    
    Level
    
    
    LevelOne
    
    
    Two
    
    
    Three
    
    TotalParticipant-directed investments:Mutual funds:Growth funds
    
    $
    48,192,600
    
    
    $
    
    
    
    $
    
    
    
    $
    48,192,600Blended funds
    
    
    34,890,345
    
    
    
    
    
    
    
    
    
    
    
    34,890,345Fixed income funds
    
    
    32,484,912
    
    
    
    
    
    
    
    
    
    
    
    32,484,912International fund
    
    
    21,295,856
    
    
    
    
    
    
    
    
    
    
    
    21,295,856Value funds
    
    
    19,355,944
    
    
    
    
    
    
    
    
    
    
    
    19,355,944Balanced fund
    
    
    11,147,598
    
    
    
    
    
    
    
    
    
    
    
    11,147,598Common/collective trusts:Fixed income fund
    
    
    
    
    
    
    40,126,156
    
    
    
    
    
    
    
    40,126,156International emerging markets fund
    
    
    
    
    
    
    13,769,956
    
    
    
    
    
    
    
    13,769,956Index fund
    
    
    
    
    
    
    12,749,798
    
    
    
    
    
    
    
    12,749,798International fund
    
    
    
    
    
    
    4,366,073
    
    
    
    
    
    
    
    4,366,073Common stock
    
    
    861,529
    
    
    
    
    
    
    
    
    
    
    
    861,529Money market funds
    
    
    
    
    
    
    85,928
    
    
    
    
    
    
    
    85,928Total Participant-directed investments
    
    $
    168,228,784
    
    
    $
    71,097,911
    
    
    $
    
    
    
    $
    239,326,695
 9




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 December 31, 2009Level
    
    
    Level
    
    
    LevelOne
    
    
    Two
    
    
    Three
    
    TotalParticipant-directed investments:Mutual funds:Growth funds
    
    $
    44,606,930
    
    
    $
    
    
    
    $
    
    
    
    $
    44,606,930Blended funds
    
    
    29,430,571
    
    
    
    
    
    
    
    
    
    
    
    29,430,571Fixed income funds
    
    
    28,343,348
    
    
    
    
    
    
    
    
    
    
    
    28,343,348International fund
    
    
    20,089,596
    
    
    
    
    
    
    
    
    
    
    
    20,089,596Value funds
    
    
    19,005,848
    
    
    
    
    
    
    
    
    
    
    
    19,005,848Balanced fund
    
    
    11,107,649
    
    
    
    
    
    
    
    
    
    
    
    11,107,649Common/collective trusts:Stable value fund
    
    
    
    
    
    
    37,225,501
    
    
    
    
    
    
    
    37,225,501International emerging markets fund
    
    
    
    
    
    
    11,710,252
    
    
    
    
    
    
    
    11,710,252Index fund
    
    
    
    
    
    
    9,936,402
    
    
    
    
    
    
    
    9,936,402International fund
    
    
    
    
    
    
    3,481,689
    
    
    
    
    
    
    
    3,481,689Common stock
    
    
    723,593
    
    
    
    
    
    
    
    
    
    
    
    723,593Money market funds
    
    
    
    
    
    
    139,121
    
    
    
    
    
    
    
    139,121Total Participant-directed investments
    
    $
    153,307,535
    
    
    $
    62,492,965
    
    
    $
    
    
    
    $
    215,800,500
 5. Federal Income Tax Status
 
   6. Exempt Party-in-Interest Transactions
 
   10




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PHH CORPORATION EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
  7. Reconciliation of Financial Statements to Form 5500
 
  Statement of Changes in Net Assets Available for Benefits:Net increase in net assets per the financial statements
    
    $
    20,766,832Assets transferred in from the PHH Home Loans, LLC Employee Savings Plan
    
    
    (617,116
    )Assets transferred out to the PHH Home Loans, LLC Employee Savings Plan
    
    
    1,147,679Net income per Form 5500
    
    $
    21,297,395
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PHH CORPORATION EMPLOYEE SAVINGS PLAN

FORM 5500, PART IV, SCHEDULE H, LINE 4i  SCHEDULE OF ASSETS (HELD AT END OF YEAR)
DECEMBER 31, 2010
  Identity of Issue, Borrower, Current
    
    DescriptionLessor or Similar Party
    
    of Investment
    
    Cost (1)
    
    
    Current ValuePHH Corporation Common Stock(2)
    
    Common stock
    
    
    
    
    
    $
    861,529Bank of America, N.A. Retirement Preservation
Trust(2)
    
    Common/collective trust
    
    
    
    
    
    
    40,126,156Harding Loevner Emerging Markets Collective
Investment Fund
    
    Common/collective trust
    
    
    
    
    
    
    13,769,956Bank of America, N.A. Equity Index Trust(2)
    
    Common/collective trust
    
    
    
    
    
    
    12,749,798Oppenheimer OFTIC International Growth Fund
    
    Common/collective trust
    
    
    
    
    
    
    4,366,073Pimco Total Return Fund
    
    Mutual fund
    
    
    
    
    
    
    29,399,499Harbor International Fund
    
    Mutual fund
    
    
    
    
    
    
    21,295,856Goldman Sachs Growth Opportunities Fund
    
    Mutual fund
    
    
    
    
    
    
    16,151,651Davis New York Venture Fund
    
    Mutual fund
    
    
    
    
    
    
    15,977,811Oppenheimer Capital Appreciation Fund
    
    Mutual fund
    
    
    
    
    
    
    15,826,311Harbor Small Cap Value Fund
    
    Mutual fund
    
    
    
    
    
    
    14,272,423The Oakmark Equity and Income Fund
    
    Mutual fund
    
    
    
    
    
    
    11,147,598Pioneer Mid-Cap Value Fund
    
    Mutual fund
    
    
    
    
    
    
    10,986,093American Growth Fund of America
    
    Mutual fund
    
    
    
    
    
    
    10,394,481MFS Value Fund
    
    Mutual fund
    
    
    
    
    
    
    8,369,851Vanguard Explorer Fund
    
    Mutual fund
    
    
    
    
    
    
    5,820,157DWS RReef Real Estate Securities Fund
    
    Mutual fund
    
    
    
    
    
    
    4,640,111Lord Abbett Bond Debenture Fund
    
    Mutual fund
    
    
    
    
    
    
    3,085,413FFI Government Fund
    
    Money market fund
    
    
    
    
    
    
    85,928Loans to participants(3)
    
    
    
    
    
    
    
    
    7,641,385Cash and cash equivalents
    
    
    
    
    
    
    
    
    37,712Total
    
    
    
    
    
    
    
    $
    247,005,792
 
 (1)
    
    Cost information is not required for participant-directed investments.(2)
    
    Represents an exempt party-in-interest transaction.(3)
    
    Maturity dates range from January 2011 to November 2025 and annual
interest rates range from 4.3% to 10.5%.
 12




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SIGNATURES
  PHH Corporation Employee Savings PlanBy:
    
    /s/ David ColesName:
    
    David ColesTitle:
    
    Member, Employee Benefits Committee  13