About PHH Mortgage
PHH Mortgage (NMLS #2726) has provided mortgage services and financing solutions for more than 30 years. PHH Mortgage offers a variety of loans for home purchases and refinancing and provides assistance from experienced loan officers. Its website also has mortgage resources, including educational articles, checklists and loan calculators.
Overall Satisfaction Rating
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Pros
- Variety of purchase and refinancing loan types
- Available nationwide
- Online tools and resources
Cons
- No fully online application
- No home equity loans or HELOCs
Bottom Line
Homebuyers and homeowners looking to refinance will find a variety of loan options from PHH Mortgage. You can start the process online or on the phone, but you must speak to a loan officer over the phone to complete the application.
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PHH Mortgage really cares for the clients. I have been a customer for a while and any time I had a problem they made me feel I had nothing to worry about and reassured me they wou...
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Overall, we had a good experience. However, the one problem that we had was: when we closed, we were suppose to get our August payment back. Instead, they incorrectly rolled it ov...
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PHH Mortgage does not publish its starting rates online. In order to receive an accurate rate quote, you’ll need to apply for preapproval by contacting the company. Keep in mind the difference between the interest rate and the annual percentage rate (APR) — the APR includes both interest and fees.
In 2021, PHH Mortgage had a slightly higher average rate for home purchase loans than the national average, but rates can vary significantly based on the borrower’s financial status and other factors.
PHH Mortgage does offer adjustable-rate mortgages, which are more popular during times when rates are high due to lower starting interest rates.
PHH Mortgage average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | +0.54% |
| 2020 | +0.23% |
| 2019 | +0.29% |
Application process
You can start the preapproval process with PHH Mortgage online or over the phone. If you choose to do it online, you’ll need to answer six short questions, including the type of mortgage you’re applying for and the loan amount you’re seeking.
From there, a loan officer will contact you directly to gather more information. Be prepared to answer questions about your income and assets; you will also need to submit documentation to verify this information (like W-2s and bank statements). After you receive preapproval, you can use the online borrower portal to see the up-to-date status of your loan.
PHH Mortgage application features
| Features | Availability |
|---|---|
| Online application | X |
| Mobile document upload | X |
| Physical branches | X |
| Publishes minimum rate on website | X |
| Rate lock | 60 to 90 days |
| Pre-qualification (no hard credit pull) | X |
| Certified approval letter |
Loan types
PHH Mortgage offers several mortgage products, including conventional loans (ARM or fixed-rate), government-backed loans (like FHA and VA) and jumbo loans for those who need to borrow beyond the conforming loan limits set by Fannie Mae and Freddie Mac.
You can also refinance with PHH Mortgage, whether you’re aiming to cash out, get a lower interest rate or shorten your loan term. The company offers 15-, 20-, 25- and 30-year terms on its conventional loans.
In 2021, the company closed on 124 home purchase loans out of 355 applications (35%). It denied 145 applications (41%).
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 355 | 251 | 314 |
| Home purchase loans closed | 124 | 97 | 122 |
| Home purchase applications denied | 149 | 106 | 110 |
| Home purchase preapprovals denied | 0 | 0 | 0 |
Refinancing
The vast majority (over 98%) of loans PHH Mortgage originated in 2021 were for refinancing and cash-out refinancing. Among all lenders, refinance loans, including rate-and-term refinances and cash-out refinances, made up about 58% of loans originated in 2021.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 1.26% | 1.70% | 4.11% |
| Refinance loans | 45.86% | 55.17% | 28.62% |
| Cash-out refinance | 52.88% | 43.12% | 67.27% |
Requirements
Each type of loan PHH Mortgage offers has different eligibility requirements for things such as credit score, income, debt-to-income (DTI) ratio and property type. Before you apply for preapproval, a PHH Mortgage loan officer can help you determine which loans you are eligible for and how much you can borrow.
PHH Mortgage doesn’t disclose many of its loan requirements. However, most lenders require a 620 credit score to be eligible for a conventional loan; FHA loans require a credit score of at least 500 to 580.
