|         |                                                                                                                                                                                                                                               |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Net loss attributable to PHH Corporation of $55 million, or $1.14 per basic share, which includes $39 million of pre-tax expenses related to notable items and $8 million of pre-tax expenses related to Exit and disposal costs. |

|         |                                                                                                                                                      |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Our Board of Directors has provided a new authorization for up to $100 million of share repurchases as the next step in our capital return plan. |

|         |                                                                                                                                                                                                                                                                                                                   |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | Maintains estimate of potential excess cash(1) of up to $655 million, which includes $301 million of share repurchases completed year-to-date.  Potential excess cash is based on certain assumptions for asset sales, contingencies, working capital, and transaction, restructuring and PLS exit costs. |

|         |                                                                                                                                                                                                   |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| • | To date, we have closed substantially all conforming MSR sales to New Residential Investment Corp. and three of five asset sales of our PHH Home Loans Joint Venture to Guaranteed Rate Affinity. |

|         |                                                                                                                                      |
|---------|--------------------------------------------------------------------------------------------------------------------------------------|
| • | Our Total Servicing Portfolio was comprised of 693,785 loans serviced representing $151 billion of unpaid principal balance. |

|             |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)    | The amount of excess cash is dependent upon a variety of factors, including the execution of the sale of our remaining MSRs committed for sale and the related servicing advances, 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 will result in the amount of estimated excess cash. |

----

|                                                                               |
|-------------------------------------------------------------------------------|
|                                                                               |  |  |  |  |  |  |  |
| Summary Consolidated Results                                                  |
| (In millions, except per share data)                                          |   |   |   |
|                                                                          | Three Months EndedSeptember 30, |
|                                                                          | 2017 |   | 2016 |
| GAAP Results                                                                  |   |   |   |
| Net revenues                                                                  | $ | 121 |  |   | $ | 197 |  |
| Loss before income taxes                                                      | (78 | ) |   | (29 | ) |
| Net loss attributable to PHH Corporation                                      | (55 | ) |   | (27 | ) |
|                                                                          |   |   |   |
| Basic & Diluted loss per share attributable to PHH Corporation            | $ | (1.14 | ) |   | $ | (0.50 | ) |
| Weighted-average common shares outstanding — basic & diluted shares | 48.210 |  |   | 53.578 |  |
|                                                                          |   |   |   |
| Non-GAAP Results *                                                            |   |   |   |
|   Core loss (pre-tax)                                               | $ | (88 | ) |   | $ | (22 | ) |
|   Core loss (after-tax)                                             | (53 | ) |   | (19 | ) |
|                                                                          |   |   |   |
|   Core loss per share                                               | $ | (1.10 | ) |   | $ | (0.35 | ) |

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| * | Non-GAAP Financial Measures:  Core earnings or loss (pre-tax), core earnings or loss (after-tax) and core earnings or loss per share are financial measures that are not in accordance with U.S. generally accepted accounting principles (GAAP).  See the “Note Regarding Non-GAAP Financial Measures” below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G. |

|                                                                                                    |
|----------------------------------------------------------------------------------------------------|
|                                                                                                    |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                               | Three Months Ended September 30, |
|                                                                                               | 2017 |   | 2016 |
|                                                                                               | Pre-Tax |   | Post-Tax |   | Pre-Tax |   | Post-Tax |
|                                                                                               | $ |   | Per Share |   | $ |   | Per Share |
| Notable items:                                                                                     |   |   |   |   |   |   |   |
| Net proceeds from PHH Home Loans asset sales (1)                                                   | $ | 14 |  |   | $ | 0.18 |  |   | $ | — |  |   | $ | — |  |
| Legal and regulatory reserves                                                                      | (2 | ) |   | (0.03 | ) |   | (11 | ) |   | (0.22 | ) |
| Strategic review expenses                                                                          | (1 | ) |   | (0.01 | ) |   | (7 | ) |   | (0.08 | ) |
| Loss from MSR sales and related costs                                                              | (16 | ) |   | (0.21 | ) |   | — |  |   | — |  |
| Re-engineering and growth investments                                                              | — |  |   | — |  |   | (5 | ) |   | (0.06 | ) |
| Loss on early debt retirement                                                                      | (34 | ) |   | (0.43 | ) |   | — |  |   | — |  |
|                                                                                               |   |   |   |   |   |   |   |
| Exit and disposal costs                                                                            | (8 | ) |   | (0.11 | ) |   | — |  |   | — |  |
| Market-related MSRs asset and secured liability fair value adjustments, net of related derivatives | (3 | ) |   | (0.04 | ) |   | (13 | ) |   | (0.15 | ) |

|           |                                                                                                                                                                                                                                               |
|-----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | During the third quarter of 2017, we recognized a gain related to the PHH Home Loans asset sales of $28 million in Other income, which is reduced to $14 million after excluding the portion attributable to noncontrolling interest. |

