[3] PHH is the biggest U.S. outsourcer of home loans, processes and originates mortgages on behalf of small banks and some of the world's largest financial firms, including Morgan Stanley and HSBC Holdings Plc.

Between April 30, 1997 and February 1, 2005, PHH was a wholly owned subsidiary of Cendant Corporation (now known as Avis Budget Group) and its predecessors that provided mortgage banking services, facilitated employee relocations and provided vehicle fleet management and fuel card services.

[2] In November 2014, an Administrative law judge decided that PHH had paid illegal kickbacks in violation of the Real Estate Settlement Procedures Act by referring consumers to mortgage insurers who would pay a reinsurance premium to a PHH subsidiary, fining the company $6.5 million.

[6] The United States Court of Appeals for the District of Columbia Circuit stayed Director Cordray's decision in August, 2015.

On October 11, 2016, a panel of the circuit court vacated and remanded Director Cordray's decision, writing that “The CFPB’s order violated bedrock principles of due process”.