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Press release from Business Wire

David E. Tucker Named President of PHH Mortgage

Monday, May 21, 2012

David E. Tucker Named President of PHH Mortgage09:15 EDT Monday, May 21, 2012 MT. LAUREL, N.J. (Business Wire) -- PHH Corporation (NYSE: PHH) (the “Company”) today announced that David E. Tucker has been appointed President of PHH Mortgage Corporation ("PHH Mortgage"), the Company's mortgage origination and servicing subsidiary. Tucker succeeds Smriti Laxman Popenoe, who has served as Interim President of PHH Mortgage since March 2012. After a transition period, Popenoe will resume her responsibilities as Executive Vice President and Chief Risk Officer of PHH Corporation. “I'm excited to announce that Dave is joining the PHH team. Dave is a disciplined leader who brings proven experience in private label and service businesses to PHH. He is a change agent with a track record of growing and strengthening organizations through a focus on customer relationships, improved operating performance, financial discipline and delivering results,” said Glen A. Messina, President and Chief Executive Officer of PHH Corporation. “I am confident that, under his leadership, PHH Mortgage will successfully execute against our key strategies of disciplined growth in our Private Label Solutions and Realogy platforms, operational excellence, and an unwavering commitment to customer service.” “PHH Mortgage is a recognized leader with a proven track record,” commented Tucker, “and I'm excited to be joining at a time of unprecedented change in the mortgage industry. I look forward to working with Glen and the team as we shape and grow the business for the benefit of our business partners and hundreds of thousands of borrowers across America.” Messina added, “We are fortunate to have been able to call upon Smriti's knowledge of the mortgage business over the past two months, and we thank her for her leadership.” About David E. Tucker David E. Tucker gained 25 years of management experience at General Electric Company (GE), with leadership roles including, most recently, Chief Operating Officer of GE Oil & Gas – Drilling & Productions Systems, where he led a new business formed through acquisition, with 5,800 employees in more than 40 countries. Previously, as General Manager of Global Business Development for GE Energy, he led the strategy development, mergers and acquisitions and integration activities for GE's largest industrial business and delivered one of the most expansive periods of diversification in GE Energy's history. Earlier in his career, Tucker served in several positions with GE Capital Services, including Chief Financial Officer of Vendor Financial Services, the company's private label commercial finance unit, where he was responsible for successful cash management and customer service initiatives. He also served on the GE Corporate Audit Staff and was leader of the GE Capital Audit Staff. Tucker earned a Bachelor of Science degree from Bentley College and is a certified Six Sigma Black Belt. About PHH Corporation Headquartered in Mount Laurel, New Jersey, PHH Corporation (NYSE: PHH) is a leading provider of business process management services for the mortgage and fleet industries. Its subsidiary, PHH Mortgage, is one of the top five retail originators of residential mortgages in the United States1, and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. PHH has more than 5,000 employees dedicated to delivering premier customer service and providing value-added solutions to its clients. For additional information about PHH and its subsidiaries, please visit the Company's website at www.phh.com. About PHH Mortgage PHH Mortgage Corporation, a subsidiary of PHH Corporation (NYSE:PHH), provides cost-effective mortgage solutions for financial institutions, real estate brokers, and government agencies. PHH Mortgage provides full-service capabilities for originating, processing, closing and servicing mortgage loans, and is one of the top five originators of retail residential mortgages and one of the top 10 mortgage servicers in the United States2. For more information, visit www.phhmortgagesolutions.com. 1,2 Inside Mortgage Finance, Copyright 2012 Forward-Looking Statements Certain statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, forward looking-statements are not based on historical facts but instead represent only the Company's current beliefs regarding future events. All forward-looking statements are, by their nature, subject to risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied in such forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements. Such statements may be identified by words such as "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." You should understand that forward-looking statements are not guarantees of performance or results and are preliminary in nature. You should consider the areas of risk described under the heading "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, in connection with any forward-looking statements that may be made by the Company or its businesses generally. Such periodic reports are available in the "Investors" section of the Company's website at http://www.phh.com and are also available at http://www.sec.gov. Except for the Company's ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, the Company undertakes no obligation to release publicly any updates or revisions to any forward-looking statements or to report the occurrence or non-occurrence of anticipated or unanticipated events. PHH CorporationInvestorsJim Ballan, 856-917-4311jim.ballan@phh.comorMediaHeather McElrath, 856-917-7628heather.mcelrath@phh.com