|         |                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss attributable to PHH Corporation of $133 million or $2.49 per basic share, which includes $73 million of pre-tax expenses related to notable items, a $55 million pre-tax unfavorable market-related fair value adjustment to our mortgage servicing rights (MSRs), net of derivatives related to MSRs and $41 million of pre-tax expenses related to PLS Exit and disposal costs. |

|         |                                                                                                                                                                                                              |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Entered into agreements to monetize certain MSR assets and our investment in the PHH Home Loans joint venture for total proceeds of up to $1.07 billion(1) before estimated transaction and other costs. |

|         |                                                                                                                                                                                    |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Estimates up to $550 million(2) of excess cash based on certain assumptions for asset sales, working capital, contingencies and transaction, restructuring and PLS exit costs. |

|         |                                                                                                                                                                       |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Intends to operate as a smaller, capital light business comprised of subservicing and portfolio retention services with solid prospects for profitability and growth. |

|         |                                                                                                                                                                                          |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Ended 4Q16 with $906 million of Cash and cash equivalents, $690 million of MSRs, approximately $1.1 billion of Total equity and Tangible book value per share of $20.37. |

|         |                                                                                                                                                                                                                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Mortgage applications and Total closings totaled $8.1 billion and $8.9 billion in 4Q16, respectively, representing a 21% decrease and an insignificant increase from $10.2 billion and $8.8 billion in 4Q15, respectively.  Total loan margin increased 100 bps to 405 bps in 4Q16. |

----

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Estimated proceeds reflect the composition of the MSR portfolio and related servicing advances as of December 31, 2016.  Estimated proceeds assumes the closing of the sale of all our MSRs and the monetization of our investment in PHH Home Loans, each of which are subject to various conditions to closing, and that 100% of required approvals, investor consents and origination source consents are received for the sale of our MSRs.  The final proceeds are dependent on a number of factors, including the amount and type of consents received, the composition of the portfolio and related servicing advances outstanding on each sale date.  There can be no assurances whether, or when, the sale transactions will close or that we will receive the total amount of expected proceeds. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | The amount of excess cash is dependent upon a variety of factors, including the execution of the sale of all of our MSRs as noted above, the monetization of our investment in PHH Home Loans, the successful completion of our PLS exit activities, the resolution of our outstanding legal and regulatory matters and the successful completion of other restructuring and capital management activities in accordance with our assumptions.  There can be no assurances that the actions resulting from the completion of our strategic review will result in the amount of estimated excess cash. |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Summary Consolidated Results                                                  |   |   |   |   |
| (In millions, except per share amounts)                                       |   |   |   |   |   |   |   |   |
|                                                                          |   | Three Months Ended December 31, |   | Year EndedDecember 31, |
|                                                                          |   | 2016 |   | 2015 |   | 2016 |   | 2015 |
| GAAP Results                                                                  |   |   |   |   |   |   |   |   |
| Net revenues                                                                  |   | $ | 72 |  |   | $ | 123 |  |   | $ | 622 |  |   | $ | 790 |  |
| Loss before income taxes                                                      |   | (206 | ) |   | (83 | ) |   | (304 | ) |   | (213 | ) |
| Net loss attributable to PHH Corporation                                      |   | (133 | ) |   | (54 | ) |   | (202 | ) |   | (145 | ) |
|                                                                          |   |   |   |   |   |   |   |   |
| Basic & Diluted loss per share attributable to PHH Corporation            |   | $ | (2.49 | ) |   | $ | (0.92 | ) |   | $ | (3.77 | ) |   | $ | (2.62 | ) |
| Weighted-average common shares outstanding — Basic & Diluted shares |   | 53.659 |  |   | 58.536 |  |   | 53.627 |  |   | 55.202 |  |
|                                                                          |   |   |   |   |   |   |   |   |
| Net (decrease) increase in Cash and cash equivalents                          |   | $ | (90 | ) |   | $ | (76 | ) |   | $ | — |  |   | $ | (353 | ) |
|                                                                          |   |   |   |   |   |   |   |   |
| Non-GAAP Results*                                                             |   |   |   |   |   |   |   |   |
|   Core loss (pre-tax)                                               |   | $ | (151 | ) |   | $ | (34 | ) |   | $ | (223 | ) |   | $ | (238 | ) |
|   Core loss (after-tax)                                             |   | (100 | ) |   | (23 | ) |   | (147 | ) |   | (152 | ) |
|                                                                          |   |   |   |   |   |   |   |   |
|   Core loss per share                                               |   | $ | (1.86 | ) |   | $ | (0.38 | ) |   | $ | (2.74 | ) |   | $ | (2.74 | ) |
|                                                                          |   |   |   |   |   |   |   |   |
|   Adjusted cash flow                                                |   | $ | (90 | ) |   | $ | 1 |  |   | $ | 23 |  |   | $ | (33 | ) |

|                                                                      |
|----------------------------------------------------------------------|
|                                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                 | Three Months Ended December 31, |
|                                                                 | 2016 |   | 2015 |
|                                                                 | Pre-Tax |   | Post-Tax |   | Pre-Tax |   | Post-Tax |
|                                                                 | $ |   | Per Share |   | $ |   | Per Share |
| Notable items:                                                       |   |   |   |   |   |   |   |
| Impairment of equity method investment                               | $ | (23 | ) |   | $ | (0.26 | ) |   | $ | — |  |   | $ | — |  |
| Legal and regulatory reserves                                        | (22 | ) |   | (0.27 | ) |   | — |  |   | — |  |
| Strategic review expenses                                            | (21 | ) |   | (0.24 | ) |   | — |  |   | — |  |
| Re-engineering and growth investments                                | (6 | ) |   | (0.07 | ) |   | (21 | ) |   | (0.22 | ) |
| Loss from MSR sales                                                  | (1 | ) |   | (0.01 | ) |   | (4 | ) |   | (0.05 | ) |
|                                                                 |   |   |   |   |   |   |   |
| Exit and disposal costs (PLS)                                        | $ | (41 | ) |   | $ | (0.47 | ) |   | $ | — |  |   | — |  |
| Market-related MSR fair value adjustment, net of related derivatives | (55 | ) |   | (0.63 | ) |   | (52 | ) |   | (0.54 | ) |

