On March 9, 2017, PHH Corporation issued a statement in response to EJF Capital LLC’s filing on Schedule 13D of its intention to nominate 2 candidates to the Company’s Board of Directors. In the statement, the Company stated that it maintains and values an active dialogue with its investors, and is focused on generating value for shareholders. The Company stated that it appreciates EJF Capital’s input and would continue its dialogue with them and its other shareholders. In addition, the Company stated that in keeping with its normal corporate governance practices, the corporate governance committee would review EJF Capital’s director candidates.