content: <HTML><HEAD><TITLE>Form 8-K PHH Corporation</TITLE><!-- Licensed to: Cendant Corporation--><!-- Document Created using EDGARIZER HTML --><!-- Copy Right 2003 EDGARfilings, Ltd., an IEC company.--><!-- All rights reserved EDGARfilings.com -->
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=4><B>UNITED STATES</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=4><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>WASHINGTON, D.C. 20549</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=2>____________</FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=4><B>Form 8-K</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE </FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3>SECURITIES EXCHANGE ACT OF 1934</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=2>____________</FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>July 21, 2004 (July 20, 2004)</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(Date of Report (date of earliest event reported))</I></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=6><B>PHH Corporation</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(Exact name of Registrant as specified in its charter)</I></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>Maryland</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(State or other jurisdiction</I></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>of incorporation)</I></FONT></DIV></TD>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>1-7797</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(Commission File No.)</I></FONT></DIV></TD>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>52-0551284</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(I.R.S. Employer</I></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>1 Campus Drive</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>Parsippany, New Jersey</B></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>07054</B></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>(973) 428-9700</B></FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=3><B>None </B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=center><FONT face="Times Roman" size=1><I>(Former name or former address if changed since last report)</I></FONT></DIV>
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  <DIV><FONT face="Times Roman" size=3><B>Item 5. Other Events</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=left><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, &#147;PHH&#148;, &#147;WE&#148;, &#147;OUR&#148;, OR &#147;US&#148; MEANS PHH CORPORATION, A MARYLAND CORPORATION, AND ITS SUBSIDIARIES.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3>We are in discussions with a potential purchaser regarding the sale of our mortgage business. It is currently anticipated that the potential transaction, if completed, would result in net proceeds to us at the time of sale of between $750 million and $1 billion, after repayment of approximately $5 billion to $6 billion of associated indebtedness. </FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;The terms of the potential transaction are subject to completion of due diligence and negotiation of definitive agreements. There can be no assurance that the parties will enter into a definitive agreement for any transaction or that any transaction will be completed.</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><BR></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 0pt" align=justify><FONT face="Times Roman" size=3><FONT id=TAB2 style="LETTER-SPACING: 9pt">&nbsp;&nbsp;&nbsp;</FONT>&nbsp;Statements about future results made herein, including the projections, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our Form 10-Q for the quarter ended March 31, 2004.</FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=center><FONT face="Times Roman" size=3><B>SIGNATURE</B></FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><BR></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3><B>PHH CORPORATION</B></FONT></DIV></TD>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3><B>By:</B></FONT><FONT face="Times Roman" size=3> /s/ Eric Bock</FONT><FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT> <FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT> <FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT> <FONT id=TAB1 style="LETTER-SPACING: 9pt">&nbsp; &nbsp;</FONT><FONT face="Times Roman" size=3> </FONT></DIV></TD>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3>Eric J. Bock</FONT></DIV>
  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3>Executive Vice President &#150; </FONT></DIV>
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  <DIV style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.3; MARGIN-RIGHT: 36pt" align=justify><FONT face="Times Roman" size=3>Date: July 21, 2004</FONT></DIV>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "form8-kphhcorporation.htm", "description": "FORM 8-K PHH CORPORATION", "secsgml_size_bytes": 18810}]
metadata_filer: {"company-data": {"conformed-name": "PHH CORP", "cik": "0000077776", "assigned-sic": "6159", "irs-number": "520551284", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-07797", "film-number": "04925103"}, "business-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019", "phone": "4107713600"}, "mail-address": {"street1": "9 WEST 57TH STREET", "city": "NEW YORK", "state": "NY", "zip": "10019"}, "former-company": [{"former-conformed-name": "PHH GROUP INC", "date-changed": "19880913"}, {"former-conformed-name": "PETERSON HOWELL & HEATHER INC", "date-changed": "19790121"}]}
text: Form 8-K PHH Corporation
  UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  WASHINGTON, D.C. 20549
  ____________
  Form 8-K
  CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
  SECURITIES EXCHANGE ACT OF 1934
  ____________
  July 21, 2004 (July 20, 2004)
  (Date of Report (date of earliest event reported))
  PHH Corporation
  (Exact name of Registrant as specified in its charter)
  Maryland
  (State or other jurisdiction
  of incorporation)
  1-7797
  (Commission File No.)
  52-0551284
  (I.R.S. Employer
  Identification Number)
  1 Campus Drive
  Parsippany, New Jersey
  (Address of principal executive office)
  07054
  (Zip Code)
  (973) 428-9700
  (Registrant's telephone number, including area code)
  None
  (Former name or former address if changed since last report)
  Item 5. Other Events
  EXCEPT AS EXPRESSLY INDICATED OR UNLESS THE CONTEXT OTHERWISE REQUIRES, "PHH", "WE", "OUR", OR "US" MEANS PHH CORPORATION, A MARYLAND CORPORATION, AND ITS SUBSIDIARIES.
  We are in discussions with a potential purchaser regarding the sale of our mortgage business. It is currently anticipated that the potential transaction, if completed, would result in net proceeds to us at the time of sale of between $750 million and $1 billion, after repayment of approximately $5 billion to $6 billion of associated indebtedness.
  The terms of the potential transaction are subject to completion of due diligence and negotiation of definitive agreements. There can be no assurance that the parties will enter into a definitive agreement for any transaction or that any transaction will be completed.
  Statements about future results made herein, including the projections, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and the current economic environment. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Important assumptions and other important factors that could cause actual results to differ materially from those in the forward-looking statements are specified in our Form 10-Q for the quarter ended March 31, 2004.
  SIGNATURE
  Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
  PHH CORPORATION
  By:
  /s/ Eric Bock
  Eric J. Bock
  Executive Vice President –
  Law and Corporate Secretary
  Date: July 21, 2004