10-Q

______________________________________________________________________________________________________________________________________________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

^{___________________________} 

FORM 10-Q

þQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File No. 001-35674

REALOGY HOLDINGS CORP.

(Exact name of registrant as specified in its charter)

20-8050955

(I.R.S. Employer Identification Number)

Commission File No. 333-148153

REALOGY GROUP LLC

(Exact name of registrant as specified in its charter)

20-4381990

(I.R.S. Employer Identification Number)

Delaware

(State or other jurisdiction of incorporation or organization)

175 Park Avenue

Madison, NJ 07940

(Address of principal executive offices) (Zip Code)

(973) 407-2000

(Registrants' telephone number, including area code)

^{___________________________} 

Indicate by check mark whether the Registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.  

Realogy Holdings Corp. Yes þ  No ¨Realogy Group LLC Yes ¨  No þ

Indicate by check mark whether the Registrants have submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrants were required to submit and post such files). 

Realogy Holdings Corp. Yes þ  No ¨Realogy Group LLC Yes þ  No ¨

Indicate by check mark whether the Registrants are large accelerated filers, accelerated filers, non-accelerated filers, or smaller reporting companies. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

	Large accelerated filer	Accelerated filer		Non-accelerated filer	Smaller reporting company
			(Do not check if a smaller reporting company)
Realogy Holdings Corp.	þ	¨		¨	¨
Realogy Group LLC	¨	¨		þ	¨

Indicate by check mark whether the Registrants are a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Realogy Holdings Corp. Yes ¨  No þRealogy Group LLC Yes ¨  No þ

There were 146,705,506 shares of Common Stock, $0.01 par value, of Realogy Holdings Corp. outstanding as of November 3, 2015.

______________________________________________________________________________________________________________________________________________________________________

TABLE OF CONTENTS

	Page
Introductory Note		1
Forward-Looking Statements		1
PART I	FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Report of Independent Registered Public Accounting Firm for Realogy Holdings Corp.	4
	Report of Independent Registered Public Accounting Firm for Realogy Group LLC	5
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2015 and 2014	6
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2015 and 2014	7
	Condensed Consolidated Balance Sheets as of September 30, 2015 and December 31, 2014	8
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2015 and 2014	9
	Notes to Condensed Consolidated Financial Statements	10
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures about Market Risks	48
Item 4.	Controls and Procedures	49
PART II	OTHER INFORMATION	50
Item 1.	Legal Proceedings	50
Item 6.	Exhibits	51
Signatures		52
Exhibit Index		53

INTRODUCTORY NOTE

Except as otherwise indicated or unless the context otherwise requires, the terms "we," "us," "our," "our company," "Realogy," "Realogy Holdings" and the "Company" refer to Realogy Holdings Corp., a Delaware corporation, and its consolidated subsidiaries, including Realogy Intermediate Holdings LLC, a Delaware limited liability company ("Realogy Intermediate"), and Realogy Group LLC, a Delaware limited liability company ("Realogy Group"). Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.

Realogy Holdings is not a party to the Senior Secured Credit Facility and certain references in this report to our consolidated indebtedness exclude Realogy Holdings with respect to indebtedness under the Senior Secured Credit Facility. In addition, while Realogy Holdings is a guarantor of Realogy Group's obligations under its secured and unsecured notes, Realogy Holdings is not subject to the restrictive covenants in the indentures governing such indebtedness.

FORWARD-LOOKING STATEMENTS

Forward-looking statements included in this report and our other public filings or other public statements that we make from time to time are based on various facts and derived utilizing numerous important assumptions and are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include the information concerning our future financial performance, business strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts. You should understand that the following important factors could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements:

• risks related to general business, economic, employment and political conditions and the U.S. residential real estate markets, either regionally or nationally, including but not limited to:

◦ a lack of improvement or a decline in the number of homesales, stagnant or declining home prices and/or a deterioration in other economic factors that particularly impact the residential real estate market and the business segments in which we operate;

◦ a decrease in consumer confidence;

◦ the impact of recessions, slow economic growth, disruptions in the U.S. government or banking system and high levels of unemployment in the U.S. and abroad, which may impact all or some portion of the housing markets in which we and our franchisees operate;

◦ increasing mortgage rates and/or constraints on the availability of mortgage financing;

◦ legislative, tax or regulatory changes that would adversely impact the residential real estate market, including potential reforms of Fannie Mae and Freddie Mac, and potential tax code reform, which could reduce or eliminate the amount that taxpayers would be allowed to deduct for home mortgage interest;

◦ delayed homesale transaction closings that impact us or other industry participants resulting from the introduction of the Consumer Financial Protection Bureau's new rule relating to integrated mortgage disclosure forms, effective for new loan applications beginning October 3, 2015;

◦ a decrease in housing affordability;

◦ high levels of foreclosure activity;

◦ insufficient or excessive home inventory levels by market;

◦ changing attitudes towards home ownership, particularly among potential first-time homebuyers who may delay, or decide not to, purchase a home; and

◦ the inability or unwillingness of current homeowners to purchase their next home due to various factors, including limited or negative equity in their current home, difficult mortgage underwriting standards, attractive rates on existing mortgages and the lack of available inventory in their market;

1

• our geographic and high-end market concentration, particularly with respect to our company owned brokerage operations;

• our inability to enter into franchise agreements with new franchisees at current royalty rates, or to realize royalty revenue growth from them;

• our inability to renew existing franchise agreements at current royalty rates, or to maintain or enhance our value proposition to franchisees, including but not limited to our ability to successfully develop, license and scale our ZAP^TM technology to our franchisees;

• the lack of revenue growth or declining profitability of our franchisees;

• disputes or issues with entities that license us their tradenames for use in our business that could impede our franchising of those brands;

• our inability to realize the benefits from acquisitions due to the loss of key personnel of the acquired companies, as well as the possibility that expected benefits and synergies of the transactions may not be achieved in a timely manner or at all;

• actions by our franchisees that could harm our business or reputation, non-performance of our franchisees, controversies with our franchisees or actions against us by third parties with which our franchisees have business relationships;

• competition whether through traditional competitors, competitors with alternative business models, as well as competition for our independent sales associates;

• loss or attrition among our senior executives or other key employees could adversely affect our financial performance;

• our failure or alleged failure to comply with laws, regulations and regulatory interpretations and any changes in laws and regulations or stricter interpretations of regulatory requirements, including but not limited to (1) state or federal employment laws or regulations that would require reclassification of independent contractor sales associates to employee status; and (2) the Real Estate Settlement Procedures Act ("RESPA") or state consumer protection or similar laws;

• any adverse resolution of litigation, governmental or regulatory proceedings or arbitration awards as well as any adverse impact of decisions to voluntary modify business arrangements or enter into settlement agreements to avoid the risk of protracted and costly litigation or other proceedings;

• the general impact of emerging technologies on our business;

• our inability to obtain new technologies and systems, to replace or introduce new technologies and systems as quickly as our competitors and in a cost-effective manner or to achieve the benefits anticipated from new technologies or systems;

• the failure or significant disruption of our operations from various causes related to our critical information technologies and systems including cybersecurity threats to our data and customer/franchisee data as well as reputational or financial risks associated with a loss of any such data;

• risks related to our international operations, including compliance with the Foreign Corrupt Practices Act and similar anti-corruption laws as well as risks relating to the master franchisor model that we deploy internationally;

• risks associated with our substantial indebtedness and interest obligations and restrictions contained in our debt agreements, including risks relating to having to dedicate a significant portion of our cash flows from operations to service our debt;

• risks relating to our ability to refinance our indebtedness or incur additional debt;

• changes in corporate relocation practices resulting in fewer employee relocations, reduced relocation benefits or the loss of a significant Affinity client;

• an increase in the claims rate of our title underwriter and an increase in mortgage rates could adversely impact the revenue of our title and settlement services segment;

• our inability to securitize certain assets of our relocation business, which would require us to find an alternative source of liquidity that may not be available, or if available, may not be on favorable terms;

• risks that could materially adversely impact our equity investment in PHH Home Loans LLC, our joint venture with PHH Corporation ("PHH");

2

• any remaining resolutions or outcomes with respect to contingent liabilities of our former parent, Cendant Corporation ("Cendant"), under the Separation and Distribution Agreement and the Tax Sharing Agreement (each as defined in our Annual Report on Form 10-K for the year ended December 31, 2014),including any adverse impact on our future cash flows; and

• new types of taxes or increases in state, local or federal taxes that could diminish profitability or liquidity.

Other factors not identified above, including those described under the headings "Forward-Looking Statements," "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2014 (the "2014 Form 10-K"), filed with the Securities and Exchange Commission ("SEC"), may also cause actual results to differ materially from those described in our forward-looking statements. Most of these factors are difficult to anticipate and are generally beyond our control. You should consider these factors in connection with considering any forward-looking statements that may be made by us and our businesses generally.

Except for our ongoing obligations to disclose material information under the federal securities laws, we undertake no obligation to release publicly any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events unless we are required to do so by law. For any forward-looking statement contained in our public filings or other public statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

3

PART I - FINANCIAL INFORMATION

Item 1.Financial Statements.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of Realogy Holdings Corp.:

We have reviewed the accompanying condensed consolidated balance sheet of Realogy Holdings Corp. and its subsidiaries as of September 30, 2015, and the related condensed consolidated statements of operations and comprehensive income for the three and nine-month periods ended September 30, 2015 and September 30, 2014 and the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2015 and September 30, 2014. These interim financial statements are the responsibility of the Company's management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet as of December 31, 2014, and the related consolidated statements of operations, comprehensive income (loss), equity (deficit), and cash flows for the year then ended (not presented herein), and in our report dated February 26, 2015, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanyingconsolidated balance sheet information as of December 31, 2014, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived.

/s/ PricewaterhouseCoopers LLP

Florham Park, New Jersey

November 5, 2015

4

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholder of Realogy Group LLC:

We have reviewed the accompanying condensed consolidated balance sheet of Realogy Group LLC and its subsidiaries as of September 30, 2015, and the related condensed consolidated statements of operations and comprehensive income for the three and nine-month periods ended September 30, 2015 and September 30, 2014 and the condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2015 and September 30, 2014. These interim financial statements are the responsibility of the Company's management.

We conducted our review in accordance with the standards of the Public Company Accounting Oversight Board (United States). A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States), the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should be made to the accompanying condensed consolidated interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

We previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheet as of December 31, 2014, and the related consolidated statements of operations, comprehensive income (loss), equity (deficit), and cash flows for the year then ended (not presented herein), and in our report dated February 26, 2015, we expressed an unqualified opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet information as of December 31, 2014, is fairly stated in all material respects in relation to the consolidated balance sheet from which it has been derived.

/s/ PricewaterhouseCoopers LLP

Florham Park, New Jersey

November 5, 2015

5

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Revenues
Gross commission income	$	1,251		$	1,162		$	3,310		$	3,070
Service revenue	265			231			664			607
Franchise fees	103			96			269			251
Other	49			42			138			122
Net revenues	1,668			1,531			4,381			4,050
Expenses
Commission and other agent-related costs	855			795			2,262			2,099
Operating	381			340			1,089			1,016
Marketing	56			52			171			155
General and administrative	85			79			255			214
Former parent legacy benefit, net	(14		)	(2		)	(15		)	(1		)
Restructuring costs, net	—			(1		)	—			(1		)
Depreciation and amortization	55			48			153			140
Interest expense, net	70			54			188			197
Loss on the early extinguishment of debt	—			—			—			27
Other (income)/expense, net	(2		)	(1		)	(3		)	(2		)
Total expenses	1,486			1,364			4,100			3,844
Income before income taxes, equity in earnings and noncontrolling interests	182			167			281			206
Income tax expense	74			71			116			88
Equity in earnings of unconsolidated entities	(4		)	(6		)	(13		)	(7		)
Net income	112			102			178			125
Less: Net income attributable to noncontrolling interests	(2		)	(2		)	(3		)	(3		)
Net income attributable to Realogy Holdings and Realogy Group	$	110		$	100		$	175		$	122
Earnings per share attributable to Realogy Holdings:
Basic earnings per share	$	0.75		$	0.68		$	1.19		$	0.84
Diluted earnings per share	$	0.74		$	0.68		$	1.18		$	0.83
Weighted average common and common equivalent shares of Realogy Holdings outstanding:
Basic	146.6			146.0			146.5			145.9
Diluted	148.1			147.0			148.0			147.0

See Notes to Condensed Consolidated Financial Statements.

6

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2015			2014			2015			2014
Net income	$	112		$	102		$	178		$	125
Currency translation adjustment	(3		)	(3		)	(3		)	(1		)
Defined benefit pension plan - amortization of actuarial loss to periodic pension cost	1			—			1			—
Other comprehensive loss, before tax	(2		)	(3		)	(2		)	(1		)
Income tax expense related to items of other comprehensive income amounts	1			—			1			—
Other comprehensive loss, net of tax	(3		)	(3		)	(3		)	(1		)
Comprehensive income	109			99			175			124
Less: comprehensive income attributable to noncontrolling interests	(2		)	(2		)	(3		)	(3		)
Comprehensive income attributable to Realogy Holdings and Realogy Group	$	107		$	97		$	172		$	121

See Notes to Condensed Consolidated Financial Statements.

7

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

(Unaudited)

	September 30, 2015			December 31, 2014
ASSETS
Current assets:
Cash and cash equivalents	$	567		$	313
Trade receivables (net of allowance for doubtful accounts of $20 and $27)	171			116
Relocation receivables	351			297
Deferred income taxes	208			180
Other current assets	134			120
Total current assets	1,431			1,026
Property and equipment, net	240			233
Goodwill	3,603			3,477
Trademarks	745			736
Franchise agreements, net	1,445			1,495
Other intangibles, net	322			341
Other non-current assets	243			230
Total assets	$	8,029		$	7,538
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	147		$	128
Securitization obligations	335			269
Due to former parent	32			51
Current portion of long-term debt	519			19
Accrued expenses and other current liabilities	460			411
Total current liabilities	1,493			878
Long-term debt	3,378			3,891
Deferred income taxes	479			350
Other non-current liabilities	286			236
Total liabilities	5,636			5,355
Commitments and contingencies (Notes 7 and 9)
Equity:
Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at September 30, 2015 and December 31, 2014	—			—
Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized 146,723,561 shares outstanding at September 30, 2015 and 146,382,923 shares outstanding at December 31, 2014	1			1
Additional paid-in capital	5,715			5,677
Accumulated deficit	(3,289		)	(3,464		)
Accumulated other comprehensive loss	(38		)	(35		)
Total stockholders' equity	2,389			2,179
Noncontrolling interests	4			4
Total equity	2,393			2,183
Total liabilities and equity	$	8,029		$	7,538

See Notes to Condensed Consolidated Financial Statements.

8

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Nine Months Ended September 30,
	2015			2014
Operating Activities
Net income	$	178		$	125
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153			140
Deferred income taxes	100			78
Amortization of deferred financing costs and discount	13			13
Non-cash portion of the loss on the early extinguishment of debt	—			21
Equity in earnings of unconsolidated entities	(13		)	(7		)
Stock-based compensation	40			32
Mark-to-market adjustments on derivatives	26			17
Other adjustments to net income	(3		)	1
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables	(56		)	(53		)
Relocation receivables	(54		)	(86		)
Other assets	(24		)	(1		)
Accounts payable, accrued expenses and other liabilities	52			(4		)
Due to former parent	(19		)	(3		)
Dividends received from unconsolidated entities	7			1
Taxes paid related to net share settlement for stock-based compensation	(5		)	(4		)
Other, net	—			1
Net cash provided by operating activities	395			271
Investing Activities
Property and equipment additions	(60		)	(49		)
Payments for acquisitions, net of cash acquired	(111		)	(203		)
Change in restricted cash	1			—
Other, net	(1		)	(1		)
Net cash used in investing activities	(171		)	(253		)
Financing Activities
Repayments of term loan facility	(14		)	(14		)
Repurchases of First and a Half Lien Notes	—			(397		)
Proceeds from issuance of Senior Notes	—			450
Net change in securitization obligations	67			29
Debt transaction costs	(1		)	(41		)
Proceeds from exercise of stock options	3			2
Other, net	(23		)	(14		)
Net cash provided by financing activities	32			15
Effect of changes in exchange rates on cash and cash equivalents	(2		)	(1		)
Net increase in cash and cash equivalents	254			32
Cash and cash equivalents, beginning of period	313			236
Cash and cash equivalents, end of period	$	567		$	268
Supplemental Disclosure of Cash Flow Information
Interest payments (including securitization interest of $4 for both periods presented)	$	165		$	197
Income tax payments, net	10			7

See Notes to Condensed Consolidated Financial Statements.

9

REALOGY HOLDINGS CORP. AND REALOGY GROUP LLC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unless otherwise noted, all amounts are in millions)

(Unaudited)

1. BASIS OF PRESENTATION

Realogy Holdings Corp. ("Realogy Holdings", "Realogy" or the "Company") is a holding company for its consolidated subsidiaries including Realogy Intermediate Holdings LLC ("Realogy Intermediate") and Realogy Group LLC ("Realogy Group") and its consolidated subsidiaries. Realogy through its subsidiaries is a global provider of residential real estate services. Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations, comprehensive income and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.

The accompanying Condensed Consolidated Financial Statements include the financial statements of Realogy Holdings and Realogy Group. Realogy Holdings' only asset is its investment in the common stock of Realogy Intermediate, and Realogy Intermediate's only asset is its investment in Realogy Group. Realogy Holdings' only obligations are its guarantees of certain borrowings and certain franchise obligations of Realogy Group. All expenses incurred by Realogy Holdings and Realogy Intermediate are for the benefit of Realogy Group and have been reflected in Realogy Group's Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and with Article 10 of Regulation S-X. Interim results may not be indicative of full year performance because of seasonal and short-term variations. The Company has eliminated all material intercompany transactions and balances between entities consolidated in these financial statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and the related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates.

In management's opinion, the accompanying Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary to present fairly Realogy Holdings and Realogy Group's financial position as of September 30, 2015 and the results of operations and comprehensive income for the three and nine months endedSeptember 30, 2015 and 2014 and cash flows for the nine months endedSeptember 30, 2015 and 2014. As the interim Condensed Consolidated Financial Statements are prepared using the same accounting principles and policies used to prepare the annual consolidated financial statements, they should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2014 included in the Annual Report on Form 10-K for the year ended December 31, 2014.

The Condensed Consolidated Financial Statements as of September 30, 2015 and for the three and nine month periods ended September 30, 2015 and 2014 have been reviewed by PricewaterhouseCoopers LLP, an independent registered public accounting firm.  Their reports, dated November 5, 2015, are included on pages 4 and 5.  The reports of PricewaterhouseCoopers LLP state that they did not audit and they do not express an opinion on that unaudited financial information.  Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied.  PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a "report" or a "part" of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.

Financial Instruments

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

10

Level Input:	Input Definitions:
Level I	Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level II	Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level III	Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach.

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	59	$	—	$	59
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	40	$	—	$	40
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes the carrying amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:

	September 30, 2015				December 31, 2014
Debt	Carrying Amount		Estimated Fair Value (a)		Carrying Amount		Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—	$	—	$	—
Term Loan B Facility	1,858		1,854		1,871		1,834
7.625% First Lien Notes	593		622		593		633
9.00% First and a Half Lien Notes	196		207		196		215
3.375% Senior Notes	500		498		500		500
4.50% Senior Notes	450		447		450		449
5.25% Senior Notes	300		305		300		291
Securitization obligations	335		335		269		269

_______________

(a) The fair value of the Company's indebtedness is categorized as Level I.

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Investment in PHH Home Loans

The Company owns 49.9% of PHH Home Loans, which was created for the purpose of originating and selling mortgage loans primarily sourced through the Company’s real estate brokerage and relocation businesses. PHH Corporation ("PHH") owns the remaining percentage. In connection with the joint venture, the Company recorded equity earnings related to its investment in PHH Home Loans of $3 million and $11 million for the three and nine months endedSeptember 30, 2015, respectively, and equity earnings related to its investment in PHH Home Loans of $4 million and $5 million for the three and nine months endedSeptember 30, 2014, respectively. The Company received $5 million in cash dividends from PHH Home Loans during the nine months endedSeptember 30, 2015 compared to no cash dividends during the same period in 2014. The Company's investment in PHH Home Loans is $60 million at September 30, 2015 and $54 million at December 31, 2014.

Income Taxes

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income before income taxes for the period.  In addition, non-recurring or discrete items are recorded during the period in which they occur.  The provision for income taxes was an expense of $74 million and $71 millionfor the three months endedSeptember 30, 2015 and September 30, 2014, respectively, and $116 million and $88 millionfor the nine months endedSeptember 30, 2015 and September 30, 2014, respectively.

Derivative Instruments

The Company uses foreign currency forward contracts largely to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and payables.  The Company primarily manages its foreign currency exposure to the Euro, Swiss Franc, Canadian Dollar and British Pound. The Company has elected not to utilize hedge accounting for these forward contracts; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. However, the fluctuations in the value of these forward contracts generally offset the impact of changes in the value of the underlying risk that they are intended to economically hedge. As of September 30, 2015, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $31 million. As of December 31, 2014, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $27 million.

The Company also enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. The Company has five interest rate swaps with an aggregate notional value of $1,025 million to offset the variability in cash flows resulting from the term loan facility. The first swap, with a notional value of $225 million, commenced in July 2012 and expires in February 2018 and the second swap, with a notional value of $200 million, commenced in January 2013 and expires in February 2018. In the third quarter of 2013, the Company entered into three additional interest rate swaps, each with a notional value of $200 million, which commenced in August 2015 and expire in August 2020. The Company has not elected to utilize hedge accounting for these interest rate swaps; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations.

The fair value of derivative instruments was as follows:

Liability Derivatives		Fair Value
Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2015		December 31, 2014
Interest rate swap contracts	Other non-current liabilities	$	59	$	40

The effect of derivative instruments on earnings was as follows:

Derivative Instruments Not Designated as Hedging Instruments	Location of (Gain) or Loss Recognized for Derivative Instruments	(Gain) or Loss Recognized on Derivatives
		Three Months Ended September 30,					Nine Months Ended September 30,
		2015		2014			2015			2014
Interest rate swap contracts	Interest expense	$	16	$	(3	)	$	27		$	19
Foreign exchange contracts	Operating expense	—		(2		)	(1		)	(2		)

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Restricted Cash

Restricted cash primarily relates to amounts specifically designated as collateral for the repayment of outstanding borrowings under the Company’s securitization facilities. Such amounts approximated $9 million and $10 million at September 30, 2015 and December 31, 2014, respectively, and are included within other current assets on the Company’s Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Information

Significant non-cash transactions during the nine months endedSeptember 30, 2015 and September 30, 2014 included $13 million and $6 million, respectively, in capital lease additions, which resulted in non-cash additions to property and equipment, net and other non-current liabilities.

Defined Benefit Pension Plan

The net periodic pension cost for the three months endedSeptember 30, 2015 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $2 million mostly offset by a benefit of $2 million for the expected return on assets. The net periodic pension benefit for the three months endedSeptember 30, 2014 was less than $1 million and was comprised of a benefit of $2 million for the expected return on assets mostly offset by interest cost and amortization of actuarial loss of $2 million.

The net periodic pension cost for the nine months endedSeptember 30, 2015 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $6 million mostly offset by a benefit of $6 million for the expected return on assets. The net periodic pension benefit for the nine months endedSeptember 30, 2014 was less than $1 million and was comprised of a benefit of $6 million for the expected return on assets mostly offset by interest cost and amortization of actuarial loss of $6 million.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASU"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.

In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as other assets. The amendments in this ASU will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods, with earlier adoption permitted. Upon adoption, the Company must apply the new guidance retrospectively to all prior periods presented in the financial statements. The Company had debt issuance costs of $45 million and $55 million as of September 30, 2015 and December 31, 2014, respectively, included in other assets. The Company plans to early adopt this ASU for the year ended December 31, 2015 and will apply its provisions retrospectively. Adoption of the ASU will result in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets. The debt issuance costs related to our revolving credit facilities, including securitization obligations, of $4 million and $5 million as of September 30, 2015 and December 31, 2014, respectively, will remain classified as a deferred asset within other assets as is permitted by the ASU.

In May 2014, the FASB and IASB issued a converged standard on revenue recognition that will have an effect on most companies to some extent. The objective of the revenue standard is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and the timing of revenue recognition. The new standard, as initially released, would be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption would not be permitted. In July 2015, the FASB deferred the effective date of the new revenue standard by one year resulting in the new revenue standard being effective for fiscal years and interim periods beginning after December 15, 2017 and allowing entities to adopt one year earlier if they so elect. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

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2. ACQUISITIONS

2015 Acquisitions

During the nine months ended September 30, 2015, the Company acquired seven real estate brokerage related operations through its wholly owned subsidiary, NRT, including a large franchisee of the Real Estate Franchise segment, for aggregate cash consideration of $80 million and established $10 million of liabilities related to contingent consideration and other acquisition related liabilities. These acquisitions resulted in goodwill of $79 million, pendings and listings of $7 million, other intangibles of $1 million, other assets of $6 million and other liabilities of $3 million.

During the nine months ended September 30, 2015, the Company acquired two title and settlement operations through its wholly owned subsidiary, TRG, for cash consideration of $33 million and established $37 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $47 million, trademarks of $9 million, pendings and listings of $7 million, other intangibles of $5 million, title plant shares of $1 million and other assets of $1 million.

None of the 2015 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate.

2014 Acquisitions

In August 2014, the Company acquired all of the outstanding shares of common stock of ZipRealty, Inc., (“ZipRealty”) for a cash purchase price of $167 million. The Company acquired ZipRealty's residential brokerage operations with 23 offices across the United States and its integrated real estate technology platform. The estimated fair values of the assets acquired and liabilities assumed resulted in goodwill of $92 million, software and fixed assets of $18 million, deferred tax assets of $46 million, customer relationships intangibles of $1 million, pendings and listings of $3 million, other intangibles of $7 million, other assets of $6 million and other liabilities of $6 million.

During the year ended December 31, 2014, in addition to the ZipRealty acquisition discussed above, NRT acquired sixteen real estate brokerage and property management operations, for cash consideration of $44 million and established $19 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $45 million, trademarks of $4 million, pendings and listings of $4 million, other intangibles of $8 million, other assets of $3 million and other liabilities of $1 million.

During the year ended December 31, 2014, the Company acquired three title and settlement operations through its wholly owned subsidiary, TRG, for cash consideration of $6 million. These acquisitions resulted in goodwill of $5 million and pendings and listings of $1 million.

None of the 2014 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate.

3. INTANGIBLE ASSETS

Goodwill by segment and changes in the carrying amount are as follows:

	Real Estate Franchise Services			Company Owned Brokerage Services			Relocation Services			Title and Settlement Services			Total Company
Gross goodwill as of December 31, 2014	$	3,315		$	905		$	641		$	402		$	5,263
Accumulated impairment losses	(1,023		)	(158		)	(281		)	(324		)	(1,786		)
Balance at December 31, 2014	2,292			747			360			78			3,477
Goodwill acquired	—			79			—			47			126
Balance at September 30, 2015	$	2,292		$	826		$	360		$	125		$	3,603

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Intangible assets are as follows:

	As of September 30, 2015						As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,019	$	574	$	1,445	$	2,019	$	524	$	1,495
Unamortizable—Trademarks (b)	$	745			$	745	$	736			$	736
Other Intangibles
Amortizable—License agreements (c)	$	45	$	8	$	37	$	45	$	7	$	38
Amortizable—Customer relationships (d)	530		277		253		530		256		274
Unamortizable—Title plant shares (e)	11				11		10				10
Amortizable—Pendings and listings (f)	8		8		—		2		2		—
Amortizable—Other (g)	31		10		21		25		6		19
Total Other Intangibles	$	625	$	303	$	322	$	612	$	271	$	341

_______________

(a)    Generally amortized over a period of 30 years.

(b) Primarily relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.

(c) Relates to the Sotheby’s International Realty and Better Homes and Gardens Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

(d) Relates to the customer relationships at the Relocation Services segment, the Title and Settlement Services segment and the Real Estate Franchise Services segment. These relationships are being amortized over a period of 2 to 20 years.

(e) Primarily relates to the Texas American Title Company title plant shares. Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

(f) Generally amortized over a period of 5 months.

(g) Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.

Intangible asset amortization expense is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Franchise agreements	$	17	$	17	$	50	$	50
License agreements	—		—		1		1
Customer relationships	7		9		21		28
Pendings and listings	8		3		14		6
Other	1		—		4		1
Total	$	33	$	29	$	90	$	86

Based on the Company’s amortizable intangible assets as of September 30, 2015, the Company expects related amortization expense for the remainder of 2015, the four succeeding years and thereafter to be approximately $26 million, $99 million, $95 million, $94 million, $93 million and $1,349 million, respectively.

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4. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of:

	September 30, 2015		December 31, 2014
Accrued payroll and related employee costs	$	125	$	120
Accrued volume incentives	32		32
Accrued commissions	41		21
Deferred income	66		73
Accrued interest	39		44
Contingent consideration for acquisitions	26		10
Other	131		111
	$	460	$	411

5.    SHORT AND LONG-TERM DEBT

Total indebtedness is as follows:

	September 30, 2015		December 31, 2014
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—
Term Loan B Facility	1,858		1,871
7.625% First Lien Notes	593		593
9.00% First and a Half Lien Notes	196		196
3.375% Senior Notes	500		500
4.50% Senior Notes	450		450
5.25% Senior Notes	300		300
Total Short & Long-Term Debt	$	3,897	$	3,910
Securitization Obligations:
Apple Ridge Funding LLC	$	325	$	255
Cartus Financing Limited	10		14
Total Securitization Obligations	$	335	$	269

Indebtedness Table

As of September 30, 2015, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:

	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	March 2018	$	475	$	—	$	475
Term Loan B Facility	(3)	March 2020	1,872		1,858		—
First Lien Notes (1)	7.625%	January 2020	593		593		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Senior Notes	4.50%	April 2019	450		450		—
Senior Notes	5.25%	December 2021	300		300		—
Securitization obligations: (4)
Apple Ridge Funding LLC (5)		June 2016	375		325		50
Cartus Financing Limited (6)		August 2016	38		10		28
Total (7)			$	4,799	$	4,232	$	553

_______________

(1) See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to

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the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

(2) Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

(3) Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

(4) Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(5) In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

(6) Consists of a £20 million revolving loan facility and a £5 million working capital facility.

