Company Profile For PHH Corporation

PHH Corporation (PHH) is an outsource provider of mortgage and fleet management services. The Company operates in three segments: Mortgage Production, Mortgage Servicing and Fleet Management Services. PHH's Mortgage Production segment originates, purchases and sells mortgage loans through its wholly owned subsidiary, PHH Mortgage Corporation and its subsidiaries (collectively, PHH Mortgage), which is inclusive of PHH Home Loans and STARS. The Company's Mortgage Servicing segment services mortgage loans that either PHH Mortgage or PHH Home Loans originated, or for which PHH Mortgage purchased the mortgage servicing rights. PHH's Fleet Management Services segment provides commercial fleet management services to corporate clients and government agencies throughout the United States and Canada through its wholly owned subsidiary, PHH Vehicle Management Services Group LLC, doing business as PHH Arval.

BRIEF: For the six months ended 30 June 2009, PHH Corporation's revenues increased 4% to $1.36B. Net income totaled $108M, up from $46M. Revenues reflect an increase in net fee income, higher gain on net mortgage loans, a rise in net loan servicing income. Net income also reflects a fall in occupancy & other office expenses, lower fleet interest expense, decreased other operating expenses and higher operating income.