PHH Onboard(SM) Is Finalist in 2006 Stevie Awards; Telematics-powered fleet service named one of Best New Products or Services

SPARKS, Md., May 15, 2006 -- PHH Onboard, an innovative new telematics-powered service designed to help vehicle fleets dramatically reduce costs and increase safety, has been named as a finalist in the "Best New Product or Service" category by The American Business Awards(SM), also known as the "Stevie" Awards. PHH Onboard is a service offered by PHH Arval, a subsidiary of PHH Corporation and one of the world's leading fleet management companies.

PHH Arval introduced PHH Onboard to the fleet management marketplace in 2005. It is the first service for vehicle fleets that integrates telematics data from the car or truck with comprehensive fleet information and consultation. PHH Arval consultants, working with clients who are currently using PHH Onboard, have identified opportunities to reduce operating costs and eliminate driving activities that cause accidents and increase risk. Using PHH Onboard, fleets have the potential to reduce fuel costs by up to 10%, idling time by up to 25%, and unauthorized use by up to 100%.

Hailed as "the business world's own Oscars" by the New York Post (April 27, 2005), The American Business Awards are the only national, all- encompassing business awards program honoring great performances in the workplace. More than 1,500 entries from companies of all sizes and in virtually every industry were submitted for consideration in more than 40 categories. Nicknamed the Stevies for the Greek word "crowned," winners will be announced during the annual gala on Monday, June 12 at the Marriott Marquis Hotel in New York City. More than 800 executives from across the U.S.A. are expected to attend. The ceremonies will be videocast on the Internet and broadcast on radio.

About PHH Arval

PHH Arval is the second largest fleet management services provider(1) in the United States and Canada. PHH Arval provides outsourced fleet management solutions to corporate clients, including nearly one-third of the Fortune 500 companies, and government agencies. Through consultative expertise, flexible customer service, and award-winning Internet technology, PHH Arval helps clients reduce costs and increase productivity. For more information, visit http://www.phharval.com/, or call 800 ONLY PHH.

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading outsource provider of mortgage and vehicle fleet management services. Its subsidiary PHH Mortgage is one of the top ten retail originators of residential mortgages in the United States(2) and its subsidiary PHH Arval is the second largest fleet management services provider in the United States and Canada(1). For additional information on the company and its subsidiaries, please visit http://www.phh.com/.