----

----

|                                  |
|----------------------------------|
|                                  |  |  |  |  |  |  |  |
|                             | December 31, 2016 |
|                             | UPB |   | Fair Value |
|                             | (In millions) |
| MSR commitments:                 |   |   |   |
| New Residential Investment Corp. | $ | 69,937 |  |   | $ | 579 |  |
| Lakeview Loan Servicing          | 13,369 |  |   | 97 |  |
| Other counterparties             | 158 |  |   | 2 |  |
| Non-committed                    | 1,193 |  |   | 12 |  |
| Total MSRs                       | $ | 84,657 |  |   | $ | 690 |  |

----

|        |
|--------|
|        |  |  |  |  |
|   |

----

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |   | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                             |   | 2016 |   | 2015 |   | 2016 |   | 2015 |
| REVENUES                                                         |   |   |   |   |   |   |   |   |
| Origination and other loan fees                                  |   | $ | 65 |  |   | $ | 64 |  |   | $ | 280 |  |   | $ | 284 |  |
| Gain on loans held for sale, net                                 |   | 50 |  |   | 61 |  |   | 262 |  |   | 298 |  |
| Net loan servicing income (loss):                                |   |   |   |   |   |   |   |   |
| Loan servicing income                                            |   | 82 |  |   | 96 |  |   | 353 |  |   | 394 |  |
| Change in fair value of mortgage servicing rights                |   | 34 |  |   | (64 | ) |   | (238 | ) |   | (187 | ) |
| Net derivative (loss) gain related to mortgage servicing rights  |   | (129 | ) |   | (25 | ) |   | 10 |  |   | 29 |  |
|      Net loan servicing (loss) income   |   | (13 | ) |   | 7 |  |   | 125 |  |   | 236 |  |
| Net interest expense:                                            |   |   |   |   |   |   |   |   |
| Interest income                                                  |   | 11 |  |   | 9 |  |   | 43 |  |   | 44 |  |
| Secured interest expense                                         |   | (9 | ) |   | (8 | ) |   | (33 | ) |   | (35 | ) |
| Unsecured interest expense                                       |   | (11 | ) |   | (11 | ) |   | (42 | ) |   | (55 | ) |
|      Net interest expense               |   | (9 | ) |   | (10 | ) |   | (32 | ) |   | (46 | ) |
| Other (loss) income                                              |   | (21 | ) |   | 1 |  |   | (13 | ) |   | 18 |  |
| Net revenues                                                     |   | 72 |  |   | 123 |  |   | 622 |  |   | 790 |  |
| EXPENSES                                                         |   |   |   |   |   |   |   |   |
| Salaries and related expenses                                    |   | 77 |  |   | 72 |  |   | 345 |  |   | 323 |  |
| Commissions                                                      |   | 15 |  |   | 14 |  |   | 64 |  |   | 79 |  |
| Loan origination expenses                                        |   | 12 |  |   | 19 |  |   | 64 |  |   | 91 |  |
| Foreclosure and repossession expenses                            |   | 9 |  |   | 10 |  |   | 35 |  |   | 51 |  |
| Professional and third-party service fees                        |   | 45 |  |   | 45 |  |   | 156 |  |   | 171 |  |
| Technology equipment and software expenses                       |   | 12 |  |   | 9 |  |   | 42 |  |   | 37 |  |
| Occupancy and other office expenses                              |   | 12 |  |   | 11 |  |   | 47 |  |   | 50 |  |
| Depreciation and amortization                                    |   | 3 |  |   | 5 |  |   | 16 |  |   | 18 |  |
| Exit and disposal costs                                          |   | 41 |  |   | — |  |   | 41 |  |   | — |  |
| Other operating expenses                                         |   | 52 |  |   | 21 |  |   | 116 |  |   | 183 |  |
| Total expenses                                                   |   | 278 |  |   | 206 |  |   | 926 |  |   | 1,003 |  |
| Loss before income taxes                                         |   | (206 | ) |   | (83 | ) |   | (304 | ) |   | (213 | ) |
| Income tax benefit                                               |   | (73 | ) |   | (32 | ) |   | (111 | ) |   | (82 | ) |
| Net loss                                                         |   | (133 | ) |   | (51 | ) |   | (193 | ) |   | (131 | ) |
| Less: net income attributable to noncontrolling interest         |   | — |  |   | 3 |  |   | 9 |  |   | 14 |  |
| Net loss attributable to PHH Corporation                         |   | $ | (133 | ) |   | $ | (54 | ) |   | $ | (202 | ) |   | $ | (145 | ) |
|                                                             |   |   |   |   |   |   |   |   |
| Basic and Diluted loss per share attributable to PHH Corporation |   | $ | (2.49 | ) |   | $ | (0.92 | ) |   | $ | (3.77 | ) |   | $ | (2.62 | ) |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |
|                                             | December 31, |
|                                             | 2016 |   | 2015 |
| ASSETS                                           |   |   |   |
| Cash and cash equivalents                        | $ | 906 |  |   | $ | 906 |  |
| Restricted cash                                  | 57 |  |   | 47 |  |
| Mortgage loans held for sale                     | 683 |  |   | 743 |  |
| Accounts receivable, net                         | 66 |  |   | 81 |  |
| Servicing advances, net                          | 628 |  |   | 691 |  |
| Mortgage servicing rights                        | 690 |  |   | 880 |  |
| Property and equipment, net                      | 36 |  |   | 47 |  |
| Other assets                                     | 109 |  |   | 247 |  |
| Total assets                                     | $ | 3,175 |  |   | $ | 3,642 |  |
|                                             |   |   |   |
| LIABILITIES                                      |   |   |   |
| Accounts payable and accrued expenses            | $ | 193 |  |   | $ | 251 |  |
| Subservicing advance liabilities                 | 290 |  |   | 314 |  |
| Debt, net                                        | 1,262 |  |   | 1,348 |  |
| Deferred taxes, net                              | 101 |  |   | 182 |  |
