National Press Release

SPARKS, Md., June 16 /PRNewswire/ -- PHH Arval, a subsidiary of PHH Corporation (NYSE: PHH) has won an American Business Award(SM), also known as a "Stevie" award. The company won for PHH GreenFleet, the fleet management industry's most comprehensive program to reduce greenhouse gas emissions, in the category "Best New Product or Service."

PHH GreenFleet takes a common-sense approach to helping corporations meet their own corporate environmental goals. Fleets managed by PHH Arval that have fully implemented the program have reduced their emissions on average by 14% and lifecycle operating costs by 4%. And the program has also enabled them to improve their miles per gallon (mpg) by up to 20% -- a major plus with today's high fuel prices.

Karen Healey, Director at PHH Arval in charge of the company's green initiatives, said, "We're honored to receive a Stevie Award recognizing PHH's leadership in helping corporate fleets improve their environmental performance. More important, we're excited about the benefits this program brings not just to the environment, but to our clients in reducing emissions, fuel consumption and costs."

About PHH GreenFleet

PHH GreenFleet helps clients reduce GHG emissions from company vehicles and offers options for making their fleets completely climate-neutral. Developed by PHH Arval and Environmental Defense Fund (EDF), one of the nation's leading environmental organizations, PHH GreenFleet helps clients:

    -- Measure and report on greenhouse gas emissions to demonstrate progress
       over time.
    -- Implement improvements in fleet vehicle selection that result in
       increased efficiency and lower emissions.
    -- Improve vehicle use through driver training, telematics, and improved
       preventive maintenance.
    -- Offset remaining emissions by investing in credible, third party
       verified greenhouse gas reduction projects.

PHH GreenFleet was recently featured in EDF's 2008 Innovations Review (http://www.edf.org/documents/7904_innovationsreview2008.pdf), a publication that highlights new ways companies are achieving environmental sustainability while reducing costs and gaining advantages. "EDF is proud to work with PHH Arval in delivering this successful program to Corporate America," said Environmental Defense Fund Managing Director Tom Murray. "The growing interest in measuring and reducing fleet emissions points to a real trend in the smart management of greenhouse gas emissions. These corporate leaders know that by reducing emissions from their fleets, they will cut costs, meet environmental goals, and help establish new best practices for their industry. It's win-win on all fronts."

About the Stevie Awards

Hailed as "the business world's own Oscars" (New York Post, April 27, 2005), The American Business Awards is the only national, independent business awards program honoring organizations of all types -- public and private, for-profit and non-profit, large and small. Nicknamed "the Stevies" for the Greek word "crowned," winners for the 2008 awards were announced during the annual gala on Thursday, June 12, 2008 at a nationally broadcast ceremony in New York City.

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 http://www.phharval.com, or call 800 ONLY PHH.

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, is one of the top ten retail originators of residential mortgages in the United States(1), and its subsidiary, PHH Arval, is a leading fleet management services provider in the United States and Canada. For additional information about the Company and its subsidiaries please visit our website at http://www.phh.com.

(1) Inside Mortgage Finance, Copyright 2008

SOURCE PHH Arval