----

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

----

----

|                                                                  |
|------------------------------------------------------------------|
|                                                                  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                             |   | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                             |   | 2017 |   | 2016 |   | 2017 |   | 2016 |
| REVENUES                                                         |   |   |   |   |   |   |   |   |
| Origination and other loan fees                                  |   | $ | 33 |  |   | $ | 75 |  |   | $ | 114 |  |   | $ | 215 |  |
| Gain on loans held for sale, net                                 |   | 35 |  |   | 87 |  |   | 129 |  |   | 212 |  |
|      Loan servicing income, net         |   | 35 |  |   | 39 |  |   | 96 |  |   | 138 |  |
|      Net interest expense               |   | (10 | ) |   | (7 | ) |   | (23 | ) |   | (23 | ) |
| Other income                                                     |   | 28 |  |   | 3 |  |   | 31 |  |   | 8 |  |
| Net revenues                                                     |   | 121 |  |   | 197 |  |   | 347 |  |   | 550 |  |
|                                                             |   |   |   |   |   |   |   |   |
| EXPENSES                                                         |   |   |   |   |   |   |   |   |
| Salaries and related expenses                                    |   | 62 |  |   | 86 |  |   | 223 |  |   | 268 |  |
| Commissions                                                      |   | 13 |  |   | 19 |  |   | 38 |  |   | 49 |  |
| Loan origination expenses                                        |   | 9 |  |   | 18 |  |   | 27 |  |   | 52 |  |
| Foreclosure and repossession expenses                            |   | 4 |  |   | 10 |  |   | 16 |  |   | 26 |  |
| Professional and third-party service fees                        |   | 25 |  |   | 35 |  |   | 92 |  |   | 111 |  |
| Technology equipment and software expenses                       |   | 9 |  |   | 10 |  |   | 27 |  |   | 30 |  |
| Occupancy and other office expenses                              |   | 8 |  |   | 11 |  |   | 26 |  |   | 35 |  |
| Depreciation and amortization                                    |   | 4 |  |   | 4 |  |   | 11 |  |   | 13 |  |
| Exit and disposal costs                                          |   | 8 |  |   | — |  |   | 49 |  |   | — |  |
| Other operating expenses                                         |   | 57 |  |   | 33 |  |   | 104 |  |   | 64 |  |
| Total expenses                                                   |   | 199 |  |   | 226 |  |   | 613 |  |   | 648 |  |
| Loss before income taxes                                         |   | (78 | ) |   | (29 | ) |   | (266 | ) |   | (98 | ) |
| Income tax benefit                                               |   | (36 | ) |   | (8 | ) |   | (103 | ) |   | (38 | ) |
| Net loss                                                         |   | (42 | ) |   | (21 | ) |   | (163 | ) |   | (60 | ) |
| Less: net income attributable to noncontrolling interest         |   | 13 |  |   | 6 |  |   | 5 |  |   | 9 |  |
| Net loss attributable to PHH Corporation                         |   | $ | (55 | ) |   | $ | (27 | ) |   | $ | (168 | ) |   | $ | (69 | ) |
|                                                             |   |   |   |   |   |   |   |   |
| Basic and Diluted loss per share attributable to PHH Corporation |   | $ | (1.14 | ) |   | $ | (0.50 | ) |   | $ | (3.25 | ) |   | $ | (1.28 | ) |