| Loan repurchase and indemnification liability    | 49 |  |   | 62 |  |
| Other liabilities                                | 157 |  |   | 137 |  |
| Total liabilities                                | 2,052 |  |   | 2,294 |  |
| Commitments and contingencies                    |   |   |   |
|                                             |   |   |   |
| Total PHH Corporation stockholders’ equity | 1,092 |  |   | 1,318 |  |
| Noncontrolling interest                          | 31 |  |   | 30 |  |
| Total equity                                     | 1,123 |  |   | 1,348 |  |
| Total liabilities and equity                     | $ | 3,175 |  |   | $ | 3,642 |  |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Segment Results                                          |   |   |   |   |   |   |   |   |   |   |
| (In millions)                                            |   |   |   |   |   |   |   | Fourth Quarter 2015 |
|                                                     | Fourth Quarter 2016 |   |
|                                                     |   | Mortgage Production |   | Mortgage Servicing |   | Other |   | Total PHH Corporation |   | Total PHH Corporation |
| Origination and other loan fees                          |   | $ | 65 |  |   | $ | — |  |   | $ | — |  |   | $ | 65 |  |   | $ | 64 |  |
| Gain on loans held for sale, net                         |   | 50 |  |   | — |  |   | — |  |   | 50 |  |   | 61 |  |
| Loan servicing income                                    |   | — |  |   | 82 |  |   | — |  |   | 82 |  |   | 96 |  |
| MSR fair value adjustments:                              |   |   |   |   |   |   |   |  |   |   |
| Prepayments and receipt of recurring cash flows          |   | — |  |   | (40 | ) |   | — |  |   | (40 | ) |   | (37 | ) |
| Market-related                                           |   | — |  |   | 74 |  |   | — |  |   | 74 |  |   | (27 | ) |
| Net derivative loss related to MSRs                      |   | — |  |   | (129 | ) |   | — |  |   | (129 | ) |   | (25 | ) |
| Net interest expense:                                    |   |   |   |   |   |   |   |  |   |   |
| Interest income                                          |   | 8 |  |   | 3 |  |   | — |  |   | 11 |  |   | 9 |  |
| Secured interest expense                                 |   | (6 | ) |   | (3 | ) |   | — |  |   | (9 | ) |   | (8 | ) |
| Unsecured interest expense                               |   | — |  |   | (11 | ) |   | — |  |   | (11 | ) |   | (11 | ) |
| Other (loss) income                                      |   | (21 | ) |   | — |  |   | — |  |   | (21 | ) |   | 1 |  |
| Net revenues                                             |   | 96 |  |   | (24 | ) |   | — |  |   | 72 |  |   | 123 |  |
|                                                     |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses                            |   | 49 |  |   | 14 |  |   | 14 |  |   | 77 |  |   | 72 |  |
| Commissions                                              |   | 15 |  |   | — |  |   | — |  |   | 15 |  |   | 14 |  |
| Loan origination expenses                                |   | 12 |  |   | — |  |   | — |  |   | 12 |  |   | 19 |  |
| Foreclosure and repossession expenses                    |   | — |  |   | 9 |  |   | — |  |   | 9 |  |   | 10 |  |
| Professional and third-party service fees                |   | 5 |  |   | 8 |  |   | 32 |  |   | 45 |  |   | 45 |  |
| Technology equipment and software expenses               |   | 1 |  |   | 5 |  |   | 6 |  |   | 12 |  |   | 9 |  |
| Occupancy and other office expenses                      |   | 7 |  |   | 4 |  |   | 1 |  |   | 12 |  |   | 11 |  |
| Depreciation and amortization                            |   | 1 |  |   | 1 |  |   | 1 |  |   | 3 |  |   | 5 |  |
| Exit and disposal costs                                  |   | 33 |  |   | — |  |   | 8 |  |   | 41 |  |   | — |  |
| Other operating expenses:                                |   |   |   |   |   |   |   |  |  |   |   |
| Repurchase and foreclosure-related charges               |   | — |  |   | 9 |  |   | — |  |   | 9 |  |   | 1 |  |
| Legal and regulatory reserves                            |   | — |  |   | 22 |  |   | — |  |   | 22 |  |   | — |  |
| Overhead Allocation - IT                                 |   | 15 |  |   | 6 |  |   | (21 | ) |   | — |  |   | — |  |
| Overhead Allocation - Other                              |   | 11 |  |   | 5 |  |   | (16 | ) |   | — |  |   | — |  |
| Other                                                    |   | 9 |  |   | 10 |  |   | 2 |  |   | 21 |  |   | 20 |  |
| Total expenses                                           |   | 158 |  |   | 93 |  |   | 27 |  |   | 278 |  |   | 206 |  |
| Loss before income taxes                                 |   | (62 | ) |   | (117 | ) |   | (27 | ) |  | $ | (206 | ) |  | $ | (83 | ) |
| Less: net income attributable to noncontrolling interest |   | — |  |   | — |  |   | — |  |   |   |   |   |
| Segment loss                                             |   | $ | (62 | ) |   | $ | (117 | ) |   | $ | (27 | ) |   |   |   |   |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Segment Results                                          |   |   |   |   |   |   |   |   |   |   |
| (In millions)                                            |   |   |   |   |   |   |   | Year Ended December 31, 2015 |
|                                                     | Year Ended December 31, 2016 |   |
|                                                     |   | Mortgage Production |   | Mortgage Servicing |   | Other |   | Total PHH Corporation |   | Total PHH Corporation |
| Origination and other loan fees                          |   | $ | 280 |  |   | $ | — |  |   | $ | — |  |   | $ | 280 |  |   | $ | 284 |  |
| Gain on loans held for sale, net                         |   | 262 |  |   | — |  |   | — |  |   | 262 |  |   | 298 |  |
| Loan servicing income                                    |   | — |  |   | 353 |  |   | — |  |   | 353 |  |   | 394 |  |
| MSR fair value adjustments:                              |   |   |   |   |   |   |   |   |   |   |
| Prepayments and receipt of recurring cash flows          |   | — |  |   | (138 | ) |   | — |  |   | (138 | ) |   | (169 | ) |
| Market-related                                           |   | — |  |   | (100 | ) |   | — |  |   | (100 | ) |   | (18 | ) |