Jumbo loans typically require higher credit scores — at least 680. PHH Mortgage does state that most FHA loans and VA loans require a 3.5% down payment. A conventional loan typically requires at least a 3% down payment.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
At the time of publishing, PHH Mortgage does not offer USDA loans. For information on this type of loan, read our guide on the best USDA-approved lenders.
Cost and fees
PHH Mortgage does not publicly disclose costs and fees associated with its loans, but as part of your application, you will receive a Loan Estimate. This three-page form explains all the costs and fees of your mortgage, including closing costs.
FAQ
Does PHH Mortgage accept cards?
Yes. You can pay with a Visa, Mastercard or Discover card. You can also make payments through Apple Pay or your bank account.
How does PHH Mortgage work?
You can start the application process online by answering six short questions. The PHH Mortgage team then contacts you and walks you through the homebuying or refinancing process. Its representatives help customers understand different types of loans, down payment options and closing costs. You can then apply for preapproval and use PHH Mortgage’s online portal to track the status of your loan, from the time you get an accepted offer through closing.
Is PHH Mortgage legit?
PHH Mortgage is a legitimate mortgage company available throughout the U.S. It offers a variety of loan types for homebuyers and owners looking to refinance existing loans.
Where is PHH Mortgage available?
PHH Mortgage is available in all 50 states and Washington, D.C.
PHH Mortgage Reviews
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I love PHH Mortgage and the customer service is phenomenal!! Dealing with Covid and loss income it's been really hard to make ends meet however, PHH has Truly been a BLESSING FOR ME & I GREATLY APPRECIATE IT!! Hoping things change and get better soon so that I can get back on track with my mortgage payments. The reps express sympathy and empathy. ❤️????
Thank you, Michelle. It is our goal to provide an exceptional customer experience, and we are here to help our customers, and we're glad to hear that you are pleased with the customer service provided. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
I wish I could give them 10 stars. I’ve been doing business with PHH and its predecessor for over 8 years. I must admit when PHH purchased RMS back in 2021 I was more than a little apprehensive regarding the change of ownership. My wife and I had enjoyed such a great relationship with RMS for over 6 years and now we were dealing with the Covid nightmare. Being in our late seventies we were under a load of stress dealing with some serious health issues. To make things even worse our income was abruptly turned upside down 2 years ago thanks to the Covid pandemic. Even dealing with typical expenses like property taxes and insurance was a challenge. However, I am very excited to report that PHH knocked themselves out to get us through the Covid crisis.
Their customer service is without a doubt the greatest you could ever hope for. I must give a shoutout to several outstanding customer service reps that have assisted me over the years. Allen, Perla, Donna & Dawn come to mind right off the top of my head. They along with Willie and Philip have knocked themselves out to make our every need a painless experience.
One more thing I would like to mention. We were warned back in 2014 to avoid reverse mortgages like the plague. My wife and I after a lot of research decided the reverse mortgage advantages far outweighed any disadvantages. Being in our seventies we decided the security of not having to ever worry about another house payment for the rest of our lives gave us a lot of comfort. And now just 8 years later our countries economy is in the worst shape in 40 years along with threats of WWW 3 and global pandemics. Well needless to say we are convinced more than ever that we made the right decision going with a reverse mortgage and the icing on the cake has been PHH. God Bless PHH!William from Georgetown, TN
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Extremely helpful!! Answered all my questions efficiently. Put me at ease. Very satisfied with responding. I was guided through how to have my payment returned from an insurance company, whom I would no longer doing business with, and how to have it put back into my escrow account.
Thank you, Linda. It is our goal to provide an exceptional customer experience, and we are here to help our customers, and we're glad to hear that you are pleased with the customer service provided. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
Wonderful company! They worked around our availability even if it was after hours, James communicated throughout the process. PHH Mortgage was able to bring my interest rate down, no one could beat their offer.