----

|                                                  |
|--------------------------------------------------|
|                                                  |  |  |  |  |  |  |  |
|                                             | September 30, 2017 |   | December 31, 2016 |
| ASSETS                                           |   |   |   |
| Cash and cash equivalents                        | $ | 494 |  |   | $ | 906 |  |
| Restricted cash                                  | 52 |  |   | 57 |  |
| Mortgage loans held for sale                     | 590 |  |   | 683 |  |
| Accounts receivable, net                         | 94 |  |   | 66 |  |
| Servicing advances, net (1)                      | 413 |  |   | 628 |  |
| Mortgage servicing rights (1)                    | 500 |  |   | 690 |  |
| Property and equipment, net                      | 24 |  |   | 36 |  |
| Deferred taxes, net                              | 80 |  |   | — |  |
| Other assets                                     | 54 |  |   | 109 |  |
| Total assets                                     | $ | 2,301 |  |   | $ | 3,175 |  |
|                                             |   |   |   |
| LIABILITIES                                      |   |   |   |
| Accounts payable and accrued expenses            | $ | 218 |  |   | $ | 193 |  |
| Subservicing advance liabilities                 | 228 |  |   | 290 |  |
| Mortgage servicing rights secured liability (2)  | 440 |  |   | — |  |
| Debt, net (3)                                    | 653 |  |   | 1,262 |  |
| Deferred taxes, net                              | — |  |   | 101 |  |
| Loan repurchase and indemnification liability    | 38 |  |   | 49 |  |
| Other liabilities                                | 86 |  |   | 157 |  |
| Total liabilities                                | 1,663 |  |   | 2,052 |  |
| Redeemable noncontrolling interest               | 44 |  |   | 33 |  |
|                                             |   |   |   |
| Total PHH Corporation stockholders’ equity | 594 |  |   | 1,090 |  |
| Total liabilities and equity                     | $ | 2,301 |  |   | $ | 3,175 |  |

|           |                                                                                                                                                                                                                                                                                                                                                             |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | MSR and Advances Sale Commitments.  As of September 30, 2017, we had commitments to sell MSRs, representing $7.0 billion of unpaid principal balance, for $43 million in MSR fair value.  Additionally, we had commitments to transfer approximately $145 million in Servicing advances to the counterparties of these agreements. |

|           |                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (2)  | MSRs secured liability.  In 2017, we completed sales of MSRs to New Residential which did not qualify for sale accounting treatment under GAAP and have been treated as a secured borrowing.  Under this accounting treatment, the $440 million of related MSRs remain on the Condensed Consolidated Balance Sheet within Mortgage servicing rights and the proceeds from the sale are recognized as a MSRs secured liability. |

|            |                                                                                                                                                                                                                                                                                                                   |
|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (3)   | Unsecured Debt Tender Completed.  In July 2017, we completed a tender offer on our unsecured debt and repaid $496 million principal for $524 million in cash, plus accrued interest.  After the completion of the tender offer, $119 million principal of unsecured debt remains outstanding. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Segment Results                                            |   |   |   |   |   |   |   |   |   |   |
| (In millions)                                              |   |   |   |   |   |   |   | Third Quarter 2016 |
|                                                       | Third Quarter 2017 |   |
|                                                       |   | Mortgage Production |   | Mortgage Servicing |   | Other(1) |   | Total PHH Corporation |   | Total PHH Corporation |
| Origination and other loan fees                            |   | $ | 33 |  |   | $ | — |  |   | $ | — |  |   | $ | 33 |  |   | $ | 75 |  |
| Gain on loans held for sale, net                           |   | 35 |  |   | — |  |   | — |  |   | 35 |  |   | 87 |  |
| Loan servicing income                                      |   | — |  |   | 42 |  |   | — |  |   | 42 |  |   | 89 |  |
| MSRs asset & secured liability fair value adjustments: |   |   |   |   |   |   |   |  |   |   |
| Prepayments and receipts of recurring cash flows           |   | — |  |   | (4 | ) |   | — |  |   | (4 | ) |   | (37 | ) |
| Market-related, net of derivatives                         |   | — |  |   | (3 | ) |   | — |  |   | (3 | ) |   | (13 | ) |
| Net interest income (expense)                              |   | 2 |  |   | (12 | ) |   | — |  |   | (10 | ) |   | (7 | ) |
| Other income                                               |   | 28 |  |   | — |  |   | — |  |   | 28 |  |   | 3 |  |
| Net revenues                                               |   | 98 |  |   | 23 |  |   | — |  |   | 121 |  |   | 197 |  |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses                              |   | 35 |  |   | 14 |  |   | 13 |  |   | 62 |  |   | 86 |  |
| Commissions                                                |   | 13 |  |   | — |  |   | — |  |   | 13 |  |   | 19 |  |
| Loan origination expenses                                  |   | 9 |  |   | — |  |   | — |  |   | 9 |  |   | 18 |  |
| Foreclosure and repossession expenses                      |   | — |  |   | 4 |  |   | — |  |   | 4 |  |   | 10 |  |
| Professional and third-party service fees                  |   | 8 |  |   | 10 |  |   | 7 |  |   | 25 |  |   | 35 |  |
| Technology equipment and software expenses                 |   | 1 |  |   | 4 |  |   | 4 |  |   | 9 |  |   | 10 |  |
| Occupancy and other office expenses                        |   | 5 |  |   | 2 |  |   | 1 |  |   | 8 |  |   | 11 |  |
| Depreciation and amortization                              |   | 2 |  |   | 1 |  |   | 1 |  |   | 4 |  |   | 4 |  |
| Exit and disposal costs                                    |   | 6 |  |   | — |  |   | 2 |  |   | 8 |  |   | — |  |
| Other operating expenses:                                  |   |   |   |   |   |   |   |  |   |   |
| Repurchase and foreclosure-related charges                 |   | — |  |   | 5 |  |   | — |  |   | 5 |  |   | 7 |  |
| Loss on early debt retirement                              |   | — |  |   | — |  |   | 34 |  |   | 34 |  |   | — |  |
| Legal and regulatory reserves                              |   | — |  |   | 2 |  |   | — |  |   | 2 |  |   | 11 |  |
| Corporate overhead allocation                              |   | 21 |  |   | 8 |  |   | (29 | ) |   | — |  |   | — |  |
| Other                                                      |   | 3 |  |   | 10 |  |   | 3 |  |   | 16 |  |   | 15 |  |
| Total expenses                                             |   | 103 |  |   | 60 |  |   | 36 |  |   | 199 |  |   | 226 |  |
| Loss before income taxes                                   |   | (5 | ) |   | (37 | ) |   | (36 | ) |  | $ | (78 | ) |  | $ | (29 | ) |
| Less: net income attributable to noncontrolling interest   |   | 13 |  |   | — |  |   | — |  |   |   |   |   |
| Segment loss                                               |   | $ | (18 | ) |  | $ | (37 | ) |   | $ | (36 | ) |   |   |   |   |