| Net derivative gain related to MSRs                      |   | — |  |   | 10 |  |   | — |  |   | 10 |  |   | 29 |  |
| Net interest expense:                                    |   |   |   |   |   |   |   |   |   |   |
| Interest income                                          |   | 32 |  |   | 11 |  |   | — |  |   | 43 |  |   | 44 |  |
| Secured interest expense                                 |   | (22 | ) |   | (11 | ) |   | — |  |   | (33 | ) |   | (35 | ) |
| Unsecured interest expense                               |   | — |  |   | (42 | ) |   | — |  |   | (42 | ) |   | (55 | ) |
| Other (loss) income                                      |   | (13 | ) |   | — |  |   | — |  |   | (13 | ) |   | 18 |  |
| Net revenues                                             |   | 539 |  |   | 83 |  |   | — |  |   | 622 |  |   | 790 |  |
|                                                     |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses                            |   | 216 |  |   | 68 |  |   | 61 |  |   | 345 |  |   | 323 |  |
| Commissions                                              |   | 64 |  |   | — |  |   | — |  |   | 64 |  |   | 79 |  |
| Loan origination expenses                                |   | 64 |  |   | — |  |   | — |  |   | 64 |  |   | 91 |  |
| Foreclosure and repossession expenses                    |   | — |  |   | 35 |  |   | — |  |   | 35 |  |   | 51 |  |
| Professional and third-party service fees                |   | 22 |  |   | 35 |  |   | 99 |  |   | 156 |  |   | 171 |  |
| Technology equipment and software expenses               |   | 4 |  |   | 17 |  |   | 21 |  |   | 42 |  |   | 37 |  |
| Occupancy and other office expenses                      |   | 27 |  |   | 17 |  |   | 3 |  |   | 47 |  |   | 50 |  |
| Depreciation and amortization                            |   | 8 |  |   | 3 |  |   | 5 |  |   | 16 |  |   | 18 |  |
| Exit and disposal costs                                  |   | 33 |  |   | — |  |   | 8 |  |   | 41 |  |   | — |  |
| Other operating expenses:                                |   |   |   |   |   |   |   |   |   |   |
| Repurchase and foreclosure-related charges               |   | — |  |   | 19 |  |   | — |  |   | 19 |  |   | 6 |  |
| Loss on early debt retirement                            |   | — |  |   | — |  |   | — |  |   | — |  |   | 30 |  |
| Legal and regulatory reserves                            |   | — |  |   | 38 |  |   | — |  |   | 38 |  |   | 78 |  |
| Overhead Allocation - IT                                 |   | 68 |  |   | 29 |  |   | (97 | ) |   | — |  |   | — |  |
| Overhead Allocation - Other                              |   | 50 |  |   | 22 |  |   | (72 | ) |   | — |  |   | — |  |
| Other                                                    |   | 27 |  |   | 23 |  |   | 9 |  |   | 59 |  |   | 69 |  |
| Total expenses                                           |   | 583 |  |   | 306 |  |   | 37 |  |   | 926 |  |   | 1,003 |  |
| Loss before income taxes                                 |   | (44 | ) |   | (223 | ) |   | (37 | ) |  | $ | (304 | ) |   | $ | (213 | ) |
| Less: net income attributable to noncontrolling interest |   | 9 |  |   | — |  |   | — |  |   |   |   |   |
| Segment loss                                             |   | $ | (53 | ) |   | $ | (223 | ) |   | $ | (37 | ) |   |   |   |   |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Production Segment                  |   |   |   |   |   |   |
| ($ In millions)                              |   |   |   |   |   |   |
|                                         |   |   |   |   |   |   |   |
|                                         | Three Months Ended December 31, |   |   |   | Year Ended December 31, |   |   |
|                                         | 2016 |   | 2015 |   | Change |   | 2016 |   | 2015 |   | Change |
| Closings:                                    |   |   |   |   |   |   |   |   |   |   |   |
| Saleable to investors                        | $ | 2,552 |  |   | $ | 2,518 |  |   | 1 |  % |   | $ | 10,146 |  |   | $ | 13,218 |  |   | (23 | )% |
| Fee-based                                    | 6,333 |  |   | 6,324 |  |   | — |  % |   | 27,083 |  |   | 27,386 |  |   | (1 | )% |
|   Total                            | $ | 8,885 |  |   | $ | 8,842 |  |   | — |  % |   | $ | 37,229 |  |   | $ | 40,604 |  |   | (8 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Purchase                                     | $ | 3,392 |  |   | $ | 4,326 |  |   | (22 | )% |   | $ | 16,140 |  |   | $ | 20,169 |  |   | (20 | )% |
| Refinance                                    | 5,493 |  |   | 4,516 |  |   | 22 |  % |   | 21,089 |  |   | 20,435 |  |   | 3 |  % |
|   Total                            | $ | 8,885 |  |   | $ | 8,842 |  |   | — |  % |   | $ | 37,229 |  |   | $ | 40,604 |  |   | (8 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Retail - PLS                                 | $ | 7,100 |  |   | $ | 6,900 |  |   | 3 |  % |   | $ | 29,261 |  |   | $ | 30,436 |  |   | (4 | )% |
| Retail - Real Estate                         | 1,785 |  |   | 1,634 |  |   | 9 |  % |   | 7,383 |  |   | 8,752 |  |   | (16 | )% |
|   Total retail                     | 8,885 |  |   | 8,534 |  |   | 4 |  % |   | 36,644 |  |   | 39,188 |  |   | (6 | )% |
| Wholesale/correspondent                      | — |  |   | 308 |  |   | (100 | )% |   | 585 |  |   | 1,416 |  |   | (59 | )% |
|   Total                            | $ | 8,885 |  |   | $ | 8,842 |  |   | — |  % |   | $ | 37,229 |  |   | $ | 40,604 |  |   | (8 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Retail - PLS (units)                         | 12,371 |  |   | 13,348 |  |   | (7 | )% |   | 51,089 |  |   | 58,587 |  |   | (13 | )% |
| Retail - Real Estate (units)                 | 6,147 |  |   | 6,159 |  |   | — |  % |   | 26,075 |  |   | 32,428 |  |   | (20 | )% |
| Total retail (units)                         | 18,518 |  |   | 19,507 |  |   | (5 | )% |   | 77,164 |  |   | 91,015 |  |   | (15 | )% |
| Wholesale/correspondent (units)              | — |  |   | 1,318 |  |   | (100 | )% |   | 2,298 |  |   | 6,199 |  |   | (63 | )% |
