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Robert Crowl Appointed Executive Vice President Of PHH Corporation

PHH Corporation (NYSE: PHH) (“PHH” or the “Company”) announced today that Robert Crowl has been appointed Executive Vice President effective April 26, 2012. Crowl will assume the role of Chief Financial Officer after the Company has completed its first quarter 2012 financial reporting and has filed its Quarterly Report on Form 10-Q. He will succeed David Coles, who has been serving as interim Chief Financial Officer.

Crowl brings more than 25 years of management and senior-level mortgage and banking experience and will be responsible for leading PHH’s financial and reporting functions.

“Rob’s extensive experience and expertise in the mortgage industry will make him an invaluable member of our team,” said Glen Messina, President and Chief Executive Officer of PHH. “I look forward to Rob being one of my key partners in executing our strategies, which are disciplined investment in Mortgage Private Label Solutions, Mortgage Realogy relationship and our Fleet Management business, operational excellence, an unwavering commitment to customer service, and liquidity, cash generation and deleveraging our balance sheet.”

Crowl said, “PHH has a tremendous opportunity to leverage its leadership position in each of its businesses. I believe PHH’s focus on disciplined growth, operational excellence, and customer service is a blueprint for success and the creation of shareholder value.”

Additionally, Messina said, “On behalf of the Board and management team at PHH, I want to thank David for his service as interim CFO, and for agreeing to stay on with the company to ensure an orderly transition process.”

About Robert Crowl

Robert Crowl most recently was the Executive Vice President and CFO at Sun Bancorp, Inc. and its wholly owned subsidiary, Sun National Bank. There, he helped restore balance sheet strength and position the company for growth through private and public capital raises, executing multiple problem loan sales, and launching a series of performance improvement initiatives. He also spent more than a decade at National City Corporation. There, he served as Executive Vice President and Chief Operating Officer of National City Mortgage where he helped reengineer the mortgage division and return the business to profitability. Additionally, during his tenure at National City, he held positions as Senior Vice President and Corporate Comptroller, and Senior Vice President of Asset/Liability and Securitization Manager. Mr. Crowl earned both a Bachelor of Arts degree and a MBA from the University of Richmond.

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