(7) Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the unsecured letter of credit facility with a rate of 2.98%.

Maturities Table

As of September 30, 2015, the combined aggregate amount of maturities for long-term borrowings, excluding securitizations, for the remainder of 2015 and each of the next four years is as follows:

Year	Amount
Remaining 2015	$	5
2016	519
2017	19
2018	19
2019	469

Senior Secured Credit Facility

The senior secured credit agreement, as amended and in effect as of September 30, 2015 (the "Amended and Restated Credit Agreement") provides for:

(a)  a Term Loan B Facility initially issued in the aggregate principal amount of $1,905 million with a maturity date of March 5, 2020. The Term Loan B Facility has quarterly amortization payments totaling 1% per annum of the $1,905 million of Term Loan B principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group's option, adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or ABR plus 2.00% (with an ABR floor of 1.75%); and

(b) a $475 million Revolving Credit Facility with a maturity date of March 5, 2018, which includes (i) a $250 million letter of credit subfacility and (ii) a swingline loan subfacility. The interest rate with respect to revolving loans under the Revolving Credit Facility is based on, at Realogy Group's option, adjusted LIBOR plus 2.75% or ABR plus 1.75%.

The Amended and Restated Credit Agreement provides for a synthetic letter of credit facility which matures on October 10, 2016. The synthetic letter of credit facility may be utilized for general corporate purposes, including the support of Realogy Group’s obligations with respect to Cendant contingent and other liabilities assumed under the Separation and Distribution Agreement. The capacity of the synthetic letter of credit facility is reduced by 1% per annum. As of September 30, 2015, the capacity under the synthetic letter of credit facility was $54 million and the facility was being utilized for a $53 million letter of credit with Cendant for potential contingent obligations.

The Amended and Restated Credit Agreement permits the Company to obtain up to $500 million of additional credit facilities from lenders reasonably satisfactory to the administrative agent and us, without the consent of the existing lenders under the new senior secured credit facility, plus an unlimited amount if Realogy Group's senior secured leverage ratio is less than 3.50 to 1.00 on a pro forma basis. Subject to certain restrictions, the Amended and Restated Credit Agreement also permits us to issue senior secured or unsecured notes in lieu of any incremental facility.

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The obligations under the Amended and Restated Credit Agreement are secured to the extent legally permissible by substantially all of the assets of Realogy Group, Realogy Intermediate and all of their domestic subsidiaries, other than certain excluded subsidiaries.

Realogy Group’s Amended and Restated Credit Agreement contains financial, affirmative and negative covenants and requires Realogy Group to maintain a senior secured leverage ratio, not to exceed 4.75 to 1.00, and pursuant to the October 2015 amendment discussed in Note 11, "Subsequent Events," the leverage ratio is tested quarterly, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date. In this report, the Company refers to the term "Adjusted EBITDA" to mean EBITDA as so defined for purposes of determining compliance with the senior secured leverage covenant. The senior secured leverage ratio measured at any applicable quarter end is Realogy Group's total senior secured net debt divided by the trailing twelve month adjusted EBITDA. Total senior secured net debt does not include the First and a Half Lien Notes, other indebtedness secured by a lien that is pari passu or junior in priority to the First and a Half Lien Notes, unsecured indebtedness, including the Unsecured Notes, as well as the securitization obligations. At September 30, 2015, Realogy Group’s senior secured leverage ratio was 2.36 to 1.00.

See Note 11, "Subsequent Events" for a description of the October 2015 amendment to the Amended and Restated Credit Agreement, pursuant to which the borrowing capacity under the Revolving Credit Facility was increased to $815 million. See Note 11, "Subsequent Events" for a description of the October 2015 Term Loan A Agreement, pursuant to which Realogy Group borrowed $435 million under a new Term Loan A Facility.

First Lien Notes

The First Lien Notes are senior secured obligations of Realogy Group and bore interest at a rate of 7.625% per annum. On October 23, 2015, Realogy Group issued a notice of redemption for all $593 million outstanding aggregate principal amount of the First Lien Notes and discharged its obligations under the related indenture. In connection with the redemption of the First Lien Notes and related discharge of the indenture, Realogy Group deposited a total of $638 million with the trustee, which included the applicable redemption premium and accrued and unpaid interest on the First Lien Notes.  The payment of the redemption price was funded with the net proceeds from the new Term Loan A Facility described above and revolver borrowings.

First and a Half Lien Notes

The First and a Half Lien Notes are senior secured obligations of Realogy Group and mature in January 2020. The First and a Half Lien Notes bear interest at a rate of 9.00% per annum and interest is payable semiannually on January 15 and July 15 of each year. The First and a Half Lien Notes are guaranteed on a senior secured basis by Realogy Intermediate and each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. The First and a Half Lien Notes are also guaranteed by Realogy Holdings, on an unsecured senior subordinated basis. The First and a Half Lien Notes are secured by the same collateral as the Company’s existing secured obligations under its Senior Secured Credit Facility and the new Term Loan A Facility. The priority of the collateral liens securing the First and a Half Lien Notes is junior to the collateral liens securing the Company’s first lien obligations under its Senior Secured Credit Facility and Term Loan A Facility.

See Note 11, "Subsequent Events" for a discussion of the Company's issuance of a notice of redemption to use cash on hand and revolver borrowings to repay the First and a Half Lien Notes on November 30, 2015.

Unsecured Notes

The 3.375% Senior Notes, 4.50% Senior Notes and 5.25% Senior Notes (collectively the "Unsecured Notes") are unsecured senior obligations of Realogy Group that mature on May 1, 2016, April 15, 2019 and December 1, 2021, respectively. Interest on the Unsecured Notes is payable each year semiannually on May 1 and November 1 for the 3.375% Senior Notes, April 15 and October 15 for the 4.50% Senior Notes and June 1 and December 1 for the 5.25% Senior Notes. The Unsecured Notes are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. The Unsecured Notes are guaranteed by Realogy Holdings on an unsecured senior subordinated basis.

Other Debt Facilities

The Company has an Unsecured Letter of Credit Facility to provide for the issuance of letters of credit required for general corporate purposes by the Company. In August 2015, the Company increased the capacity of the facility by $7

18

million from $81 million as of December 31, 2014 to $88 million. $27 million of capacity of the unsecured letter of credit facility expires in June 2017, $54 million of capacity expires in August 2017 and the remaining $7 million of capacity expires in September 2018. The fixed pricing to the Company is based on a spread above the credit default swap rate for senior unsecured debt obligations of the Company over the applicable letter of credit period. Realogy Group's obligations under the Unsecured Letter of Credit Facility are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. As of September 30, 2015, $82 million of the Facility is being utilized.

Securitization Obligations

Realogy Group has secured obligations through Apple Ridge Funding LLC under a securitization program. In June 2015, Realogy Group extended the program until June 2016 and temporarily increased the capacity under the facility from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million. At September 30, 2015, Realogy Group has $325 million of outstanding borrowings under the facility.

Realogy Group, through a special purpose entity known as Cartus Financing Limited, has agreements providing for a £20 million revolving loan facility and a £5 million working capital facility, both of which expire in August 2016. There are $10 million of outstanding borrowings on the facilities at September 30, 2015. These Cartus Financing Limited facilities are secured by the relocation assets of a U.K. government contract in this special purpose entity and are therefore classified as permitted securitization financings as defined in Realogy Group’s Senior Secured Credit Facility and the indentures governing the Unsecured Notes and the First and a Half Lien Notes.

The Apple Ridge entities and the Cartus Financing Limited entity are consolidated special purpose entities that are utilized to securitize relocation receivables and related assets. These assets are generated from advancing funds on behalf of clients of Realogy Group’s relocation business in order to facilitate the relocation of their employees. Assets of these special purpose entities are not available to pay Realogy Group’s general obligations. Under the Apple Ridge program, provided no termination or amortization event has occurred, any new receivables generated under the designated relocation management agreements are sold into the securitization program and as new eligible relocation management agreements are entered into, the new agreements are designated to the program. The Apple Ridge program has restrictive covenants and trigger events, including performance triggers linked to the age and quality of the underlying assets, foreign obligor limits, multicurrency limits, financial reporting requirements, restrictions on mergers and change of control, any uncured breach of Realogy Group’s senior secured leverage ratio under Realogy Group’s Senior Secured Credit Facility, and cross-defaults to Realogy Group’s material indebtedness. The occurrence of a trigger event under the Apple Ridge securitization facility could restrict our ability to access new or existing funding under this facility or result in termination of the facility, either of which would adversely affect the operation of our relocation business.

Certain of the funds that Realogy Group receives from relocation receivables and related assets must be utilized to repay securitization obligations. These obligations were collateralized by $338 million and $286 million of underlying relocation receivables and other related relocation assets at September 30, 2015 and December 31, 2014, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Realogy Group’s securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets.

Interest incurred in connection with borrowings under these facilities amounted to $1 million and $4 million for the three and nine months endedSeptember 30, 2015, respectively and $1 million and $4 million for the three and nine months endedSeptember 30, 2014, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Realogy Group's relocation business where interest is generally earned on such assets. These securitization obligations represent floating rate debt for which the average weighted interest rate was 2.0% and 2.4% for the nine months endedSeptember 30, 2015 and 2014, respectively.

Loss on the Early Extinguishment of Debt and Write-Off of Deferred Financing Costs

As a result of refinancing activity and repurchases of debt during the first half of 2014, the Company recorded a loss on the early extinguishment of debt of $27 million and wrote off deferred financing costs of $3 million to interest expense during the nine months endedSeptember 30, 2014.

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6. STOCK-BASED COMPENSATION

The Company has stock-based compensation plans available under which incentive equity awards such as non-qualified stock options, rights to purchase shares of common stock, restricted stock, restricted stock units and performance share units may be issued to employees, consultants or directors of Realogy.

Consistent with the 2014 long-term incentive equity awards, the 2015 awards include a mix of performance share unit awards ("PSUs"), restricted stock units (performance restricted stock units for the CEO and direct reports) and options.

The 2015 PSUs are incentives that reward grantees based upon the Company's financial performance over a three-year performance period ending December 31, 2017. There are two PSU awards: one is based upon the total stockholder return of Realogy's common stock relative to the total stockholder return of the SPDR S&P Homebuilders Index ("XHB") (the "RTSR award"), and the other is based upon the achievement of cumulative free cash flow goals. The number of shares that may be issued under the PSUs is variable and based upon the extent to which the performance goals are achieved over the performance period (with a range of payout from 0% to 175% of target for the RTSR award and 0% to 200% of target for the achievement of cumulative free cash flow award). The shares earned will be distributed in early 2018.

The restricted stock units vest over three years, with 33.33% vesting on each anniversary of the grant date. Time-vesting of performance restricted stock units for the CEO and direct reports is conditioned upon achievement of a minimum EBITDA performance goal for 2015.

The stock options have a maximum term of ten years and vest over four years, with 25% vesting on each anniversary date of the grant date. The options have an exercise price equal to the closing sale price of the Company's common stock on the date of grant.

The total number of shares authorized for issuance under the plans is 9.6 million shares. As of September 30, 2015, the total number of shares available for future grants under the plans was 1.4 million shares.

The fair value of restricted stock, restricted stock units and performance share units without a market condition is equal to the closing sale price of the Company's common stock on the date of grant. The fair value of the RTSR PSU award was estimated on the date of grant using the Monte Carlo Simulation method utilizing the following assumptions. Expected volatility was based on historical volatilities of the Company and select comparable companies.

	2015 RTSR PSU
Weighted average grant date fair value	$	41.08
Weighted average expected volatility	25.1		%
Weighted average volatility of XHB	21.1		%
Weighted average correlation coefficient	0.57
Weighted average risk-free interest rate	1.0		%
Weighted average dividend yield	—

A summary of restricted stock, restricted stock unit and performance share unit activities for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Stock Units		Weighted Average Grant Date Fair Value		Performance Share Units (b)	Weighted Average Grant Date Fair Value
Unvested at January 1, 2015	0.09	$	27.14	0.74		$	45.83	0.37	$	46.63
Granted	—	—		0.62		46.52		0.43	44.69
Vested (a)	—	—		(0.30	)	45.83		—	—
Forfeited	—	—		(0.02	)	46.24		—	—
Unvested at September 30, 2015	0.09	$	27.14	1.04		$	46.21	0.80	$	45.59

______________

(a) The total fair value of restricted stock units which vested during the nine months endedSeptember 30, 2015 was $14 million.

(b) The PSU amounts in the table are shown at the target amount of the award.

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The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions. Expected volatility was based on historical volatilities of the Company and select comparable companies. The expected term of the options granted represents the period of time that options were expected to be outstanding and is based on the "simplified method" in accordance with accounting guidance. The Company utilizes the simplified method to determine the expected life of options as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of the grant, which corresponds to the expected term of the options.

	2015 Options
Weighted average grant date fair value	$	17.66
Weighted average expected volatility	36.1		%
Weighted average expected term (years)	6.25
Weighted average risk-free interest rate	1.6		%
Weighted average dividend yield	—

A summary of stock option unit activity for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Options		Weighted Average Exercise Price
Outstanding at January 1, 2015	3.22		$	30.02
Granted	0.18		46.45
Exercised (a) (b)	(0.16	)	21.31
Forfeited/Expired	(0.03	)	34.33
Outstanding at September 30, 2015 (c)	3.21		$	31.31

______________

(a) The intrinsic value of options exercised during the nine months endedSeptember 30, 2015 was $4 million.

(b) Cash received from options exercised during the nine months endedSeptember 30, 2015 was $3 million.

(c) Options outstanding at September 30, 2015 have an intrinsic value of $34 million and have a weighted average remaining contractual life of 6.9 years.

Stock-Based Compensation Expense

As of September 30, 2015, based on current performance achievement expectations, there was $53 million of unrecognized compensation cost related to incentive equity awards under the plans which will be recorded in future periods as compensation expense over a remaining weighted average period of 1.2 years. The Company recorded stock-based compensation expense related to the incentive equity awards of $14 million and $40 million for the three and nine months endedSeptember 30, 2015, respectively, and $11 million and $32 million for the three and nine months endedSeptember 30, 2014, respectively.

7. TRANSACTIONS WITH FORMER PARENT AND SUBSIDIARIES

Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates

Realogy Group (then Realogy Corporation) separated from Cendant on July 31, 2006 (the "Separation"), pursuant to a plan by Cendant (now known as Avis Budget Group, Inc.) to separate into four independent companies—one for each of Cendant's business units—real estate services (Realogy), travel distribution services ("Travelport"), hospitality services, including timeshare resorts ("Wyndham Worldwide"), and vehicle rental ("Avis Budget Group"). Realogy Group has certain guarantee commitments with Cendant (pursuant to the assumption of certain liabilities and the obligation to indemnify Cendant, Wyndham Worldwide and Travelport for such liabilities). These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and other corporate liabilities, of which Realogy Group assumed and is generally responsible for 62.5%. Upon separation from Cendant, the liabilities assumed by Realogy Group were comprised of certain Cendant corporate liabilities which were recorded on the historical books of Cendant as well as additional liabilities which were established for guarantees issued at the date of Separation related to certain unresolved contingent matters that could arise during the guarantee period. Regarding the guarantees, if any of the companies responsible for all or a portion of such liabilities were to default in its payment of costs or expenses related to any such

21

liability, Realogy Group would be responsible for a portion of the defaulting party or parties’ obligation. To the extent such recorded liabilities are in excess or are not adequate to cover the ultimate payment amounts, such excess or deficiency will be reflected in the results of operations in future periods.

The due to former parent balance was $32 million and $51 million at September 30, 2015 and December 31, 2014, respectively. The due to former parent balance was comprised of the Company’s portion of the following: (i) Cendant’s remaining state and foreign contingent tax liabilities, (ii) accrued interest on contingent tax liabilities, (iii) potential liabilities related to Cendant’s terminated or divested businesses, and (iv) potential liabilities related to the residual portion of accruals for Cendant operations.

8.     EARNINGS PER SHARE

Earnings per share attributable to Realogy Holdings

Basic earnings per share is computed based on net income attributable to Realogy Holdings stockholders divided by the basic weighted-average shares outstanding during the period. Dilutive earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. Realogy Holdings uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options. The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2015		2014		2015		2014
Net income attributable to Realogy Holdings shareholders	$	110	$	100	$	175	$	122
Basic weighted average shares	146.6		146.0		146.5		145.9
Stock options, restricted stock, restricted stock units and performance share units (a)	1.5		1.0		1.5		1.1
Weighted average diluted shares	148.1		147.0		148.0		147.0
Earnings Per Share:
Basic	$	0.75	$	0.68	$	1.19	$	0.84
Diluted	$	0.74	$	0.68	$	1.18	$	0.83

_______________

(a) The three and nine months endedSeptember 30, 2015, excludes 3.6 million and 3.7 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation. The three and nine months endedSeptember 30, 2014, excludes 3.7 million and 3.6 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation.

9. COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in claims, legal proceedings, alternative dispute resolution and governmental inquiries related to alleged contract disputes, business practices, intellectual property and other commercial, employment, regulatory and tax matters. Examples of such matters include but are not limited to allegations:

• that the Company is vicariously liable for the acts of franchisees under theories of actual or apparent agency;

• by former franchisees that franchise agreements were breached including improper terminations;

• that residential real estate sales associates engaged by NRT—under certain state or federal laws—are potentially employees instead of independent contractors, and they or regulators therefore may bring claims against NRT for breach of contract, wage and hour classification claims, wrongful discharge and unemployment and workers' compensation and obtain benefits, back wages, overtime, indemnification, penalties related to classification practices and expense reimbursement available to employees;

• concerning claims for alleged RESPA or state real estate law violations including but not limited to claims challenging the validity of sales associates indemnification, and administrative fees;

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• concerning claims generally against the company owned brokerage operations for negligence, misrepresentation or breach of fiduciary duty in connection with the performance of real estate brokerage or other professional services; and

• concerning claims generally against the title company contending that, as the escrow company, the company knew or should have known that a transaction was fraudulent or concerning other title defects or settlement errors.

Real Estate Business Litigation

Bararsani v. Coldwell Banker Residential Brokerage Company. On November 15, 2012, plaintiff Ali Bararsani filed a putative class action complaint in Los Angeles Superior Court, California, against Coldwell Banker Residential Brokerage Company ("CBRBC") alleging that CBRBC had misclassified current and former affiliated sales associates as independent contractors when they were actually employees.  The Company believes that CBRBC has properly classified the sales associates as independent contractors, would have significant defenses to the claims asserted in this action and continues to operate in a manner consistent with applicable law, and longstanding, widespread industry practice for many decades. To avoid further litigation expense, we entered into a settlement on May 5, 2015. The settlement requires court approval and was accrued for as of June 30, 2015. In entering into this settlement, CBRBC made no admission of wrongdoing or liability, and is not obligated to change its business structures. The court granted preliminary approval of the settlement in August 2015.

The Company is involved in certain other claims and legal actions arising in the ordinary course of our business. Such litigation, regulatory actions and other proceedings may include, but are not limited to, actions relating to intellectual property, commercial arrangements, franchising arrangements, actions against our title company alleging it knew or should have known that others were committing mortgage fraud, standard brokerage disputes like the failure to disclose hidden defects in the property such as mold, vicarious liability based upon conduct of individuals or entities outside of our control, including franchisees and independent sales associates, antitrust and anti-competition claims, general fraud claims, employment law claims, including claims challenging the classification of our sales associates as independent contractors, wage and hour classification claims and claims alleging violations of RESPA or state consumer fraud statutes. While the results of such claims and legal actions cannot be predicted with certainty, we do not believe based on information currently available to us that the final outcome of current proceedings against the Company will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Cendant Corporate Litigation

Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006 among Cendant, Realogy Group, Wyndham Worldwide and Travelport, each of Realogy Group, Wyndham Worldwide and Travelport have assumed certain contingent and other corporate liabilities (and related costs and expenses), which are primarily related to each of their respective businesses. In addition, Realogy Group has assumed 62.5% and Wyndham Worldwide has assumed 37.5% of certain contingent and other corporate liabilities (and related costs and expenses) of Cendant or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy Group, Wyndham Worldwide, Travelport and/or Cendant’s vehicle rental operations, in each case incurred or allegedly incurred on or prior to the date of the separation of Travelport from Cendant.

* * *

The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable.

Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. In addition, class action lawsuits can be costly to defend and, depending on the class size and claims, could be costly to settle.  As such, the Company could incur judgments or enter into settlements of claims with liability that are materially in excess of amounts accrued and these settlements could have a material adverse effect on the Company’s financial condition, results of operations or cash flows in any particular period.

Tax Matters

The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording related assets and liabilities. In the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is uncertain. The Company is regularly under audit by tax authorities whereby the outcome of the audits is uncertain. The Company

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believes there is appropriate support for positions taken on its tax returns. The liabilities that have been recorded represent the best estimates of the probable loss on certain positions and are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. However, the outcomes of tax audits are inherently uncertain.

Under the Tax Sharing Agreement with Cendant, Wyndham Worldwide and Travelport, the Company is generally responsible for 62.5% of payments made to settle claims with respect to tax periods ending on or prior to December 31, 2006 that relate to income taxes imposed on Cendant and certain of its subsidiaries, the operations (or former operations) of which were determined by Cendant not to relate specifically to the respective businesses of Realogy, Wyndham Worldwide, Avis Budget or Travelport.

With respect to any remaining legacy Cendant tax liabilities, the Company and its former parent believe there is appropriate support for the positions taken on Cendant’s tax returns. However, tax audits and any related litigation, including disputes or litigation on the allocation of tax liabilities between parties under the Tax Sharing Agreement, could result in outcomes for the Company that are different from those reflected in the Company’s historical financial statements.

Contingent Liability Letter of Credit

In April 2007, the Company established a standby irrevocable letter of credit for the benefit of Avis Budget Group in accordance with the Separation and Distribution Agreement. The synthetic letter of credit was utilized to support the Company’s payment obligations with respect to its share of Cendant contingent and other corporate liabilities. The stated amount of the standby irrevocable letter of credit is subject to periodic adjustment to reflect the then current estimate of Cendant contingent and other liabilities. The letter of credit was $53 million at September 30, 2015 and December 31, 2014. The standby irrevocable letter of credit will be terminated if (i) the Company’s senior unsecured credit rating is raised to BB by Standard and Poor’s or Ba2 by Moody’s or (ii) the aggregate value of the former parent contingent liabilities falls below $30 million.

Escrow and Trust Deposits

As a service to its customers, the Company administers escrow and trust deposits which represent undisbursed amounts received for the settlement of real estate transactions. Deposits at FDIC-insured institutions are insured up to $250 thousand. These escrow and trust deposits totaled $354 million at September 30, 2015 and $251 million at December 31, 2014. These escrow and trust deposits are not assets of the Company and, therefore, are excluded from the accompanying Condensed Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.

10. SEGMENT INFORMATION

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and EBITDA, which is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest for relocation receivables and securitization obligations) and income taxes, each of which is presented in the Company’s Condensed Consolidated Statements of Operations. The Company’s presentation of EBITDA may not be comparable to similar measures used by other companies.

	Revenues (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	214		$	199		$	578		$	539
Company Owned Real Estate Brokerage Services	1,267			1,175			3,352			3,107
Relocation Services	124			125			317			318
Title and Settlement Services	147			111			362			300
Corporate and Other (c)	(84		)	(79		)	(228		)	(214		)
Total Company	$	1,668		$	1,531		$	4,381		$	4,050

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_______________

(a) Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $84 million and $228 million for the three and nine months endedSeptember 30, 2015, respectively, and $79 million and $214 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are eliminated through the Corporate and Other line.

(b) Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $16 million and $39 million for the three and nine months endedSeptember 30, 2015, respectively, and $13 million and $32 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

(c) Includes the elimination of transactions between segments.

	EBITDA (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	152		$	136		$	384		$	352
Company Owned Real Estate Brokerage Services	96			93			177			164
Relocation Services	47			47			83			80
Title and Settlement Services	20			15			37			27
Corporate and Other (c)	(6		)	(18		)	(49		)	(76		)
Total Company	$	309		$	273		$	632		$	547
Less:
Depreciation and amortization	$	55		$	48		$	153		$	140
Interest expense, net	70			54			188			197
Income tax expense	74			71			116			88
Net income attributable to Realogy Holdings and Realogy Group	$	110		$	100		$	175		$	122

_______________

(a) Includes a net benefit of $14 million of former parent legacy items for the three months endedSeptember 30, 2015compared toa net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the three months endedSeptember 30, 2014.

(b) Includes a net benefit of $15 million of former parent legacy items for the nine months endedSeptember 30, 2015 compared to $27 million related to the loss on early extinguishment of debt, partially offset by a net benefit of $1 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the nine months endedSeptember 30, 2014.

(c) Includes the elimination of transactions between segments.

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11. SUBSEQUENT EVENTS

October 2015 Amendment of the Senior Secured Revolving Credit Facility, Entry into a new Senior Secured Term Loan A Facility and the Redemption of First Lien Notes and First and a Half Lien Notes

In October 2015, Realogy Group amended its Revolving Credit Facility and entered into a new Term Loan A Agreement. The amendment to its Revolving Credit Facility increased the capacity from $475 million to $815 million and extended its maturity date from March 2018 to October 2020. The interest rates with respect to the new Revolving Credit Facility under the Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The new Term Loan A Facility was issued in the amount of $435 million with a maturity date of October 2020. The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The amendment to the senior secured Revolving Credit Facility and the senior secured Term Loan A Facility require the Company to maintain a maximum senior secured leverage ratio of 4.75 to 1.00, tested on a quarterly basis, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date.

The Company used the net proceeds from the Term Loan A Facility and revolver borrowings to redeem all of the outstanding $593 million of First Lien Notes and pay related premiums and accrued interest of $45 million. On October 30, 2015, the Company issued a notice of redemption to redeem all of the outstanding $196 million of First and a Half Lien Notes and pay related premiums and accrued interest of $17 million on November 30, 2015 with cash on hand and revolver borrowings.

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Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion and analysis should be read in conjunction with our Condensed Consolidated Financial Statements and accompanying notes thereto included elsewhere herein and with our Consolidated Financial Statements and accompanying notes included in the 2014 Form 10-K. Unless otherwise noted, all dollar amounts in tables are in millions. Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the condensed consolidated financial positions, results of operations and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same. This Management's Discussion and Analysis of Financial Condition and Results of Operations contain forward-looking statements. See "Forward-Looking Statements" in this report and "Forward-Looking Statements" and "Risk Factors" in our 2014 Form 10-K for a discussion of the uncertainties, risks and assumptions associated with these statements. Actual results may differ materially from those contained in any forward-looking statements.

OVERVIEW

We are a global provider of real estate and relocation services and report our operations in the following four segments:

• Real Estate Franchise Services (known as Realogy Franchise Group or RFG)—franchises the Century 21^®, Coldwell Banker^®, Coldwell Banker Commercial^®, ERA^®, Sotheby's International Realty^® and Better Homes and Gardens^® Real Estate brand names. As of September 30, 2015, our franchise systems had approximately 13,600 franchised and company owned offices and approximately 257,300 independent sales associates operating under our franchise and proprietary brands in the U.S. and 109 other countries and territories around the world, which included approximately 790 of our company owned and operated brokerage offices with approximately 47,300 independent sales associates. In August 2014, we acquired ZipRealty, an innovative residential real estate brokerage and developer of proprietary technology platforms for real estate brokerages, independent sales associates and customers. During 2015, we introduced ZipRealty's comprehensive, turnkey integrated ZAP^TM technology platform to certain of our franchisees, ahead of a broader rollout of these tools, which we believe will increase the value proposition to our franchisees, their independent sales associates and their customers.

• Company Owned Real Estate Brokerage Services (known as NRT)—operates a full-service real estate brokerage business principally under the Coldwell Banker^®, Corcoran Group^®, Sotheby’s International Realty^®, Citi Habitats and ZipRealty^® brand names in more than 50 of the 100 largest metropolitan areas in the U.S. This segment also includes the Company's share of earnings for our PHH Home Loans venture.

• Relocation Services (known as Cartus)—primarily offers clients employee relocation services such as homesale assistance, providing home equity advances to transferees (generally guaranteed by the client), home finding and other destination services, expense processing, relocation policy counseling and consulting services, arranging household goods moving services, coordinating visa and immigration support, intercultural and language training and group move management services. In addition, we provide home buying and selling assistance to members of affinity clients.

• Title and Settlement Services (known as Title Resource Group or TRG)—provides full-service title and settlement services to real estate companies, affinity groups, corporations and financial institutions with many of these services provided in connection with the Company's real estate brokerage and relocation services business.

RECENT DEVELOPMENTS

October 2015 Amendment of the Senior Secured Revolving Credit Facility, Entry into a new Senior Secured Term Loan A Facility and the Redemption of First Lien Notes and First and a Half Lien Notes

In October 2015, Realogy Group amended its Revolving Credit Facility and entered into a new Term Loan A Agreement. The amendment to its Revolving Credit Facility increased the capacity from $475 million to $815 million and extended its maturity date from March 2018 to October 2020. The interest rates with respect to the new Revolving Credit Facility under the Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The new Term Loan A Facility was issued in the amount of $435 million with a maturity date of October 2020. The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio.

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The amendment to the senior secured Revolving Credit Facility and senior secured Term Loan A Facility require the Company to maintain a maximum senior secured leverage ratio of 4.75 to 1.00, tested on a quarterly basis, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date.

The Company used the net proceeds from the Term Loan A Facility and revolver borrowings to redeem all of the outstanding $593 million of First Lien Notes and pay related premiums and accrued interest of $45 million. On October 30, 2015, the Company issued a notice of redemption to redeem all of the outstanding $196 million of First and a Half Lien Notes and pay related premiums and accrued interest of $17 million on November 30, 2015 with cash on hand and revolver borrowings.

Acquisition of Independence Title

In July 2015, the Company completed its acquisition of Independence Title, which is headquartered in Austin and expands the Company's market presence throughout Texas.

CURRENT INDUSTRY TRENDS

Commencing in the second half of 2005 and continuing through 2011, the U.S. residential real estate industry was in a significant and lengthy downturn. Beginning in 2012, the U.S. residential real estate industry began its current recovery. According to NAR, in the first two years of the current housing recovery—2012 and 2013—homesale transaction volume (average homesale price multiplied by homesale transactions) improved 15% and 19%, respectively, and the industry experienced significant refinancing activity. We believe that the improvement in 2012 and 2013 was driven by high affordability of home ownership and demand that built up during an extended period of economic uncertainty, as well as historically low mortgage rates and lower home inventory levels leading to increases in homesale prices.

