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 Home Loans, LLC 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 Home Loans, LLC Employee Benefits Committee and Participants of the PHH Home Loans, LLC
Employee Savings Plan:
      
 1




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
 
 STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
  December 31,2010
    
    
    2009ASSETS:Cash and cash equivalents
    
    $
    12
    
    
    $
    128Participant-directed investments, at fair value
    
    
    75,363,915
    
    
    
    64,318,849Loans to participants
    
    
    2,624,070
    
    
    
    2,755,178Receivables:Participant contributions
    
    
    174
    
    
    
    1,559Employer contributions
    
    
    29
    
    
    
    1,389Interest and dividends
    
    
    9,088
    
    
    
    9,061Total receivables
    
    
    9,291
    
    
    
    12,009NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
    
    
    77,997,288
    
    
    
    67,086,164Adjustment from fair value to contract value
for fully benefit responsive 
investment
contracts (Note 2)
    
    
    
    
    
    
    803,380NET ASSETS AVAILABLE FOR BENEFITS
    
    $
    77,997,288
    
    
    $
    67,889,544
  2




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN

STATEMENTS OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
  Year Ended December 31,2010
    
    
    2009ADDITIONS TO NET ASSETS:Contributions:Participant
    
    $
    5,158,501
    
    
    $
    5,021,574Employer
    
    
    2,480,189
    
    
    
    2,464,549Rollovers
    
    
    38,293
    
    
    
    53,435Total contributions
    
    
    7,676,983
    
    
    
    7,539,558Net investment income:Interest and dividends
    
    
    1,521,290
    
    
    
    1,162,370Net appreciation in investments
    
    
    6,543,798
    
    
    
    11,979,733Total net investment income
    
    
    8,065,088
    
    
    
    13,142,103Assets transferred in from the PHH Corporation Employee Savings Plan
    
    
    1,147,679
    
    
    
    1,033,433Total net additions
    
    
    16,889,750
    
    
    
    21,715,094DEDUCTIONS FROM NET ASSETS:Benefits paid to participants
    
    
    6,161,435
    
    
    
    4,883,485Assets transferred out to the PHH Corporation Employee Savings Plan
    
    
    617,116
    
    
    
    969,223Administrative expenses
    
    
    3,455
    
    
    
    3,050Total deductions
    
    
    6,782,006
    
    
    
    5,855,758NET INCREASE IN NET ASSETS
    
    
    10,107,744
    
    
    
    15,859,336NET ASSETS AVAILABLE FOR BENEFITS:BEGINNING OF YEAR
    
    
    67,889,544
    
    
    
    52,030,208END OF YEAR
    
    $
    77,997,288
    
    
    $
    67,889,544
  3




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
 
 NOTES TO FINANCIAL STATEMENTS
 1. Description of the Plan
 
  General
   Plan Provisions
 Eligibility.
 Participant Accounts.
 Participant Contributions.
 Employer Contributions.
 4




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 Rollovers.
 Investments.
 Vesting.
 Loans to Participants.
 Payment of Benefits to Participants.
  Forfeitures.
 Transfers.
 Administrative Expenses.
 Plan Termination.
 5




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PHH HOME LOANS, LLC 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 HOME LOANS, LLC 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 HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 Participant Loans.
 3. Investments
  December 31,2010
    
    
    2009Bank of America, N.A. Retirement Preservation Trust (1) (2)
    
    $
    13,116,987
    
    
    $
    11,075,178Pimco Total Return Fund
    
    
    8,962,006
    
    
    
    7,525,807Harbor International Fund
    
    
    7,279,466
    
    
    
    6,558,555Davis New York Venture Fund
    
    
    5,588,031
    
    
    
    4,938,563Goldman Sachs Growth Opportunities Fund
    
    
    5,372,845
    
    
    
    4,739,122Harding Loevner Emerging Markets Collective Investment Fund
    
    
    4,708,893
    
    
    
    4,271,415Oppenheimer Capital Appreciation Fund
    
    
    4,478,946
    
    
    
    4,048,193The Oakmark Equity and Income Fund (3)
    
    
    3,831,843
    
    
    
    3,961,815
 
 (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
$11,878,558 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, 2010, but
included for comparative purposes.  Year Ended December 31,2010
    
    
    2009Mutual funds
    
    $
    5,351,617
    
    
    $
    9,908,427Common/collective trusts
    
    
    1,156,104
    
    
    
    2,050,934Common stocks (1)
    
    
    36,077
    
    
    
    20,372$
    6,543,798
    
    
    $
    11,979,733
 
 (1)
    
    Exempt party-in-interest transaction (See Note 6, Exempt Party-in-Interest
Transactions). 4. Fair Value Measurements
  Mutual Funds.
 8




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 Common/Collective Trusts.
  Money Market Funds.
 Common Stock.
  December 31, 2010Level
    
    
    Level
    
    
    LevelOne
    
    
    Two
    
    
    Three
    
    
    TotalParticipant-directed investments:Mutual funds:Growth funds
    
    $
    14,684,072
    
    
    $
    
    
    
    $
    
    
    
    $
    14,684,072Blended funds
    
    
    11,056,771
    
    
    
    
    
    
    
    
    
    
    
    11,056,771Fixed income funds
    
    
    9,818,785
    
    
    
    
    
    
    
    
    
    
    
    9,818,785International funds
    
    
    9,635,118
    
    
    
    
    
    
    
    
    
    
    
    9,635,118Value funds
    
    
    5,648,054
    
    
    
    
    
    
    
    
    
    
    
    5,648,054Balanced fund
    
    
    3,831,843
    
    
    
    
    
    
    
    
    
    
    
