PHH Onboard(SM) Wins 2006 Stevie Award

Telematics-powered fleet service named Best New Product or Service

SPARKS, Md., June 13 -- PHH Arval's new telematics- powered fleet service, PHH Onboard, was crowned a winner in the "Best New Product or Service" category by The American Business Awards(SM), also known as the "Stevie" Awards.

PHH Arval, a subsidiary of PHH Corporation and a leading fleet management company in the United States and Canada, developed PHH Onboard to help vehicle fleets reduce operating costs and eliminate driving activities that cause accidents and increase risk. The service integrates telematics data from the car or truck with comprehensive fleet information and expert consultation. PHH Arval consultants provide recommendations, benchmarking analyses, and documentation of actual savings. PHH Onboard's real-life results are showing the potential to reduce fuel costs by up to 10%, idling time by up to 25%, and unauthorized use by up to 100%.

The winners were announced at The American Business Awards annual gala on Monday, June 12, 2006 in New York City. More than 1,500 nominations were submitted for The 2006 American Business Awards. Members of the Awards' Board of Distinguished Judges & Advisors and their staffs selected Stevie winners from among the Finalists. Finalists were selected by business professionals nationwide during two months of preliminary judging.

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). 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/.