During 2014, homesale transaction volume growth slowed to 1% compared to 2013 according to NAR. The homesale transaction volume gain in 2014 was primarily driven by increasing average home prices, while the number of homesale transactions in 2014 declined year-over-year.

During the first nine months of 2015, according to NAR, homesale transaction volume increased 12% due to both an increase in homesale transactions and homesale price which was partially due to constrained inventory levels.

During the first nine months of 2015, we experienced an increase in homesale transaction volume of 9% primarily due to strong demand at the low to mid end of the housing market and more muted growth at the high-end, which particularly impacted NRT. NRT benefited from an increase in volume in 2014 in certain high-priced markets such as New York City and San Francisco. In 2015 we have seen a moderation of these markets as they return to a more normalized trend and NRT experiences a shift in the mix of homesale transactions from these high-priced markets to low and mid-priced markets in the geographic footprint served by NRT. In addition, NRT continues to experience inventory constraints in several markets which have led to a more modest level of organic growth.

According to NAR, the first-time homebuyers represented about 30% of all existing homesale transactions on average in the third quarter of 2015, which is up one percentage point from the 29% reported for the third quarter of 2014. The level of first-time homebuyers appears to be trending in a positive direction, but according to NAR is still below the historical norm of 33% for the period from August 2009 (when NAR began compiling this information) through December 2014.

According to NAR, the inventory of existing homes for sale in the U.S. was 2.2 million homes at the end of September 2015. The September 2015 inventory represents a national average supply of 4.8 months at the current homesales pace which is below the 6.4 month 25-year average.

As reported by NAR, the housing affordability index has continued to be at historically favorable levels. An index above 100 signifies that a family earning the median income has sufficient income to purchase a median-priced home, assuming a 20 percent down payment and ability to qualify for a mortgage. The composite housing affordability index was 158 for August 2015, 166 for 2014 and 177 for 2013. The housing affordability index, which has declined in 2015 as housing prices have increased, is still significantly higher than the average of 117 for the period from 1970 through 2005.

Mortgage rates continue to be at low levels by historical standards, which we believe has helped stimulate demand in the residential real estate market. According to Freddie Mac, mortgage rates on commitments for a 30-year, conventional, fixed-rate first mortgage averaged 6.5% for 2000 to 2005, 5.7% for 2006 to 2010 and 4.1% for 2011 through 2014. While the average mortgage rate increased during 2014 to an annual average of 4.2%, the average mortgage rate for the nine

28

months ended September 30, 2015 was 3.8%. In addition, consumers continue to have financing alternatives such as adjustable rate mortgages which can be utilized to obtain a lower mortgage rate than a 30-year fixed-rate mortgage.

Partially offsetting the positive impact of low mortgage rates are low housing inventory levels and the ongoing rise in home prices, conservative mortgage underwriting standards, increased down payment requirements and certain homeowners having limited or negative equity in homes. Mortgage credit conditions tightened significantly during the recent housing downturn, with banks limiting credit availability to more creditworthy borrowers and requiring larger down payments, stricter appraisal standards, and more extensive mortgage documentation. Although mortgage credit conditions appear to be easing, mortgages remain less available to some borrowers and it frequently takes longer to close a homesale transaction due to current mortgage and underwriting requirements.

Mortgage refinancing activity declined significantly in 2014 compared to levels experienced in 2013 and 2012. According to Fannie Mae, in 2012 refinancing originations totaled $1,540 billion and decreased to $1,123 billion in 2013. In 2014, refinancing originations significantly declined further to $508 billion resulting in a 55% decline from 2013 levels. The reduction in refinancing activity in 2014 adversely impacted our share of earnings from our PHH Home Loans venture as well as refinancing related revenue and profitability at our title and settlement services operations. According to Fannie Mae, during the first nine months of 2015, refinancing originations totaled $632 billion resulting in an increase of 62% from the first nine months of 2014 due to lower mortgage rates. These lower rates positively impacted our share of earnings from our PHH Home Loans venture, as well as refinancing related revenue at our title and settlement services operations in the first nine months of 2015.

Existing Homesales

According to NAR, existing homesale transactions for 2014 decreased to 4.9 million homes, down 3% compared to 2013. For the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015 compared to the same periods in 2014, NAR homesale transactions increased 7%, 8% and 8%, respectively, and attained a seasonally adjusted annualized level of 5.4 million units in the third quarter of 2015. During the same periods, RFG and NRT homesale transactions on a combined basis increased 4%, 7% and 6%, respectively.

As a result of the acquisition of Coldwell Banker United in the second quarter of 2015, the Coldwell Banker United homesale transactions shifted from RFG to NRT. Closed homesale sides, including Coldwell Banker United, would have resulted in an increase in homesale transactions for RFG of 7% and 6% for the second and third quarter of 2015, respectively, compared to 2014. The 13% and 12% increase in homesale transactions for NRT for the quarters ended June 30, 2015 and September 30, 2015, respectively, both included 9 percentage points due to the inclusion of transactions from acquisitions with an individual purchase price of over $20 million (ZipRealty brokerage operations and Coldwell Banker United acquisitions). In addition, there are inventory constraints in several of NRT's higher priced markets which are causing homesale transactions in those markets to decline or be flat versus last year.

The quarterly and annual year-over-year trends in homesale transactions are as follows:

				2015 vs. 2014
	Full Year 2014 vs. 2013			First Quarter			Second Quarter			Third Quarter			Fourth Quarter Forecast			Full Year Forecast 2015 vs. 2014
Number of Existing Homesales
Industry
NAR	(3	)%	(a)	7	%	(a)	8	%	(a)	8	%	(a)	7	%	(b)	7	%	(b)
Fannie Mae (c)	(3	)%		6	%		8	%		7	%		7	%		7	%
Realogy
Real Estate Franchise Services	(2	)%		4	%		5	%	(d)	4	%	(d)
Company Owned Real Estate Brokerage Services	(3	)%		6	%		13	%	(e)	12	%	(e)

_______________

(a) Historical existing homesale data is as of the most recent NAR press release.

(b) Forecasted existing homesale data, on a seasonally adjusted basis, is as of the most recent NAR forecast.

(c) Existing homesale data, on a seasonally adjusted basis, is as of the most recent Fannie Mae press release.

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(d) As a result of the acquisition of Coldwell Banker United, the Coldwell Banker United drivers shifted from RFG to NRT. Closed homesale sides, including the drivers of Coldwell Banker United, would have resulted in an increase in homesale transactions for RFG of 7% and 6% for the second and third quarter of 2015, respectively, compared to 2014.

(e) Closed homesale sides for NRT, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, would have increased 4% and 3% for the second and third quarter of 2015, respectively, compared to 2014.

As of their most recent releases, NAR and Fannie Mae are both forecasting an increase of 3% in existing homesale transactions for 2016 compared to 2015. NAR believes that the improvement in the number of homesale transactions in 2015 will be due to a strengthening economy and solid job gains.

Existing Homesale Price

In 2014, the percentage change in the average price of homes brokered by RFG and NRT increased 7% and 6%, respectively, compared to 2013. For the quarters ended March 31, 2015, June 30, 2015 and September 30, 2015 compared to the same periods in 2014, NAR existing homesale average price increased 4%, 5% and 3%, respectively, while RFG and NRT average homesale price on a combined basis increased 5%, 3% and 2%, respectively. The decrease in average sales price for NRT for the second and third quarter of 2015 was due to (i) the impact of including transactions from acquisitions with purchase prices in excess of $20 million completed during or after the third quarter of 2014, which have a substantially lower average homesales prices than NRT's core operations and (ii) a modest shift in mix in transactions from high-priced markets to low and mid-priced markets in the geographic footprint served by NRT. Excluding the impact of (i) above, NRT's average homesale price would have remained flat year-over-year in the second and third quarters of 2015 compared to those same periods in 2014. The quarterly and annual year-over-year trends in the price of homes are as follows:

				2015 vs. 2014
	Full Year 2014 vs. 2013			First Quarter			Second Quarter			Third Quarter			Fourth Quarter Forecast			Full Year Forecast 2015 vs. 2014
Price of Existing Homes
Industry
NAR	4	%	(a)	4	%	(a)	5	%	(a)	3	%	(a)	4	%	(b)	6	%	(b)
Fannie Mae (c)	6	%		6	%		8	%		5	%		4	%		5	%
Realogy
Real Estate Franchise Services	7	%		6	%		5	%	(d)	5	%	(d)
Company Owned Real Estate Brokerage Services	6	%		3	%		(4	%)	(e)	(4	%)	(e)

_______________

(a) Historical homesale price data is for existing homesale average price and is as of the most recent NAR press release.

(b) Forecasted homesale price data is for median price and is as of the most recent NAR forecast.

(c) Existing homesale price data is for median price and is as of the most recent Fannie Mae press release.

(d) The acquisition of Coldwell Banker United did not have a significant impact on the average homesale price for RFG.

(e) Average homesale price for NRT, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, would have remained flat for both the second and third quarters of 2015 compared to 2014.

As of their most recent releases, NAR and Fannie Mae are both forecasting a 4% increase in median existing homesale price in 2016 compared to 2015.

Legislative and Regulatory Matters

In November 2013, the Consumer Financial Protection Bureau ("CFPB") issued a final rule, which became effective for new loan applications beginning October 3, 2015. The new rule integrates certain mortgage disclosure forms and outlines new requirements related to the closing of certain real estate transactions.  The new rule mandates use of a new Closing Disclosure and requires that the Closing Disclosure be delivered three business days before closing on the loan.  Implementing the rule required changes to multiple technology platforms within TRG as well as training for all TRG personnel involved in the closing process. The adoption may result in delayed homesale transaction closings that impact us or other industry participants.

RESPA and comparable state statutes prohibit providing or receiving payments, or other things of value, for the referral of business to certain types of providers in connection with the closing of real estate transactions involving federally-backed

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mortgages.  RESPA and related regulations do, however, contain a number of provisions that allow for payments or fee splits between providers, including fee splits between brokers and agents and market-based fees for the provision of actual goods or services.  In addition, RESPA allows for referrals to affiliated entities, including joint ventures, when specific requirements have been met.  We rely on these provisions and comply with the new Closing Disclosure requirements in conducting our business activities and believe our arrangements comply with RESPA. 

With the passage of Dodd-Frank in 2010, primary responsibility for enforcement of RESPA has shifted to the CFPB.  The CFPB has taken a much stricter approach toward interpretation of RESPA and related regulations than the prior regulatory authority (the Department of Housing and Urban Development) and has significantly increased the use of enforcement proceedings.  In the face of this changing regulatory landscape, various industry participants, while disagreeing with the CFPB’s narrow interpretation of RESPA, have nevertheless decided to modify long-standing business arrangements to avoid the risk of protracted and costly litigation defending such arrangements.  While we anticipate making certain changes to our RESPA-related business practices, we do not expect these changes to have a material impact on our operations.

* * *

We believe that long-term demand for housing and the growth of our industry are primarily driven by the affordability of housing, the economic health of the U.S. economy, positive demographic trends such as population growth, the increase in household formation, mortgage rate levels and mortgage availability, job growth, the inherent attributes of homeownership vs. renting and the influence of local housing dynamics of supply vs. demand. At this time, these factors are generally trending favorably. Factors that may negatively affect a sustained housing recovery include:

• higher mortgage rates due to increases in long-term interest rates as well as reduced availability of mortgage financing;

• insufficient inventory levels leading to lower unit sales;

• changing attitudes towards home ownership, particularly among potential first-time homebuyers who may delay, or decide not to, purchase homes;

• the impact of limited or negative equity of current homeowners, as well as the lack of available inventory may limit their proclivity to purchase an alternative home;

• reduced affordability of homes;

• high levels of unemployment and associated lack of consumer confidence;

• unsustainable economic recovery in the U.S. or a weak recovery resulting in only modest economic growth;

• a decline in home ownership levels in the U.S.;

• geopolitical and economic instability; and

• legislative or regulatory reform, including but not limited to reform that adversely impacts the financing of the U.S. housing market or amends the Internal Revenue Code in a manner that negatively impacts home ownership such as reform that reduces the amount that certain taxpayers would be allowed to deduct for home mortgage interest.

Many of the trends impacting our businesses that derive revenue from homesales also impact our Relocation Services business, which is a global provider of outsourced employee relocation services. In addition to general residential housing trends, key drivers of our Relocation Services business are global corporate spending on relocation services, which has not returned to levels that existed prior to the most recent recession, as well as employment relocation trends. Our Relocation Services business is subject to a competitive pricing environment and lower average revenue per relocation as a result of a shift in the mix of services and number of services being delivered per move. These factors have, and may continue to, put pressure on the growth and profitability of this segment.

* * *

While data provided by NAR and Fannie Mae are two indicators of the direction of the residential housing market, we believe that homesale statistics will continue to vary between us and NAR and Fannie Mae because they use survey data and estimates in their historical reports and forecasting models, which are subject to sampling error, whereas we use data based on actual reported results.  In addition to the differences in calculation methodologies, there are geographical differences and concentrations in the markets in which we operate versus the national market. For instance, comparability is impaired due to NAR’s utilization of seasonally adjusted annualized rates whereas we report actual period-over-period changes and their use of median price for their forecasts compared to our average price. Additionally, NAR historical data is subject to

31

periodic review and revision and these revisions have been, and could be in the future, material.  NAR and Fannie Mae generally update their forecasts on a monthly basis and a subsequent forecast may change materially from a forecast that was previously issued. While we believe that the industry data presented herein is derived from the most widely recognized sources for reporting U.S. residential housing market statistical data, we do not endorse or suggest reliance on this data alone.  We also note that forecasts are inherently uncertain or speculative in nature and actual results for any period could materially differ. 

KEY DRIVERS OF OUR BUSINESSES

Within our Real Estate Franchise Services segment and our Company Owned Real Estate Brokerage Services segment, we measure operating performance using the following key operating statistics: (i) closed homesale sides, which represents either the "buy" side or the "sell" side of a homesale transaction, (ii) average homesale price, which represents the average selling price of closed homesale transactions, (iii) average homesale broker commission rate, which represents the average commission rate earned on either the "buy" side or "sell" side of a homesale transaction and (iv) net effective royalty rate which represents the average percentage of our franchisees’ commission revenues payable to our Real Estate Franchise Services segment, net of volume incentives achieved.

From 2007 through December 2013, the average homesale broker commission rate remained fairly stable; however, in 2014 we experienced a modest decline in the average broker commission rate. Although in 2015, the average broker commission rate has been stable at 2014 levels, we expect that over the long term the average brokerage commission rates could modestly decline as a result of increases in average homesale prices. This is particularly relevant in periods when there is constrained housing inventory. A continuing housing recovery should result in an increase in our revenues, although such increases could be offset by modestly declining brokerage commissions.

In general, most of our third-party franchisees are entitled to volume incentives.  These incentives decrease during times of declining homesale transaction volumes and increase during market recoveries when there is a corresponding increase in homesale transaction volume.  As a result, the net effective royalty rate may be impacted by the cyclical residential housing market.  In addition, these tiered volume incentives only impact the incremental revenues recorded and the calculation of the net effective royalty rate.  From 2009 to 2013, the net effective royalty rate declined due to several factors including a consolidation of distressed franchisees into viable affiliates and company owned operations, the termination of certain franchisees that generally were not sizable enough to earn significant rebates, and in 2012 and 2013 an increase in overall homesale transaction volume. In 2014, the net effective royalty rate remained at the 2013 level and in the first nine months of 2015 the net effective royalty rate remained relatively flat compared to the first nine months of 2014.

Royalty fees are charged to all franchisees pursuant to the terms of the relevant franchise agreements and are included in each of the real estate brands' franchise disclosure documents. Non-standard incentives are sometimes used as consideration for new or renewing franchisees. Most of our franchisees do not receive these non-standard incentives and in contrast to royalties and volume incentives they are not homesale transaction based. We have accordingly excluded the non-standard incentives from the calculation of the net effective royalty rate. Had these non-standard incentives been included for the years ended December 31, 2014 and 2013 the net effective royalty rate would be lower by approximately 18 and 16 basis points, respectively.

Our Company Owned Real Estate Brokerage Services segment has a significant concentration of real estate brokerage offices and transactions in geographic regions where home prices are at the higher end of the U.S. real estate market, particularly the east and west coasts, while our Real Estate Franchise Services segment has franchised offices that are more widely dispersed across the United States. Accordingly, operating results and homesale statistics may differ between our Company Owned Real Estate Brokerage Services segment and our Real Estate Franchise Services segment based upon geographic presence and the corresponding homesale activity in each geographic region. In addition, the share of commissions earned by sales associates directly impacts the margin earned by our Company Owned Real Estate Brokerage Services segment. Such share of commissions earned by sales associates varies by region and commission schedules are generally progressive to incentivize sales associates to achieve higher levels of production. The level of commissions earned by sales associates are generally subject to review and reset on the anniversary of the sales associates' engagement with the broker. While competition has and will continue to put pressure on the commission splits necessary to attract and maintain relationships with highly productive sales associates, the lead generation and other initiatives implemented by our Company Owned Brokerage Services segment have enabled commission splits in the aggregate to remain relatively flat.

Within our Relocation Services segment, we measure operating performance using the following key operating statistics: (i) initiations, which represent the total number of new transferees and the total number of real estate closings for

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affinity members and (ii) referrals, which represent the number of referrals from which we earn revenue from real estate brokers.

In our Title and Settlement Services segment, operating performance is evaluated using the following key metrics: (i) purchase title and closing units, which represent the number of title and closing units we process as a result of home purchases, (ii) refinance title and closing units, which represent the number of title and closing units we process as a result of homeowners refinancing their home loans, and (iii) average fee per closing unit, which represents the average fee we earn on purchase title and refinancing title sides. An increase or decrease in homesale transactions will impact the financial results of our Title and Settlement Services segment; however, the financial results are not significantly impacted by a change in homesale price. In addition, although the average mortgage rate declined in the first nine months of 2015 compared to the first nine months of 2014 and refinancing transactions increased as a result, we believe that an increase in mortgage rates in the future will most likely have a negative impact on refinancing title and closing units.

A decline in the number of homesale transactions and decline in homesale prices could adversely affect our results of operations by: (i) reducing the royalties we receive from our franchisees, (ii) reducing the commissions our company owned brokerage operations earn, (iii) reducing the demand for our title and settlement services, (iv) reducing the referral fees we earn in our relocation services business, and (v) increasing the risk of franchisee default due to lower homesale volume. Our results could also be negatively affected by a decline in commission rates charged by brokers or greater commission payments to sales associates.

The following table presents our drivers for the three and nine months endedSeptember 30, 2015 and 2014. See "Results of Operations" below for a discussion as to how these drivers affected our business for the periods presented.

	Three Months Ended September 30,								Nine Months Ended September 30,
	2015			2014			% Change		2015			2014			% Change
Real Estate Franchise Services (a) (b)
Closed homesale sides	318,873			306,338			4	%	838,305			803,760			4	%
Average homesale price	$	267,296		$	255,780		5	%	$	262,959		$	249,782		5	%
Average homesale broker commission rate	2.52		%	2.51		%	1 bps		2.52		%	2.52		%	—
Net effective royalty rate	4.47		%	4.49		%	(2) bps		4.49		%	4.48		%	1 bps
Royalty per side	$	312		$	301		4	%	$	309		$	294		5	%
Company Owned Real Estate Brokerage Services
Closed homesale sides (c)	99,789			89,472			12	%	259,411			233,960			11	%
Average homesale price (d)	$	479,874		$	498,650		(4	%)	$	490,463		$	501,324		(2	%)
Average homesale broker commission rate	2.48		%	2.46		%	2 bps		2.46		%	2.47		%	(1) bps
Gross commission income per side	$	12,524		$	12,985		(4	%)	$	12,756		$	13,130		(3	%)
Relocation Services
Initiations	42,303			44,019			(4	%)	131,999			133,223			(1	%)
Referrals	30,010			29,259			3	%	77,065			73,101			5	%
Title and Settlement Services
Purchase title and closing units (e)	41,245			32,355			27	%	98,484			86,234			14	%
Refinance title and closing units (f)	9,989			6,520			53	%	29,300			20,129			46	%
Average fee per closing unit	$	1,932		$	1,803		7	%	$	1,839		$	1,783		3	%

_______________

(a) Includes all franchisees except for our Company Owned Real Estate Brokerage Services segment.

(b) In April 2015, the Company Owned Real Estate Brokerage Services segment acquired a large franchisee of the Real Estate Franchise Services segment. As a result of the acquisition, the drivers of the acquired entity shifted from the Real Estate Franchise Services segment to the Company Owned Real Estate Brokerage Services segment. Closed homesale sides for the Real Estate Franchise Services segment, excluding the impact of the acquisition, would have increased 6% for both the three and nine months endedSeptember 30, 2015 compared to 2014. The acquisition did not have a significant impact on the change in average homesale price for the Real Estate Franchise Services segment.

(c) Closed homesale sides for the Company Owned Real Estate Brokerage Services segment, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, would have increased 3% for both the three and nine months endedSeptember 30, 2015 compared to 2014.

(d) Average homesale price for the Company Owned Real Estate Brokerage Services segment, excluding the impact of larger acquisitions with an individual purchase price greater than $20 million, would have remained flat and increased 1% for the three and nine months endedSeptember 30, 2015, respectively, compared to 2014.

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(e) The amounts presented for the three and nine months endedSeptember 30, 2015 include 7,320 purchase units as a result of the acquisition of Independence Title on July 1, 2015.

(f) The amounts presented for the three and nine months endedSeptember 30, 2015 include 1,847 refinance units as a result of the acquisition of Independence Title on July 1, 2015.

RESULTS OF OPERATIONS

Discussed below are our condensed consolidated results of operations and the results of operations for each of our reportable segments. The reportable segments presented below represent our operating segments for which separate financial information is available and which is utilized on a regular basis by our chief operating decision maker to assess performance and to allocate resources. In identifying our reportable segments, we also consider the nature of services provided by our operating segments. Management evaluates the operating results of each of our reportable segments based upon revenue and EBITDA. EBITDA is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest securitization assets and securitization obligations) and income taxes, each of which is presented on our Condensed Consolidated Statements of Operations. Our presentation of EBITDA may not be comparable to similarly titled measures used by other companies.

Three Months EndedSeptember 30, 2015 vs. Three Months EndedSeptember 30, 2014

Our consolidated results comprised the following:

	Three Months Ended September 30,
	2015			2014			Change
Net revenues	$	1,668		$	1,531		$	137
Total expenses (1)	1,486			1,364			122
Income before income taxes, equity in earnings and noncontrolling interests	182			167			15
Income tax expense	74			71			3
Equity in earnings of unconsolidated entities	(4		)	(6		)	2
Net income	112			102			10
Less: Net income attributable to noncontrolling interests	(2		)	(2		)	—
Net income attributable to Realogy Holdings and Realogy Group	$	110		$	100		$	10

_______________

(1) Total expenses for the three months endedSeptember 30, 2015 includes a net benefit of $14 million of former parent legacy items. Total expenses for the three months endedSeptember 30, 2014 includes a net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 million.

Net revenues increased $137 million (9%) for the three months endedSeptember 30, 2015 compared with the three months endedSeptember 30, 2014, principally due to increases in revenue at the Company Owned Real Estate Brokerage Services and Real Estate Franchise Services segments primarily driven by an increase in homesale transaction volume as well as an increase in revenue at the Title and Settlement Services segment due to an increase in resale and refinance volume.

Total expenses increased $122 million (9%) primarily due to:

• a $60 millionincrease in commission and other sales associate-related costs due to the increase in homesale transaction volume at our Company Owned Real Estate Brokerage Services segment;

• a $47 millionincrease in operating and general and administrative expenses primarily driven by:

◦ a $17 millionincrease in employee-related costs of which $10 million represents the change in incentive accruals due to the achievement of higher incentive levels in the current year;

◦ $15 million of additional employee-related costs associated with acquisitions at the Title and Settlement Services and Company Owned Real Estate Brokerage Services segments completed during and after the third quarter of 2014; and

◦ a $21 million increase in variable operating costs at the Title and Settlement Service segment as a result of increases in volume;

partially offset by a $6 million reduction of operating expenses primarily at the Real Estate Franchise Services and Relocation Services segments.

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• a $16 millionincrease in interest expense for the three months endedSeptember 30, 2015 compared to the three months endedSeptember 30, 2014 due to the impact of mark-to-market adjustments for our interest rate swaps which resulted in losses of $16 million in the third quarter of 2015 compared to gains of $3 million in the same period of 2014, partially offset by the impact of lower interest expense as a result of a reduction in total outstanding indebtedness and weighted average interest rate; and

• a $4 millionincrease in marketing expenses primarily due to higher advertising spending at the Company Owned Real Estate Brokerage Services segment;

partially offset by,

• a $12 million increase in the net benefit of former parent legacy items for the three months endedSeptember 30, 2015 compared to the three months endedSeptember 30, 2014 as a result of a tax liability adjustment of $14 million during the three months endedSeptember 30, 2015 compared to $2 million in the same period of 2014.

Equity in earnings of unconsolidated entities declined by $2 million primarily due to a decrease in earnings from PHH Home Loans.

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income or loss before income taxes for the period.  In addition, non-recurring or discrete items are recorded during the period in which they occur.  The provision for income taxes was $74 millionfor the three months endedSeptember 30, 2015 compared to $71 millionfor the three months endedSeptember 30, 2014. Our effective tax rate was 40%for the three months endedSeptember 30, 2015 and 41%for the three months endedSeptember 30, 2014.

Following is a more detailed discussion of the results of each of our reportable segments during the three months endedSeptember 30, 2015 and 2014:

	Revenues (a)								EBITDA (b)								EBITDA Margin
	2015			2014			% Change		2015			2014			% Change		2015		2014		Change
Real Estate Franchise Services	$	214		$	199		8	%	$	152		$	136		12	%	71	%	68	%	3
Company Owned Real Estate Brokerage Services	1,267			1,175			8		96			93			3		8		8		—
Relocation Services	124			125			(1	)	47			47			—		38		38		—
Title and Settlement Services	147			111			32		20			15			33		14		14		—
Corporate and Other	(84		)	(79		)	*		(6		)	(18		)	*
Total Company	$	1,668		$	1,531		9	%	$	309		$	273		13	%	19	%	18	%	1
Less: Depreciation and amortization									55			48
Interest expense, net									70			54
Income tax expense									74			71
Net income attributable to Realogy Holdings and Realogy Group									$	110		$	100

_______________

* not meaningful

(a) Includes the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by our Company Owned Real Estate Brokerage Services segment of $84 million and $79 million during the three months endedSeptember 30, 2015 and 2014, respectively.

(b) EBITDA for the three months endedSeptember 30, 2015 includes a net benefit of $14 million of former parent legacy items. EBITDA for the three months endedSeptember 30, 2014 includes a net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 million.

As described in the aforementioned table, EBITDA margin for "Total Company" expressed as a percentage of revenues increased 1 percentage point to 19% from 18% primarily due to an improvement in the operating results of the Real Estate Franchise Services segment and a $12 million increase in the net benefit of former parent legacy items for the three months endedSeptember 30, 2015 compared to the three months endedSeptember 30, 2014.

On a segment basis, the Real Estate Franchise Services segment margin increased 3 percentage points to 71% from 68% due to an increase in franchisee royalty revenue driven by an increase in homesale transactions and higher price. The Company Owned Real Estate Brokerage Services segment margin remained flat at 8% due to an increase in the average homesale broker commission rate offset by lower gross commission income per side as a result of recent acquisitions which

35

diluted average sales price. The Relocation Services segment margin remained flat at 38%. The Title and Settlement Services segment margin remained flat at 14%.

Corporate and Other EBITDA for the three months endedSeptember 30, 2015 improved $12 million to negative $6 million primarily due to a $12 million increase in the net benefit of former parent legacy items as a result of a tax liability adjustment during the three months ended September 30, 2015 compared to the same period in 2014 and the absence in 2015 of $6 million of transaction and integration costs incurred for the ZipRealty acquisition, partially offset by a $4 million increase in employee related costs of which $3 million is due to greater performance incentive accruals in 2015.

Real Estate Franchise Services

Revenues increased $15 million to $214 million and EBITDA increased $16 million to $152 millionfor the three months endedSeptember 30, 2015 compared with the same period in 2014.

The increase in revenue was primarily driven by a $6 millionincrease in third-party domestic franchisee royalty revenue due to a 5%increase in the average homesale price and a 4%increase in the number of homesale transactions, as well as a $5 millionincrease in royalties received from our Company Owned Real Estate Brokerage Services segment. Marketing revenue and expense both increased $1 million primarily due to the timing of advertising spending in the third quarter of 2015 compared with the same period in 2014.

The intercompany royalties received from our Company Owned Real Estate Brokerage Services segment of $81 million and $76 million during the third quarter of 2015 and 2014, respectively, are eliminated in consolidation. See "Company Owned Real Estate Brokerage Services" for a discussion of the drivers related to intercompany royalties paid to the Real Estate Franchise Services segment.

The $16 millionincrease in EBITDA was principally due to the $15 million increase in revenues discussed above and a $3 milliondecrease in expenses related to the timing of conferences and franchisee events, partially offset by a $2 million increase in employee-related costs, which include higher incentive performance accruals and staffing costs related to the full quarter impact of ZipRealty which was acquired on August 14, 2014 and the rollout of the ZAP^TM platform to our franchisees.

Company Owned Real Estate Brokerage Services

Revenues increased $92 million to $1,267 million and EBITDA improved $3 million to $96 millionfor the three months endedSeptember 30, 2015 compared with the same period in 2014.

Revenue increased $40 million primarily due to an increase in commission income earned on homesale transactions and $52 million due to the acquisition of ZipRealty and Coldwell Banker United. The revenue increase was driven by a 12%increase in the number of homesale transactions partially offset by a 4%decrease in the average price of homes. The 12%increase in homesale transactions was due to two factors: (i) 3% from higher activity in most of the geographic regions we serve and (ii) 9% from the acquisition of ZipRealty and Coldwell Banker United. The 4%decrease in the average price of homes was a result of these recent acquisitions which operate in markets with lower average sales prices. The average sales price, excluding these acquisitions, would have remained flat year-over-year in the third quarter of 2015 compared to the third quarter of 2014 as a result of robust volume in the high-end markets in 2014 compared to 2015.

