PHH Corporation Rings Opening Bell of the New York Stock Exchange; Company Also Announces Executive Officers and Board of Directors

MOUNT LAUREL, N.J.--Feb. 3, 2005--PHH Corporation celebrated a new phase in its company history today as it rang The Opening Bell(TM) at the New York Stock Exchange. As previously announced, PHH Corporation became an independent, public company on February 1, 2005 after the spin-off from Cendant Corporation .

Terence W. Edwards, president and chief executive officer, PHH Corporation, joined by a select group of PHH employees, had the honor of ringing the Bell. "We are very excited about the opportunity to showcase our company to the investment community. Shareholder value has always been part of our corporate culture; we will continue to maintain this focus as we begin this next phase of our company's history," Edwards said.

PHH Corporation's mortgage and vehicle management operations provide outsourced services to corporate customers. PHH Mortgage, previously operating as Cendant Mortgage, is the sixth largest originator of residential mortgage loans in the United States. The fleet management business, PHH Arval, is the second-largest provider of fleet management services in the United States and Canada. In conjunction with strategic partners, PHH Arval provides fleet management services throughout the world.

"Fleet management and home financing are non-core strengths for many corporations, while PHH employees are subject matter experts in both," explained Neil J. Cashen, executive vice president and chief financial officer, PHH Corporation. "As such, the mortgage and vehicle management operations can easily provide these services to corporate clients, allowing them to focus on their core operations. In addition, the 'pure-play' nature of PHH as an independent, publicly-traded company should enhance investors' appreciation of these businesses, compared to their being relatively small components of Cendant."

Executive Officers of PHH are as follows:

Terence W. Edwards          President and Chief Executive Officer

Neil J. Cashen              Executive Vice President and Chief 
                            Financial Officer; Chief Financial 
                            Officer - PHH Arval

George J. Kilroy            President and Chief Executive Officer 
                            - PHH Arval

Joseph E. Suter             President and Chief Executive Officer 
                            - PHH Mortgage

Mark R. Danahy              Senior Vice President and Chief Financial 
                            Officer - PHH Mortgage

William F. Brown            Senior Vice President, General Counsel and
                            Corporate Secretary


Additionally, the following individuals will serve as members of
the board of directors for PHH Corporation:

A.B. Krongard               Non-Executive Chairman of the Board of 
                            Directors

Terence W. Edwards          Director, President and Chief Executive
                            Officer, PHH Corporation

George J. Kilroy            Director, President and Chief Executive 
                            Officer, PHH Arval

James W. Brinkley           Director

Ann D. Logan                Director

Jonathan D. Mariner         Director

Francis J. Van Kirk         Director, effective July 1, 2005

For additional information on the executive officers and board members, please visit http://www.phh.com.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. It is the sixth largest retail originator of residential mortgages in the United States and the second largest fleet management services provider in the United States and Canada. For additional information on the company and its subsidiaries please visit our investor relations site at http://www.phh.com.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are subject to known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", "may increase", "may fluctuate" and similar expressions or future or conditional verbs such as "will", "should", "would", "may" and "could" are generally forward-looking in nature and not historical facts.

You should consider the areas of risk described under the heading "Forward Looking Statement" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2004 and the risk factors included in the information statement attached to our Current Report on Form 8-K filed on January 19, 2005 in connection with any forward-looking statements that may be made by us and our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless required by law.