PHH Corporation Announces Third Quarter 2012 Results

3Q12 Net Loss Attributable to PHH Corporation of $42 million or $0.74 per share

3Q12 Core Earnings (after-tax)* of $42 million and Core Earnings per Share* of $0.74

• 3Q12 results include a $13 million pre-tax loss ($0.14 per share after tax) related to the early repayment of our 2013 medium term notes
• 3Q12 total priced-in margin of 420 bps, a 39 bps increase from 2Q12 and a 132 bps increase from 3Q11
• 3Q12 interest rate lock commitments (IRLCs) expected to close of $6.8 billion, consistent with the second quarter of 2012
• Total loan servicing portfolio at September 30, 2012, of $185.1 billion in unpaid principal balance (UPB), up 4% from $178.1 billion in UPB at September 30, 2011
• Issued $275 million aggregate principal amount of 7.375% Senior Notes due 2019 and fully repaid remaining $418 million outstanding aggregate principal amount of our 2013 medium term notes. $677 million in unrestricted cash and cash equivalents at September 30, 2012