|   Total (units)                    | 18,518 |  |   | 20,825 |  |   | (11 | )% |   | 79,462 |  |   | 97,214 |  |   | (18 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Applications:                                |   |   |   |   |   |   |   |   |   |   |   |
| Saleable to investors                        | $ | 2,695 |  |   | $ | 3,065 |  |   | (12 | )% |   | $ | 14,275 |  |   | $ | 18,047 |  |   | (21 | )% |
| Fee-based                                    | 5,414 |  |   | 7,153 |  |   | (24 | )% |   | 31,134 |  |   | 33,593 |  |   | (7 | )% |
| Total                                        | $ | 8,109 |  |   | $ | 10,218 |  |   | (21 | )% |   | $ | 45,409 |  |   | $ | 51,640 |  |   | (12 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Retail - PLS                                 | $ | 6,319 |  |   | $ | 7,982 |  |   | (21 | )% |   | $ | 35,512 |  |   | $ | 38,672 |  |   | (8 | )% |
| Retail - Real Estate                         | 1,790 |  |   | 1,846 |  |   | (3 | )% |   | 9,206 |  |   | 10,845 |  |   | (15 | )% |
| Total retail                                 | 8,109 |  |   | 9,828 |  |   | (17 | )% |   | 44,718 |  |   | 49,517 |  |   | (10 | )% |
| Wholesale/correspondent                      | — |  |   | 390 |  |   | (100 | )% |   | 691 |  |   | 2,123 |  |   | (67 | )% |
| Total                                        | $ | 8,109 |  |   | $ | 10,218 |  |   | (21 | )% |   | $ | 45,409 |  |   | $ | 51,640 |  |   | (12 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Retail - PLS (units)                         | 11,435 |  |   | 15,250 |  |   | (25 | )% |   | 64,446 |  |   | 76,106 |  |   | (15 | )% |
| Retail - Real Estate (units)                 | 6,105 |  |   | 6,894 |  |   | (11 | )% |   | 32,157 |  |   | 40,165 |  |   | (20 | )% |
| Total retail (units)                         | 17,540 |  |   | 22,144 |  |   | (21 | )% |   | 96,603 |  |   | 116,271 |  |   | (17 | )% |
| Wholesale/correspondent (units)              | — |  |   | 1,634 |  |   | (100 | )% |   | 2,649 |  |   | 9,181 |  |   | (71 | )% |
| Total (units)                                | 17,540 |  |   | 23,778 |  |   | (26 | )% |   | 99,252 |  |   | 125,452 |  |   | (21 | )% |
|                                         |   |   |   |   |   |   |   |   |   |   |   |
| Other:                                       |   |   |   |   |   |   |   |   |   |   |   |
| IRLCs expected to close                      | $ | 688 |  |   | $ | 1,174 |  |   | (41 | )% |   | $ | 4,373 |  |   | $ | 7,199 |  |   | (39 | )% |
| Total loan margin on IRLCs (in basis points) | 405 |  |   | 305 |  |   | 33 |  % |   | 352 |  |   | 310 |  |   | 14 |  % |
| Loans sold                                   | $ | 2,744 |  |   | $ | 2,628 |  |   | 4 |  % |   | $ | 10,548 |  |   | $ | 13,630 |  |   | (23 | )% |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Mortgage Production Segment (continued)                  |
| (in millions)                                            |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |
|                                                     | Three Months Ended December 31, |   |   |   | Year Ended December 31, |   |   |
|                                                     | 2016 |   | 2015 |   | Change |   | 2016 |   | 2015 |   | Change |
| Segment Results:                                         |   |   |   |   |   |   |   |   |   |   |   |
| Origination and other loan fees                          | $ | 65 |  |   | $ | 64 |  |   | 2 |  % |   | $ | 280 |  |   | $ | 284 |  |   | (1 | )% |
| Gain on loans held for sale, net                         | 50 |  |   | 61 |  |   | (18 | )% |   | 262 |  |   | 298 |  |   | (12 | )% |
| Net interest expense:                                    |   |   |   |   |   |   |   |   |   |  |   |   |
| Interest income                                          | 8 |  |   | 8 |  |   | — |  % |   | 32 |  |   | 40 |  |   | (20 | )% |
| Secured interest expense                                 | (6 | ) |   | (5 | ) |   | 20 |  % |   | (22 | ) |   | (24 | ) |   | (8 | )% |
| Unsecured interest expense                               | — |  |   | (3 | ) |   | (100 | )% |   | — |  |   | (21 | ) |   | (100 | )% |
| Net interest expense                                     | 2 |  |   | — |  |   | n/m |  |   | 10 |  |   | (5 | ) |   | (300 | )% |
| Other (loss) income                                      | (21 | ) |   | 1 |  |   | n/m |  |   | (13 | ) |   | 9 |  |   | n/m |  |
| Net revenues                                             | 96 |  |   | 126 |  |   | (24 | )% |   | 539 |  |   | 586 |  |   | (8 | )% |
|                                                     |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses                            | 49 |  |   | 49 |  |   | — |  % |   | 216 |  |   | 213 |  |   | 1 |  % |
| Commissions                                              | 15 |  |   | 14 |  |   | 7 |  % |   | 64 |  |   | 79 |  |   | (19 | )% |
| Loan origination expenses                                | 12 |  |   | 19 |  |   | (37 | )% |   | 64 |  |   | 91 |  |   | (30 | )% |
| Professional and third-party service fees                | 5 |  |   | 9 |  |   | (44 | )% |   | 22 |  |   | 34 |  |   | (35 | )% |
| Technology equipment and software expenses               | 1 |  |   | — |  |   | n/m |  |   | 4 |  |   | 3 |  |   | 33 |  % |
| Occupancy and other office expenses                      | 7 |  |   | 7 |  |   | — |  % |   | 27 |  |   | 31 |  |   | (13 | )% |
| Depreciation and amortization                            | 1 |  |   | 2 |  |   | (50 | )% |   | 8 |  |   | 11 |  |   | (27 | )% |
| Exit and disposal costs                                  | 33 |  |   | — |  |   | n/m |  |   | 33 |  |   | — |  |   | n/m |  |
| Other operating expenses                                 | 35 |  |   | 44 |  |   | (20 | )% |   | 145 |  |   | 157 |  |   | (8 | )% |
| Total expenses                                           | 158 |  |   | 144 |  |   | 10 |  % |   | 583 |  |   | 619 |  |   | (6 | )% |
| Loss before income taxes                                 | (62 | ) |   | (18 | ) |   | 244 |  % |   | (44 | ) |   | (33 | ) |   | 33 |  % |
| Less: net income attributable to noncontrolling interest | — |  |   | 3 |  |   | (100 | )% |   | 9 |  |   | 14 |  |   | (36 | )% |
| Segment loss                                             | $ | (62 | ) |   | $ | (21 | ) |   | 195 |  % |   | $ | (53 | ) |   | $ | (47 | ) |   | 13 |  % |

