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PHH Corporation Announces Closing Date for Proposed Merger with Ocwen Financial Corporation

October 1, 2018

MOUNT LAUREL, N.J.--(BUSINESS WIRE)--Oct 1, 2018--PHH Corporation (NYSE:PHH) (“PHH” or the “Company”) announced today that it intends to close its proposed merger with Ocwen Financial Corporation (NYSE:OCN) (“Ocwen”) prior to the market open on Thursday, October 4, 2018.

As previously announced on February 27, 2018, upon consummation of the merger, Ocwen will acquire all of the Company’s outstanding shares of common stock in an all cash transaction valued at approximately $360 million or $11.00 per fully diluted share.

About PHH Corporation

PHH Corporation (NYSE:PHH), through its subsidiary PHH Mortgage, is one of the largest subservicers of residential mortgages in the United States. PHH Mortgage provides servicing and portfolio retention solutions to investors of mortgage servicing rights, financial and wealth management institutions, regional and community banks, and credit unions. Headquartered in Mount Laurel, New Jersey, the Company has been providing mortgage lending and servicing solutions since 1984 and is dedicated to responsible and ethical practices while delivering an exceptional customer experience. 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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181001005304/en/

CONTACT: PHH Corporation

Investors

Mike Bogansky, 856-917-9064

mike.bogansky@phh.com

or

Media

Dico Akseraylian, 856-917-0066

dico.akseraylian@phh.com

KEYWORD: UNITED STATES NORTH AMERICA NEW JERSEY

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING CONSULTING FINANCE

SOURCE: PHH Corporation

Copyright Business Wire 2018.

PUB: 10/01/2018 06:45 AM/DISC: 10/01/2018 06:45 AM

http://www.businesswire.com/news/home/20181001005304/en

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