|           |                                                                                                                                                                                                                               |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | Loss from 'Other' net shared services operations in 2017 primarily represents $34 million in Loss on early debt retirement and $2 million in Exit and disposal costs related to our reorganization of our operations. |

----

|                                                            |
|------------------------------------------------------------|
|                                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Segment Results                                            |   |   |   |   |   |   |   |   |   |   |
| (In millions)                                              |   |   |   |   |   |   |   | Nine Months Ended September 30, 2016 |
|                                                       | Nine Months Ended September 30, 2017 |   |
|                                                       |   | Mortgage Production |   | Mortgage Servicing |   | Other |   | Total PHH Corporation |   | Total PHH Corporation |
| Origination and other loan fees                            |   | $ | 114 |  |   | $ | — |  |   | $ | — |  |   | $ | 114 |  |   | $ | 215 |  |
| Gain on loans held for sale, net                           |   | 129 |  |   | — |  |   | — |  |   | 129 |  |   | 212 |  |
| Loan servicing income                                      |   | — |  |   | 162 |  |   | — |  |   | 162 |  |   | 271 |  |
| MSRs asset & secured liability fair value adjustments: |   |   |   |   |   |   |   |   |   |   |
| Prepayments and receipt of recurring cash flows            |   | — |  |   | (57 | ) |   | — |  |   | (57 | ) |   | (98 | ) |
| Market-related, net of derivatives                         |   | — |  |   | (9 | ) |   | — |  |   | (9 | ) |   | (35 | ) |
| Net interest income (expense)                              |   | 4 |  |   | (27 | ) |   | — |  |   | (23 | ) |   | (23 | ) |
| Other income                                               |   | 29 |  |   | 2 |  |   | — |  |   | 31 |  |   | 8 |  |
| Net revenues                                               |   | 276 |  |   | 71 |  |   | — |  |   | 347 |  |   | 550 |  |
|                                                       |   |   |   |   |   |   |   |   |   |   |
| Salaries and related expenses                              |   | 131 |  |   | 46 |  |   | 46 |  |   | 223 |  |   | 268 |  |
| Commissions                                                |   | 38 |  |   | — |  |   | — |  |   | 38 |  |   | 49 |  |
| Loan origination expenses                                  |   | 27 |  |   | — |  |   | — |  |   | 27 |  |   | 52 |  |
| Foreclosure and repossession expenses                      |   | — |  |   | 16 |  |   | — |  |   | 16 |  |   | 26 |  |
| Professional and third-party service fees                  |   | 20 |  |   | 25 |  |   | 47 |  |   | 92 |  |   | 111 |  |
| Technology equipment and software expenses                 |   | 3 |  |   | 11 |  |   | 13 |  |   | 27 |  |   | 30 |  |
| Occupancy and other office expenses                        |   | 16 |  |   | 8 |  |   | 2 |  |   | 26 |  |   | 35 |  |
| Depreciation and amortization                              |   | 5 |  |   | 2 |  |   | 4 |  |   | 11 |  |   | 13 |  |
| Exit and disposal costs                                    |   | 29 |  |   | 2 |  |   | 18 |  |   | 49 |  |   | — |  |
| Other operating expenses:                                  |   |   |   |   |   |   |   |   |   |   |
| Repurchase and foreclosure-related charges                 |   | — |  |   | 7 |  |   | — |  |   | 7 |  |   | 10 |  |
| Loss on early debt retirement                              |   | — |  |   | — |  |   | 34 |  |   | 34 |  |   | — |  |
| Legal and regulatory reserves                              |   | — |  |   | 24 |  |   | — |  |   | 24 |  |   | 16 |  |
| Corporate overhead allocation                              |   | 72 |  |   | 27 |  |   | (99 | ) |   | — |  |   | — |  |
| Other                                                      |   | 14 |  |   | 17 |  |   | 8 |  |   | 39 |  |   | 38 |  |
| Total expenses                                             |   | 355 |  |   | 185 |  |   | 73 |  |   | 613 |  |   | 648 |  |
| Loss before income taxes                                   |   | (79 | ) |   | (114 | ) |   | (73 | ) |  | $ | (266 | ) |   | $ | (98 | ) |
| Less: net income attributable to noncontrolling interest   |   | 5 |  |   | — |  |   | — |  |   |   |   |   |
| Segment loss                                               |   | $ | (84 | ) |   | $ | (114 | ) |   | $ | (73 | ) |   |   |   |   |

