PHH Corp. has declared a 12% increase in the quarterly cash dividend on the company's common stock and approved a two- for-one common stock split.

The new dividend of 38 cents a share, before the split, is equivalent to an annual rate of $1.52 per share, a 12% increase from the previous rate. The dividend is payable on July 31 to shareholders of record of July 5.

To effect the split, one additional share will be issued for each share of PHH common stock currently outstanding. New shares will be distributed on or about July 31, 1996.

Robert D. Kunisch, chairman and chief executive, said he expects the company's strong earnings trend to continue.

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