----

|                                                              |
|--------------------------------------------------------------|
|                                                              |  |  |  |  |  |  |  |  |  |  |
| Mortgage Servicing Segment                                   |
| ($ in millions)                                              |   |   |   |   |   |
|                                                         | December 31, |   |   |
|                                                         | 2016 |   | 2015 |   | Change |
| Total Loan Servicing Portfolio:                              |   |   |   |   |   |
|    Unpaid principal balance                   | $ | 174,642 |  |   | $ | 226,259 |  |   | (23 | )% |
|                                                         |   |   |   |   |   |
|    Number of loans in owned portfolio (units) | 567,647 |  |   | 642,379 |  |   | (12 | )% |
|    Number of subserviced loans (units)        | 264,718 |  |   | 450,295 |  |   | (41 | )% |
| Total number of loans serviced (units)                       | 832,365 |  |   | 1,092,674 |  |   | (24 | )% |
|                                                         |   |   |   |   |   |
| Capitalized Servicing Portfolio:                             |   |   |   |   |   |
| Unpaid principal balance                                     | $ | 84,657 |  |   | $ | 98,990 |  |   | (14 | )% |
| Capitalized servicing rate                                   | 0.82 | % |   | 0.89 | % |   | (8 | )% |
| Capitalized servicing multiple                               | 2.9 |  |   | 3.1 |  |   | (6 | )% |
| Weighted-average servicing fee (in basis points)             | 28 |  |   | 29 |  |   | (3 | )% |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | Three Months EndedDecember 31, |   |   |   | Year EndedDecember 31, |   |   |
|                                                 | 2016 |   | 2015 |   | Change |   | 2016 |   | 2015 |   | Change |
| Total Loan Servicing Portfolio:                      |   |   |   |   |   |   |   |   |   |   |   |
|    Average Portfolio UPB              | $ | 197,263 |  |   | $ | 226,791 |  |   | (13 | )% |   | $ | 220,458 |  |   | $ | 225,787 |  |   | (2 | )% |
|                                                 |   |   |   |   |   |   |   |   |   |   |   |
| Capitalized Servicing Portfolio:                     |   |   |   |   |   |   |   |   |   |   |   |
|    Average Portfolio UPB              | $ | 86,607 |  |   | $ | 100,442 |  |   | (14 | )% |   | $ | 92,303 |  |   | $ | 105,343 |  |   | (12 | )% |
|    Payoffs and principal curtailments | 5,109 |  |   | 4,238 |  |   | 21 |  % |   | 19,211 |  |   | 19,092 |  |   | 1 |  % |
|    Sales                              | 254 |  |   | 365 |  |   | (30 | )% |   | 996 |  |   | 3,445 |  |   | (71 | )% |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |
|                                       | December 31, |
|                                       | 2016 |   | 2015 |
|                                       | Number ofLoans |   | UnpaidBalance |   | Number ofLoans |   | UnpaidBalance |
| Delinquency - Total Servicing Portfolio(1) |   |  |   |   |  |   |   |  |   |   |  |
| 30 days                                    | 2.23 | % |   | 1.58 | % |   | 2.22 | % |   | 1.55 | % |
| 60 days                                    | 0.60 |  |   | 0.41 |  |   | 0.44 |  |   | 0.30 |  |
| 90 or more days                            | 0.76 |  |   | 0.57 |  |   | 0.82 |  |   | 0.62 |  |
| Total                                      | 3.59 | % |   | 2.56 | % |   | 3.48 | % |   | 2.47 | % |
| Foreclosure/real estate owned(2)           | 1.80 | % |   | 1.54 | % |   | 1.74 | % |   | 1.51 | % |