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                     | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                                     | (In millions) |
| Segment Results:                                         |   |   |   |   |   |   |   |
| Origination and other loan fees                          | $ | 33 |  |   | $ | 75 |  |   | $ | 114 |  |   | $ | 215 |  |
| Gain on loans held for sale, net                         | 35 |  |   | 87 |  |   | 129 |  |   | 212 |  |
| Net interest income                                      | 2 |  |   | 3 |  |   | 4 |  |   | 8 |  |
| Other income                                             | 28 |  |   | 3 |  |   | 29 |  |   | 8 |  |
| Net revenues                                             | 98 |  |   | 168 |  |   | 276 |  |   | 443 |  |
|                                                     |   |   |   |   |   |   |   |
| Salaries and related expenses                            | 35 |  |   | 53 |  |   | 131 |  |   | 167 |  |
| Commissions                                              | 13 |  |   | 19 |  |   | 38 |  |   | 49 |  |
| Loan origination expenses                                | 9 |  |   | 18 |  |   | 27 |  |   | 52 |  |
| Professional and third-party service fees                | 8 |  |   | 6 |  |   | 20 |  |   | 17 |  |
| Technology equipment and software expenses               | 1 |  |   | 1 |  |   | 3 |  |   | 3 |  |
| Occupancy and other office expenses                      | 5 |  |   | 6 |  |   | 16 |  |   | 20 |  |
| Depreciation and amortization                            | 2 |  |   | 2 |  |   | 5 |  |   | 7 |  |
| Exit and disposal costs                                  | 6 |  |   | — |  |   | 29 |  |   | — |  |
| Other operating expenses                                 | 24 |  |   | 35 |  |   | 86 |  |   | 110 |  |
| Total expenses                                           | 103 |  |   | 140 |  |   | 355 |  |   | 425 |  |
| (Loss) income before income taxes                        | (5 | ) |   | 28 |  |   | (79 | ) |   | 18 |  |
| Less: net income attributable to noncontrolling interest | 13 |  |   | 6 |  |   | 5 |  |   | 9 |  |
| Segment (loss) profit                                    | $ | (18 | ) |   | $ | 22 |  |   | $ | (84 | ) |   | $ | 9 |  |

