Pricing Supplement Dated February 5, 1996 Rule 424 (b) (3)
(To Prospectus dated November 8, 1995 and File No. 33-63627
Prospectus Supplement dated November 8, 1995)
PHH CORPORATION
MEDIUM-TERM NOTES
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<CAPTION>
<S> <C> <C>
Principal Amount: $50,000,000 Trade date: February 5, 1996
Currency or Currency Unit: U.S. Dollars Original Issue Date: February 8, 1996
Issue Price: 99.98% Agent's Discount or Commission: 0.02%
Net Proceeds to Issuer: $49,990,000 Agent (s): CS First Boston Corporation
Maturity Date: February 10, 1997 CUSIP Number: 69332H DE 3
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</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Interest:
Fixed Rate:
Floating Rate:
Base Rate: [X] Commercial Paper Rate (30 day H.15, MMY) [ ] CD Rate
[ ] Federal Funds Effective Rate
[ ] LIBOR [ ] Treasury Rate [ ] Prime Rate [ ] Other
( ) Reuters Page: (see attached)
( ) Telerate Page:
Spread: minus 0.06%
Initial Interest Rate: To be determined February 6, 1996
Interest Reset Dates: Monthly, on the 10th of each month commencing
March 11, 1996
Interest Determination
Date: Two Business Days prior to Interest Reset Date
Interest Payment Dates: Monthly, on the 10th of each month commencing
March 11, 1996
Index Maturity: 1 month
Day Count Convention: [X] Actual/360 [ ] Actual/Actual [ ] 30/360
Option to Receive Payments
in Specified Currency: [ ] Yes [ ] No
</TABLE>
Redemption:
[X] The Notes may not be redeemed prior to maturity,
except as set forth in the Prospectus.
[ ] The Notes may be redeemed prior to maturity.
Initial Redemption Date:
Initial Redemption Price: %
Annual Redemption Price Reduction: % until Redemption Price
is 100% of the Principal Amount.
Repayment:
[X] The Notes may not be repaid prior to maturity, except as
set forth in the Prospectus.
[ ] The Notes may be repaid prior to maturity at the option
of the holder of the Notes.
Repayment Date:
Repayment Price: %
Discount Note: [ ] Yes [X] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [X] Global [ ] Certificated
Agent's Capacity: [ ] Agent [X] Principal
If as Principal:
[X] The Agent proposes to offer the Notes from time to time for resale
in negotiated transactions or otherwise, at market prices
prevailing at the time of resale, at prices related to such
prevailing market prices or at negotiated prices.
[ ] The Agent proposes to offer the Notes at a fixed initial public
offering price of % of Principal Amount.
If as Agent:
The Notes are being offered at a fixed initial public offering price
of % of Principal Amount.
Other Terms:
