Jerome Selitto Named CEO of PHH Corporation

Veteran Industry Leader Brings to PHH Successful Track Record of Innovation,
Transformation and Value Creation in Mortgage Business
MT. LAUREL, N.J.--(Business Wire)--
The Board of Directors of PHH Corporation (NYSE:PHH) today announced that Jerome
J. Selitto has been named President and Chief Executive Officer and appointed to
the Board of Directors, effective immediately. George Kilroy, who in June had
stepped in on an interim basis as Acting President and CEO of PHH, will continue
to lead the company`s fleet management business and serve as a member of the
company`s Board of Directors.

Mr. Selitto brings to PHH nearly forty years of experience in the mortgage
industry and in capital markets, as well as a long and successful track record
of building companies that have created value by transforming key sectors of the
home lending market. Mr. Selitto served most recently as a senior consultant and
then member of the senior management team of mortgage industry software provider
Ellie Mae and, before that, as Chief Executive Officer of DeepGreen Financial,
the groundbreaking online home equity lender that he helped found. Earlier, he
launched and helped lead mortgage insurance company Amerin Guaranty Corporation
(now Radian Guaranty) and held senior leadership positions at First Chicago
Corporation, PaineWebber and Kidder, Peabody & Co.

Jim Egan, Chairman of the PHH Corporation Board of Directors said, "Jerry
Selitto is an innovative leader with a proven ability to drive change in an
organization and execute transformational strategies that create value for its
stakeholders. Jerry was the architect of two companies in the mortgage industry
that created distinctive competitive advantages, found innovative and
cost-efficient ways to serve their customers and created new opportunities to
generate revenue. We are confident that his strategic vision, leadership ability
and experience re-designing corporate processes will drive increased value
across our mortgage and fleet management businesses and help take PHH to a new
level of success."

Mr. Selitto said, "I am thrilled to have the opportunity to join PHH. This is a
great company with valuable assets, talented employees, world-class clients, and
significant opportunities for growth. PHH`s mortgage and fleet management
businesses are well-positioned in the marketplace, and I look forward to working
closely with my colleagues across the company to create new opportunities and
significant value for our shareholders, customers and employees."

Mr. Egan continued, "I want to thank George Kilroy for his strong leadership and
tireless efforts during this period of transition. With George`s leadership, PHH
has continued to adapt to changing market conditions and increase efficiency in
a very difficult environment. We appreciate George taking on this challenge and
look forward to his continued leadership of our fleet management business and
his ongoing input as a member of PHH`s senior leadership team and Board of
Directors."

About Jerome J. Selitto

Mr. Selitto worked most recently at Ellie Mae as a senior consultant and, later,
as a member of the senior management team to help develop a sales and marketing
strategy for a new division of the company focused on linking lenders and
mortgage originators on a real-time basis, allowing the lender to immediately
screen for loan attributes that met their purchase criteria. Prior to that, in
2000, Mr. Selitto founded DeepGreen Financial, an innovative web-based federal
savings bank and mortgage company that grew to become one of the nation`s most
successful online home equity lenders, originating over $5 billion in home
equity loans. From 1992 to 1999, he served as founder and Vice Chairman of
Amerin Guaranty Corporation (now Radian Guaranty), a mortgage insurance company
he helped grow to an 8% market share and a successful IPO.

Mr. Selitto previously served as a Managing Director at First Chicago
Corporation and PaineWebber Inc., and as a senior executive at Kidder, Peabody &
Co., William R. Hough & Company, and the Florida Federal Savings and Loan
Association.

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 Corporation, 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.

1 Inside Mortgage Finance, Copyright 2009

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Investors:
PHH Corporation
Nancy R. Kyle
Vice President, Investor Relations
856-917-4268
or
Media:
Robinson Lerer & Montgomery
Patrick Linehan
646-805-2047

Copyright Business Wire 2009