    3,831,843Common/collective trusts:Fixed income fund
    
    
    
    
    
    
    13,116,987
    
    
    
    
    
    
    
    13,116,987International emerging markets fund
    
    
    
    
    
    
    4,708,893
    
    
    
    
    
    
    
    4,708,893Index fund
    
    
    
    
    
    
    2,590,052
    
    
    
    
    
    
    
    2,590,052Money market funds
    
    
    
    
    
    
    201,407
    
    
    
    
    
    
    
    201,407Common stock
    
    
    71,933
    
    
    
    
    
    
    
    
    
    
    
    71,933Total Participant-directed investments
    
    $
    54,746,576
    
    
    $
    20,617,339
    
    
    $
    
    
    
    $
    75,363,915
 9




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PHH HOME LOANS, LLC EMPLOYEE SAVINGS PLAN
NOTES TO FINANCIAL STATEMENTS
 December 31, 2009Level
    
    
    Level
    
    
    LevelOne
    
    
    Two
    
    
    Three
    
    
    TotalParticipant-directed investments:Mutual funds:Growth funds
    
    $
    12,759,648
    
    
    $
    
    
    
    $
    
    
    
    $
    12,759,648Blended funds
    
    
    8,931,348
    
    
    
    
    
    
    
    
    
    
    
    8,931,348International funds
    
    
    8,262,724
    
    
    
    
    
    
    
    
    
    
    
    8,262,724Fixed income funds
    
    
    8,231,680
    
    
    
    
    
    
    
    
    
    
    
    8,231,680Value funds
    
    
    4,711,327
    
    
    
    
    
    
    
    
    
    
    
    4,711,327Balanced fund
    
    
    3,961,815
    
    
    
    
    
    
    
    
    
    
    
    3,961,815Common/collective trusts:Stable value fund
    
    
    
    
    
    
    11,075,178
    
    
    
    
    
    
    
    11,075,178International emerging markets fund
    
    
    
    
    
    
    4,271,415
    
    
    
    
    
    
    
    4,271,415Index fund
    
    
    
    
    
    
    1,929,027
    
    
    
    
    
    
    
    1,929,027Money market funds
    
    
    
    
    
    
    99,006
    
    
    
    
    
    
    
    99,006Common stock
    
    
    85,681
    
    
    
    
    
    
    
    
    
    
    
    85,681Total Participant-directed investments
    
    $
    46,944,223
    
    
    $
    17,374,626
    
    
    $
    
    
    
    $
    64,318,849
 5. Federal Income Tax Status
   6. Exempt Party-in-Interest Transactions
    10




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PHH HOME LOANS, LLC 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
    
    $
    10,107,744Assets transferred in from the PHH Corporation Employee Savings Plan
    
    
    (1,147,679
    )Assets transferred out to the PHH Corporation Employee Savings Plan
    
    
    617,116Net income per Form 5500
    
    $
    9,577,181
 11




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PHH HOME LOANS, LLC 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
    
    Description
    
    
    
    
    
    

    CurrentLessor or Similar Party
    
    of Investment
    
    
    Cost (1)
    
    
    ValuePHH Corporation Common Stock(2)
    
    Common stock
    
    
    
    
    
    $
    71,933Bank of America, N.A. Retirement Preservation
Trust(2)
    
    Common/collective trust
    
    
    
    
    
    
    13,116,987Harding Loevner Emerging Markets Collective
Investment Fund
    
    Common/collective trust
    
    
    
    
    
    
    4,708,893Bank of America, N.A. Equity Index
Trust (2)
    
    Common/collective trust
    
    
    
    
    
    
    2,590,052Pimco Total Return Fund
    
    Mutual fund
    
    
    
    
    
    
    8,962,006Harbor International Fund
    
    Mutual fund
    
    
    
    
    
    
    7,279,466Davis New York Venture Fund
    
    Mutual fund
    
    
    
    
    
    
    5,588,031Goldman Sachs Growth Opportunities Fund
    
    Mutual fund
    
    
    
    
    
    
    5,372,845Oppenheimer Capital Appreciation Fund
    
    Mutual fund
    
    
    
    
    
    
    4,478,946Harbor Small Cap Value Fund
    
    Mutual fund
    
    
    
    
    
    
    3,851,280The Oakmark Equity and Income Fund
    
    Mutual fund
    
    
    
    
    
    
    3,831,843Pioneer Mid-Cap Value Fund
    
    Mutual fund
    
    
    
    
    
    
    3,606,837American Growth Fund of America
    
    Mutual fund
    
    
    
    
    
    
    3,404,267Oppenheimer International Growth Fund
    
    Mutual fund
    
    
    
    
    
    
    2,355,652MFS Value Fund
    
    Mutual fund
    
    
    
    
    
    
    2,041,217DWS RReef Real Estate Securities Fund
    
    Mutual fund
    
    
    
    
    
    
    1,617,460Vanguard Explorer Fund
    
    Mutual fund
    
    
    
    
    
    
    1,428,014Lord Abbett Bond Debenture Fund
    
    Mutual fund
    
    
    
    
    
    
    856,779FFI Government Fund
    
    Money market fund
    
    
    
    
    
    
    201,407Loans to participants(3)
    
    
    
    
    
    
    
    
    
    
    2,624,070Cash and cash equivalents
    
    
    
    
    
    
    
    
    
    
    12Total
    
    
    
    
    
    
    
    
    
    $
    77,987,997
 
 (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 October 2025 and annual
interest rates range from 4.3% to 10.5%. 12




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SIGNATURES
  PHH Home Loans, LLC Employee Savings PlanBy:
    /s/ David ColesName:
    David ColesTitle:

    Member, Employee Benefits Committee  13