|           |                                                                                                                                |
|-----------|--------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Represents portfolio delinquencies as a percentage of the total number of loans and the total unpaid balance of the portfolio. |

|           |                                                                                                                                                                                                                          |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | As of December 31, 2016 and 2015, the total servicing portfolio included 11,539 and 15,487 of loans in foreclosure with an unpaid principal balance of $2.3 billion and $3.0 billion, respectively. |

----

|                                        |
|----------------------------------------|
|                                        |  |  |  |  |  |
| Mortgage Servicing Segment (continued) |   |   |   |   |   |
| ($ in millions)                        |   |   |   |   |   |

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Three Months EndedDecember 31, |   |   |   | Year EndedDecember 31, |   |   |
|                                       | 2016 |   | 2015 |   | Change |   | 2016 |   | 2015 |   | Change |
| Segment Results:                           |   |   |   |   |   |   |   |   |   |   |   |
| Net loan servicing (loss) income           | $ | (13 | ) |   | $ | 7 |  |   | n/m |  |   | $ | 125 |  |   | $ | 236 |  |   | (47 | )% |
| Net interest expense                       | (11 | ) |   | (10 | ) |   | 10 |  % |   | (42 | ) |   | (41 | ) |   | 2 |  % |
| Other income                               | — |  |   | — |  |   | n/m |  |   | — |  |   | 3 |  |   | (100 | )% |
| Net revenues                               | (24 | ) |   | (3 | ) |   | n/m |  |   | 83 |  |   | 198 |  |   | (58 | )% |
|                                       |   |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses              | 14 |  |   | 12 |  |   | 17 |  % |   | 68 |  |   | 56 |  |   | 21 |  % |
| Foreclosure and repossession expenses      | 9 |  |   | 10 |  |   | (10 | )% |   | 35 |  |   | 51 |  |   | (31 | )% |
| Professional and third-party service fees  | 8 |  |   | 9 |  |   | (11 | )% |   | 35 |  |   | 28 |  |   | 25 |  % |
| Technology equipment and software expenses | 5 |  |   | 4 |  |   | 25 |  % |   | 17 |  |   | 16 |  |   | 6 |  % |
| Occupancy and other office expenses        | 4 |  |   | 3 |  |   | 33 |  % |   | 17 |  |   | 16 |  |   | 6 |  % |
| Depreciation and amortization              | 1 |  |   | 1 |  |   | — |  % |   | 3 |  |   | 2 |  |   | 50 |  % |
| Other operating expenses                   | 52 |  |   | 23 |  |   | 126 |  % |   | 131 |  |   | 160 |  |   | (18 | )% |
| Total expenses                             | 93 |  |   | 62 |  |   | 50 |  % |   | 306 |  |   | 329 |  |   | (7 | )% |
| Segment loss                               | $ | (117 | ) |   | $ | (65 | ) |   | 80 |  % |   | $ | (223 | ) |   | $ | (131 | ) |   | 70 |  % |

----

|                                          |
|------------------------------------------|
|                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Debt and Borrowing Arrangements          |
| (in millions)                            |   |   |   |   |   |   |   |
|                                     | December 31, 2016 |   | December 31, 2015 |
|                                     | Balance |   | InterestRate(1) |   | AvailableCapacity(2) |   | Balance |
|                                     |   |   |   |   |   |   |   |
| Committed warehouse facilities           | $ | 556 |  |   | 2.9 | % |   | $ | 494 |  |   | $ | 632 |  |
| Uncommitted warehouse facilities         | — |  |   | — |  |   | 1,950 |  |   | — |  |
| Servicing advance facility               | 99 |  |   | 2.7 | % |   | 56 |  |   | 111 |  |
|                                     |   |   |   |   |   |   |   |
| Term notes due in 2019                   | 275 |  |   | 7.375 | % |   | n/a |  |   | 275 |  |
| Term notes due in 2021                   | 340 |  |   | 6.375 | % |   | n/a |  |   | 340 |  |
| Unsecured debt, face value               | 615 |  |   |   |  |   |   |  |   | 615 |  |
|    Debt issuance costs(3) | (8 | ) |   |   |   |   |   | (10 | ) |
| Unsecured debt, net                      | 607 |  |   |   |   |   |   | 605 |  |
| Total                                    | 1,262 |  |   |   |  |   |   |  |   | 1,348 |  |

|           |                                                                                                                                                                                                                                                                                                                                                                                                         |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Interest rate shown represents the stated interest rate of outstanding borrowings, which may differ from the effective rate due to the amortization of premiums, discounts and issuance costs.  Warehouse facilities and the servicing advance facility are variable-rate.  Rate shown for warehouse facilities represents the weighted-average rate of current outstanding borrowings.  |

|           |                                                                                                                                                                                              |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | Capacity is dependent upon maintaining compliance with, or obtaining waivers of, the terms, conditions and covenants of the respective agreements, including asset-eligibility requirements. |

|           |                                                                                                                              |
|-----------|------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Deferred issuance costs were reclassified from the prior year presentation in Other assets to a reduction in Unsecured debt. |

