CONFIRMATION Date: September 29, 2009 To: PHH Corporation (Issuer) Facsimile: (856) 917-4278 Attention: Treasurer From: Wachovia Bank, National Association (Dealer) Facsimile: (212) 622-8534

EXHIBIT 10.4

CONFIRMATION

Date:		September 29, 2009
To:		PHH Corporation (“Issuer”)
Facsimile:		(856) 917-4278
Attention:		Treasurer
From:		Wachovia Bank, National Association (“Dealer”)
Facsimile:		(212) 622-8534

Transaction Reference Number:

     The purpose of this communication (this “Confirmation”) is to set forth the terms and conditions of the above-referenced Transaction entered into on the Trade Date specified below between you and us. This Confirmation supplements, forms a part of, and is subject to the Master Terms and Conditions for Warrants Issued by PHH Corporation, between Wachovia Bank, National Association, represented by Wells Fargo Securities, LLC as its agent, and PHH Corporation, dated as of September 23, 2009 (as amended from time to time, the “Master Confirmation”).

     1. The definitions and provisions contained in the Definitions (as such term is defined in the Master Confirmation) and in the Master Confirmation are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern.

     2. The particular Transaction to which this Confirmation relates shall have the following terms:

Trade Date:		September 29, 2009
Effective Date:		September 29, 2009
Strike Price:		USD 34.74
Premium:		USD 914,100.00
Premium Payment Date:		The Effective Date.
Maximum Delivery Amount:		At any time, a number of Shares equal to the product of the Transaction Multiplier and the Number of Shares at such time.
Transaction Multiplier:		1.35

For each Component of the Transaction, the Number of Warrants and Expiration Date are as set forth below.

Component Number		Number of Warrants				Expiration Date
1.			2,130			December 1, 2014
2.			2,130			December 2, 2014
3.			2,130			December 3, 2014
4.			2,130			December 4, 2014
5.			2,130			December 5, 2014
6.			2,130			December 8, 2014
7.			2,130			December 9, 2014
8.			2,130			December 10, 2014
9.			2,130			December 11, 2014
10.			2,130			December 12, 2014
11.			2,130			December 15, 2014
12.			2,130			December 16, 2014
13.			2,130			December 17, 2014
14.			2,130			December 18, 2014
15.			2,130			December 19, 2014
16.			2,130			December 22, 2014
17.			2,130			December 23, 2014
18.			2,130			December 24, 2014
19.			2,130			December 26, 2014
20.			2,130			December 29, 2014
21.			2,130			December 30, 2014
22.			2,130			December 31, 2014
23.			2,130			January 2, 2015
24.			2,130			January 5, 2015
25.			2,130			January 6, 2015
26.			2,130			January 7, 2015
27.			2,130			January 8, 2015
28.			2,130			January 9, 2015
29.			2,130			January 12, 2015
30.			2,130			January 13, 2015
31.			2,130			January 14, 2015
32.			2,130			January 15, 2015
33.			2,130			January 16, 2015
34.			2,130			January 20, 2015
35.			2,130			January 21, 2015
36.			2,130			January 22, 2015
37.			2,130			January 23, 2015
38.			2,130			January 26, 2015
39.			2,130			January 27, 2015
40.			2,130			January 28, 2015
41.			2,130			January 29, 2015
42.			2,130			January 30, 2015

Component Number		Number of Warrants				Expiration Date
43.			2,130			February 2, 2015
44.			2,130			February 3, 2015
45.			2,130			February 4, 2015
46.			2,130			February 5, 2015
47.			2,130			February 6, 2015
48.			2,130			February 9, 2015
49.			2,130			February 10, 2015
50.			2,130			February 11, 2015
51.			2,130			February 12, 2015
52.			2,130			February 13, 2015
53.			2,130			February 17, 2015
54.			2,130			February 18, 2015
55.			2,130			February 19, 2015
56.			2,130			February 20, 2015
57.			2,130			February 23, 2015
58.			2,130			February 24, 2015
59.			2,130			February 25, 2015
60.			2,130			February 26, 2015
61.			2,130			February 27, 2015
62.			2,130			March 2, 2015
63.			2,130			March 3, 2015
64.			2,130			March 4, 2015
65.			2,130			March 5, 2015
66.			2,130			March 6, 2015
67.			2,130			March 9, 2015
68.			2,130			March 10, 2015
69.			2,130			March 11, 2015
70.			2,130			March 12, 2015
71.			2,130			March 13, 2015
72.			2,130			March 16, 2015
73.			2,130			March 17, 2015
74.			2,130			March 18, 2015
75.			2,130			March 19, 2015
76.			2,130			March 20, 2015
77.			2,130			March 23, 2015
78.			2,130			March 24, 2015
79.			2,130			March 25, 2015
80.			2,130			March 26, 2015
81.			2,130			March 27, 2015
82.			2,130			March 30, 2015
83.			2,130			March 31, 2015
84.			2,130			April 1, 2015
85.			2,130			April 2, 2015
86.			2,130			April 6, 2015

Component Number		Number of Warrants				Expiration Date
87.			2,130			April 7, 2015
88.			2,130			April 8, 2015
89.			2,130			April 9, 2015
90.			2,130			April 10, 2015
91.			2,130			April 13, 2015
92.			2,130			April 14, 2015
93.			2,130			April 15, 2015
94.			2,130			April 16, 2015
95.			2,130			April 17, 2015
96.			2,130			April 20, 2015
97.			2,130			April 21, 2015
98.			2,130			April 22, 2015
99.			2,130			April 23, 2015
100.			2,130			April 24, 2015
101.			2,130			April 27, 2015
102.			2,130			April 28, 2015
103.			2,130			April 29, 2015
104.			2,130			April 30, 2015
105.			2,130			May 1, 2015
106.			2,130			May 4, 2015
107.			2,130			May 5, 2015
108.			2,130			May 6, 2015
109.			2,130			May 7, 2015
110.			2,130			May 8, 2015
111.			2,130			May 11, 2015
112.			2,130			May 12, 2015
113.			2,130			May 13, 2015
114.			2,130			May 14, 2015
115.			2,130			May 15, 2015
116.			2,130			May 18, 2015
117.			2,130			May 19, 2015
118.			2,130			May 20, 2015
119.			2,130			May 21, 2015
120.			2,295			May 22, 2015

     3. Issuer hereby agrees (a) to check this Confirmation carefully and immediately upon receipt so that errors or discrepancies can be promptly identified and rectified and (b) to confirm that the foregoing (in the exact form provided by Dealer) correctly sets forth the terms of the agreement between Dealer and Issuer with respect to the Transaction, by manually signing this Confirmation or this page hereof as evidence of agreement to such terms and providing the other information requested herein and immediately returning an executed copy by facsimile to ###-###-#### (Attention: Equity Division Documentation Unit, by telephone contact ###-###-####).