PHH Corp. said it is exploring its "strategic options" and has hired Credit Suisse Securities (USA) LLC and JPMorgan as financial advisors for the process, the company said in a press release on Wednesday.

"In light of changing industry and regulatory dynamics impacting our business, the board and management have decided to undertake a comprehensive review of all strategic options, including capital allocation alternatives, to maximize shareholder value," said James O. Egan, who is chairman of the Mount Laurel, N.J.-based company.

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