----

----

|                                                                       |
|-----------------------------------------------------------------------|
|                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CORE EARNINGS- Regulation G Reconciliation                            |
|                                                                  | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                                  | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Loss before income taxes - as reported                                | $ | (206 | ) |   | $ | (83 | ) |   | $ | (304 | ) |   | $ | (213 | ) |
| Less: net income attributable to noncontrolling interest              | — |  |   | 3 |  |   | 9 |  |   | 14 |  |
| Segment loss                                                          | (206 | ) |   | (86 | ) |   | (313 | ) |   | (227 | ) |
|    Market-related fair value adjustments (1)           | (74 | ) |   | 27 |  |   | 100 |  |   | 18 |  |
|    Net derivative loss (gain) related to MSRs          | 129 |  |   | 25 |  |   | (10 | ) |   | (29 | ) |
| Core loss (pre-tax)                                                   | $ | (151 | ) |   | $ | (34 | ) |   | $ | (223 | ) |   | $ | (238 | ) |
|                                                                  |   |   |   |   |   |   |   |
| Net loss attributable to PHH Corporation - as reported                | $ | (133 | ) |   | $ | (54 | ) |   | $ | (202 | ) |   | $ | (145 | ) |
|    Market-related fair value adjustments (1)           | (74 | ) |   | 27 |  |   | 100 |  |   | 18 |  |
|    Net derivative loss (gain) related to MSRs          | 129 |  |   | 25 |  |   | (10 | ) |   | (29 | ) |
|                                                                  | (78 | ) |   | (2 | ) |   | (112 | ) |   | (156 | ) |
|    Income tax expense (benefit) on Core adjustments(2) | 22 |  |   | 21 |  |   | 35 |  |   | (4 | ) |
| Core loss (after-tax)                                                 | $ | (100 | ) |   | $ | (23 | ) |   | $ | (147 | ) |   | $ | (152 | ) |
|                                                                  |   |   |   |   |   |   |   |
| Core loss (after-tax) per share                                       | $ | (1.86 | ) |   | $ | (0.38 | ) |   | $ | (2.74 | ) |   | $ | (2.74 | ) |

|                                                       |
|-------------------------------------------------------|
|                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CORE EARNINGS BY SEGMENT- Regulation G Reconciliation |
|                                                  | Mortgage Production Segment |   | Mortgage Servicing Segment |   | Other |   | Mortgage Production Segment |   | Mortgage Servicing Segment |   | Other |
|                                                  | Three Months Ended December 31, 2016 |   | Year Ended December 31, 2016 |
| Segment loss                                          | $ | (62 | ) |   | $ | (117 | ) |   | $ | (27 | ) |   | $ | (53 | ) |   | $ | (223 | ) |   | $ | (37 | ) |
| Market-related fair value adjustments(1)              | — |  |   | (74 | ) |   | — |  |   | — |  |   | 100 |  |   | — |  |
| Net derivative loss (gain) related to MSRs            | — |  |   | 129 |  |   | — |  |   | — |  |   | (10 | ) |   | — |  |
| Core loss                                             | $ | (62 | ) |   | $ | (62 | ) |   | $ | (27 | ) |   | $ | (53 | ) |   | $ | (133 | ) |   | $ | (37 | ) |
|                                                  |   |   |   |   |   |   |   |   |   |   |   |
|                                                  | Three Months Ended December 31, 2015 |   | Year Ended December 31, 2015 |
| Segment loss                                          | $ | (21 | ) |   | $ | (65 | ) |   | $ | — |  |   | $ | (47 | ) |   | $ | (131 | ) |   | $ | (49 | ) |
| Market-related fair value adjustments(1)              | — |  |   | 27 |  |   | — |  |   | — |  |   | 18 |  |   | — |  |
| Net derivative loss (gain) related to MSRs            | — |  |   | 25 |  |   | — |  |   | — |  |   | (29 | ) |   | — |  |
| Core loss                                             | $ | (21 | ) |   | $ | (13 | ) |   | $ | — |  |   | $ | (47 | ) |   | $ | (142 | ) |   | $ | (49 | ) |

|           |                                                                                                                          |
|-----------|--------------------------------------------------------------------------------------------------------------------------|
| (1)  | Represents the Change in fair value of MSRs due to changes in market inputs and assumptions used in the valuation model. |

|           |                                                                                                 |
|-----------|-------------------------------------------------------------------------------------------------|
| (2)  | An incremental effective tax rate of 39% was applied to arrive at the net of taxes amounts. |

|           |                                                                                                                                                                                                                                                                                                                          |
|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)  | Basic weighted-average shares outstanding of 53.659 million and 58.536 million for the three months ended December 31, 2016 and 2015, respectively, and 53.627 million and 55.202 million for the year ended December 31, 2016 and 2015, respectively, were used to calculate per share amounts. |

----

|                                                                    |
|--------------------------------------------------------------------|
|                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| ADJUSTED CASH FLOW- Regulation G Reconciliation                    |
|                                                               | Three Months EndedDecember 31, |   | Year EndedDecember 31, |
|                                                               | 2016 |   | 2015 |   | 2016 |   | 2015 |
| Net (decrease) increase in Cash and cash equivalents - as reported | $ | (90 | ) |   | $ | (76 | ) |   | $ | — |  |   | $ | (353 | ) |
| Adjustments:                                                       |   |   |   |   |   |   |   |
|      Decrease in unsecured borrowings     | — |  |   | — |  |   | — |  |   | 245 |  |
| Repurchase of Common stock                                         | — |  |   | 77 |  |   | 23 |  |   | 77 |  |
| Issuances of Common stock                                          | — |  |   | — |  |   | — |  |   | (2 | ) |
| Adjusted Cash Flow                                                 | $ | (90 | ) |   | $ | 1 |  |   | $ | 23 |  |   | $ | (33 | ) |