EBITDA increased $3 million primarily due to the increase in revenue discussed above, partially offset by:

• a $60 millionincrease in commission expenses paid to independent real estate sales associates as a result of the increase in revenues;

• a $14 millionincrease in employee-related costs, of which $6 million was attributable to acquisitions completed during and after the third quarter of 2014 and $4 million for incremental incentive compensation accruals;

• a $5 millionincrease in royalties paid to our Real Estate Franchise Services segment;

• a $4 millionincrease in marketing expenses, of which $3 million relates to acquisitions completed during and after the third quarter of 2014;

• a $4 millionincrease in occupancy costs related to acquisitions completed during and after the third quarter of 2014; and

• a $1 milliondecrease in equity earnings related to our investment in PHH Home Loans.

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Relocation Services

Revenues decreased $1 million to $124 million and EBITDA remained flat at $47 millionfor the three months endedSeptember 30, 2015 compared with the same quarter in 2014.

Revenues decreased $1 million as a result of a $1 milliondecrease in at-risk revenue and a $1 million decrease in other relocation revenue offset by a $1 millionincrease in referral revenue primarily due to higher average fees and volume.

EBITDA remained flat at $47 million as a result of the decrease in revenues discussed above offset by a $1 million net positive impact from foreign currency exchange rates in the third quarter of 2015 compared to the third quarter of 2014.

Title and Settlement Services

Revenues increased $36 million to $147 million and EBITDA increased $5 million to $20 millionfor the three months endedSeptember 30, 2015 compared with the same quarter in 2014.

The increase in revenues was driven by a $10 millionincrease in underwriter revenue and a $3 millionincrease in refinancing revenue as a result of the 53% increase in refinance title and closing units. Resale title and closing units increased 27%, primarily due to a 22% increase related to acquisitions, resulting in $22 million of additional revenue in 2015 compared to the same period in 2014.

EBITDA increased $5 million as a result of the increase in revenues discussed above, partially offset by a $21 million increase in variable operating costs as a result of the increase in volume discussed above and an increase of $12 million in employee-related costs, primarily related to acquisitions.

Nine Months EndedSeptember 30, 2015 vs. Nine Months EndedSeptember 30, 2014

Our consolidated results comprised the following:

	Nine Months Ended September 30,
	2015			2014			Change
Net revenues	$	4,381		$	4,050		$	331
Total expenses (1)	4,100			3,844			256
Income before income taxes, equity in earnings and noncontrolling interests	281			206			75
Income tax expense	116			88			28
Equity in earnings of unconsolidated entities	(13		)	(7		)	(6		)
Net income	178			125			53
Less: Net income attributable to noncontrolling interests	(3		)	(3		)	—
Net income attributable to Realogy Holdings and Realogy Group	$	175		$	122		$	53

_______________

(1) Total expenses for the nine months endedSeptember 30, 2015 includes a net benefit of $15 million of former parent legacy items. Total expenses for the nine months endedSeptember 30, 2014 includes $27 million related to the loss on the early extinguishment of debt, partially offset by a net benefit $1 million of former parent legacy items and the reversal of prior year restructuring of $1 million.

Net revenues increased $331 million (8%) for the nine months endedSeptember 30, 2015 compared with the nine months endedSeptember 30, 2014, principally due to increases in revenues at the Company Owned Real Estate Brokerage Services and Real Estate Franchise Services segments primarily driven by an increase in homesale transaction volume as well as an increase in revenue at the Title and Settlement Service segment due to an increase in resale and refinance volume.

Total expenses increased $256 million (7%) primarily due to:

• a $163 millionincrease in commission and other sales associate-related costs due to the increase in homesale transaction volume at our Company Owned Real Estate Brokerage Services segment;

• a $114 millionincrease in operating and general and administrative expenses primarily driven by:

◦ a $54 millionincrease in employee-related costs of which $36 million represents the change in incentive accruals due to the achievement of higher incentive levels in the current year;

◦ $26 million of additional employee-related costs associated with acquisitions completed during and after the third quarter of 2014; and

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◦ a $37 million increase in variable operating costs at the Title and Settlement Service segment as a result of increases in volume; and

• a $16 millionincrease in marketing expenses due to higher advertising spending at the Company Owned Real Estate Brokerage Services and Real Estate Franchise Services segments;

partially offset by,

• a $27 milliondecrease in the loss on the early extinguishment of debt related to refinancing and repayment transactions during the first half of 2014;

• a $14 millionincrease in the net benefit of former parent legacy items for the nine months endedSeptember 30, 2015 compared to the nine months endedSeptember 30, 2014 as a result of a tax liability adjustment of $15 million during the nine months ended September 30, 2015 compared to $1 million in the same period of 2014; and

• a $9 milliondecrease in interest expense for the nine months endedSeptember 30, 2015 compared to the nine months endedSeptember 30, 2014 primarily due to the impact of lower interest expense as a result of a reduction in total outstanding indebtedness and weighted average interest rate, partially offset by the impact of mark-to-market adjustments for our interest rate swaps which resulted in losses of $27 million in 2015 compared to losses of $19 million in the same period of 2014.

Equity in earnings of unconsolidated entities improved $6 million due to an increase in earnings from PHH Home Loans.

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income or loss before income taxes for the period.  In addition, non-recurring or discrete items are recorded during the period in which they occur.  The provision for income taxes was $116 millionfor the nine months endedSeptember 30, 2015 compared to $88 millionfor the nine months endedSeptember 30, 2014. Our effective tax rate was 39%for the nine months endedSeptember 30, 2015 and 41%for the nine months endedSeptember 30, 2014.

Following is a more detailed discussion of the results of each of our reportable segments during the nine months endedSeptember 30, 2015 and 2014:

	Revenues (a)								EBITDA (b)								EBITDA Margin
	2015			2014			% Change		2015			2014			% Change		2015		2014		Change
Real Estate Franchise Services	$	578		$	539		7	%	$	384		$	352		9	%	66	%	65	%	1
Company Owned Real Estate Brokerage Services	3,352			3,107			8		177			164			8		5		5		—
Relocation Services	317			318			—		83			80			4		26		25		1
Title and Settlement Services	362			300			21		37			27			37		10		9		1
Corporate and Other	(228		)	(214		)	*		(49		)	(76		)	*
Total Company	$	4,381		$	4,050		8	%	$	632		$	547		16	%	14	%	14	%	—
Less: Depreciation and amortization									153			140
Interest expense, net									188			197
Income tax expense									116			88
Net income attributable to Realogy Holdings and Realogy Group									$	175		$	122

_______________

* not meaningful

(a) Includes the elimination of transactions between segments, which consists of intercompany royalties and marketing fees paid by our Company Owned Real Estate Brokerage Services segment of $228 million and $214 million during the nine months endedSeptember 30, 2015 and 2014, respectively.

(b) EBITDA for the nine months endedSeptember 30, 2015 includes a net benefit of $15 million of former parent legacy items. EBITDA for the nine months endedSeptember 30, 2014 includes $27 million related to the loss on early extinguishment of debt, partially offset by a net benefit of $1 million of former parent legacy items and the reversal of prior year restructuring of $1 million.

As described in the aforementioned table, EBITDA margin for "Total Company" expressed as a percentage of revenues remained flat at 14% due to a $27 milliondecrease in the loss on the early extinguishment of debt related to refinancing and repayment transactions in the first half of 2014, a $14 million increase in the net benefit of former parent legacy items as a result of a tax liability adjustment and a $6 million increase in equity earnings related to our investment in PHH Home

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Loans, partially offset by lower gross commission income per side as a result of recent acquisitions at the Company Owned Real Estate Brokerage Services segment.

On a segment basis, the Real Estate Franchise Services segment margin increased 1 percentage point to 66% from 65% due to an increase in franchisee royalty revenue driven by an increase in homesale transactions and higher price. The Company Owned Real Estate Brokerage Services segment margin remained flat at 5% due to an increase in equity earnings related to our investment in PHH Home Loans offset by lower gross commission income per side as a result of recent acquisitions which diluted average sales price. The Relocation Services segment margin increased 1 percentage point to 26% from 25% primarily due to higher referral volume and the net positive impact from foreign currency exchange rates. The Title and Settlement Services segment margin increased 1 percentage point to 10% from 9% primarily due to the positive margin impact related to an increase in resale and refinance volume.

Corporate and Other EBITDA for the nine months endedSeptember 30, 2015 improved $27 million to negative $49 million primarily due to the absence in 2015 of a $27 million loss on the early extinguishment of debt related to refinancing and repayment transactions that occurred during the first half of 2014, a $14 million increase in the net benefit of former parent legacy items as a result of a tax liability adjustment during the nine months ended September 30, 2015 compared to the same period in 2014 and the absence in 2015 of $6 million of transaction and integration costs incurred for the ZipRealty acquisition, partially offset by a $12 million increase in employee-related costs of which $8 million is due to greater performance incentive accruals in 2015.

Real Estate Franchise Services

Revenues increased $39 million to $578 million and EBITDA increased $32 million to $384 millionfor the nine months endedSeptember 30, 2015 compared with the same period in 2014.

The increase in revenue was primarily driven by a $21 millionincrease in third-party domestic franchisee royalty revenue due to a 5%increase in the average homesale price and a 4%increase in the number of homesale transactions, as well as a $14 millionincrease in royalties received from our Company Owned Real Estate Brokerage Services segment. The increases in revenue were partially offset by a $4 milliondecrease in international revenues. Marketing revenue and expense both increased $4 million primarily due to the timing of advertising spending during the first nine months of 2015 compared with the same period in 2014.

The intercompany royalties received from our Company Owned Real Estate Brokerage Services segment of $218 million and $204 million during the nine months endedSeptember 30, 2015 and 2014, respectively, are eliminated in consolidation. See "Company Owned Real Estate Brokerage Services" for a discussion of the drivers related to intercompany royalties paid to the Real Estate Franchise Services segment.

The $32 millionincrease in EBITDA was principally due to the $39 million increase in revenues discussed above and a $3 million decrease in expenses related to the timing of conferences and franchisee events, partially offset by an $8 million increase in employee-related costs, which include higher incentive performance accruals and staffing costs related to the impact of ZipRealty which was acquired on August 14, 2014 and the rollout of the ZAP^TM platform to our franchisees.

Company Owned Real Estate Brokerage Services

Revenues increased $245 million to $3,352 million and EBITDA improved $13 million to $177 millionfor the nine months endedSeptember 30, 2015 compared with the same period in 2014.

Revenue increased $121 million primarily due to an increase in commission income earned on homesale transactions and $124 million due to the acquisition of ZipRealty and Coldwell Banker United. The revenue increase was driven by an 11%increase in the number of homesale transactions partially offset by a 2%decrease in the average price of homes. The 11%increase in homesale transactions was due to two factors: (i) 3% from higher activity in most of the geographic regions we serve and (ii) 8% from the acquisition of ZipRealty and Coldwell Banker United. The 2%decrease in the average price of homes was diluted as a result of these recently acquired brokerages which operate in markets with lower average sales prices. The average sales price, excluding these acquisitions, would have increased 1%for the nine months endedSeptember 30, 2015 compared with the same period in 2014 as a result of robust volume in the high-end markets in 2014 compared to 2015.

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EBITDA increased $13 million primarily due to the increase in revenue discussed above and a $6 millionincrease in equity earnings related to our investment in PHH Home Loans, partially offset by:

• a $163 millionincrease in commission expenses paid to independent real estate sales associates as a result of the increase in revenues;

• a $42 millionincrease in employee-related costs, of which $17 million was attributable to acquisitions completed during and after the third quarter of 2014 and $15 million for incremental incentive compensation accruals;

• a $14 millionincrease in royalties paid to our Real Estate Franchise Services segment;

• a $9 millionincrease in occupancy costs, of which $8 million relates to acquisitions completed during and after the third quarter of 2014; and

• an $11 millionincrease in marketing expenses, of which $7 million relates to acquisitions completed during and after the third quarter of 2014.

Relocation Services

Revenues decreased $1 million to $317 million and EBITDA increased $3 million to $83 millionfor the nine months endedSeptember 30, 2015 compared with the same period in 2014.

Revenues decreased $1 million as a result of a $3 milliondecrease in international revenue primarily due to the impact of foreign exchange rates, a $2 milliondecrease in at-risk revenue due to lower transaction volume and a $2 milliondecrease in other relocation revenue, partially offset by a $6 millionincrease in referral revenue primarily due to higher volume and average fees.

EBITDA increased $3 million which was driven by an $8 million net positive impact from foreign currency exchange rates, partially offset by a $6 million increase in other employee related costs.

Title and Settlement Services

Revenues increased $62 million to $362 million and EBITDA increased $10 million to $37 millionfor the nine months endedSeptember 30, 2015 compared with the same period in 2014.

The increase in revenues was driven by a $23 millionincrease in underwriter revenue and a $9 millionincrease in refinancing revenue as a result of the 46%increase in refinance title and closing units. Resale title and closing units increased 14%, primarily due to a 9% increase related to acquisitions, resulting in $30 million of additional revenue in 2015 compared to the same period in 2014.

EBITDA increased $10 million as a result of the $62 millionincrease in revenues discussed above, partially offset by an increase of $37 million in variable operating costs as a result of the increase in volume discussed above and an increase of $17 million in employee-related costs, primarily related to acquisitions.

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FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES

Financial Condition

	September 30, 2015		December 31, 2014		Change
Total assets	$	8,029	$	7,538	$	491
Total liabilities	5,636		5,355		281
Total equity	2,393		2,183		210

For the nine months endedSeptember 30, 2015, total assets increased $491 million primarily due to a $254 millionincrease in cash, a $126 millionincrease in goodwill from acquisitions at our Company Owned Brokerage Services and Title and Settlement Services segments, a $54 millionincrease in relocation receivables due to the timing of a large group move as well as seasonal increases at the Relocation Services segment, a $55 millionincrease in trade receivables driven by seasonal increases in volume and a $28 millionincrease in deferred tax assets, partially offset by a $69 milliondecrease in franchise agreements and other intangible assets due to amortization.

Total liabilities increased $281 million due to a $66 millionincrease in securitization obligations due to the timing of a large group move as well as seasonal increases at the Relocation Services segment, a $129 millionincrease in deferred tax liabilities, a $19 millionincrease in accounts payable and a $49 millionincrease in accrued expenses and other current liabilities of which $16 million relates to an increase in contingent consideration as a result of acquisitions.

Total equity increased $210 million primarily due to net income of $175 millionfor the nine months endedSeptember 30, 2015 and $38 million of additional paid in capital related to stock-based compensation.

Liquidity and Capital Resources

In October 2012, the Company raised net proceeds of approximately $1,176 million in the initial public offering of its common stock. In addition, in connection with the initial public offering, holders of approximately $2,110 million of Convertible Notes converted all of their Convertible Notes into common stock.

After giving effect to the application of net proceeds from the initial public offering, conversion of our Convertible Notes, the debt refinancing transactions completed during 2013 and 2014 and debt repurchases from cash generated from operations, our outstanding indebtedness has been reduced by approximately $3.3 billionsince September 30, 2012. As a result of these transactions, our liquidity position has significantly improved but continues to be impacted by our remaining interest expense and would be adversely impacted by: (i) a halt in the recovery of the residential real estate market, (ii) a significant increase in LIBOR or ABR, or (iii) our inability to access our relocation securitization programs.

Our primary liquidity needs have been to service our debt and finance our working capital and capital expenditures, which we have historically satisfied with cash flows from operations and funds available under our revolving credit facilities and securitization facilities. Given the significant reduction in our indebtedness and annual interest expense that resulted from our October 2012 initial public offering and related transactions, as well as our indebtedness repayments and refinancings, we generated positive cash flows from operations in 2013, 2014 and for the first nine months of 2015. We expect to continue to generate positive cash flows for the remainder of 2015. We intend to use future cash flow primarily to further reduce indebtedness. We may from time to time seek to repurchase our outstanding notes, through tender offers, open market purchases, privately negotiated transactions or otherwise. Such repurchases, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors.

We believe that we are experiencing a recovery in the residential real estate market; however, we are not certain of the length, timing or improvement level that may be associated with this recovery. Moreover, if the residential real estate market or the economy as a whole does not continue to improve or worsens, our business, financial condition and liquidity may be materially adversely affected, including our ability to access capital and grow our business.

Historically, operating results and revenues for all of our businesses have been strongest in the second and third quarters of the calendar year. A significant portion of the expenses we incur in our real estate brokerage operations are related to marketing activities and commissions and therefore, are variable. However, many of our other expenses, such as interest payments, facilities costs and certain personnel-related costs, are fixed and cannot be reduced during a seasonal slowdown. Consequently, our debt balances are generally at their highest levels at or around the end of the first quarter of every year.

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We will continue to evaluate potential refinancing and financing transactions. There can be no assurance as to which, if any, of these alternatives we may pursue as the choice of any alternative will depend upon numerous factors such as market conditions, our financial performance and the limitations applicable to such transactions under our existing financing agreements and the consents we may need to obtain under the relevant documents. There can be no assurance that financing will be available to us on acceptable terms or at all.

Cash Flows

At September 30, 2015, we had $567 million of cash and cash equivalents, an increase of $254 million compared to the balance of $313 million at December 31, 2014. The following table summarizes our cash flows for the nine months endedSeptember 30, 2015 and 2014:

	Nine Months Ended September 30,
	2015			2014			Change
Cash provided by (used in):
Operating activities	$	395		$	271		$	124
Investing activities	(171		)	(253		)	82
Financing activities	32			15			17
Effects of change in exchange rates on cash and cash equivalents	(2		)	(1		)	(1		)
Net change in cash and cash equivalents	$	254		$	32		$	222

For the nine months endedSeptember 30, 2015, $124 million of incremental cash was provided by operating activities compared to the same period in 2014. The change was principally due to $58 million of additional cash provided by operating results, $56 million less cash used for accounts payable, accrued expenses and other liabilities primarily due to higher incentive accruals in 2015 and $29 million more cash provided due to a net decrease in relocation and trade receivables, partially offset by $23 million less cash due to an increase in other assets.

For the nine months endedSeptember 30, 2015, we used $82 million of less cash for investing activities compared to the same period in 2014. The change was primarily due to $92 million of less cash used for acquisition related payments, partially offset by $11 million more cash used for property and equipment additions in the first nine months of 2015 compared to the same period in 2014.

For the nine months endedSeptember 30, 2015, $32 million of cash was provided by financing activities compared to $15 million of cash provided during the same period in 2014. During the nine months endedSeptember 30, 2015, the Company had $67 million of net securitization obligation borrowings, partially offset by $14 million of repayments of the Term Loan B Facility and $23 million of other financing related payments including payments related to interest rate swaps and contingent consideration. In comparison during the nine months endedSeptember 30, 2014, $15 million of net cash was provided by financing activities as a result of the proceeds from the issuance of $450 million of 4.50% Senior Notes and a $29 million increase in net securitization obligations borrowings, partially offset by the repurchase of $397 million of First and a Half Lien Notes, $41 million of debt issuance costs for the 4.50% Senior Notes, $14 million of repayments of the Term Loan B Facility and $14 million of other financing related payments.

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Financial Obligations

Indebtedness Table

As of September 30, 2015, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:

	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	March 2018	$	475	$	—	$	475
Term Loan B Facility	(3)	March 2020	1,872		1,858		—
First Lien Notes (1)	7.625%	January 2020	593		593		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Senior Notes	4.50%	April 2019	450		450		—
Senior Notes	5.25%	December 2021	300		300		—
Securitization obligations: (4)
Apple Ridge Funding LLC (5)		June 2016	375		325		50
Cartus Financing Limited (6)		August 2016	38		10		28
Total (7)			$	4,799	$	4,232	$	553

_______________

(1) See below for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and the entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the Facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

(2) Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

(3) Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

(4) Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(5) In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

(6) Consists of a £20 million revolving loan facility and a £5 million working capital facility.

(7) Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the Unsecured Letter of Credit Facility with a rate of 2.98%.

October 2015 Amendment of the Senior Secured Revolving Credit Facility, Entry into a new Senior Secured Term Loan A Facility and the Redemption of First Lien Notes and First and a Half Lien Notes

In October 2015, Realogy Group amended its Revolving Credit Facility and entered into a new Term Loan A Agreement. The amendment to its Revolving Credit Facility increased the capacity from $475 million to $815 million and extended its maturity date from March 2018 to October 2020. The interest rates with respect to the new Revolving Credit Facility under the Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The new Term Loan A Facility was issued in the amount of $435 million with a maturity date of October 2020. The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The amendment to the senior secured Revolving Credit Facility and the senior secured Term Loan A Facility require the Company to maintain a maximum senior secured leverage ratio of 4.75 to 1.00, tested on a quarterly basis, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date.

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The Company used the net proceeds from the Term Loan A Facility and revolver borrowings to redeem all of the outstanding $593 million of First Lien Notes and pay related premiums and accrued interest of $45 million. On October 30, 2015, the Company issued a notice of redemption to redeem all of the outstanding $196 million of First and a Half Lien Notes and pay related premiums and accrued interest of $17 million on November 30, 2015 with cash on hand and revolver borrowings.

Pro forma Indebtedness Table

The following table sets forth the Company's cash and cash equivalents balance and outstanding borrowings under the Company's borrowing arrangements on a pro forma basis giving effect to the transactions described above:

	As of September 30, 2015
	Actual		As Adjusted
Cash and cash equivalents (1)	$	567	$	357
Senior Secured Credit Facility:
Revolving Credit Facility (2)	$	—	$	215
Term Loan A Facility	—		435
Term Loan B Facility	1,858		1,858
First Lien Notes	593		—
First and a Half Lien Notes	196		—
Senior Notes	500		500
Senior Notes	450		450
Senior Notes	300		300
Securitization obligations:
Apple Ridge Funding LLC	325		325
Cartus Financing Limited	10		10
Total Debt	$	4,232	$	4,093

_______________

(1) As adjusted cash and cash equivalents reflects net proceeds of $426 million from the Term Loan A Facility, $215 million of borrowings on its Revolving Credit Facility and $210 million of cash on hand to redeem all of the outstanding $593 million of First Lien Notes and all of the outstanding $196 million First and a Half Lien Notes plus related premiums and accrued interest of $62 million.

(2) As adjusted revolver borrowings reflect $215 million of outstanding borrowings on the Revolving Credit Facility, leaving $600 million of available capacity.

See Note 5, "Short and long-term debt", in the condensed consolidated financial statements for additional information on the Company's indebtedness.

Covenants under the Senior Secured Credit Facility and Indentures

The Senior Secured Credit Facility and the indentures governing the First Lien Notes, First and a Half Lien Notes and the Unsecured Notes contain various covenants that limit (subject to certain exceptions) Realogy Group’s ability to, among other things:

• incur or guarantee additional debt or issue disqualified stock or preferred stock;

• pay dividends or make distributions to Realogy Group’s stockholders, including Realogy Holdings;

• repurchase or redeem capital stock;

• make loans, investments or acquisitions;

• incur restrictions on the ability of certain of Realogy Group's subsidiaries to pay dividends or to make other payments to Realogy Group;

• enter into transactions with affiliates;

• create liens;

• merge or consolidate with other companies or transfer all or substantially all of Realogy Group's and its material subsidiaries' assets;

• transfer or sell assets, including capital stock of subsidiaries; and

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• prepay, redeem or repurchase subordinated indebtedness.

As a result of the covenants to which we remain subject, we are limited in the manner in which we conduct our business and we may be unable to engage in favorable business activities or finance future operations or capital needs. In addition, the Senior Secured Credit Facility requires us to maintain a senior secured leverage ratio.

The senior secured leverage ratio, not to exceed 4.75 to 1.00, is tested quarterly. In this report, the Company refers to the term "Adjusted EBITDA" to mean EBITDA as so defined for purposes of determining compliance with the senior secured leverage covenant. The senior secured leverage ratio measured at any applicable quarter end is Realogy Group's total senior secured net debt divided by the trailing twelve month Adjusted EBITDA. Total senior secured net debt does not include the First and a Half Lien Notes, other indebtedness secured by a lien that is pari passu or junior in priority to the First and a Half Lien Notes, unsecured indebtedness, including the Unsecured Notes, as well as the securitization obligations.

See Note 5, "Short and long-term debt—Senior Secured Credit Facility" in the condensed consolidated financial statements for additional information.

Non-GAAP Financial Measures

The SEC has adopted rules to regulate the use in filings with the SEC and in public disclosures of "non-GAAP financial measures," such as EBITDA and Adjusted EBITDA and the ratios related thereto. These measures are derived on the basis of methodologies other than in accordance with GAAP.

EBITDA is defined by us as net income (loss) before depreciation and amortization, interest expense, net (other than relocation services interest for securitization assets and securitization obligations) and income taxes. Adjusted EBITDA calculated for a twelve-month period is presented to demonstrate our compliance with the senior secured leverage ratio covenant in the Senior Secured Credit Facility. Adjusted EBITDA calculated for a twelve-month period corresponds to the definition of "EBITDA," calculated on a "pro forma basis," used in the Senior Secured Credit Facility to calculate the senior secured leverage ratio. Adjusted EBITDA includes adjustments to EBITDA for restructuring costs, former parent legacy cost (benefit) items, net, loss on the early extinguishment of debt, non-cash charges and incremental securitization interest costs, as well as pro forma cost savings for restructuring initiatives, the pro forma effect of business optimization initiatives and the pro forma effect of acquisitions and new franchisees, in each case calculated as of the beginning of the twelve-month period. Adjusted EBITDA calculated for a three-month period adjusts for the same items as for a twelve-month period, except that the pro forma effect of cost savings, business optimizations and acquisitions and new franchisees are calculated as of the beginning of the three-month period instead of the twelve-month period.

We present EBITDA and Adjusted EBITDA because we believe EBITDA and Adjusted EBITDA are useful as supplemental measures in evaluating the performance of our operating businesses and provide greater transparency into our results of operations. Our management, including our chief operating decision maker, uses EBITDA as a factor in evaluating the performance of our business. EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for net income or other statement of operations data prepared in accordance with GAAP.

We believe EBITDA facilitates company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting net interest expense), taxation, the age and book depreciation of facilities (affecting relative depreciation expense) and the amortization of intangibles, which may vary for different companies for reasons unrelated to operating performance. We further believe that EBITDA is frequently used by securities analysts, investors and other interested parties in their evaluation of companies, many of which present an EBITDA measure when reporting their results.

EBITDA and Adjusted EBITDA have limitations as analytical tools, and you should not consider EBITDA or Adjusted EBITDA either in isolation or as substitutes for analyzing our results as reported under GAAP. Some of these limitations are:

• these measures do not reflect changes in, or cash required for, our working capital needs;

• these measures do not reflect our interest expense (except for interest related to our securitization obligations), or the cash requirements necessary to service interest or principal payments on our debt;

• these measures do not reflect our income tax expense or the cash requirements to pay our taxes;

• these measures do not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments;

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• although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often require replacement in the future, and these measures do not reflect any cash requirements for such replacements; and

• other companies may calculate these measures differently so they may not be comparable.

In addition to the limitations described above, Adjusted EBITDA includes pro forma cost savings, the pro forma effect of business optimization initiatives and the pro forma full period effect of acquisitions and new franchisees. These adjustments may not reflect the actual cost savings or pro forma effect recognized in future periods.  

A reconciliation of net income attributable to Realogy Group to EBITDA and Adjusted EBITDA for the twelve months ended September 30, 2015 is set forth in the following table:

			Less		Equals			Plus		Equals
	Year Ended		Nine Months Ended		Three Months Ended			Nine Months Ended		Twelve Months Ended
	December 31, 2014		September 30, 2014		December 31, 2014			September 30, 2015		September 30, 2015
Net income attributable to Realogy Group (a)	$	143	$	122	$	21		$	175	$	196
Income tax (benefit) expense	87		88		(1		)	116		115
Income before income taxes	230		210		20			291		311
Interest expense, net	267		197		70			188		258
Depreciation and amortization	190		140		50			153		203
EBITDA (b)	687		547		140			632		772
Covenant calculation adjustments:
Former parent legacy costs (benefit), net (c)										(24		)
Loss on the early extinguishment of debt										20
Pro forma effect of business optimization initiatives (d)										15
Non-cash charges (e)										38
Pro forma effect of acquisitions and new franchisees (f)										15
Incremental securitization interest costs (g)										5
Adjusted EBITDA										$	841
Total senior secured net debt (h)										$	1,983
Senior secured leverage ratio										2.36		x

_______________

(a) Net income (loss) attributable to Realogy consists of: (i) income of $21 million for the fourth quarter of 2014, (ii) a loss of $32 million for the first quarter of 2015, (iii) income of $97 million for the second quarter of 2015 and (iv) income of $110 million for the third quarter of 2015.

(b) EBITDA consists of: (i) $140 million for the fourth quarter of 2014, (ii) $58 million for the first quarter of 2015, (iii) $265 million for the second quarter of 2015 and (iv) $309 million for the third quarter of 2015.

(c) Consists of a net benefit of $24 million for former parent legacy items.

(d) Represents the twelve-month pro forma effect of business optimization initiatives including $9 million of transaction and integration costs incurred for the ZipRealty acquisition, $5 million related to business cost cutting initiatives and $1 million related to other items.

(e) Represents the elimination of non-cash expenses, including $49 million of stock-based compensation expense less $11 million for the change in the allowance for doubtful accounts and notes reserves.

(f) Represents the estimated impact of acquisitions and new franchisees as if they had been acquired or signed on October 1, 2014. Franchisee sales activity is comprised of new franchise agreements as well as growth acquired by existing franchisees with our assistance. We have made a number of assumptions in calculating such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired entities or entered into the franchise contracts as of October 1, 2014.

(g) Incremental borrowing costs incurred as a result of the securitization facilities refinancing for the twelve months ended September 30, 2015.

(h) Represents total borrowings under the Senior Secured Credit Facility and borrowings secured by a first priority lien on our assets of $2,465 million plus $24 million of capital lease obligations less $506 million of readily available cash as of September 30, 2015. Pursuant to the terms of our Senior Secured Credit Facility, total senior secured net debt does not include the First and a Half Lien

46

Notes, other indebtedness secured by a lien on our assets that is pari passu or junior in priority to the First and a Half Lien Notes, our securitization obligations or unsecured indebtedness, including the Unsecured Notes.

Set forth in the table below is a reconciliation of net income attributable to Realogy Group to Adjusted EBITDA for the three-month periods ended September 30, 2015 and 2014:

	Three Months Ended
	September 30, 2015			September 30, 2014
Net income attributable to Realogy	$	110		$	100
Income tax expense	74			71
Income before income taxes	184			171
Interest expense, net	70			54
Depreciation and amortization	55			48
EBITDA	309			273
Restructuring costs (reversals) and former parent legacy benefit, net	(14		)	(3		)
Pro forma effect of business optimization initiatives	1			4
Non-cash charges	10			10
Pro forma effect of acquisitions and new franchisees	1			2
Incremental securitization interest costs	1			1
Adjusted EBITDA	$	308		$	287

Contractual Obligations

Our future contractual obligations as of September 30, 2015 have not changed materially from the amounts reported in our 2014 Form 10-K.

See "Financial Obligations" for a description of the October 2015 amendment of the Revolving Credit Facility, entry into a new Senior Secured Term Loan A Facility and the redemption of First Lien Notes and First and a Half Lien Notes.

Critical Accounting Policies

In presenting our financial statements in conformity with generally accepted accounting principles, we are required to make estimates and assumptions that affect the amounts reported therein. Several of the estimates and assumptions we are required to make relate to matters that are inherently uncertain as they pertain to future events. However, events that are outside of our control cannot be predicted and, as such, they cannot be contemplated in evaluating such estimates and assumptions. If there is a significant unfavorable change to current conditions, it could result in a material adverse impact to our combined results of operations, financial position and liquidity. We believe that the estimates and assumptions we used when preparing our financial statements were the most appropriate at that time.

These Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements included in the Annual Report on Form 10-K for the year ended December 31, 2014, which includes a description of our critical accounting policies that involve subjective and complex judgments that could potentially affect reported results.

Recently Issued Accounting Pronouncements

See Note 1 of the Notes to the Condensed Consolidated Financial Statements for a discussion of recently issued accounting pronouncements.

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Item 3.Quantitative and Qualitative Disclosures about Market Risks.

We are exposed to market risk from changes in interest rates primarily through our senior secured credit facilities. At September 30, 2015, our primary interest rate exposure was to interest rate fluctuations, specifically LIBOR, due to its impact on our variable rate borrowings of our revolving and term loan facilities under the Senior Secured Credit Agreement. Given that our borrowings under the Senior Secured Credit Agreement are generally based upon LIBOR, this rate will be the Company's primary market risk exposure for the foreseeable future. We do not have significant exposure to foreign currency risk nor do we expect to have significant exposure to foreign currency risk in the foreseeable future.

We assess our market risk based on changes in interest rates utilizing a sensitivity analysis. The sensitivity analysis measures the potential impact on earnings, fair values and cash flows based on a hypothetical change (increase and decrease) in interest rates. We exclude the fair values of relocation receivables and advances and securitization borrowings from our sensitivity analysis because we believe the interest rate risk on these assets and liabilities is mitigated as the rate we earn on relocation receivables and advances and the rate we incur on our securitization borrowings are based on similar variable indices.

At September 30, 2015, we had variable interest rate long-term debt from our outstanding term loan of $1,872 million excluding $335 million of securitization obligations.  The weighted average interest rate on the outstanding term loan at September 30, 2015 was 3.75%. The interest rate with respect to the term loan is based on adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%). At September 30, 2015 the one-month LIBOR rate was 0.19%; therefore we have estimated that a 0.25% increase in LIBOR would have no impact on our annual interest expense due to the 0.75% LIBOR floor.

We have entered into five interest rate swaps to manage a portion of our exposure to changes in interest rates associated with our variable rate borrowings. The first swap, with a notional value of $225 million, commenced in July 2012 and expires in February 2018, the second swap, with a notional value of $200 million, commenced in January 2013 and expires in February 2018, and the remaining three swaps each have a notional value of $200 million, commenced in August 2015 and expire in August 2020. The five swaps with an aggregate notional value of $1,025 million help to protect our outstanding variable rate borrowings from future interest rate volatility. The fixed interest rates on the swaps range from 2.24% to 2.89%. The Company has recognized a liability of $59 million for the fair value of the interest rate swaps at September 30, 2015.  The fair value of these interest rate swaps is subject to movements in LIBOR and will fluctuate in future periods.  We have estimated that a 0.25% increase in the LIBOR yield curve would increase the fair value of our interest rate swaps by $9 million and would decrease interest expense. While these results may be used as a benchmark, they should not be viewed as a forecast of future results.

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Item 4.Controls and Procedures.

Controls and Procedures for Realogy Holdings Corp.

(a) Realogy Holdings Corp. ("Realogy Holdings") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Realogy Holdings' management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b) As of the end of the period covered by this quarterly report on Form 10-Q, Realogy Holdings has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Realogy Holdings' disclosure controls and procedures are effective at the "reasonable assurance" level.

(c) There has not been any change in Realogy Holdings' internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

Controls and Procedures for Realogy Group LLC

(a) Realogy Group LLC ("Realogy Group") maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in its filings under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to its management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Realogy Group's management, including the Chief Executive Officer and the Chief Financial Officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

(b) As of the end of the period covered by this quarterly report on Form 10-Q, Realogy Group has carried out an evaluation, under the supervision and with the participation of its management, including its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of its disclosure controls and procedures. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that Realogy Group's disclosure controls and procedures are effective at the "reasonable assurance" level.

(c) There has not been any change in Realogy Group's internal control over financial reporting during the period covered by this quarterly report on Form 10-Q that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.

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PART II - OTHER INFORMATION

Item 1.    Legal Proceedings.

Bararsani v. Coldwell Banker Residential Brokerage Company. On November 15, 2012, plaintiff Ali Bararsani filed a putative class action complaint in Los Angeles Superior Court, California, against Coldwell Banker Residential Brokerage Company ("CBRBC") alleging that CBRBC had misclassified current and former affiliated sales associates as independent contractors when they were actually employees.  The Company believes that CBRBC has properly classified the sales associates as independent contractors, would have significant defenses to the claims asserted in this action and continues to operate in a manner consistent with applicable law, and longstanding, widespread industry practice for many decades. To avoid further litigation expense, we entered into a settlement on May 5, 2015. The settlement requires court approval and was accrued for as of June 30, 2015. In entering into this settlement, CBRBC made no admission of wrongdoing or liability, and is not obligated to change its business structures. The court granted preliminary approval of the settlement in August 2015.

The Company is involved in certain other claims and legal actions arising in the ordinary course of our business. Such litigation and other proceedings may include, but are not limited to, actions relating to intellectual property, commercial arrangements, franchising arrangements, actions against our title company alleging it knew or should have known that others were committing mortgage fraud, standard brokerage disputes like the failure to disclose hidden defects in the property such as mold, vicarious liability based upon conduct of individuals or entities outside of our control, including franchisees and independent sales associates, antitrust and anti-competition claims, general fraud claims, employment law claims, including claims challenging the classification of our sales associates as independent contractors, wage and hour classification claims and claims alleging violations of RESPA or state consumer fraud statutes. While the results of such claims and legal actions cannot be predicted with certainty, we do not believe based on information currently available to us that the final outcome of current proceedings against the Company will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006 among Cendant, Realogy Group, Wyndham Worldwide and Travelport, each of Realogy Group, Wyndham Worldwide and Travelport have assumed certain contingent and other corporate liabilities (and related costs and expenses), which are primarily related to each of their respective businesses. In addition, Realogy Group has assumed 62.5% and Wyndham Worldwide has assumed 37.5% of certain contingent and other corporate liabilities (and related costs and expenses) of Cendant or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy Group, Wyndham Worldwide, Travelport and/or Cendant’s vehicle rental operations, in each case incurred or allegedly incurred on or prior to the date of the separation of Travelport from Cendant.

The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable.

Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. In addition, class action lawsuits or regulatory proceedings challenging practices that have broad impact can be costly to defend and, depending on the class size and claims, could be costly to settle. As such, the Company could incur judgments or enter into settlements of claims with liability that are materially in excess of amounts accrued and these settlements could have a material adverse effect on the Company’s financial condition, results of operations or cash flows in any particular period.

Litigation and claims against other participants in the residential real estate industry may impact the Company when the rulings in those cases cover practices common to the broader industry.  Examples may include claims associated with RESPA compliance, broker fiduciary duties, and sales agent classification. Similarly, the Company may be impacted by litigation and other claims against companies in other industries. Rulings on matters such as the enforcement of arbitration agreements and worker classification may adversely affect the Company and other residential real estate industry participants as a result of the classification of sales agents as independent contractors, irrespective of the fact that the parties subject to the rulings are in a different industry.  There is active worker classification litigation in numerous jurisdictions, including Massachusetts, California, New Jersey and New York, against a variety of industries where the plaintiffs seek to reclassify independent contractors as employees or to challenge the use of federal and state minimum wage and overtime exemptions. To the extent the defendants are unsuccessful in these types of litigation matters, and we or our franchisees cannot distinguish our or their practices (or our industry’s practices), we and our franchisees could face significant liability and we and our franchisees could be required to modify certain business relationships, either of which could materially and

50

adversely impact our financial condition and results of operations. There also are changing employment-related regulatory interpretations at both the federal and state levels that could create risks around historic practices and that could require changes in business practices—both for us and our franchisees.

Item 6.    Exhibits.

See Exhibit Index.

51

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

REALOGY HOLDINGS CORP.

and

REALOGY GROUP LLC

(Registrants)

Date: November 5, 2015

/S/ ANTHONY E. HULL        

Anthony E. Hull

Executive Vice President and

Chief Financial Officer

Date: November 5, 2015

/S/ TIMOTHY B. GUSTAVSON    

Timothy B. Gustavson

Senior Vice President,

Chief Accounting Officer and

Controller

52

EXHIBIT INDEX

Exhibit    Description    

10.1* Amended and Restated Amendment No. 2 to the Strategic Relationship Agreement, dated October 21, 2015 by and among Realogy Services Group, LLC, Realogy Services Venture Partner LLC, PHH Corporation, PHH Mortgage Corporation, PHH Broker Partner Corporation and PHH Home Loans, LLC.

15.1* Letter Regarding Unaudited Interim Financial Statements.

31.1* Certification of the Chief Executive Officer of Realogy Holdings Corp. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.2* Certification of the Chief Financial Officer of Realogy Holdings Corp. pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.3* Certification of the Chief Executive Officer of Realogy Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

31.4* Certification of the Chief Financial Officer of Realogy Group LLC pursuant to Rules 13(a)-14(a) and 15(d)-14(a) promulgated under the Securities Exchange Act of 1934, as amended.

32.1* Certification for Realogy Holdings Corp. pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2* Certification for Realogy Group LLC pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS ^ XBRL Instance Document.

101.SCH ^ XBRL Taxonomy Extension Schema Document.

101.CAL^ XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF ^ XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB ^ XBRL Taxonomy Extension Label Linkbase Document.

101.PRE ^ XBRL Taxonomy Extension Presentation Linkbase Document.

______________

* Filed herewith.

^ Furnished electronically with this report.

53

EX-10.1

Exhibit 10.1

AMENDED AND RESTATED AMENDMENT NO. 2

TO THE

STRATEGIC RELATIONSHIP AGREEMENT

This Amended and Restated Amendment No. 2 (this “Amended and Restated Amendment No. 2”, entered into as of the 21^st day of October, 2015, by and among Realogy Services Group LLC (f/k/a Cendant Real Estate Services Group, LLC), a Delaware limited liability company, Realogy Services Venture Partner LLC (successor to Cendant Real Estate Services Venture Partner, Inc.), a Delaware limited liability company, PHH Corporation, a Maryland corporation, PHH Mortgage Corporation, a New Jersey corporation, PHH Broker Partner Corporation, a Maryland corporation, and PHH Home Loans, LLC, a Delaware limited liability company (collectively, the “Parties”), amends and restates Amendment No. 2 dated September 9, 2015 (“Amendment No. 2”) to the Strategic Relationship Agreement dated as of January 31, 2005 by and among the Parties, as amended by Amendment No. 1 thereto dated as of May 12, 2005 (the “SRA”).

Capitalized terms used in this Amended and Restated Amendment No. 2 without definition shall have the meanings given to them in the SRA.

WHEREAS, the Parties desire to amend and restate Amendment No. 2 to eliminate Article VI of the SRA in its entirety and revise Section 10.3(a) of the SRA.

NOW, THEREFORE, in consideration of the premises and the mutual agreements set forth in the SRA and this Amended and Restated Amendment No. 2, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Article VI of the SRA shall be deleted in its entirety and replaced with “[Deliberately left blank]”.

2. Section 10.3(a) of the SRA shall be amended as follows: the text preceding the proviso clause shall be deleted in its entirety and replaced with “Neither PHH nor any of its Subsidiaries shall directly solicit any Customer or any Cendant Customer to purchase any product or service without the prior written consent of the Cendant Member.”

3. The term “Agreement” as used in the SRA shall be deemed to refer to the SRA as amended hereby. Except as set forth herein, the SRA shall remain in full force and effect and shall be otherwise unaffected hereby. In the event of any conflict or inconsistency between the provisions of this Amended and Restated Amendment No. 2, on the one hand, and the SRA, on the other hand, with respect to the matters set forth herein and contemplated hereby, the provisions of this Amended and Restated Amendment No. 2 shall govern such conflict or inconsistency.

4. This Amended and Restated Amendment No. 2 may be executed in any number of counterparts and by facsimile/PDF, and each of such counterparts shall for all purposes be deemed an original, but all such counterparts shall together constitute but one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Amended and Restated Amendment No. 2 to the SRA, effective as of the date first written above.

REALOGY SERVICES GROUP LLC

(f/k/a Cendant Real Estate Services Group, LLC)

By:/s/ Anthony E. Hull            

Name:Anthony E. Hull

Title:EVP, CFO & Treasurer

REALOGY SERVICES Venture Partner LLC

(successor to Cendant Real Estate Services Venture Partner, Inc.)

By: /s/ Anthony E. Hull            

Name:Anthony E. Hull

Title:EVP, CFO & Treasurer

PHH CORPORATION

By:/s/ Glen A. Messina            

Name:Glen A. Messina

Title:President & CEO

PHH MORTGAGE CORPORATION

By: /s/ Glen A. Messina            

Name: Glen A. Messina

Title:President & CEO

PHH HOME LOANS, LLC

By: /s/ Glen A. Messina            

Name:Glen A. Messina

Title:President

PHH BROKER PARTNER CORPORATION

By: /s/ Glen A. Messina            

Name:Glen A. Messina

Title:President

EX-15.1

Exhibit 15.1

November 5, 2015

Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Commissioners:

We are aware that our report dated November 5, 2015 on our review of interim financial information of Realogy Holdings Corp. and its subsidiaries (the "Company") for the three and nine month periods ended September 30, 2015 and September 30, 2014 and included in the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2015is incorporated by reference in its Registration Statements on Form S-8(No. 333-184383) and Form S-3 (No. 333-187816).

Very truly yours,

/s/ PricewaterhouseCoopers LLP

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Richard A. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Realogy Holdings Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2015

/s/ RICHARD A. SMITH    

CHIEF EXECUTIVE OFFICER            

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Anthony E. Hull, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Realogy Holdings Corp.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2015

/s/ ANTHONY E. HULL    

CHIEF FINANCIAL OFFICER

EX-31.3

Exhibit 31.3

CERTIFICATION

I, Richard A. Smith, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Realogy Group LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2015

/s/ RICHARD A. SMITH    

CHIEF EXECUTIVE OFFICER

EX-31.4

Exhibit 31.4

CERTIFICATION

I, Anthony E. Hull, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Realogy Group LLC;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 5, 2015

/s/ ANTHONY E. HULL    

CHIEF FINANCIAL OFFICER

EX-32.1

Exhibit 32.1

CERTIFICATION OF CEO AND CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Realogy Holdings Corp. (the “Company”) on Form 10-Q for the period ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Richard A. Smith, as Chief Executive Officer of the Company, and Anthony E. Hull, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002 be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

/S/ RICHARD A. SMITH    

RICHARD A. SMITH

CHIEF EXECUTIVE OFFICER

November 5, 2015

/S/ ANTHONY E. HULL    

ANTHONY E. HULL

EXECUTIVE VICE PRESIDENT AND

CHIEF FINANCIAL OFFICER

November 5, 2015

EX-32.2

Exhibit 32.2

CERTIFICATION OF CEO AND CFO PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Realogy Group LLC (the “Company”) on Form 10-Q for the period ended September 30, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Richard A. Smith, as Chief Executive Officer of the Company, and Anthony E. Hull, as Chief Financial Officer of the Company, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

This certification accompanies the Report pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by the Sarbanes-Oxley Act of 2002 be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

/S/ RICHARD A. SMITH    

RICHARD A. SMITH

CHIEF EXECUTIVE OFFICER

November 5, 2015

/S/ ANTHONY E. HULL    

ANTHONY E. HULL

EXECUTIVE VICE PRESIDENT AND

CHIEF FINANCIAL OFFICER

November 5, 2015

XML

Short And Long-Term Debt Schedule of Total Indebtedness (Details) - USD ($) $ in Millions	Sep. 30, 2015		Dec. 31, 2014
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 3,897		$ 3,910
Securitization obligations	335		269
Secured Debt [Member] | Term Loan B Facility
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	1,858	[1]	1,871
Secured Debt [Member] | 7.625% First Lien Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	593	[2]	593
Secured Debt [Member] | 9.00% First and a Half Lien Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	196		196
Senior Notes [Member] | 3.375% Senior Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	500		500
Senior Notes [Member] | 4.50% Senior Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	450		450
Senior Notes [Member] | 5.25% Senior Notes
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Long-term debt outstanding amount	300		300
Line of Credit [Member] | Revolving Credit Facility
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Line of credit facility outstanding amount	0	[2],[3]	0
Securitization obligations
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Securitization obligations	335		269
Securitization obligations | Apple Ridge Funding LLC
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Securitization obligations	325	[4],[5]	255
Securitization obligations | Cartus Financing Limited
Schedule of Long-term and Short-term Debt Instruments [Line Items]
Securitization obligations	$ 10	[4],[6]	$ 14

[1] Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

[2] See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

[3] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

[4] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

[5] In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

[6] Consists of a £20 million revolving loan facility and a £5 million working capital facility.

XML

Stock-Based Compensation Stock Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Unrecognized compensation cost	$ 53		$ 53
Remaining weighted average period			1 year 2 months
Stock-based compensation expense	$ 14	$ 11	$ 40	$ 32

XML

Short And Long-Term Debt Loss on the Early Extinguishment of Debt and Write-Off of Deferred Financing Costs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Loss on the early extinguishment of debt	$ 0	$ 0	$ 0	$ 27
Write off of Deferred Debt Issuance Cost				$ 3

XML

Transactions With Former Parent Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates (Details) $ in Millions	Sep. 30, 2015 USD ($)	Dec. 31, 2014 USD ($)	Jul. 31, 2006 Independent_Companies
Related Party Transactions [Abstract]
Cendant Spin-off Number of New Independent Companies			4
Number of New Independent Companies per Cendant Business Unit			1
Guaranty Arrangement Percentage of Obligations Assumed by Realogy	62.50%
Due to former parent | $	$ 32	$ 51

XML

Short And Long-Term Debt Other Debt Facilities (Details) - USD ($) $ in Millions	1 Months Ended
	Aug. 31, 2015	Sep. 30, 2015	Dec. 31, 2014	Mar. 05, 2013
Line of Credit Facility [Line Items]
Letter of Credit, borrowing capacity				$ 250
Outstanding letters of credit		$ 135
Unsecured Letter of Credit Facility [Member]
Line of Credit Facility [Line Items]
Increase in borrowing capacity	$ 7
Letter of Credit, borrowing capacity		88	$ 81
Outstanding letters of credit		82
June 2017 [Member] | Unsecured Letter of Credit Facility [Member]
Line of Credit Facility [Line Items]
Letter of Credit, borrowing capacity		27
August 2017 [Member] | Unsecured Letter of Credit Facility [Member]
Line of Credit Facility [Line Items]
Letter of Credit, borrowing capacity		54
September 2018 [Member] | Unsecured Letter of Credit Facility [Member]
Line of Credit Facility [Line Items]
Letter of Credit, borrowing capacity		$ 7

XML

Basis Of Presentation Recently Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Debt issuance costs balance	$ 45	$ 55
Revolving Credit Facility
Debt issuance costs balance	$ 4	$ 5

XML

Commitments And Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Loss Contingencies [Line Items]
Guaranty Arrangement Percentage of Obligations Assumed by Realogy	62.50%
Guaranty Arrangement Percentage of Obligations Assumed by Wyndham	37.50%
Outstanding letters of credit	$ 135,000
Minimum Aggregate Value of Former Parent Contingent Liabilities for which the Letter of Credit will be Terminated	30,000
Noninterest-bearing deposit liabilities	354,000	$ 251,000
Maximum [Member]
Loss Contingencies [Line Items]
Cash, FDIC insured amount	250
Synthetic Letter of Credit Facility [Member]
Loss Contingencies [Line Items]
Outstanding letters of credit	$ 53,000	$ 53,000

XML

Basis Of Presentation Financial Instruments - Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	$ 2	$ 2
Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	59	40
Level I
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	2	2
Level I | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	0	0
Level II
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	0	0
Level II | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	59	40
Level III
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets (included in other non-current assets)	0	0
Level III | Interest Rate Swap [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps (included in other non-current liabilities)	$ 0	$ 0

XML

Stock-Based Compensation Incentive Equity Awards Activity - Summary of Market Performance Units Valuation Assumptions (Details) - Performance Share Units - RTSR [Member]	9 Months Ended
	Sep. 30, 2015 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 41.08
Weighted average correlation coefficient	0.57
Weighted average risk-free interest rate	1.00%
Weighted average dividend yield	0.00%
Realogy and comparable companies [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected volatility	25.10%
XHB [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average expected volatility	21.10%

XML

Short And Long-Term Debt Senior Secured Credit Facility (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015		Oct. 23, 2015	Dec. 31, 2014	Mar. 10, 2014	Mar. 05, 2013
Debt Instrument [Line Items]
Letter of Credit, borrowing capacity							$ 250
Outstanding letters of credit		$ 135
Additional Credit Facilities							500
Scenario, Actual [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		2.36
Ratio of Indebtedness to Net Capital Denominator		1.00
Maximum [Member] | Required Covenant Ratio to Receive Additional Credit Facilities [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		3.50
Ratio of Indebtedness to Net Capital Denominator		1.00
Maximum [Member] | Required Covenant Ratio [Member]
Debt Instrument [Line Items]
Senior secured leverage ratio		4.75
Ratio of Indebtedness to Net Capital Denominator		1.00
Synthetic Letter of Credit Facility [Member]
Debt Instrument [Line Items]
Annual percentage of original principal amount for quarterly amortization payments		1.00%
Letter of Credit, borrowing capacity		$ 54
Outstanding letters of credit		$ 53			$ 53
Term Loan B Facility | LIBOR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		3.00%
Debt Instrument, Basis Spread on Variable Rate, Floor		0.75%
Term Loan B Facility | ABR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis		ABR
Debt Instrument, Basis Spread on Variable Rate		2.00%
Debt Instrument, Basis Spread on Variable Rate, Floor		1.75%
Revolving Credit Facility | LIBOR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.75%
Revolving Credit Facility | ABR [Member]
Debt Instrument [Line Items]
Description of variable interest rate basis		ABR
Debt Instrument, Basis Spread on Variable Rate		1.75%
Term Loan A Facility | LIBOR [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
Term Loan A Facility | ABR [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Line of Credit [Member] | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility borrowing capacity		$ 475	[1],[2]				$ 475
Secured Debt [Member] | Term Loan B Facility
Debt Instrument [Line Items]
Long-term Debt, Gross						$ 1,905
Annual percentage of original principal amount for quarterly amortization payments		1.00%
Debt Instrument, Face Amount	[3]	$ 1,872
Subsequent Event [Member] | Line of Credit [Member] | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility borrowing capacity	[1],[2]			$ 815
Subsequent Event [Member] | Secured Debt [Member] | Term Loan A Facility
Debt Instrument [Line Items]
Debt Instrument, Face Amount	[1],[2]			$ 435

[1] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

[2] See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

[3] Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

XML

Intangible Assets - Amortization Expense (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015 USD ($) Years	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) Years	Sep. 30, 2014 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 33	$ 29	$ 90	$ 86
The number of succeeding years for which amortization expense is disclosed | Years	4		4
Amortization expense for the remainder of 2015	$ 26		$ 26
Amortization expense for the next twelve months	99		99
Amortization expense for Year Two	95		95
Amortization expense for Year Three	94		94
Amortization expense for Year Four	93		93
Amortization expense Thereafter	1,349		1,349
Amortizable—Franchise agreements (a)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	17	17	50	50
Amortizable—License agreements (c)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	0	0	1	1
Amortizable—Customer relationships (d)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	7	9	21	28
Amortizable—Pendings and listings (f)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	8	3	14	6
Amortizable—Other (g)
Finite-Lived Intangible Assets [Line Items]
Intangible asset amortization expense	$ 1	$ 0	$ 4	$ 1

XML

Stock-Based Compensation Incentive Equity Awards Activity - Summary of Stock Options Valuation Assumptions (Details) - Options	9 Months Ended
	Sep. 30, 2015 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value	$ 17.66
Weighted average expected volatility	36.10%
Weighted average expected term (years)	6 years 3 months
Weighted average risk-free interest rate	1.60%
Weighted average dividend yield	0.00%

XML

Short And Long-Term Debt Securitization Obligations (Details) £ in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Oct. 16, 2015 USD ($)	Sep. 30, 2015 GBP (£)	Sep. 30, 2015 USD ($)		Jun. 10, 2015 USD ($)	Dec. 31, 2014 USD ($)
Debt Instrument [Line Items]
Securitization obligations								$ 335			$ 269
Securitization obligations
Debt Instrument [Line Items]
Securitization obligations								335			269
Relocation receivables and other related relocation assets that collateralize securitization obligations								$ 338			286
Interest expense, debt		$ 1	$ 1	$ 4	$ 4
Weighted average interest rate, securitization obligations			2.40%		2.40%		2.00%	2.00%
Apple Ridge Funding LLC | Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations	[1]							$ 375	[2]	$ 325
Securitization obligations								325	[1],[2]		255
Cartus Financing Limited | Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations	[1],[3]							38
Securitization obligations								$ 10	[1],[3]		$ 14
Cartus Financing Limited | Revolving Credit Facility | Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations | £							£ 20
Cartus Financing Limited | Working Capital Facility [Member] | Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations | £							£ 5
Subsequent Event [Member] | Apple Ridge Funding LLC | Securitization obligations
Debt Instrument [Line Items]
Total capacity, securitization obligations	[1]					$ 325

[1] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

[2] In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

[3] Consists of a £20 million revolving loan facility and a £5 million working capital facility.

XML

Intangible Assets

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

INTANGIBLE ASSETS

Goodwill by segment and changes in the carrying amount are as follows:

	Real Estate Franchise Services			Company Owned Brokerage Services			Relocation Services			Title and Settlement Services			Total Company
Gross goodwill as of December 31, 2014	$	3,315		$	905		$	641		$	402		$	5,263
Accumulated impairment losses	(1,023		)	(158		)	(281		)	(324		)	(1,786		)
Balance at December 31, 2014	2,292			747			360			78			3,477
Goodwill acquired	—			79			—			47			126
Balance at September 30, 2015	$	2,292		$	826		$	360		$	125		$	3,603

Intangible assets are as follows:

	As of September 30, 2015						As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,019	$	574	$	1,445	$	2,019	$	524	$	1,495
Unamortizable—Trademarks (b)	$	745			$	745	$	736			$	736
Other Intangibles
Amortizable—License agreements (c)	$	45	$	8	$	37	$	45	$	7	$	38
Amortizable—Customer relationships (d)	530		277		253		530		256		274
Unamortizable—Title plant shares (e)	11				11		10				10
Amortizable—Pendings and listings (f)	8		8		—		2		2		—
Amortizable—Other (g)	31		10		21		25		6		19
Total Other Intangibles	$	625	$	303	$	322	$	612	$	271	$	341

_______________

(a)    Generally amortized over a period of 30 years.

(b) Primarily relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.

(c) Relates to the Sotheby’s International Realty and Better Homes and Gardens Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

(d) Relates to the customer relationships at the Relocation Services segment, the Title and Settlement Services segment and the Real Estate Franchise Services segment. These relationships are being amortized over a period of 2 to 20 years.

(e) Primarily relates to the Texas American Title Company title plant shares. Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

(f) Generally amortized over a period of 5 months.

(g) Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.

Intangible asset amortization expense is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Franchise agreements	$	17	$	17	$	50	$	50
License agreements	—		—		1		1
Customer relationships	7		9		21		28
Pendings and listings	8		3		14		6
Other	1		—		4		1
Total	$	33	$	29	$	90	$	86

Based on the Company’s amortizable intangible assets as of September 30, 2015, the Company expects related amortization expense for the remainder of 2015, the four succeeding years and thereafter to be approximately $26 million, $99 million, $95 million, $94 million, $93 million and $1,349 million, respectively.

XML

Short And Long-Term Debt First Lien Notes (Details) - Secured Debt [Member] - 7.625% First Lien Notes - USD ($) $ in Millions	Oct. 23, 2015	Sep. 30, 2015
Debt Instrument [Line Items]
Interest Rate		7.625%
Subsequent Event [Member]
Debt Instrument [Line Items]
Debt Instrument, Repurchase Amount	$ 593
Repayments of Debt	$ 638

XML

Basis Of Presentation Derivative Instruments (Details) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2015 USD ($) Interest_Rate_Swaps	Sep. 30, 2014 USD ($)	Sep. 30, 2013 Interest_Rate_Swaps	Sep. 30, 2015 USD ($) Interest_Rate_Swaps	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)
Swap [Member]
Derivative [Line Items]
Notional value of derivative instrument	$ 1,025			$ 1,025
Swap One [Member]
Derivative [Line Items]
Notional value of derivative instrument	225			225
Swap Two [Member]
Derivative [Line Items]
Notional value of derivative instrument	200			200
Swap Three [Member]
Derivative [Line Items]
Notional value of derivative instrument	200			200
Swap Four [Member]
Derivative [Line Items]
Notional value of derivative instrument	200			200
Swap Five [Member]
Derivative [Line Items]
Notional value of derivative instrument	200			200
Foreign Exchange Contract [Member]
Derivative [Line Items]
Notional value of derivative instrument	31			31		$ 27
Foreign Exchange Contract [Member] | Maximum [Member]
Derivative [Line Items]
Fair value of derivative instrument	1			1		1
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Operating Expense [Member]
Derivative [Line Items]
(Gain) or Loss Recognized on Derivatives	$ 0	$ (2)		$ (1)	$ (2)
Interest Rate Swap [Member]
Derivative [Line Items]
Number of interest rate derivatives held | Interest_Rate_Swaps	5			5
Number of interest rate swaps entered into | Interest_Rate_Swaps			3
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Interest Expense [Member]
Derivative [Line Items]
(Gain) or Loss Recognized on Derivatives	$ 16	$ (3)		$ 27	$ 19
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member] | Other Non-Current Liabilities [Member]
Derivative [Line Items]
Fair value of interest rate swap contracts	$ 59			$ 59		$ 40

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Basis Of Presentation Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 74	$ 71	$ 116	$ 88

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Earnings Per Share Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Earnings Per Share [Abstract]
Net income attributable to Realogy Holdings and Realogy Group		$ 110	$ 100	$ 175	$ 122
Basic weighted average shares		146,600,000	146,000,000	146,500,000	145,900,000
Stock options, restricted stock, restricted stock units and performance share units (a)	[1]	1,500,000	1,000,000	1,500,000	1,100,000
Weighted average diluted shares		148,100,000	147,000,000	148,000,000	147,000,000
Earnings Per Share, Basic		$ 0.75	$ 0.68	$ 1.19	$ 0.84
Earnings Per Share, Diluted		$ 0.74	$ 0.68	$ 1.18	$ 0.83
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount		3,600,000.0	3,700,000.0		3,600,000	3,700,000

[1] The three and nine months ended September 30, 2015, excludes 3.6 million and 3.7 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation. The three and nine months ended September 30, 2014, excludes 3.7 million and 3.6 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation.

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Short And Long-Term Debt First and a Half Lien Notes (Details)	Sep. 30, 2015
Secured Debt [Member] | 9.00% First and a Half Lien Notes
Debt Instrument [Line Items]
Interest Rate	9.00%

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Basis Of Presentation Restricted Cash (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Restricted cash balance	$ 9	$ 10

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Basis Of Presentation Supplemental Cash Flow Info (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental Cash Flow Information [Abstract]
Capital lease additions	$ 13	$ 6

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Acquisitions

9 Months Ended

Sep. 30, 2015

Business Combinations [Abstract]

Acquisitions

ACQUISITIONS

2015 Acquisitions

During the nine months ended September 30, 2015, the Company acquired seven real estate brokerage related operations through its wholly owned subsidiary, NRT, including a large franchisee of the Real Estate Franchise segment, for aggregate cash consideration of $80 million and established $10 million of liabilities related to contingent consideration and other acquisition related liabilities. These acquisitions resulted in goodwill of $79 million, pendings and listings of $7 million, other intangibles of $1 million, other assets of $6 million and other liabilities of $3 million.

During the nine months ended September 30, 2015, the Company acquired two title and settlement operations through its wholly owned subsidiary, TRG, for cash consideration of $33 million and established $37 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $47 million, trademarks of $9 million, pendings and listings of $7 million, other intangibles of $5 million, title plant shares of $1 million and other assets of $1 million.

None of the 2015 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate.

2014 Acquisitions

In August 2014, the Company acquired all of the outstanding shares of common stock of ZipRealty, Inc., (“ZipRealty”) for a cash purchase price of $167 million. The Company acquired ZipRealty's residential brokerage operations with 23 offices across the United States and its integrated real estate technology platform. The estimated fair values of the assets acquired and liabilities assumed resulted in goodwill of $92 million, software and fixed assets of $18 million, deferred tax assets of $46 million, customer relationships intangibles of $1 million, pendings and listings of $3 million, other intangibles of $7 million, other assets of $6 million and other liabilities of $6 million.

During the year ended December 31, 2014, in addition to the ZipRealty acquisition discussed above, NRT acquired sixteen real estate brokerage and property management operations, for cash consideration of $44 million and established $19 million of liabilities related to contingent consideration. These acquisitions resulted in goodwill of $45 million, trademarks of $4 million, pendings and listings of $4 million, other intangibles of $8 million, other assets of $3 million and other liabilities of $1 million.

During the year ended December 31, 2014, the Company acquired three title and settlement operations through its wholly owned subsidiary, TRG, for cash consideration of $6 million. These acquisitions resulted in goodwill of $5 million and pendings and listings of $1 million.

None of the 2014 acquisitions were significant to the Company’s results of operations, financial position or cash flows individually or in the aggregate.

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Basis Of Presentation Defined Benefit Pension Plan (Details) - Pension Plan, Defined Benefit [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Defined Benefit Plan Disclosure [Line Items]
Interest cost and amortization of actuarial loss	$ 2	$ 2	$ 6	$ 6
Expected return on plan assets	2	2	6	6
Maximum [Member]
Defined Benefit Plan Disclosure [Line Items]
Net periodic pension cost	$ 1	$ (1)	$ 1	$ (1)

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Short And Long-Term Debt Schedule of Debt (Details) £ in Millions, $ in Millions		9 Months Ended
		Sep. 30, 2015 GBP (£)	Nov. 03, 2015 USD ($)	Oct. 23, 2015 USD ($)	Oct. 16, 2015 USD ($)	Sep. 30, 2015 USD ($)		Jun. 10, 2015 USD ($)	Dec. 31, 2014 USD ($)	Mar. 05, 2013 USD ($)
Total Capacity
Total capacity, total long-term and short-term debt	[1]					$ 4,799
Outstanding Borrowings
Outstanding borrowings, securitization obligations						335			$ 269
Outstanding borrowings, total long-term and short-term debt	[1]					4,232
Available Capacity
Available capacity, debt	[1]					553
Outstanding letters of credit						$ 135
Revolving Credit Facility | LIBOR [Member]
Available Capacity
Description of variable interest rate basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		2.75%
Revolving Credit Facility | ABR [Member]
Available Capacity
Description of variable interest rate basis		ABR
Debt Instrument, Basis Spread on Variable Rate		1.75%
Term Loan B Facility | LIBOR [Member]
Available Capacity
Description of variable interest rate basis		LIBOR
Debt Instrument, Basis Spread on Variable Rate		3.00%
Debt Instrument, Basis Spread on Variable Rate, Floor		0.75%				0.75%
Term Loan B Facility | ABR [Member]
Available Capacity
Description of variable interest rate basis		ABR
Debt Instrument, Basis Spread on Variable Rate		2.00%
Debt Instrument, Basis Spread on Variable Rate, Floor		1.75%				1.75%
Unsecured Letter of Credit Facility [Member]
Available Capacity
Interest Rate		3.00%				3.00%
Outstanding letters of credit						$ 82
Synthetic Letter of Credit Facility [Member]
Available Capacity
Interest Rate		4.25%				4.25%
Annual percentage of original principal amount for quarterly amortization payments		1.00%				1.00%
Outstanding letters of credit						$ 53			53
Secured Debt [Member] | Term Loan B Facility
Total Capacity
Total capacity, long-term debt	[2]					1,872
Outstanding Borrowings
Outstanding borrowings, long-term debt						1,858	[2]		1,871
Available Capacity
Available capacity, debt	[2]					0
Unamortized discount						$ 14
Annual percentage of original principal amount for quarterly amortization payments		1.00%				1.00%
Secured Debt [Member] | 7.625% First Lien Notes
Total Capacity
Total capacity, long-term debt	[3]					$ 593
Outstanding Borrowings
Outstanding borrowings, long-term debt						593	[3]		593
Available Capacity
Available capacity, debt	[3]					$ 0
Interest Rate		7.625%				7.625%
Secured Debt [Member] | 9.00% First and a Half Lien Notes
Total Capacity
Total capacity, long-term debt						$ 196
Outstanding Borrowings
Outstanding borrowings, long-term debt						196			196
Available Capacity
Available capacity, debt						$ 0
Interest Rate		9.00%				9.00%
Senior Notes [Member] | 3.375% Senior Notes
Total Capacity
Total capacity, long-term debt						$ 500
Outstanding Borrowings
Outstanding borrowings, long-term debt						500			500
Available Capacity
Available capacity, debt						$ 0
Interest Rate		3.375%				3.375%
Senior Notes [Member] | 4.50% Senior Notes
Total Capacity
Total capacity, long-term debt						$ 450
Outstanding Borrowings
Outstanding borrowings, long-term debt						450			450
Available Capacity
Available capacity, debt						$ 0
Interest Rate		4.50%				4.50%
Senior Notes [Member] | 5.25% Senior Notes
Total Capacity
Total capacity, long-term debt						$ 300
Outstanding Borrowings
Outstanding borrowings, long-term debt						300			300
Available Capacity
Available capacity, debt						$ 0
Interest Rate		5.25%				5.25%
Line of Credit [Member] | Revolving Credit Facility
Total Capacity
Total capacity, short-term debt, line of credit facility						$ 475	[3],[4]			$ 475
Outstanding Borrowings
Outstanding borrowings, short-term debt, line of credit facility						0	[3],[4]		0
Available Capacity
Available capacity, line or credit facility	[3],[4]					475
Line of Credit [Member] | Subsequent Event [Member] | Revolving Credit Facility
Total Capacity
Total capacity, short-term debt, line of credit facility	[3],[4]			$ 815
Outstanding Borrowings
Outstanding borrowings, short-term debt, line of credit facility			$ 0
Available Capacity
Available capacity, line or credit facility			$ 815
Securitization obligations
Outstanding Borrowings
Outstanding borrowings, securitization obligations						335			269
Securitization obligations | Apple Ridge Funding LLC
Total Capacity
Total capacity, securitization obligations	[5]					375	[6]	$ 325
Outstanding Borrowings
Outstanding borrowings, securitization obligations						325	[5],[6]		255
Available Capacity
Available capacity, debt	[5],[6]					50
Securitization obligations | Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations	[5],[7]					38
Outstanding Borrowings
Outstanding borrowings, securitization obligations						10	[5],[7]		$ 14
Available Capacity
Available capacity, debt	[5],[7]					$ 28
Securitization obligations | Subsequent Event [Member] | Apple Ridge Funding LLC
Total Capacity
Total capacity, securitization obligations	[5]				$ 325
Securitization obligations | Revolving Credit Facility | Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations | £		£ 20
Securitization obligations | Working Capital Facility [Member] | Cartus Financing Limited
Total Capacity
Total capacity, securitization obligations | £		£ 5

[1] Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the unsecured letter of credit facility with a rate of 2.98%.

[2] Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

[3] See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

[4] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

[5] Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

[6] In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

[7] Consists of a £20 million revolving loan facility and a £5 million working capital facility.

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Stock-Based Compensation Incentive Equity Awards Activity - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014
Options, Weighted Average Exercise Price Roll Forward
Intrinsic value of options exercised		$ 4
Proceeds from exercise of stock options		3	$ 2
Intrinsic value of outstanding options		$ 34
Weighted average remaining contractual life of outstanding options		6 years 10 months 23 days
Options
Options, Number of Shares Roll Forward
Outstanding at January 1, 2015		3,220,000.00
Granted		180,000.00
Exercised (a) (b)	[1],[2]	(160,000.00)
Forfeited/Expired		(30,000.00)
Outstanding at September 30, 2015 (c)	[3]	3,210,000.00
Options, Weighted Average Exercise Price Roll Forward
Outstanding at January 1, 2015		$ 30.02
Granted		46.45
Exercised (a) (b)	[1],[2]	21.31
Forfeited/Expired		34.33
Outstanding at September 30, 2015 (c)	[3]	$ 31.31

[1] Cash received from options exercised during the nine months ended September 30, 2015 was $3 million.

[2] The intrinsic value of options exercised during the nine months ended September 30, 2015 was $4 million.

[3] Options outstanding at September 30, 2015 have an intrinsic value of $34 million and have a weighted average remaining contractual life of 6.9 years.

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Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Gross commission income		$ 1,251	$ 1,162	$ 3,310	$ 3,070
Service revenue		265	231	664	607
Franchise fees		103	96	269	251
Other		49	42	138	122
Net revenues	[1],[2]	1,668	1,531	4,381	4,050
Expenses
Commission and other agent-related costs		855	795	2,262	2,099
Operating		381	340	1,089	1,016
Marketing		56	52	171	155
General and administrative		85	79	255	214
Former parent legacy benefit, net		(14)	(2)	(15)	(1)
Restructuring Charges		0	(1)	0	(1)
Depreciation and amortization		55	48	153	140
Interest expense, net		70	54	188	197
Loss on the early extinguishment of debt		0	0	0	27
Other (income)/expense, net		(2)	(1)	(3)	(2)
Total expenses		1,486	1,364	4,100	3,844
Income before income taxes, equity in earnings and noncontrolling interests		182	167	281	206
Income tax expense		74	71	116	88
Equity in earnings of unconsolidated entities		(4)	(6)	(13)	(7)
Net income		112	102	178	125
Less: Net income attributable to noncontrolling interests		(2)	(2)	(3)	(3)
Net income attributable to Realogy Holdings and Realogy Group		$ 110	$ 100	$ 175	$ 122
Earnings per share attributable to Realogy Holdings:
Earnings Per Share, Basic		$ 0.75	$ 0.68	$ 1.19	$ 0.84
Earnings Per Share, Diluted		$ 0.74	$ 0.68	$ 1.18	$ 0.83
Weighted average common and common equivalent shares of Realogy Holdings outstanding:
Basic weighted average shares		146.6	146.0	146.5	145.9
Weighted Average Number of Shares Outstanding, Diluted		148.1	147.0	148.0	147.0

[1] Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $16 million and $39 million for the three and nine months ended September 30, 2015, respectively, and $13 million and $32 million for the three and nine months ended September 30, 2014, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

[2] Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $84 million and $228 million for the three and nine months ended September 30, 2015, respectively, and $79 million and $214 million for the three and nine months ended September 30, 2014, respectively. Such amounts are eliminated through the Corporate and Other line.

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Short And Long-Term Debt Unsecured Notes (Details) - Senior Notes [Member]	Sep. 30, 2015
3.375% Senior Notes
Debt Instrument [Line Items]
Interest Rate	3.375%
4.50% Senior Notes
Debt Instrument [Line Items]
Interest Rate	4.50%
5.25% Senior Notes
Debt Instrument [Line Items]
Interest Rate	5.25%

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Activities
Net income	$ 178	$ 125
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	153	140
Deferred income taxes	100	78
Amortization of deferred financing costs and discount	13	13
Non-cash portion of the loss on the early extinguishment of debt	0	21
Equity in earnings of unconsolidated entities	(13)	(7)
Stock-based compensation	40	32
Mark-to-market adjustments on derivatives	26	17
Other adjustments to net income	(3)	1
Net change in assets and liabilities, excluding the impact of acquisitions and dispositions:
Trade receivables	(56)	(53)
Relocation receivables	(54)	(86)
Other assets	(24)	(1)
Accounts payable, accrued expenses and other liabilities	52	(4)
Due to former parent	(19)	(3)
Dividends received from unconsolidated entities	7	1
Taxes paid related to net share settlement for stock-based compensation	(5)	(4)
Other, net	0	1
Net cash provided by operating activities	395	271
Investing Activities
Property and equipment additions	(60)	(49)
Payments for acquisitions, net of cash acquired	(111)	(203)
Change in restricted cash	1	0
Other, net	(1)	(1)
Net cash used in investing activities	(171)	(253)
Financing Activities
Repayments of term loan facility	(14)	(14)
Repurchases of First and a Half Lien Notes	0	(397)
Proceeds from issuance of Senior Notes	0	450
Net change in securitization obligations	67	29
Debt transaction costs	(1)	(41)
Proceeds from exercise of stock options	3	2
Other, net	(23)	(14)
Net cash provided by financing activities	32	15
Effect of changes in exchange rates on cash and cash equivalents	(2)	(1)
Net increase in cash and cash equivalents	254	32
Cash and cash equivalents, beginning of period	313	236
Cash and cash equivalents, end of period	567	268
Supplemental Disclosure of Cash Flow Information
Interest payments (including securitization interest of $4 for both periods presented)	165	197
Securitization Interest	4	4
Income tax payments, net	$ 10	$ 7

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Segment Information - EBITDA (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2]	$ 309	$ 273	$ 632	$ 547
Depreciation and amortization		55	48	153	140
Interest expense, net		70	54	188	197
Income tax expense		74	71	116	88
Net income attributable to Realogy Holdings and Realogy Group		110	100	175	122
Former parent legacy benefit, net		(14)	(2)	(15)	(1)
Loss on the early extinguishment of debt		0	0	0	27
Restructuring Charges		0	(1)	0	(1)
Real Estate Franchise Services
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2]	152	136	384	352
Company Owned Brokerage Services
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2]	96	93	177	164
Relocation Services
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2]	47	47	83	80
Title and Settlement Services
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2]	20	15	37	27
Corporate and Other (c)
Segment Reporting Information [Line Items]
Earnings Before Interest, Taxes, Depreciation and Amortization	[1],[2],[3]	$ (6)	$ (18)	$ (49)	$ (76)

[1] Includes a net benefit of $14 million of former parent legacy items for the three months ended September 30, 2015 compared to a net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 million for the three months ended September 30, 2014.

[2] Includes a net benefit of $15 million of former parent legacy items for the nine months ended September 30, 2015 compared to $27 million related to the loss on early extinguishment of debt, partially offset by a net benefit of $1 million of former parent legacy items and the reversal of prior year restructuring of $1 million for the nine months ended September 30, 2014.

[3] Includes the elimination of transactions between segments.

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Intangible Assets - Goodwill (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Goodwill [Line Items]
Gross goodwill as of December 31, 2014		$ 5,263
Accumulated impairment losses		(1,786)
Balance at December 31, 2014	$ 3,477	3,477
Goodwill [Roll Forward]
Balance at December 31, 2014	3,477
Goodwill acquired	126
Balance at September 30, 2015	3,603
Real Estate Franchise Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2014		3,315
Accumulated impairment losses		(1,023)
Balance at December 31, 2014	2,292	2,292
Goodwill [Roll Forward]
Balance at December 31, 2014	2,292
Goodwill acquired	0
Balance at September 30, 2015	2,292
Company Owned Brokerage Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2014		905
Accumulated impairment losses		(158)
Balance at December 31, 2014	747	747
Goodwill [Roll Forward]
Balance at December 31, 2014	747
Goodwill acquired	79
Balance at September 30, 2015	826
Relocation Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2014		641
Accumulated impairment losses		(281)
Balance at December 31, 2014	360	360
Goodwill [Roll Forward]
Balance at December 31, 2014	360
Goodwill acquired	0
Balance at September 30, 2015	360
Title and Settlement Services
Goodwill [Line Items]
Gross goodwill as of December 31, 2014		402
Accumulated impairment losses		(324)
Balance at December 31, 2014	78	$ 78
Goodwill [Roll Forward]
Balance at December 31, 2014	78
Goodwill acquired	47
Balance at September 30, 2015	$ 125

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Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Market Performance Unit Award Valuation Assumptions

	2015 RTSR PSU
Weighted average grant date fair value	$	41.08
Weighted average expected volatility	25.1		%
Weighted average volatility of XHB	21.1		%
Weighted average correlation coefficient	0.57
Weighted average risk-free interest rate	1.0		%
Weighted average dividend yield	—

Schedule of Nonvested Share Activity

A summary of restricted stock, restricted stock unit and performance share unit activities for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Stock Units		Weighted Average Grant Date Fair Value		Performance Share Units (b)	Weighted Average Grant Date Fair Value
Unvested at January 1, 2015	0.09	$	27.14	0.74		$	45.83	0.37	$	46.63
Granted	—	—		0.62		46.52		0.43	44.69
Vested (a)	—	—		(0.30	)	45.83		—	—
Forfeited	—	—		(0.02	)	46.24		—	—
Unvested at September 30, 2015	0.09	$	27.14	1.04		$	46.21	0.80	$	45.59

______________

(a) The total fair value of restricted stock units which vested during the nine months endedSeptember 30, 2015 was $14 million.

(b) The PSU amounts in the table are shown at the target amount of the award.

Summary of Stock Options Valuation Assumptions

	2015 Options
Weighted average grant date fair value	$	17.66
Weighted average expected volatility	36.1		%
Weighted average expected term (years)	6.25
Weighted average risk-free interest rate	1.6		%
Weighted average dividend yield	—

Summary of Stock Options Activity

A summary of stock option unit activity for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Options		Weighted Average Exercise Price
Outstanding at January 1, 2015	3.22		$	30.02
Granted	0.18		46.45
Exercised (a) (b)	(0.16	)	21.31
Forfeited/Expired	(0.03	)	34.33
Outstanding at September 30, 2015 (c)	3.21		$	31.31

______________

(a) The intrinsic value of options exercised during the nine months endedSeptember 30, 2015 was $4 million.

(b) Cash received from options exercised during the nine months endedSeptember 30, 2015 was $3 million.

(c) Options outstanding at September 30, 2015 have an intrinsic value of $34 million and have a weighted average remaining contractual life of 6.9 years.

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Intangible Assets - Intangible Assets (Details) - USD ($) $ in Millions		9 Months Ended
		Sep. 30, 2015	Dec. 31, 2014
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Carrying amount of total other intangibles		$ 625	$ 612
Accumulated Amortization		303	271
Net carrying amount of finite-lived and indefinite-lived intangible assets		322	341
Amortizable—Franchise agreements (a)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	[1]	2,019	2,019
Accumulated Amortization	[1]	574	524
Net carrying amount of finite-lived intangible assets	[1]	$ 1,445	1,495
Amortization period		30 years
Amortizable—License agreements (c)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	[2]	$ 45	45
Accumulated Amortization	[2]	8	7
Net carrying amount of finite-lived intangible assets	[2]	$ 37	38
Amortization period		50 years
Amortizable—Customer relationships (d)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	[3]	$ 530	530
Accumulated Amortization	[3]	277	256
Net carrying amount of finite-lived intangible assets	[3]	$ 253	274
Amortizable—Customer relationships (d) | Minimum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period		2 years
Amortizable—Customer relationships (d) | Maximum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period		20 years
Amortizable—Pendings and listings (f)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	[4]	$ 8	2
Accumulated Amortization	[4]	8	2
Net carrying amount of finite-lived intangible assets	[4]	$ 0	0
Amortization period		5 months
Amortizable—Other (g)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of finite-lived intangible assets	[5]	$ 31	25
Accumulated Amortization	[5]	10	6
Net carrying amount of finite-lived intangible assets	[5]	$ 21	19
Amortizable—Other (g) | Minimum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period		5 years
Amortizable—Other (g) | Maximum [Member]
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Amortization period		10 years
Unamortizable—Trademarks (b)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of indefinite-lived intangible assets	[6]	$ 745	736
Unamortizable—Title plant shares (e)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Gross carrying amount of indefinite-lived intangible assets	[7]	$ 11	$ 10

[1] Generally amortized over a period of 30 years.

[2] Relates to the Sotheby’s International Realty and Better Homes and Gardens Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

[3] Relates to the customer relationships at the Relocation Services segment, the Title and Settlement Services segment and the Real Estate Franchise Services segment. These relationships are being amortized over a period of 2 to 20 years.

[4] Generally amortized over a period of 5 months.

[5] Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.

[6] elates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.

[7] Primarily relates to the Texas American Title Company title plant shares. Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

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Segment Information (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Revenues

	Revenues (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	214		$	199		$	578		$	539
Company Owned Real Estate Brokerage Services	1,267			1,175			3,352			3,107
Relocation Services	124			125			317			318
Title and Settlement Services	147			111			362			300
Corporate and Other (c)	(84		)	(79		)	(228		)	(214		)
Total Company	$	1,668		$	1,531		$	4,381		$	4,050

_______________

(a) Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $84 million and $228 million for the three and nine months endedSeptember 30, 2015, respectively, and $79 million and $214 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are eliminated through the Corporate and Other line.

(b) Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $16 million and $39 million for the three and nine months endedSeptember 30, 2015, respectively, and $13 million and $32 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

(c) Includes the elimination of transactions between segments.

EBITDA

	EBITDA (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	152		$	136		$	384		$	352
Company Owned Real Estate Brokerage Services	96			93			177			164
Relocation Services	47			47			83			80
Title and Settlement Services	20			15			37			27
Corporate and Other (c)	(6		)	(18		)	(49		)	(76		)
Total Company	$	309		$	273		$	632		$	547
Less:
Depreciation and amortization	$	55		$	48		$	153		$	140
Interest expense, net	70			54			188			197
Income tax expense	74			71			116			88
Net income attributable to Realogy Holdings and Realogy Group	$	110		$	100		$	175		$	122

_______________

(a) Includes a net benefit of $14 million of former parent legacy items for the three months endedSeptember 30, 2015compared toa net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the three months endedSeptember 30, 2014.

(b) Includes a net benefit of $15 million of former parent legacy items for the nine months endedSeptember 30, 2015 compared to $27 million related to the loss on early extinguishment of debt, partially offset by a net benefit of $1 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the nine months endedSeptember 30, 2014.

(c) Includes the elimination of transactions between segments.

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Basis Of Presentation

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis Of Presentation

BASIS OF PRESENTATION

Realogy Holdings Corp. ("Realogy Holdings", "Realogy" or the "Company") is a holding company for its consolidated subsidiaries including Realogy Intermediate Holdings LLC ("Realogy Intermediate") and Realogy Group LLC ("Realogy Group") and its consolidated subsidiaries. Realogy through its subsidiaries is a global provider of residential real estate services. Neither Realogy Holdings, the indirect parent of Realogy Group, nor Realogy Intermediate, the direct parent company of Realogy Group, conducts any operations other than with respect to its respective direct or indirect ownership of Realogy Group. As a result, the consolidated financial positions, results of operations, comprehensive income and cash flows of Realogy Holdings, Realogy Intermediate and Realogy Group are the same.

The accompanying Condensed Consolidated Financial Statements include the financial statements of Realogy Holdings and Realogy Group. Realogy Holdings' only asset is its investment in the common stock of Realogy Intermediate, and Realogy Intermediate's only asset is its investment in Realogy Group. Realogy Holdings' only obligations are its guarantees of certain borrowings and certain franchise obligations of Realogy Group. All expenses incurred by Realogy Holdings and Realogy Intermediate are for the benefit of Realogy Group and have been reflected in Realogy Group's Condensed Consolidated Financial Statements.

The Condensed Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America and with Article 10 of Regulation S-X. Interim results may not be indicative of full year performance because of seasonal and short-term variations. The Company has eliminated all material intercompany transactions and balances between entities consolidated in these financial statements. In presenting the Condensed Consolidated Financial Statements, management makes estimates and assumptions that affect the amounts reported and the related disclosures. Estimates, by their nature, are based on judgment and available information. Accordingly, actual results could differ materially from those estimates.

In management's opinion, the accompanying Condensed Consolidated Financial Statements reflect all normal and recurring adjustments necessary to present fairly Realogy Holdings and Realogy Group's financial position as of September 30, 2015 and the results of operations and comprehensive income for the three and nine months endedSeptember 30, 2015 and 2014 and cash flows for the nine months endedSeptember 30, 2015 and 2014. As the interim Condensed Consolidated Financial Statements are prepared using the same accounting principles and policies used to prepare the annual consolidated financial statements, they should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2014 included in the Annual Report on Form 10-K for the year ended December 31, 2014.

The Condensed Consolidated Financial Statements as of September 30, 2015 and for the three and nine month periods ended September 30, 2015 and 2014 have been reviewed by PricewaterhouseCoopers LLP, an independent registered public accounting firm.  Their reports, dated November 5, 2015, are included on pages 4 and 5.  The reports of PricewaterhouseCoopers LLP state that they did not audit and they do not express an opinion on that unaudited financial information.  Accordingly, the degree of reliance on their report on such information should be restricted in light of the limited nature of the review procedures applied.  PricewaterhouseCoopers LLP is not subject to the liability provisions of Section 11 of the Securities Act of 1933 for their report on the unaudited financial information because that report is not a "report" or a "part" of the registration statement prepared or certified by PricewaterhouseCoopers LLP within the meaning of Sections 7 and 11 of the Act.

Financial Instruments

The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value.

Level Input:	Input Definitions:
Level I	Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
Level II	Inputs other than quoted prices included in Level I that are observable for the asset or liability through corroboration with market data at the measurement date.
Level III	Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date.

The availability of observable inputs can vary from asset to asset and is affected by a wide variety of factors, including, for example, the type of asset, whether the asset is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level III. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy.  In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The fair value of financial instruments is generally determined by reference to quoted market values. In cases where quoted market prices are not available, fair value is based on estimates using present value or other valuation techniques, as appropriate. The fair value of interest rate swaps is determined based upon a discounted cash flow approach.

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	59	$	—	$	59
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	40	$	—	$	40
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes the carrying amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:

	September 30, 2015				December 31, 2014
Debt	Carrying Amount		Estimated Fair Value (a)		Carrying Amount		Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—	$	—	$	—
Term Loan B Facility	1,858		1,854		1,871		1,834
7.625% First Lien Notes	593		622		593		633
9.00% First and a Half Lien Notes	196		207		196		215
3.375% Senior Notes	500		498		500		500
4.50% Senior Notes	450		447		450		449
5.25% Senior Notes	300		305		300		291
Securitization obligations	335		335		269		269

_______________

(a) The fair value of the Company's indebtedness is categorized as Level I.

Investment in PHH Home Loans

The Company owns 49.9% of PHH Home Loans, which was created for the purpose of originating and selling mortgage loans primarily sourced through the Company’s real estate brokerage and relocation businesses. PHH Corporation ("PHH") owns the remaining percentage. In connection with the joint venture, the Company recorded equity earnings related to its investment in PHH Home Loans of $3 million and $11 million for the three and nine months endedSeptember 30, 2015, respectively, and equity earnings related to its investment in PHH Home Loans of $4 million and $5 million for the three and nine months endedSeptember 30, 2014, respectively. The Company received $5 million in cash dividends from PHH Home Loans during the nine months endedSeptember 30, 2015 compared to no cash dividends during the same period in 2014. The Company's investment in PHH Home Loans is $60 million at September 30, 2015 and $54 million at December 31, 2014.

Income Taxes

The Company's provision for income taxes in interim periods is computed by applying its estimated annual effective tax rate against the income before income taxes for the period.  In addition, non-recurring or discrete items are recorded during the period in which they occur.  The provision for income taxes was an expense of $74 million and $71 millionfor the three months endedSeptember 30, 2015 and September 30, 2014, respectively, and $116 million and $88 millionfor the nine months endedSeptember 30, 2015 and September 30, 2014, respectively.

Derivative Instruments

The Company uses foreign currency forward contracts largely to manage its exposure to changes in foreign currency exchange rates associated with its foreign currency denominated receivables and payables.  The Company primarily manages its foreign currency exposure to the Euro, Swiss Franc, Canadian Dollar and British Pound. The Company has elected not to utilize hedge accounting for these forward contracts; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations. However, the fluctuations in the value of these forward contracts generally offset the impact of changes in the value of the underlying risk that they are intended to economically hedge. As of September 30, 2015, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $31 million. As of December 31, 2014, the Company had outstanding foreign currency forward contracts with a fair value of less than $1 million and a notional value of $27 million.

The Company also enters into interest rate swaps to manage its exposure to changes in interest rates associated with its variable rate borrowings. The Company has five interest rate swaps with an aggregate notional value of $1,025 million to offset the variability in cash flows resulting from the term loan facility. The first swap, with a notional value of $225 million, commenced in July 2012 and expires in February 2018 and the second swap, with a notional value of $200 million, commenced in January 2013 and expires in February 2018. In the third quarter of 2013, the Company entered into three additional interest rate swaps, each with a notional value of $200 million, which commenced in August 2015 and expire in August 2020. The Company has not elected to utilize hedge accounting for these interest rate swaps; therefore, any change in fair value is recorded in the Condensed Consolidated Statements of Operations.

The fair value of derivative instruments was as follows:

Liability Derivatives		Fair Value
Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2015		December 31, 2014
Interest rate swap contracts	Other non-current liabilities	$	59	$	40

The effect of derivative instruments on earnings was as follows:

Derivative Instruments Not Designated as Hedging Instruments	Location of (Gain) or Loss Recognized for Derivative Instruments	(Gain) or Loss Recognized on Derivatives
		Three Months Ended September 30,					Nine Months Ended September 30,
		2015		2014			2015			2014
Interest rate swap contracts	Interest expense	$	16	$	(3	)	$	27		$	19
Foreign exchange contracts	Operating expense	—		(2		)	(1		)	(2		)

Restricted Cash

Restricted cash primarily relates to amounts specifically designated as collateral for the repayment of outstanding borrowings under the Company’s securitization facilities. Such amounts approximated $9 million and $10 million at September 30, 2015 and December 31, 2014, respectively, and are included within other current assets on the Company’s Condensed Consolidated Balance Sheets.

Supplemental Cash Flow Information

Significant non-cash transactions during the nine months endedSeptember 30, 2015 and September 30, 2014 included $13 million and $6 million, respectively, in capital lease additions, which resulted in non-cash additions to property and equipment, net and other non-current liabilities.

Defined Benefit Pension Plan

The net periodic pension cost for the three months endedSeptember 30, 2015 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $2 million mostly offset by a benefit of $2 million for the expected return on assets. The net periodic pension benefit for the three months endedSeptember 30, 2014 was less than $1 million and was comprised of a benefit of $2 million for the expected return on assets mostly offset by interest cost and amortization of actuarial loss of $2 million.

The net periodic pension cost for the nine months endedSeptember 30, 2015 was less than $1 million and was comprised of interest cost and amortization of actuarial loss of $6 million mostly offset by a benefit of $6 million for the expected return on assets. The net periodic pension benefit for the nine months endedSeptember 30, 2014 was less than $1 million and was comprised of a benefit of $6 million for the expected return on assets mostly offset by interest cost and amortization of actuarial loss of $6 million.

Recently Issued Accounting Pronouncements

The Company considers the applicability and impact of all Accounting Standards Updates ("ASU"). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on our consolidated financial position or results of operations.

In April 2015, the Financial Accounting Standards Board (the “FASB”) issued ASU 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. Currently, debt issuance costs are recognized as deferred charges and recorded as other assets. The amendments in this ASU will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods, with earlier adoption permitted. Upon adoption, the Company must apply the new guidance retrospectively to all prior periods presented in the financial statements. The Company had debt issuance costs of $45 million and $55 million as of September 30, 2015 and December 31, 2014, respectively, included in other assets. The Company plans to early adopt this ASU for the year ended December 31, 2015 and will apply its provisions retrospectively. Adoption of the ASU will result in the reclassification of debt issuance costs from deferred financing costs in other assets to a reduction in the carrying amount of the related debt liability within the Company’s consolidated balance sheets. The debt issuance costs related to our revolving credit facilities, including securitization obligations, of $4 million and $5 million as of September 30, 2015 and December 31, 2014, respectively, will remain classified as a deferred asset within other assets as is permitted by the ASU.

In May 2014, the FASB and IASB issued a converged standard on revenue recognition that will have an effect on most companies to some extent. The objective of the revenue standard is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries, and across capital markets. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and the timing of revenue recognition. The new standard, as initially released, would be effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 and early adoption would not be permitted. In July 2015, the FASB deferred the effective date of the new revenue standard by one year resulting in the new revenue standard being effective for fiscal years and interim periods beginning after December 15, 2017 and allowing entities to adopt one year earlier if they so elect. The Company is currently evaluating the impact of the standard on its consolidated financial statements.

XML

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 112	$ 102	$ 178	$ 125
Currency translation adjustment	(3)	(3)	(3)	(1)
Defined benefit pension plan - amortization of actuarial loss to periodic pension cost	1	0	1	0
Other comprehensive loss, before tax	(2)	(3)	(2)	(1)
Income tax expense related to items of other comprehensive income amounts	1	0	1	0
Other comprehensive loss, net of tax	(3)	(3)	(3)	(1)
Comprehensive income	109	99	175	124
Less: comprehensive income attributable to noncontrolling interests	(2)	(2)	(3)	(3)
Comprehensive income attributable to Realogy Holdings and Realogy Group	$ 107	$ 97	$ 172	$ 121

XML

Subsequent Events Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events [Text Block]

11. SUBSEQUENT EVENTS

October 2015 Amendment of the Senior Secured Revolving Credit Facility, Entry into a new Senior Secured Term Loan A Facility and the Redemption of First Lien Notes and First and a Half Lien Notes

In October 2015, Realogy Group amended its Revolving Credit Facility and entered into a new Term Loan A Agreement. The amendment to its Revolving Credit Facility increased the capacity from $475 million to $815 million and extended its maturity date from March 2018 to October 2020. The interest rates with respect to the new Revolving Credit Facility under the Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The new Term Loan A Facility was issued in the amount of $435 million with a maturity date of October 2020. The Term Loan A Facility provides for quarterly amortization payments, commencing March 31, 2016, totaling per annum 5%, 5%, 7.5%, 10.0% and 12.5% of the original principal amount of the Term Loan A Facility in 2016, 2017, 2018, 2019 and 2020, respectively. The interest rates with respect to term loans under the new Term Loan A Facility are based on, at the Company's option, adjusted LIBOR plus 2.25% or ABR plus 1.25%, in each case subject to adjustment based on the then current senior secured leverage ratio. The amendment to the senior secured Revolving Credit Facility and the senior secured Term Loan A Facility require the Company to maintain a maximum senior secured leverage ratio of 4.75 to 1.00, tested on a quarterly basis, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date.

The Company used the net proceeds from the Term Loan A Facility and revolver borrowings to redeem all of the outstanding $593 million of First Lien Notes and pay related premiums and accrued interest of $45 million. On October 30, 2015, the Company issued a notice of redemption to redeem all of the outstanding $196 million of First and a Half Lien Notes and pay related premiums and accrued interest of $17 million on November 30, 2015 with cash on hand and revolver borrowings.

XML

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 03, 2015
Entity Information [Line Items]
Document Period End Date	Sep. 30, 2015
Entity Registrant Name	REALOGY HOLDINGS CORP.
Entity Central Index Key	0001398987
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding		146,705,506
Realogy Group LLC [Member]
Entity Information [Line Items]
Entity Registrant Name	REALOGY GROUP LLC
Entity Central Index Key	0001355001
Entity Filer Category	Non-accelerated Filer

XML

Basis Of Presentation (Tables)

9 Months Ended

Sep. 30, 2015

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Fair Value Hierarchy

The following table summarizes fair value measurements by level at September 30, 2015 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	59	$	—	$	59
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

The following table summarizes fair value measurements by level at December 31, 2014 for assets and liabilities measured at fair value on a recurring basis:

	Level I		Level II		Level III		Total
Interest rate swaps (included in other non-current liabilities)	$	—	$	40	$	—	$	40
Deferred compensation plan assets (included in other non-current assets)	2		—		—		2

Fair Value, by Balance Sheet Grouping

The following table summarizes the carrying amount of the Company’s indebtedness compared to the estimated fair value, primarily determined by quoted market values, at:

	September 30, 2015				December 31, 2014
Debt	Carrying Amount		Estimated Fair Value (a)		Carrying Amount		Estimated Fair Value (a)
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—	$	—	$	—
Term Loan B Facility	1,858		1,854		1,871		1,834
7.625% First Lien Notes	593		622		593		633
9.00% First and a Half Lien Notes	196		207		196		215
3.375% Senior Notes	500		498		500		500
4.50% Senior Notes	450		447		450		449
5.25% Senior Notes	300		305		300		291
Securitization obligations	335		335		269		269

_______________

(a) The fair value of the Company's indebtedness is categorized as Level I.

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The fair value of derivative instruments was as follows:

Liability Derivatives		Fair Value
Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2015		December 31, 2014
Interest rate swap contracts	Other non-current liabilities	$	59	$	40

Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The effect of derivative instruments on earnings was as follows:

Derivative Instruments Not Designated as Hedging Instruments	Location of (Gain) or Loss Recognized for Derivative Instruments	(Gain) or Loss Recognized on Derivatives
		Three Months Ended September 30,					Nine Months Ended September 30,
		2015		2014			2015			2014
Interest rate swap contracts	Interest expense	$	16	$	(3	)	$	27		$	19
Foreign exchange contracts	Operating expense	—		(2		)	(1		)	(2		)

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 567	$ 313
Trade receivables (net of allowance for doubtful accounts of $20 and $27)	171	116
Relocation receivables	351	297
Deferred income taxes	208	180
Other current assets	134	120
Total current assets	1,431	1,026
Property and equipment, net	240	233
Goodwill	3,603	3,477
Trademarks	745	736
Franchise agreements, net	1,445	1,495
Other intangibles, net	322	341
Other non-current assets	243	230
Total assets	8,029	7,538
Current liabilities:
Accounts payable	147	128
Securitization obligations	335	269
Due to former parent	32	51
Current portion of long-term debt	519	19
Accrued expenses and other current liabilities	460	411
Total current liabilities	1,493	878
Long-term debt	3,378	3,891
Deferred income taxes	479	350
Other non-current liabilities	286	236
Total liabilities	$ 5,636	$ 5,355
Commitments and contingencies (Notes 7 and 9)
Equity:
Realogy Holdings preferred stock: $.01 par value; 50,000,000 shares authorized, none issued and outstanding at September 30, 2015 and December 31, 2014	$ 0	$ 0
Realogy Holdings common stock: $.01 par value; 400,000,000 shares authorized 146,723,561 shares outstanding at September 30, 2015 and 146,382,923 shares outstanding at December 31, 2014	1	1
Additional paid-in capital	5,715	5,677
Accumulated deficit	(3,289)	(3,464)
Accumulated other comprehensive loss	(38)	(35)
Total stockholders' equity	2,389	2,179
Noncontrolling interests	4	4
Total equity	2,393	2,183
Total liabilities and equity	$ 8,029	$ 7,538

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Stock-Based Compensation

9 Months Ended

Sep. 30, 2015

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-Based Compensation

STOCK-BASED COMPENSATION

The Company has stock-based compensation plans available under which incentive equity awards such as non-qualified stock options, rights to purchase shares of common stock, restricted stock, restricted stock units and performance share units may be issued to employees, consultants or directors of Realogy.

Consistent with the 2014 long-term incentive equity awards, the 2015 awards include a mix of performance share unit awards ("PSUs"), restricted stock units (performance restricted stock units for the CEO and direct reports) and options.

The 2015 PSUs are incentives that reward grantees based upon the Company's financial performance over a three-year performance period ending December 31, 2017. There are two PSU awards: one is based upon the total stockholder return of Realogy's common stock relative to the total stockholder return of the SPDR S&P Homebuilders Index ("XHB") (the "RTSR award"), and the other is based upon the achievement of cumulative free cash flow goals. The number of shares that may be issued under the PSUs is variable and based upon the extent to which the performance goals are achieved over the performance period (with a range of payout from 0% to 175% of target for the RTSR award and 0% to 200% of target for the achievement of cumulative free cash flow award). The shares earned will be distributed in early 2018.

The restricted stock units vest over three years, with 33.33% vesting on each anniversary of the grant date. Time-vesting of performance restricted stock units for the CEO and direct reports is conditioned upon achievement of a minimum EBITDA performance goal for 2015.

The stock options have a maximum term of ten years and vest over four years, with 25% vesting on each anniversary date of the grant date. The options have an exercise price equal to the closing sale price of the Company's common stock on the date of grant.

The total number of shares authorized for issuance under the plans is 9.6 million shares. As of September 30, 2015, the total number of shares available for future grants under the plans was 1.4 million shares.

The fair value of restricted stock, restricted stock units and performance share units without a market condition is equal to the closing sale price of the Company's common stock on the date of grant. The fair value of the RTSR PSU award was estimated on the date of grant using the Monte Carlo Simulation method utilizing the following assumptions. Expected volatility was based on historical volatilities of the Company and select comparable companies.

	2015 RTSR PSU
Weighted average grant date fair value	$	41.08
Weighted average expected volatility	25.1		%
Weighted average volatility of XHB	21.1		%
Weighted average correlation coefficient	0.57
Weighted average risk-free interest rate	1.0		%
Weighted average dividend yield	—

A summary of restricted stock, restricted stock unit and performance share unit activities for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Stock Units		Weighted Average Grant Date Fair Value		Performance Share Units (b)	Weighted Average Grant Date Fair Value
Unvested at January 1, 2015	0.09	$	27.14	0.74		$	45.83	0.37	$	46.63
Granted	—	—		0.62		46.52		0.43	44.69
Vested (a)	—	—		(0.30	)	45.83		—	—
Forfeited	—	—		(0.02	)	46.24		—	—
Unvested at September 30, 2015	0.09	$	27.14	1.04		$	46.21	0.80	$	45.59

______________

(a) The total fair value of restricted stock units which vested during the nine months endedSeptember 30, 2015 was $14 million.

(b) The PSU amounts in the table are shown at the target amount of the award.

The fair value of the options was estimated on the date of grant using the Black-Scholes option-pricing model utilizing the following assumptions. Expected volatility was based on historical volatilities of the Company and select comparable companies. The expected term of the options granted represents the period of time that options were expected to be outstanding and is based on the "simplified method" in accordance with accounting guidance. The Company utilizes the simplified method to determine the expected life of options as the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of the grant, which corresponds to the expected term of the options.

	2015 Options
Weighted average grant date fair value	$	17.66
Weighted average expected volatility	36.1		%
Weighted average expected term (years)	6.25
Weighted average risk-free interest rate	1.6		%
Weighted average dividend yield	—

A summary of stock option unit activity for the nine months endedSeptember 30, 2015 is presented below (number of shares in millions):

	Options		Weighted Average Exercise Price
Outstanding at January 1, 2015	3.22		$	30.02
Granted	0.18		46.45
Exercised (a) (b)	(0.16	)	21.31
Forfeited/Expired	(0.03	)	34.33
Outstanding at September 30, 2015 (c)	3.21		$	31.31

______________

(a) The intrinsic value of options exercised during the nine months endedSeptember 30, 2015 was $4 million.

(b) Cash received from options exercised during the nine months endedSeptember 30, 2015 was $3 million.

(c) Options outstanding at September 30, 2015 have an intrinsic value of $34 million and have a weighted average remaining contractual life of 6.9 years.

Stock-Based Compensation Expense

As of September 30, 2015, based on current performance achievement expectations, there was $53 million of unrecognized compensation cost related to incentive equity awards under the plans which will be recorded in future periods as compensation expense over a remaining weighted average period of 1.2 years. The Company recorded stock-based compensation expense related to the incentive equity awards of $14 million and $40 million for the three and nine months endedSeptember 30, 2015, respectively, and $11 million and $32 million for the three and nine months endedSeptember 30, 2014, respectively.

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Short And Long Term-Debt

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Short And Long-Term Debt

    SHORT AND LONG-TERM DEBT

Total indebtedness is as follows:

	September 30, 2015		December 31, 2014
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—
Term Loan B Facility	1,858		1,871
7.625% First Lien Notes	593		593
9.00% First and a Half Lien Notes	196		196
3.375% Senior Notes	500		500
4.50% Senior Notes	450		450
5.25% Senior Notes	300		300
Total Short & Long-Term Debt	$	3,897	$	3,910
Securitization Obligations:
Apple Ridge Funding LLC	$	325	$	255
Cartus Financing Limited	10		14
Total Securitization Obligations	$	335	$	269

Indebtedness Table

As of September 30, 2015, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:

	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	March 2018	$	475	$	—	$	475
Term Loan B Facility	(3)	March 2020	1,872		1,858		—
First Lien Notes (1)	7.625%	January 2020	593		593		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Senior Notes	4.50%	April 2019	450		450		—
Senior Notes	5.25%	December 2021	300		300		—
Securitization obligations: (4)
Apple Ridge Funding LLC (5)		June 2016	375		325		50
Cartus Financing Limited (6)		August 2016	38		10		28
Total (7)			$	4,799	$	4,232	$	553

_______________

(1) See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

(2) Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

(3) Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

(4) Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(5) In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

(6) Consists of a £20 million revolving loan facility and a £5 million working capital facility.

(7) Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the unsecured letter of credit facility with a rate of 2.98%.

Maturities Table

As of September 30, 2015, the combined aggregate amount of maturities for long-term borrowings, excluding securitizations, for the remainder of 2015 and each of the next four years is as follows:

Year	Amount
Remaining 2015	$	5
2016	519
2017	19
2018	19
2019	469

Senior Secured Credit Facility

The senior secured credit agreement, as amended and in effect as of September 30, 2015 (the "Amended and Restated Credit Agreement") provides for:

(a)  a Term Loan B Facility initially issued in the aggregate principal amount of $1,905 million with a maturity date of March 5, 2020. The Term Loan B Facility has quarterly amortization payments totaling 1% per annum of the $1,905 million of Term Loan B principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group's option, adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or ABR plus 2.00% (with an ABR floor of 1.75%); and

(b) a $475 million Revolving Credit Facility with a maturity date of March 5, 2018, which includes (i) a $250 million letter of credit subfacility and (ii) a swingline loan subfacility. The interest rate with respect to revolving loans under the Revolving Credit Facility is based on, at Realogy Group's option, adjusted LIBOR plus 2.75% or ABR plus 1.75%.

The Amended and Restated Credit Agreement provides for a synthetic letter of credit facility which matures on October 10, 2016. The synthetic letter of credit facility may be utilized for general corporate purposes, including the support of Realogy Group’s obligations with respect to Cendant contingent and other liabilities assumed under the Separation and Distribution Agreement. The capacity of the synthetic letter of credit facility is reduced by 1% per annum. As of September 30, 2015, the capacity under the synthetic letter of credit facility was $54 million and the facility was being utilized for a $53 million letter of credit with Cendant for potential contingent obligations.

The Amended and Restated Credit Agreement permits the Company to obtain up to $500 million of additional credit facilities from lenders reasonably satisfactory to the administrative agent and us, without the consent of the existing lenders under the new senior secured credit facility, plus an unlimited amount if Realogy Group's senior secured leverage ratio is less than 3.50 to 1.00 on a pro forma basis. Subject to certain restrictions, the Amended and Restated Credit Agreement also permits us to issue senior secured or unsecured notes in lieu of any incremental facility.

The obligations under the Amended and Restated Credit Agreement are secured to the extent legally permissible by substantially all of the assets of Realogy Group, Realogy Intermediate and all of their domestic subsidiaries, other than certain excluded subsidiaries.

Realogy Group’s Amended and Restated Credit Agreement contains financial, affirmative and negative covenants and requires Realogy Group to maintain a senior secured leverage ratio, not to exceed 4.75 to 1.00, and pursuant to the October 2015 amendment discussed in Note 11, "Subsequent Events," the leverage ratio is tested quarterly, commencing with the period ended September 30, 2015, regardless of the amount of borrowings outstanding, and letters of credit issued, under the revolver at the testing date. In this report, the Company refers to the term "Adjusted EBITDA" to mean EBITDA as so defined for purposes of determining compliance with the senior secured leverage covenant. The senior secured leverage ratio measured at any applicable quarter end is Realogy Group's total senior secured net debt divided by the trailing twelve month adjusted EBITDA. Total senior secured net debt does not include the First and a Half Lien Notes, other indebtedness secured by a lien that is pari passu or junior in priority to the First and a Half Lien Notes, unsecured indebtedness, including the Unsecured Notes, as well as the securitization obligations. At September 30, 2015, Realogy Group’s senior secured leverage ratio was 2.36 to 1.00.

See Note 11, "Subsequent Events" for a description of the October 2015 amendment to the Amended and Restated Credit Agreement, pursuant to which the borrowing capacity under the Revolving Credit Facility was increased to $815 million. See Note 11, "Subsequent Events" for a description of the October 2015 Term Loan A Agreement, pursuant to which Realogy Group borrowed $435 million under a new Term Loan A Facility.

First Lien Notes

The First Lien Notes are senior secured obligations of Realogy Group and bore interest at a rate of 7.625% per annum. On October 23, 2015, Realogy Group issued a notice of redemption for all $593 million outstanding aggregate principal amount of the First Lien Notes and discharged its obligations under the related indenture. In connection with the redemption of the First Lien Notes and related discharge of the indenture, Realogy Group deposited a total of $638 million with the trustee, which included the applicable redemption premium and accrued and unpaid interest on the First Lien Notes.  The payment of the redemption price was funded with the net proceeds from the new Term Loan A Facility described above and revolver borrowings.

First and a Half Lien Notes

The First and a Half Lien Notes are senior secured obligations of Realogy Group and mature in January 2020. The First and a Half Lien Notes bear interest at a rate of 9.00% per annum and interest is payable semiannually on January 15 and July 15 of each year. The First and a Half Lien Notes are guaranteed on a senior secured basis by Realogy Intermediate and each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. The First and a Half Lien Notes are also guaranteed by Realogy Holdings, on an unsecured senior subordinated basis. The First and a Half Lien Notes are secured by the same collateral as the Company’s existing secured obligations under its Senior Secured Credit Facility and the new Term Loan A Facility. The priority of the collateral liens securing the First and a Half Lien Notes is junior to the collateral liens securing the Company’s first lien obligations under its Senior Secured Credit Facility and Term Loan A Facility.

See Note 11, "Subsequent Events" for a discussion of the Company's issuance of a notice of redemption to use cash on hand and revolver borrowings to repay the First and a Half Lien Notes on November 30, 2015.

Unsecured Notes

The 3.375% Senior Notes, 4.50% Senior Notes and 5.25% Senior Notes (collectively the "Unsecured Notes") are unsecured senior obligations of Realogy Group that mature on May 1, 2016, April 15, 2019 and December 1, 2021, respectively. Interest on the Unsecured Notes is payable each year semiannually on May 1 and November 1 for the 3.375% Senior Notes, April 15 and October 15 for the 4.50% Senior Notes and June 1 and December 1 for the 5.25% Senior Notes. The Unsecured Notes are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. The Unsecured Notes are guaranteed by Realogy Holdings on an unsecured senior subordinated basis.

Other Debt Facilities

The Company has an Unsecured Letter of Credit Facility to provide for the issuance of letters of credit required for general corporate purposes by the Company. In August 2015, the Company increased the capacity of the facility by $7 million from $81 million as of December 31, 2014 to $88 million. $27 million of capacity of the unsecured letter of credit facility expires in June 2017, $54 million of capacity expires in August 2017 and the remaining $7 million of capacity expires in September 2018. The fixed pricing to the Company is based on a spread above the credit default swap rate for senior unsecured debt obligations of the Company over the applicable letter of credit period. Realogy Group's obligations under the Unsecured Letter of Credit Facility are guaranteed on an unsecured senior basis by each domestic subsidiary of Realogy Group that is a guarantor under the Senior Secured Credit Facility and Realogy Group's outstanding debt securities. As of September 30, 2015, $82 million of the Facility is being utilized.

Securitization Obligations

Realogy Group has secured obligations through Apple Ridge Funding LLC under a securitization program. In June 2015, Realogy Group extended the program until June 2016 and temporarily increased the capacity under the facility from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million. At September 30, 2015, Realogy Group has $325 million of outstanding borrowings under the facility.

Realogy Group, through a special purpose entity known as Cartus Financing Limited, has agreements providing for a £20 million revolving loan facility and a £5 million working capital facility, both of which expire in August 2016. There are $10 million of outstanding borrowings on the facilities at September 30, 2015. These Cartus Financing Limited facilities are secured by the relocation assets of a U.K. government contract in this special purpose entity and are therefore classified as permitted securitization financings as defined in Realogy Group’s Senior Secured Credit Facility and the indentures governing the Unsecured Notes and the First and a Half Lien Notes.

The Apple Ridge entities and the Cartus Financing Limited entity are consolidated special purpose entities that are utilized to securitize relocation receivables and related assets. These assets are generated from advancing funds on behalf of clients of Realogy Group’s relocation business in order to facilitate the relocation of their employees. Assets of these special purpose entities are not available to pay Realogy Group’s general obligations. Under the Apple Ridge program, provided no termination or amortization event has occurred, any new receivables generated under the designated relocation management agreements are sold into the securitization program and as new eligible relocation management agreements are entered into, the new agreements are designated to the program. The Apple Ridge program has restrictive covenants and trigger events, including performance triggers linked to the age and quality of the underlying assets, foreign obligor limits, multicurrency limits, financial reporting requirements, restrictions on mergers and change of control, any uncured breach of Realogy Group’s senior secured leverage ratio under Realogy Group’s Senior Secured Credit Facility, and cross-defaults to Realogy Group’s material indebtedness. The occurrence of a trigger event under the Apple Ridge securitization facility could restrict our ability to access new or existing funding under this facility or result in termination of the facility, either of which would adversely affect the operation of our relocation business.

Certain of the funds that Realogy Group receives from relocation receivables and related assets must be utilized to repay securitization obligations. These obligations were collateralized by $338 million and $286 million of underlying relocation receivables and other related relocation assets at September 30, 2015 and December 31, 2014, respectively. Substantially all relocation related assets are realized in less than twelve months from the transaction date. Accordingly, all of Realogy Group’s securitization obligations are classified as current in the accompanying Condensed Consolidated Balance Sheets.

Interest incurred in connection with borrowings under these facilities amounted to $1 million and $4 million for the three and nine months endedSeptember 30, 2015, respectively and $1 million and $4 million for the three and nine months endedSeptember 30, 2014, respectively. This interest is recorded within net revenues in the accompanying Condensed Consolidated Statements of Operations as related borrowings are utilized to fund Realogy Group's relocation business where interest is generally earned on such assets. These securitization obligations represent floating rate debt for which the average weighted interest rate was 2.0% and 2.4% for the nine months endedSeptember 30, 2015 and 2014, respectively.

Loss on the Early Extinguishment of Debt and Write-Off of Deferred Financing Costs

As a result of refinancing activity and repurchases of debt during the first half of 2014, the Company recorded a loss on the early extinguishment of debt of $27 million and wrote off deferred financing costs of $3 million to interest expense during the nine months endedSeptember 30, 2014.

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Earnings Per Share Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2015		2014		2015		2014
Net income attributable to Realogy Holdings shareholders	$	110	$	100	$	175	$	122
Basic weighted average shares	146.6		146.0		146.5		145.9
Stock options, restricted stock, restricted stock units and performance share units (a)	1.5		1.0		1.5		1.1
Weighted average diluted shares	148.1		147.0		148.0		147.0
Earnings Per Share:
Basic	$	0.75	$	0.68	$	1.19	$	0.84
Diluted	$	0.74	$	0.68	$	1.18	$	0.83

_______________

(a) The three and nine months endedSeptember 30, 2015, excludes 3.6 million and 3.7 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation. The three and nine months endedSeptember 30, 2014, excludes 3.7 million and 3.6 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation.

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Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2015

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill by segment and changes in the carrying amount

Goodwill by segment and changes in the carrying amount are as follows:

	Real Estate Franchise Services			Company Owned Brokerage Services			Relocation Services			Title and Settlement Services			Total Company
Gross goodwill as of December 31, 2014	$	3,315		$	905		$	641		$	402		$	5,263
Accumulated impairment losses	(1,023		)	(158		)	(281		)	(324		)	(1,786		)
Balance at December 31, 2014	2,292			747			360			78			3,477
Goodwill acquired	—			79			—			47			126
Balance at September 30, 2015	$	2,292		$	826		$	360		$	125		$	3,603

Intangible assets

Intangible assets are as follows:

	As of September 30, 2015						As of December 31, 2014
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortizable—Franchise agreements (a)	$	2,019	$	574	$	1,445	$	2,019	$	524	$	1,495
Unamortizable—Trademarks (b)	$	745			$	745	$	736			$	736
Other Intangibles
Amortizable—License agreements (c)	$	45	$	8	$	37	$	45	$	7	$	38
Amortizable—Customer relationships (d)	530		277		253		530		256		274
Unamortizable—Title plant shares (e)	11				11		10				10
Amortizable—Pendings and listings (f)	8		8		—		2		2		—
Amortizable—Other (g)	31		10		21		25		6		19
Total Other Intangibles	$	625	$	303	$	322	$	612	$	271	$	341

_______________

(a)    Generally amortized over a period of 30 years.

(b) Primarily relates to the Century 21, Coldwell Banker, ERA, The Corcoran Group, Coldwell Banker Commercial and Cartus tradenames, which are expected to generate future cash flows for an indefinite period of time.

(c) Relates to the Sotheby’s International Realty and Better Homes and Gardens Real Estate agreements which are being amortized over 50 years (the contractual term of the license agreements).

(d) Relates to the customer relationships at the Relocation Services segment, the Title and Settlement Services segment and the Real Estate Franchise Services segment. These relationships are being amortized over a period of 2 to 20 years.

(e) Primarily relates to the Texas American Title Company title plant shares. Ownership in a title plant is required to transact title insurance in certain states. The Company expects to generate future cash flows for an indefinite period of time.

(f) Generally amortized over a period of 5 months.

(g) Consists of covenants not to compete which are amortized over their contract lives and other intangibles which are generally amortized over periods ranging from 5 to 10 years.

Intangible asset amortization expense

Intangible asset amortization expense is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
Franchise agreements	$	17	$	17	$	50	$	50
License agreements	—		—		1		1
Customer relationships	7		9		21		28
Pendings and listings	8		3		14		6
Other	1		—		4		1
Total	$	33	$	29	$	90	$	86

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Commitments And Contingencies

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Litigation

The Company is involved in claims, legal proceedings, alternative dispute resolution and governmental inquiries related to alleged contract disputes, business practices, intellectual property and other commercial, employment, regulatory and tax matters. Examples of such matters include but are not limited to allegations:

• that the Company is vicariously liable for the acts of franchisees under theories of actual or apparent agency;

• by former franchisees that franchise agreements were breached including improper terminations;

• that residential real estate sales associates engaged by NRT—under certain state or federal laws—are potentially employees instead of independent contractors, and they or regulators therefore may bring claims against NRT for breach of contract, wage and hour classification claims, wrongful discharge and unemployment and workers' compensation and obtain benefits, back wages, overtime, indemnification, penalties related to classification practices and expense reimbursement available to employees;

• concerning claims for alleged RESPA or state real estate law violations including but not limited to claims challenging the validity of sales associates indemnification, and administrative fees;

• concerning claims generally against the company owned brokerage operations for negligence, misrepresentation or breach of fiduciary duty in connection with the performance of real estate brokerage or other professional services; and

• concerning claims generally against the title company contending that, as the escrow company, the company knew or should have known that a transaction was fraudulent or concerning other title defects or settlement errors.

Real Estate Business Litigation

Bararsani v. Coldwell Banker Residential Brokerage Company. On November 15, 2012, plaintiff Ali Bararsani filed a putative class action complaint in Los Angeles Superior Court, California, against Coldwell Banker Residential Brokerage Company ("CBRBC") alleging that CBRBC had misclassified current and former affiliated sales associates as independent contractors when they were actually employees.  The Company believes that CBRBC has properly classified the sales associates as independent contractors, would have significant defenses to the claims asserted in this action and continues to operate in a manner consistent with applicable law, and longstanding, widespread industry practice for many decades. To avoid further litigation expense, we entered into a settlement on May 5, 2015. The settlement requires court approval and was accrued for as of June 30, 2015. In entering into this settlement, CBRBC made no admission of wrongdoing or liability, and is not obligated to change its business structures. The court granted preliminary approval of the settlement in August 2015.

The Company is involved in certain other claims and legal actions arising in the ordinary course of our business. Such litigation, regulatory actions and other proceedings may include, but are not limited to, actions relating to intellectual property, commercial arrangements, franchising arrangements, actions against our title company alleging it knew or should have known that others were committing mortgage fraud, standard brokerage disputes like the failure to disclose hidden defects in the property such as mold, vicarious liability based upon conduct of individuals or entities outside of our control, including franchisees and independent sales associates, antitrust and anti-competition claims, general fraud claims, employment law claims, including claims challenging the classification of our sales associates as independent contractors, wage and hour classification claims and claims alleging violations of RESPA or state consumer fraud statutes. While the results of such claims and legal actions cannot be predicted with certainty, we do not believe based on information currently available to us that the final outcome of current proceedings against the Company will have a material adverse effect on our consolidated financial position, results of operations or cash flows.

Cendant Corporate Litigation

Pursuant to the Separation and Distribution Agreement dated as of July 27, 2006 among Cendant, Realogy Group, Wyndham Worldwide and Travelport, each of Realogy Group, Wyndham Worldwide and Travelport have assumed certain contingent and other corporate liabilities (and related costs and expenses), which are primarily related to each of their respective businesses. In addition, Realogy Group has assumed 62.5% and Wyndham Worldwide has assumed 37.5% of certain contingent and other corporate liabilities (and related costs and expenses) of Cendant or its subsidiaries, which are not primarily related to any of the respective businesses of Realogy Group, Wyndham Worldwide, Travelport and/or Cendant’s vehicle rental operations, in each case incurred or allegedly incurred on or prior to the date of the separation of Travelport from Cendant.

* * *

The Company believes that it has adequately accrued for legal matters as appropriate. The Company records litigation accruals for legal matters which are both probable and estimable.

Litigation and other disputes are inherently unpredictable and subject to substantial uncertainties and unfavorable resolutions could occur. In addition, class action lawsuits can be costly to defend and, depending on the class size and claims, could be costly to settle.  As such, the Company could incur judgments or enter into settlements of claims with liability that are materially in excess of amounts accrued and these settlements could have a material adverse effect on the Company’s financial condition, results of operations or cash flows in any particular period.

Tax Matters

The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes and recording related assets and liabilities. In the ordinary course of business, there are many transactions and calculations where the ultimate tax determination is uncertain. The Company is regularly under audit by tax authorities whereby the outcome of the audits is uncertain. The Company believes there is appropriate support for positions taken on its tax returns. The liabilities that have been recorded represent the best estimates of the probable loss on certain positions and are adequate for all open years based on an assessment of many factors including past experience and interpretations of tax law applied to the facts of each matter. However, the outcomes of tax audits are inherently uncertain.

Under the Tax Sharing Agreement with Cendant, Wyndham Worldwide and Travelport, the Company is generally responsible for 62.5% of payments made to settle claims with respect to tax periods ending on or prior to December 31, 2006 that relate to income taxes imposed on Cendant and certain of its subsidiaries, the operations (or former operations) of which were determined by Cendant not to relate specifically to the respective businesses of Realogy, Wyndham Worldwide, Avis Budget or Travelport.

With respect to any remaining legacy Cendant tax liabilities, the Company and its former parent believe there is appropriate support for the positions taken on Cendant’s tax returns. However, tax audits and any related litigation, including disputes or litigation on the allocation of tax liabilities between parties under the Tax Sharing Agreement, could result in outcomes for the Company that are different from those reflected in the Company’s historical financial statements.

Contingent Liability Letter of Credit

In April 2007, the Company established a standby irrevocable letter of credit for the benefit of Avis Budget Group in accordance with the Separation and Distribution Agreement. The synthetic letter of credit was utilized to support the Company’s payment obligations with respect to its share of Cendant contingent and other corporate liabilities. The stated amount of the standby irrevocable letter of credit is subject to periodic adjustment to reflect the then current estimate of Cendant contingent and other liabilities. The letter of credit was $53 million at September 30, 2015 and December 31, 2014. The standby irrevocable letter of credit will be terminated if (i) the Company’s senior unsecured credit rating is raised to BB by Standard and Poor’s or Ba2 by Moody’s or (ii) the aggregate value of the former parent contingent liabilities falls below $30 million.

Escrow and Trust Deposits

As a service to its customers, the Company administers escrow and trust deposits which represent undisbursed amounts received for the settlement of real estate transactions. Deposits at FDIC-insured institutions are insured up to $250 thousand. These escrow and trust deposits totaled $354 million at September 30, 2015 and $251 million at December 31, 2014. These escrow and trust deposits are not assets of the Company and, therefore, are excluded from the accompanying Condensed Consolidated Balance Sheets. However, the Company remains contingently liable for the disposition of these deposits.

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Subsequent Events Subsequent Events (Details) $ in Millions		9 Months Ended
		Sep. 30, 2015 USD ($)		Nov. 30, 2015 USD ($)	Oct. 30, 2015 USD ($)	Oct. 23, 2015 USD ($)	Mar. 05, 2013 USD ($)
Line of Credit [Member] | Revolving Credit Facility
Subsequent Event [Line Items]
Line of credit facility borrowing capacity		$ 475	[1],[2]				$ 475
Line of Credit [Member] | Revolving Credit Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Line of credit facility borrowing capacity	[1],[2]					$ 815
LIBOR [Member] | Revolving Credit Facility
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.75%
LIBOR [Member] | Revolving Credit Facility under Term Loan A Facility [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
LIBOR [Member] | Term Loan A Facility
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		2.25%
ABR [Member] | Revolving Credit Facility
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.75%
ABR [Member] | Revolving Credit Facility under Term Loan A Facility [Member]
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.25%
ABR [Member] | Term Loan A Facility
Subsequent Event [Line Items]
Debt Instrument, Basis Spread on Variable Rate		1.25%
Maximum [Member] | Required Covenant Ratio [Member]
Subsequent Event [Line Items]
Ratio of Indebtedness to Net Capital		4.75
Ratio of Indebtedness to Net Capital Denominator		1.00
Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	[1],[2]					435
Secured Debt [Member] | 7.625% First Lien Notes [Member]
Subsequent Event [Line Items]
Debt Instrument, Face Amount	[2]	$ 593
Secured Debt [Member] | 7.625% First Lien Notes [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Debt Instrument, Repurchase Amount						593
Redemption Price and Accrued Interest Paid on Debt Repurchase						$ 45
Secured Debt [Member] | 9.00% First and a Half Lien Notes
Subsequent Event [Line Items]
Debt Instrument, Face Amount		$ 196
Secured Debt [Member] | 9.00% First and a Half Lien Notes | Subsequent Event [Member]
Subsequent Event [Line Items]
Redemption Price and Accrued Interest Paid on Debt Repurchase				$ 17
Debt Instrument, Notice of Redemption Issued					$ 196
2016 [Member] | Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Annual percentage of original principal amount for quarterly amortization payments						5.00%
2017 [Member] | Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Annual percentage of original principal amount for quarterly amortization payments						5.00%
2018 [Member] | Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Annual percentage of original principal amount for quarterly amortization payments						8.00%
2019 [Member] | Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Annual percentage of original principal amount for quarterly amortization payments						10.00%
2020 [Member] | Secured Debt [Member] | Term Loan A Facility | Subsequent Event [Member]
Subsequent Event [Line Items]
Annual percentage of original principal amount for quarterly amortization payments						13.00%

[1] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

[2] See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

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Separation Adjustments, Transactions With Former Parent And Subsidiaries And Related Parties

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Separation Adjustments, Transactions With Former Parent And Subsidiaries And Related Parties

TRANSACTIONS WITH FORMER PARENT AND SUBSIDIARIES

Transfer of Cendant Corporate Liabilities and Issuance of Guarantees to Cendant and Affiliates

Realogy Group (then Realogy Corporation) separated from Cendant on July 31, 2006 (the "Separation"), pursuant to a plan by Cendant (now known as Avis Budget Group, Inc.) to separate into four independent companies—one for each of Cendant's business units—real estate services (Realogy), travel distribution services ("Travelport"), hospitality services, including timeshare resorts ("Wyndham Worldwide"), and vehicle rental ("Avis Budget Group"). Realogy Group has certain guarantee commitments with Cendant (pursuant to the assumption of certain liabilities and the obligation to indemnify Cendant, Wyndham Worldwide and Travelport for such liabilities). These guarantee arrangements primarily relate to certain contingent litigation liabilities, contingent tax liabilities, and other corporate liabilities, of which Realogy Group assumed and is generally responsible for 62.5%. Upon separation from Cendant, the liabilities assumed by Realogy Group were comprised of certain Cendant corporate liabilities which were recorded on the historical books of Cendant as well as additional liabilities which were established for guarantees issued at the date of Separation related to certain unresolved contingent matters that could arise during the guarantee period. Regarding the guarantees, if any of the companies responsible for all or a portion of such liabilities were to default in its payment of costs or expenses related to any such liability, Realogy Group would be responsible for a portion of the defaulting party or parties’ obligation. To the extent such recorded liabilities are in excess or are not adequate to cover the ultimate payment amounts, such excess or deficiency will be reflected in the results of operations in future periods.

The due to former parent balance was $32 million and $51 million at September 30, 2015 and December 31, 2014, respectively. The due to former parent balance was comprised of the Company’s portion of the following: (i) Cendant’s remaining state and foreign contingent tax liabilities, (ii) accrued interest on contingent tax liabilities, (iii) potential liabilities related to Cendant’s terminated or divested businesses, and (iv) potential liabilities related to the residual portion of accruals for Cendant operations.

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Earnings Per Share Earnings Per Share (Notes)

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

8.     EARNINGS PER SHARE

Earnings per share attributable to Realogy Holdings

Basic earnings per share is computed based on net income attributable to Realogy Holdings stockholders divided by the basic weighted-average shares outstanding during the period. Dilutive earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. Realogy Holdings uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options. The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2015		2014		2015		2014
Net income attributable to Realogy Holdings shareholders	$	110	$	100	$	175	$	122
Basic weighted average shares	146.6		146.0		146.5		145.9
Stock options, restricted stock, restricted stock units and performance share units (a)	1.5		1.0		1.5		1.1
Weighted average diluted shares	148.1		147.0		148.0		147.0
Earnings Per Share:
Basic	$	0.75	$	0.68	$	1.19	$	0.84
Diluted	$	0.74	$	0.68	$	1.18	$	0.83

_______________

(a) The three and nine months endedSeptember 30, 2015, excludes 3.6 million and 3.7 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation. The three and nine months endedSeptember 30, 2014, excludes 3.7 million and 3.6 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, respectively, that are anti-dilutive to the diluted earnings per share computation.

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Segment Information

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

The reportable segments presented below represent the Company’s operating segments for which separate financial information is available and which is utilized on a regular basis by its chief operating decision maker to assess performance and to allocate resources. In identifying its reportable segments, the Company also considers the nature of services provided by its operating segments. Management evaluates the operating results of each of its reportable segments based upon revenue and EBITDA, which is defined as net income (loss) before depreciation and amortization, interest (income) expense, net (other than Relocation Services interest for relocation receivables and securitization obligations) and income taxes, each of which is presented in the Company’s Condensed Consolidated Statements of Operations. The Company’s presentation of EBITDA may not be comparable to similar measures used by other companies.

	Revenues (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	214		$	199		$	578		$	539
Company Owned Real Estate Brokerage Services	1,267			1,175			3,352			3,107
Relocation Services	124			125			317			318
Title and Settlement Services	147			111			362			300
Corporate and Other (c)	(84		)	(79		)	(228		)	(214		)
Total Company	$	1,668		$	1,531		$	4,381		$	4,050

_______________

(a) Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $84 million and $228 million for the three and nine months endedSeptember 30, 2015, respectively, and $79 million and $214 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are eliminated through the Corporate and Other line.

(b) Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $16 million and $39 million for the three and nine months endedSeptember 30, 2015, respectively, and $13 million and $32 million for the three and nine months endedSeptember 30, 2014, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

(c) Includes the elimination of transactions between segments.

	EBITDA (a) (b)
	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Real Estate Franchise Services	$	152		$	136		$	384		$	352
Company Owned Real Estate Brokerage Services	96			93			177			164
Relocation Services	47			47			83			80
Title and Settlement Services	20			15			37			27
Corporate and Other (c)	(6		)	(18		)	(49		)	(76		)
Total Company	$	309		$	273		$	632		$	547
Less:
Depreciation and amortization	$	55		$	48		$	153		$	140
Interest expense, net	70			54			188			197
Income tax expense	74			71			116			88
Net income attributable to Realogy Holdings and Realogy Group	$	110		$	100		$	175		$	122

_______________

(a) Includes a net benefit of $14 million of former parent legacy items for the three months endedSeptember 30, 2015compared toa net benefit of $2 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the three months endedSeptember 30, 2014.

(b) Includes a net benefit of $15 million of former parent legacy items for the nine months endedSeptember 30, 2015 compared to $27 million related to the loss on early extinguishment of debt, partially offset by a net benefit of $1 million of former parent legacy items and the reversal of prior year restructuring of $1 millionfor the nine months endedSeptember 30, 2014.

(c) Includes the elimination of transactions between segments.

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Acquisitions (Details) $ in Millions		9 Months Ended	12 Months Ended
	Aug. 14, 2014 USD ($) Offices	Sep. 30, 2015 USD ($) real_estate_brokerage_operations	Dec. 31, 2014 USD ($) real_estate_brokerage_operations
Business Acquisition [Line Items]
Goodwill acquired		$ 126
Zip Realty [Member]
Business Acquisition [Line Items]
Cash consideration paid for acquisition	$ 167
Goodwill acquired	$ 92
Number Of Offices | Offices	23
Property, plant, and equipment acquired	$ 18
Deferred tax assets acquired	46
Other assets acquired	6
Other liabilities acquired	6
Amortizable—Customer relationships (d) | Zip Realty [Member]
Business Acquisition [Line Items]
Finite-lived intangibles acquired	1
Amortizable—Pendings and listings (f) | Zip Realty [Member]
Business Acquisition [Line Items]
Finite-lived intangibles acquired	3
Amortizable—Other (g) | Zip Realty [Member]
Business Acquisition [Line Items]
Finite-lived intangibles acquired	$ 7
Company Owned Brokerage Services
Business Acquisition [Line Items]
Number of business acquired (in real estate brokerage related operations) | real_estate_brokerage_operations		7
Cash consideration paid for acquisition		$ 80
Liabilities established related to contingent consideration		10
Goodwill acquired		79
Other assets acquired		6
Other liabilities acquired		3
Company Owned Brokerage Services | NRT Other Immaterial Business Combinations [Member]
Business Acquisition [Line Items]
Number of business acquired (in real estate brokerage related operations) | real_estate_brokerage_operations			16
Cash consideration paid for acquisition			$ 44
Liabilities established related to contingent consideration			19
Goodwill acquired			45
Indefinite-lived intangible assets acquired			4
Other assets acquired			3
Other liabilities acquired			1
Company Owned Brokerage Services | Amortizable—Pendings and listings (f)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		7
Company Owned Brokerage Services | Amortizable—Pendings and listings (f) | NRT Other Immaterial Business Combinations [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			4
Company Owned Brokerage Services | Amortizable—Other (g)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		$ 1
Company Owned Brokerage Services | Amortizable—Other (g) | NRT Other Immaterial Business Combinations [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 8
Title and Settlement Services
Business Acquisition [Line Items]
Number of business acquired (in real estate brokerage related operations) | real_estate_brokerage_operations		2
Cash consideration paid for acquisition		$ 33
Liabilities established related to contingent consideration		37
Goodwill acquired		47
Other assets acquired		1
Title and Settlement Services | TRG Individually Immaterial Business Combinations [Member]
Business Acquisition [Line Items]
Number of business acquired (in real estate brokerage related operations) | real_estate_brokerage_operations			3
Cash consideration paid for acquisition			$ 6
Goodwill acquired			5
Title and Settlement Services | Amortizable—Pendings and listings (f)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		7
Title and Settlement Services | Amortizable—Pendings and listings (f) | TRG Individually Immaterial Business Combinations [Member]
Business Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 1
Title and Settlement Services | Amortizable—Other (g)
Business Acquisition [Line Items]
Finite-lived intangible assets acquired		5
Unamortizable—Trademarks (b) | Title and Settlement Services
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		9
Unamortizable—Title plant shares (e) | Title and Settlement Services
Business Acquisition [Line Items]
Indefinite-lived intangible assets acquired		$ 1

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Stock-Based Compensation Incentive Equity Awards Activity - Summary of Restricted Stock, Restricted Stock Unit, and Performance Unit Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares shares
Restricted Stock
Equity Instruments Other than Options, Number of Shares Roll Forward
Unvested at January 1, 2015	90
Granted	0
Vested (a)	0	[1]
Forfeited	0
Unvested at September 30, 2015	90
Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward
Unvested at January 1, 2015 | $ / shares	$ 27.14
Granted | $ / shares	0.00
Vested (a) | $ / shares	0.00	[1]
Forfeited | $ / shares	0.00
Unvested at September 30, 2015 | $ / shares	$ 27.14
Restricted Stock Units
Equity Instruments Other than Options, Number of Shares Roll Forward
Unvested at January 1, 2015	740
Granted	620
Vested (a)	(300)	[1]
Forfeited	(20)
Unvested at September 30, 2015	1,040
Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward
Unvested at January 1, 2015 | $ / shares	$ 45.83
Granted | $ / shares	46.52
Vested (a) | $ / shares	45.83	[1]
Forfeited | $ / shares	46.24
Unvested at September 30, 2015 | $ / shares	$ 46.21
Fair value of awards vested | $	$ 14
Performance Share Units
Equity Instruments Other than Options, Number of Shares Roll Forward
Unvested at January 1, 2015	370	[2]
Granted	430	[2]
Vested (a)	0	[1],[2]
Forfeited	0	[2]
Unvested at September 30, 2015	800	[2]
Equity Instruments Other than Options, Weighted Average Grant Date Fair Value Roll Forward
Unvested at January 1, 2015 | $ / shares	$ 46.63
Granted | $ / shares	44.69
Vested (a) | $ / shares	0.00	[1]
Forfeited | $ / shares	0.00
Unvested at September 30, 2015 | $ / shares	$ 45.59

[1] The intrinsic value of options exercised during the nine months ended September 30, 2015 was $4 million.

[2] Cash received from options exercised during the nine months ended September 30, 2015 was $3 million.

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Short And Long-Term Debt (Tables)

9 Months Ended

Sep. 30, 2015

Debt Disclosure [Abstract]

Schedule of Total Indebtedness

Total indebtedness is as follows:

	September 30, 2015		December 31, 2014
Senior Secured Credit Facility:
Revolving Credit Facility	$	—	$	—
Term Loan B Facility	1,858		1,871
7.625% First Lien Notes	593		593
9.00% First and a Half Lien Notes	196		196
3.375% Senior Notes	500		500
4.50% Senior Notes	450		450
5.25% Senior Notes	300		300
Total Short & Long-Term Debt	$	3,897	$	3,910
Securitization Obligations:
Apple Ridge Funding LLC	$	325	$	255
Cartus Financing Limited	10		14
Total Securitization Obligations	$	335	$	269

Schedule of Debt

As of September 30, 2015, the total capacity, outstanding borrowings and available capacity under the Company’s borrowing arrangements were as follows:

	Interest Rate	Expiration Date	Total Capacity		Outstanding Borrowings		Available Capacity
Senior Secured Credit Facility:
Revolving Credit Facility (1)	(2)	March 2018	$	475	$	—	$	475
Term Loan B Facility	(3)	March 2020	1,872		1,858		—
First Lien Notes (1)	7.625%	January 2020	593		593		—
First and a Half Lien Notes	9.00%	January 2020	196		196		—
Senior Notes	3.375%	May 2016	500		500		—
Senior Notes	4.50%	April 2019	450		450		—
Senior Notes	5.25%	December 2021	300		300		—
Securitization obligations: (4)
Apple Ridge Funding LLC (5)		June 2016	375		325		50
Cartus Financing Limited (6)		August 2016	38		10		28
Total (7)			$	4,799	$	4,232	$	553

_______________

(1) See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

(2) Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

(3) Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

(4) Available capacity is subject to maintaining sufficient relocation related assets to collateralize these securitization obligations.

(5) In June 2015, Realogy Group amended the existing Apple Ridge Funding LLC securitization program utilized by Cartus. The capacity under the facility was temporarily increased from $325 million to $375 million from June 2015 until October 2015, at which time the capacity was reduced to $325 million.

(6) Consists of a £20 million revolving loan facility and a £5 million working capital facility.

(7) Not included in this table, the Company had $135 million of outstanding letters of credit at September 30, 2015, of which $53 million was under the synthetic letter of credit facility with a rate of 4.25% and $82 million was under the unsecured letter of credit facility with a rate of 2.98%.

Schedule of Maturities of Long-term Debt [Table Text Block]

Year	Amount
Remaining 2015	$	5
2016	519
2017	19
2018	19
2019	469

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Basis Of Presentation Financial Instruments - Fair Value Indebtedness Table (Details) - USD ($) $ in Millions		Sep. 30, 2015		Dec. 31, 2014
Outstanding borrowings, securitization obligations		$ 335		$ 269
Secured Debt [Member] | Term Loan B Facility
Long-term debt outstanding amount		1,858	[1]	1,871
Long-term debt fair value	[2]	1,854		1,834
Secured Debt [Member] | 7.625% First Lien Notes
Long-term debt outstanding amount		593	[3]	593
Long-term debt fair value	[2]	622		633
Secured Debt [Member] | 9.00% First and a Half Lien Notes
Long-term debt outstanding amount		196		196
Long-term debt fair value	[2]	207		215
Senior Notes [Member] | 3.375% Senior Notes
Long-term debt outstanding amount		500		500
Long-term debt fair value	[2]	498		500
Senior Notes [Member] | 4.50% Senior Notes
Long-term debt outstanding amount		450		450
Long-term debt fair value	[2]	447		449
Senior Notes [Member] | 5.25% Senior Notes
Long-term debt outstanding amount		300		300
Long-term debt fair value	[2]	305		291
Line of Credit [Member] | Revolving Credit Facility
Line of credit facility outstanding amount		0	[3],[4]	0
Line of credit facility fair value	[2]	0		0
Securitization obligations
Outstanding borrowings, securitization obligations		335		269
Securitization obligations, fair value	[2]	$ 335		$ 269

[1] Consists of a $1,872 million Term Loan B, less a discount of $14 million. There is 1% per annum amortization of principal. The interest rate with respect to the Term Loan B Facility is based on, at Realogy Group’s option, (a) adjusted LIBOR plus 3.00% (with a LIBOR floor of 0.75%) or (b) JPMorgan Chase Bank, N.A.’s prime rate ("ABR") plus 2.00% (with an ABR floor of 1.75%).

[2] The fair value of the Company's indebtedness is categorized as Level I.

[3] See Note 11, "Subsequent Events" for a description of the October 2015 amendment of the Senior Secured Revolving Credit Facility and entry into a new Senior Secured Term Loan A Facility. The net proceeds of the Term Loan A Facility together with revolver borrowings were used to discharge the First Lien Notes in October 2015. As of November 3, 2015, after giving effect to the amendment of the facility, the Company had no outstanding borrowings on the Revolving Credit Facility, leaving $815 million of available capacity.

[4] Interest rates with respect to revolving loans under the Senior Secured Credit Facility at September 30, 2015 were based on, at Realogy Group’s option, (a) adjusted LIBOR plus 2.75% or (b) JPMorgan Chase Bank, N.A.'s prime rate ("ABR") plus 1.75%.

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Stock-Based Compensation Introduction Narrative (Details) shares in Millions	9 Months Ended
	Sep. 30, 2015 Performance_metrics shares
Shares authorized for issuance under the plan (in shares)	9.6
Shares available for future grant under the plan (in shares)	1.4
Performance Share Units
Award Vesting Period	3 years
Number of Performance Metrics | Performance_metrics	2
The first performance metric | Performance_metrics	1
Restricted Stock Units
Award Vesting Period	3 years
Annual Vesting Percentage	33.33%
Options
Award Vesting Period	4 years
Annual Vesting Percentage	25.00%
Contractual Term	10 years
RTSR [Member] | Minimum [Member] | Performance Share Units
Award Vesting Rights Percentage	0.00%
RTSR [Member] | Maximum [Member] | Performance Share Units
Award Vesting Rights Percentage	175.00%
Cumulative Free Cash Flow [Member] | Minimum [Member] | Performance Share Units
Award Vesting Rights Percentage	0.00%
Cumulative Free Cash Flow [Member] | Maximum [Member] | Performance Share Units
Award Vesting Rights Percentage	200.00%

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Short And Long-Term Debt Maturities Table (Details) $ in Millions	9 Months Ended
	Sep. 30, 2015 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term Debt Maturities, Years Presented	4 years
Remaining 2015	$ 5
2016	519
2017	19
2018	19
2019	$ 469

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 20	$ 27
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares outstanding	146,723,561	146,382,923
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares outstanding	0	0

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Accrued Expenses And Other Current Liabilities

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accrued Expenses And Other Current Liabilities

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consisted of:

	September 30, 2015		December 31, 2014
Accrued payroll and related employee costs	$	125	$	120
Accrued volume incentives	32		32
Accrued commissions	41		21
Deferred income	66		73
Accrued interest	39		44
Contingent consideration for acquisitions	26		10
Other	131		111
	$	460	$	411

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Segment Information - Revenues (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2]	$ 1,668	$ 1,531	$ 4,381	$ 4,050
Real Estate Franchise Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2]	214	199	578	539
Real Estate Franchise Services | Royalties and Marketing Fees [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		84	79	228	214
Company Owned Brokerage Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2]	1,267	1,175	3,352	3,107
Relocation Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2]	124	125	317	318
Relocation Services | Referral and Relocation Fees [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues		16	13	39	32
Title and Settlement Services
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2]	147	111	362	300
Corporate and Other (c)
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	[1],[2],[3]	$ (84)	$ (79)	$ (228)	$ (214)

[1] Revenues for the Relocation Services segment include intercompany referral commissions paid by the Company Owned Real Estate Brokerage Services segment of $16 million and $39 million for the three and nine months ended September 30, 2015, respectively, and $13 million and $32 million for the three and nine months ended September 30, 2014, respectively. Such amounts are recorded as contra-revenues by the Company Owned Real Estate Brokerage Services segment. There are no other material intersegment transactions.

[2] Transactions between segments are eliminated in consolidation. Revenues for the Real Estate Franchise Services segment include intercompany royalties and marketing fees paid by the Company Owned Real Estate Brokerage Services segment of $84 million and $228 million for the three and nine months ended September 30, 2015, respectively, and $79 million and $214 million for the three and nine months ended September 30, 2014, respectively. Such amounts are eliminated through the Corporate and Other line.

[3] Includes the elimination of transactions between segments.

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Basis Of Presentation Investment in PHH Home Loans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity earnings from equity method investment	$ 4	$ 6	$ 13	$ 7
PHH Home Loans [Member]
Schedule of Equity Method Investments [Line Items]
Equity method investment ownership percentage	49.90%		49.90%
Equity earnings from equity method investment	$ 3	$ 4	$ 11	5
Cash dividends from equity method investment			5	$ 0
Carrying value of equity method investments	$ 60		$ 60		$ 54

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Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued payroll and related employee costs	$ 125	$ 120
Accrued volume incentives	32	32
Accrued commissions	41	21
Deferred income	66	73
Accrued interest	39	44
Contingent consideration for acquisitions	26	10
Other	131	111
Accrued expenses and other current liabilities	$ 460	$ 411

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Accrued Expenses And Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consisted of:

	September 30, 2015		December 31, 2014
Accrued payroll and related employee costs	$	125	$	120
Accrued volume incentives	32		32
Accrued commissions	41		21
Deferred income	66		73
Accrued interest	39		44
Contingent consideration for acquisitions	26		10
Other	131		111
	$	460	$	411