PHH Corporation Announces $300 Million Increase in Committed Financing Arrangements for its Fleet Management Business

PHH Corporation (NYSE:PHH) (“PHH” or the “Company”) today announced the closing by its indirect wholly-owned subsidiary, Chesapeake Funding LLC (“Chesapeake”), of a $300 million aggregate upsizing in the committed funding capacity available under its Chesapeake Variable Funding Notes facilities (collectively the “conduit facilities”).

This upsizing increases the total committed capacity under the conduit facilities to $1.5 billion and increases the total committed financing arrangements at the Company’s Fleet segment to $3.6 billion.

The upsized conduit facilities provide committed funding capacity for the acquisition of vehicles to be leased to customers of PHH Vehicle Management Services, LLC (“PHH Arval”), the Company’s fleet management business. As of December 29, 2011, there was $409 million of aggregate available capacity under the conduit facilities to provide funding for our domestic vehicle financing needs.

The variable funding notes issued under the conduit facilities are rated Aa1 by Moody’s Investor Services.

Commenting on the increase in funding capacity, George Kilroy, PHH Arval Chief Executive Officer, said: “PHH Arval continues to solidify its position as a leading provider of financing solutions for the commercial fleet industry. We are committed to providing a lease product to our fleet management clients that is consistent with our outstanding client service and award winning technology and innovation.”

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 Arval

PHH Arval, a subsidiary of PHH Corporation [NYSE: PHH], is a leading fleet management services provider 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. Through consultative expertise, flexible customer service, and award-winning Internet technology, PHH Arval helps clients reduce costs and increase productivity. For more information, visit www.phharval.com, or call 800 ONLY PHH.

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 our 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 prospectus and in our periodic reports filed with the U.S. Securities and Exchange Commission, including our 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 us or our businesses generally. Except for our ongoing obligations to disclose material information under the federal securities laws, applicable stock exchange listing standards and unless otherwise required by law, we undertake 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.

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