----

|                                              |
|----------------------------------------------|
|                                              |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                         | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                         | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                         | ($ in Millions) |
| Closings:                                    |   |   |   |   |   |   |   |
| Saleable to investors                        | $ | 1,894 |  |   | $ | 2,759 |  |   | $ | 5,663 |  |   | $ | 7,594 |  |
| Fee-based                                    | 3,050 |  |   | 7,258 |  |   | 10,632 |  |   | 20,750 |  |
|   Total                            | $ | 4,944 |  |   | $ | 10,017 |  |   | $ | 16,295 |  |   | $ | 28,344 |  |
|                                         |   |   |   |   |   |   |   |
| Purchase                                     | $ | 3,059 |  |   | $ | 4,421 |  |   | $ | 9,283 |  |   | $ | 12,748 |  |
| Refinance                                    | 1,885 |  |   | 5,596 |  |   | 7,012 |  |   | 15,596 |  |
|   Total                            | $ | 4,944 |  |   | $ | 10,017 |  |   | $ | 16,295 |  |   | $ | 28,344 |  |
|                                         |   |   |   |   |   |   |   |
| Retail - PLS                                 | $ | 3,298 |  |   | $ | 7,853 |  |   | $ | 11,587 |  |   | $ | 22,161 |  |
| Retail - Real Estate                         | 1,646 |  |   | 2,137 |  |   | 4,708 |  |   | 5,598 |  |
|   Total retail                     | 4,944 |  |   | 9,990 |  |   | 16,295 |  |   | 27,759 |  |
| Wholesale/correspondent                      | — |  |   | 27 |  |   | — |  |   | 585 |  |
|   Total                            | $ | 4,944 |  |   | $ | 10,017 |  |   | $ | 16,295 |  |   | $ | 28,344 |  |
|                                         |   |   |   |   |   |   |   |
| Retail - PLS (units)                         | 5,140 |  |   | 13,590 |  |   | 19,142 |  |   | 38,718 |  |
| Retail - Real Estate (units)                 | 5,503 |  |   | 7,379 |  |   | 15,929 |  |   | 19,928 |  |
| Total retail (units)                         | 10,643 |  |   | 20,969 |  |   | 35,071 |  |   | 58,646 |  |
| Wholesale/correspondent (units)              | — |  |   | 107 |  |   | — |  |   | 2,298 |  |
|   Total (units)                    | 10,643 |  |   | 21,076 |  |   | 35,071 |  |   | 60,944 |  |
|                                         |   |   |   |   |   |   |   |
| Applications:                                |   |   |   |   |   |   |   |
| Saleable to investors                        | $ | 2,436 |  |   | $ | 4,136 |  |   | $ | 7,953 |  |   | $ | 11,580 |  |
| Fee-based                                    | 3,241 |  |   | 8,217 |  |   | 11,623 |  |   | 25,720 |  |
| Total                                        | $ | 5,677 |  |   | $ | 12,353 |  |   | $ | 19,576 |  |   | $ | 37,300 |  |
|                                         |   |   |   |   |   |   |   |
| Other:                                       |   |   |   |   |   |   |   |
| IRLCs expected to close                      | $ | 784 |  |   | $ | 1,199 |  |   | $ | 2,073 |  |   | $ | 3,685 |  |
| Total loan margin on IRLCs (in basis points) | 299 |  |   | 388 |  |   | 307 |  |   | 342 |  |
| Loans sold                                   | $ | 1,940 |  |   | $ | 2,954 |  |   | $ | 5,782 |  |   | $ | 7,804 |  |

----

|                                            |
|--------------------------------------------|
|                                            |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                       | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                       | 2017 |   | 2016 |   | 2017 |   | 2016 |
|                                       | ($ in millions) |
| Segment Results:                           |   |   |   |   |   |   |   |
| Loan servicing income, net                 | $ | 35 |  |   | $ | 39 |  |   | $ | 96 |  |   | $ | 138 |  |
| Net interest expense                       | (12 | ) |   | (10 | ) |   | (27 | ) |   | (31 | ) |
| Other income                               | — |  |   | — |  |   | 2 |  |   | — |  |
| Net revenues                               | 23 |  |   | 29 |  |   | 71 |  |   | 107 |  |
|                                       |   |   |   |   |   |   |   |
| Salaries and related expenses              | 14 |  |   | 17 |  |   | 46 |  |   | 54 |  |
| Foreclosure and repossession expenses      | 4 |  |   | 10 |  |   | 16 |  |   | 26 |  |
| Professional and third-party service fees  | 10 |  |   | 9 |  |   | 25 |  |   | 27 |  |
| Technology equipment and software expenses | 4 |  |   | 4 |  |   | 11 |  |   | 12 |  |
| Occupancy and other office expenses        | 2 |  |   | 4 |  |   | 8 |  |   | 13 |  |
| Depreciation and amortization              | 1 |  |   | — |  |   | 2 |  |   | 2 |  |
| Exit and disposal costs                    | — |  |   | — |  |   | 2 |  |   | — |  |
| Other operating expenses                   | 25 |  |   | 37 |  |   | 75 |  |   | 79 |  |
| Total expenses                             | 60 |  |   | 81 |  |   | 185 |  |   | 213 |  |
| Segment loss                               | $ | (37 | ) |   | $ | (52 | ) |   | $ | (114 | ) |   | $ | (106 | ) |

