PHH Corporation Comments on EJF Capital’s Intention to Nominate Directors

MOUNT LAUREL, N.J.--()--PHH Corporation (NYSE: PHH) ("PHH") today issued the following statement in response to EJF Capital’s filing on Schedule 13D of its intention to nominate two candidates to the PHH Board of Directors.

“PHH maintains and values an active dialogue with our investors, and is focused on generating value for shareholders. We appreciate EJF Capital’s input and will continue our dialogue with them and our other shareholders. The Corporate Governance Committee of the Board regularly reviews Board composition to ensure shareholders are represented by high-quality, independent directors with relevant skills and experience. Our Board of Directors and management team recognize the right of investors to nominate directors. In keeping with our normal corporate governance practices, the Corporate Governance Committee will review EJF Capital’s director candidates.”

About PHH Corporation

Headquartered in Mount Laurel, New Jersey, PHH Corporation is a leading provider of end-to-end mortgage solutions through its subsidiary, PHH Mortgage. Its outsourcing model and proven expertise, combined with a strong commitment to operational excellence and customer service, has enabled PHH Mortgage to become one of the largest non-bank originators and servicers of residential mortgages in the United States. PHH Mortgage provides mortgage solutions for the real estate market and financial institutions, and offers home financing directly to consumers. For additional information, please visit www.phh.com.

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 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. Such periodic reports are available in the “Investors” section of our website at http://www.phh.com and are also available at http://www.sec.gov. 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.

Contacts

PHH Corporation
Investors
Hugo Arias
856-917-0108
hugo.arias@phh.com
or
Media
Dico Akseraylian
856-917-0066
dico.akseraylian@phh.com

Contacts

PHH Corporation
Investors
Hugo Arias
856-917-0108
hugo.arias@phh.com
or
Media
Dico Akseraylian
856-917-0066
dico.akseraylian@phh.com