Revenue during the quarter plunged 41.46 percent to $72 million from $123 million in the previous year period. Non-interest income for the quarter fell 39.10 percent over the last year period to $81 million.

Glen A. Messina, president and chief executive officer of PHH Corporation, said, "After a comprehensive examination of all available strategic options, we have decided to close or exit our least profitable businesses, monetize a substantial amount of our assets and operate a smaller, focused, capital-light subservicing and portfolio retention business. These actions will allow us to minimize restructuring costs, maximize near-term capital distributions, preserve the value of our tax assets, and create incremental value through the ongoing operation of the business or future strategic actions, which we believe will maximize value for shareholders. We believe the remaining business platforms comprised of subservicing and portfolio retention have the potential to achieve low double-digit to mid-teen returns on capital after the completion of certain cost re-engineering, PLS exit, organic growth, and return of capital actions, and the resolution of our legacy legal and regulatory matters."

Shareholders equity stood at $1,123 million as on Dec. 31, 2016, down 16.69 percent or $225 million from year-ago.