----

|                                                                                   |
|-----------------------------------------------------------------------------------|
|                                                                                   |  |  |  |  |  |  |  |
|                                                                              | September 30, |
|                                                                              | 2017 |   | 2016 |
|                                                                              | ($ in millions) |
| Total Loan Servicing Portfolio:                                                   |   |   |   |
| Conventional loans                                                                | $ | 140,515 |  |   | $ | 200,592 |  |
| Government loans                                                                  | 9,344 |  |   | 23,415 |  |
| Home equity lines of credit                                                       | 1,623 |  |   | 3,876 |  |
| Total Unpaid Principal Balance                                                    | $ | 151,482 |  |   | $ | 227,883 |  |
|                                                                              |   |   |   |
| Number of loans in owned portfolio (units)                                        | 45,677 |  |   | 588,700 |  |
| Number of subserviced loans (units) (1)                                           | 648,108 |  |   | 475,877 |  |
| Total number of loans serviced (units)                                            | 693,785 |  |   | 1,064,577 |  |
|                                                                              |   |   |   |
| Weighted-average interest rate                                                    | 3.9 | % |   | 3.8 | % |
|                                                                              |   |   |   |
| Portfolio delinquency                                                             |   |   |   |
| % of UPB - 30 days or more past due                                               | 2.34 | % |   | 2.24 | % |
| % of UPB - Foreclosure, REO and Bankruptcy                                        | 1.55 | % |   | 1.75 | % |
| Units - 30 days or more past due                                                  | 3.30 | % |   | 3.22 | % |
| Units - Foreclosure, REO and Bankruptcy                                           | 2.08 | % |   | 2.19 | % |
|                                                                              |   |   |   |
| Total Capitalized Servicing Portfolio:                                            |   |   |   |
| Unpaid Principal Balance of capitalized MSRs owned                                | $ | 8,906 |  |   | $ | 88,622 |  |
| Unpaid Principal Balance of capitalized MSRs in secured borrowing arrangement (2) | 51,465 |  |   | — |  |
|  Total Unpaid Principal Balance of capitalized servicing portfolio           | $ | 60,371 |  |   | $ | 88,622 |  |
|                                                                              |   |   |   |
| Capitalized servicing rate                                                        | 0.83 | % |   | 0.73 | % |
| Capitalized servicing multiple                                                    | 3.0 |  |   | 2.6 |  |
| Weighted-average servicing fee (in basis points)                                  | 27 |  |   | 28 |  |

|                                                      |
|------------------------------------------------------|
|                                                      |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                 | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                 | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Total Loan Servicing Portfolio:                      |   |   |   |   |   |   |   |
|    Average Portfolio UPB              | $ | 156,887 |  |   | $ | 229,969 |  |   | $ | 162,735 |  |   | $ | 230,479 |  |
|                                                 |   |   |   |   |   |   |   |
| Owned Capitalized Servicing Portfolio: (3)      |   |   |   |   |   |   |   |
|    Average Portfolio UPB              | $ | 21,842 |  |   | $ | 90,655 |  |   | $ | 53,964 |  |   | $ | 94,213 |  |
|    Payoffs and principal curtailments | 614 |  |   | 5,335 |  |   | 7,249 |  |   | 14,102 |  |
|    Sales                              | 4,570 |  |   | 246 |  |   | 17,086 |  |   | 742 |  |

|           |                                                                                                                                                                                                                      |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)  | For September 30, 2017, includes 376,551 units of New Residential subserviced loans that are accounted for as a secured borrowing arrangement based on our evaluation of the New Residential MSR sale agreement. |

|           |                                                                                                                |
|-----------|----------------------------------------------------------------------------------------------------------------|
| (2)  | Represents MSRs sold to New Residential during 2017 that are accounted for as a secured borrowing arrangement. |

|           |                                                                                                                    |
|-----------|--------------------------------------------------------------------------------------------------------------------|
| (3)  | For 2017, balances exclude MSRs sold to New Residential that are accounted for as a secured borrowing arrangement. |

----

----

|                                                          |
|----------------------------------------------------------|
|                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CORE EARNINGS - Regulation G Reconciliation              |   |   |   |   |   |   |   |
|                                                     | Three Months EndedSeptember 30, |   | Nine Months EndedSeptember 30, |
|                                                     | 2017 |   | 2016 |   | 2017 |   | 2016 |
| Loss before income taxes - as reported                   | $ | (78 | ) |   | $ | (29 | ) |   | $ | (266 | ) |   | $ | (98 | ) |
| Less: net income attributable to noncontrolling interest | 13 |  |   | 6 |  |   | 5 |  |   | 9 |  |
| Segment loss                                             | (91 | ) |   | (35 | ) |   | (271 | ) |   | (107 | ) |
| Market-related fair value adjustments (1)                | 3 |  |   | 9 |  |   | 9 |  |   | 174 |  |
| Net derivative loss (gain) related to MSRs               | — |  |   | 4 |  |   | — |  |   | (139 | ) |
| Core loss (pre-tax)                                      | $ | (88 | ) |   | $ | (22 | ) |   | $ | (262 | ) |   | $ | (72 | ) |
|                                                     |   |   |   |   |   |   |   |
| Net loss attributable to PHH Corporation - as reported   | $ | (55 | ) |   | $ | (27 | ) |   | $ | (168 | ) |   | $ | (69 | ) |
| Market-related fair value adjustments (1)           | 3 |  |   | 9 |  |   | 9 |  |   | 174 |  |
| Net derivative loss (gain) related to MSRs               | — |  |   | 4 |  |   | — |  |   | (139 | ) |
|                                                     | (52 | ) |   | (14 | ) |   | (159 | ) |   | (34 | ) |
| Income tax expense on Core adjustments (2)               | 1 |  |   | 5 |  |   | 3 |  |   | 13 |  |
| Core loss (after-tax)                                    | $ | (53 | ) |   | $ | (19 | ) |   | $ | (162 | ) |   | $ | (47 | ) |
|                                                     |   |   |   |   |   |   |   |
| Core loss (after-tax) per share (3)                      | $ | (1.10 | ) |   | $ | (0.35 | ) |   | $ | (3.14 | ) |   | $ | (0.88 | ) |

|                                                        |
|--------------------------------------------------------|
|                                                        |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CORE EARNINGS BY SEGMENT - Regulation G Reconciliation |   |   |   |   |   |   |
|                                                   |   |   |   |   |   |   |   |   |   |
|                                                   | Mortgage Production |   | Mortgage Servicing |   | Other |   | Mortgage Production |   | Mortgage Servicing |   | Other |
|                                                   | Three Months Ended September 30, 2017 |   | Nine Months Ended September 30, 2017 |
| Segment loss                                           | $ | (18 | ) |   | $ | (37 | ) |   | $ | (36 | ) |   | $ | (84 | ) |   | $ | (114 | ) |   | $ | (73 | ) |
| Market-related fair value adjustments (1)              | — |  |   | 3 |  |   | — |  |   | — |  |   | 9 |  |   | — |  |
| Core loss (pre-tax)                                    | $ | (18 | ) |   | $ | (34 | ) |   | $ | (36 | ) |   | $ | (84 | ) |   | $ | (105 | ) |   | $ | (73 | ) |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |
|                                                   | Three Months Ended September 30, 2016 |   | Nine Months Ended September 30, 2016 |
| Segment profit (loss)                                  | $ | 22 |  |   | $ | (52 | ) |   | $ | (5 | ) |   | $ | 9 |  |   | $ | (106 | ) |   | $ | (10 | ) |
| Market-related fair value adjustments (1)              | — |  |   | 9 |  |   | — |  |   | — |  |   | 174 |  |   | — |  |
| Net derivative loss (gain) related to MSRs             | — |  |   | 4 |  |   | — |  |   | — |  |   | (139 | ) |   | — |  |
| Core earnings (loss) (pre-tax)                         | $ | 22 |  |   | $ | (39 | ) |   | $ | (5 | ) |   | $ | 9 |  |   | $ | (71 | ) |   | $ | (10 | ) |
|                                                   |   |   |   |   |   |   |   |   |   |   |   |

|               |                                                                                                                                                          |
|---------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| (1)   | Represents the net Change in fair value of MSRs asset and secured liability 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 48.210 million and 53.578 million for the three months ended September 30, 2017 and 2016, respectively, and 51.725 million and 53.616 million for the nine months ended September 30, 2017 and 2016, respectively, were used to calculate per share amounts. |