Pricing Supplement Dated March 16, 1995                    Rule 424 (b) (3)
                                                           File No. 33-52669
(To Prospectus dated June 23, 1994 and
  Prospectus Supplement dated June 23, 1994)


PHH CORPORATION
Medium-Term Notes


                                         
Principal Amount:              $50,000,000     Trade date:     March 16, 1995
Currency or Currency  Unit:    U.S. Dollars    Original Issue Date:    March 22, 1995
Issue Price:                   *               Agent's Discount or Commission:  $27,500
Net Proceeds to Issuer:        $49,972,500     Agent (s):   Merrill Lynch & Co.
Maturity Date:                 March 22, 1996  Other Terms:    None
CUSIP Number:                  69332H CL 8


(*)    The Agent proposes to offer the Notes from time to time for
resale in negotiated transactions or otherwise, at market prices
prevailing at the time of resale, at prices related to such prevailing
market prices or at negotiated prices.  The Agent may be deemed to be an
underwriter and any profit on resale of the Notes may be deemed to be
underwriting discounts or commissions.

Interest:
    Fixed Rate:   6.58%
    Floating Rate:


                   
        Base Rate:    [   ]  Commercial Paper    [   ]  CD Rate    [   ]  Federal Funds Effective Rate
                      [   ]  LIBOR    [   ]  Treasury Rate    [   ] Prime Rate    [   ]  Other
                             (  ) Reuters                              (see attached)
                             (  ) Telerate


Initial Interest Rate:    -

Interest Reset Dates:    -

Interest Determination
Date:            -

Interest Payment Dates:    August 15, 1995, February 15, 1996 and
                           March 22, 1996

Index Maturity:        -

Spread:            -

Option to Receive Payments in Specified Currency:    [   ]  Yes      [   ]  No

Redemption:
    [X]  The Notes cannot be redeemed prior to maturity, except as set
         forth in the Prospectus
    [ ]  The Notes may be redeemed prior to maturity
    Initial Redemption Date: Initial Redemption Price:        %
    Annual Redemption Price Reduction:        % until Redemption Price
    is 100% of the principal amount

Repayment:
    [X]  The Notes cannot be repaid prior to maturity, except as set
         forth in the Prospectus
    [ ]  The Notes can be repaid prior to maturity at the option of
         the holder on the Notes
    Repayment Date:
    Repayment Price:    %
Discount Note:    [   ]  Yes        [X]  No
    Total Amount of OID:
    Yield to Maturity:
    Initial Accrual Period:
Form:    [X]  Global    [   ]  Certificated