Thank you, Gloria. It is our goal to provide an exceptional customer experience, and we are delighted to read your feedback about PHH. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
Being self employed and was directly affected with the pandemic. I reached out to PHH mortgage and it only took a 10 minutes phone call with one of my account representative. She was able to put me in to a program that would enable me be able to have time to get my finances rectify and stop making regular payments.
Thank you, Shiva. It is our goal to provide an exceptional customer experience, and we are delighted to read your feedback about PHH. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
Experience was great. Excellent customer service.. agents were willing to explain things that I did not understand thoroughly. They were also very patient. Wish all customer service reps had this same level of concern for their customers.
Thank you, Yvonne. It is our goal to provide an exceptional customer experience, and we are here to help our customers, and we're glad to hear that you are pleased with the customer service provided. Thank you for taking the time to share your experience, and we appreciate the opportunity to work with you.
The run around I have received from PHH has been unbelievable. To be honest it started out great! My original loan was "sold" to PHH with no problems. When COVID hit I lost my job and reached out to PHH to see what is and isn't possible. They offered me an extensions, with the ability to "modify" my loan...I WAS very pleased! Then the drama started, I had to sign documents that confirmed I had in fact been approved for the modification...and I sent in a notarized copy.
About 3 months later (right around when my modification trial expired), I was asked to get some information on the title to my home. It took me a while to get those docs, and I was diligent about keeping them informed of my progress. Once I received, they asked me to sign yet another contract for the modification trial...Once I sent this version in I asked them to send me confirmation I am all set...they stated that's not their policy (red flag).
Then they called me in another 6 months saying they never received my docs...and that I would have to sign another modification agreement...and on and on it is STILL going, I sent in my title docs over 6 months ago and they told me they are "still being reviewed" and right on queue, you guessed it, they are asking me to sign another trial agreement doc!
EVERY single time I call them I get someone different who I can barely understand, and I can NEVER talk to a supervisor...there is zero escalation process at PHH. You can tell they are aware of this problem because they have "relationship managers" that are supposed to act on the customer behalf, but this isn't working... Its almost as if they are "trying" to make this so difficult that I default, and they can add costs....very shifty. Despite all of this I have NEVER missed a payment. I have filed a complaint with the BBB and as SOON as I can move away from PHH I will! They are a scam in my opinion. RUN AWAY.
Ted, we are extremely sorry to hear about your experience with PHH. I have forwarded your details to one of our escalation management team members for review and they will contact you to discuss your concerns regarding loan modification. Thank you.
In August 2022 I called PHH asking if they had bi-weekly payments. I was told that they did, at first the agent said I couldn't be set up on it if I had automatic bank draft turned on, but then he came back and said I could. They sent me the paperwork to fill out. I completed the paperwork and faxed it back in at the end of August. I received a letter that was confusing about a week later. It didn’t say if I was approved, it didn’t say when payments would start, but it mentioned making a manual payment which was confusing since I was on automatic bank draft.
I called to get clarity. I was told that I was approved and that the bi-weekly payments would start the next month and that I would get another letter with when the payments would start. I never received another letter. The next month the bi-weekly payments didn’t start so I called again. This pattern repeated every month through November. Every time I called I was told something different. One employee told me I had to fill out the paperwork again. I repeatedly asked if I needed to turn off automatic bank draft but was told no. In October I was told I had to make a manual payment for the full month then the bi-weekly payments would start the following week. I asked her twice if there was a chance that they would pull the full amount for the automatic bank draft, but she kept reassuring me no.
I made the manual payment for the monthly amount and then they drafted the full monthly amount. Despite the employee reassuring me this wouldn’t happen. They wiped out my checking account since I was not anticipating this. It took a week to get my money back. I asked to speak to management and was never passed on to a manager. Even when my calls were escalated to the escalations team I was still never provided with information on when the bi-weekly payments would be set up. Finally at the end of November I spoke to an employee who seemed to know what she was talking about.
She finally informed me they do not offer bi-weekly payments only bi-monthly. They didn’t even offer what I had been asking for. Every call I asked about bi-weekly payments and no one ever told me this isn’t what they offered. I wanted to pay off my loan faster so bi-monthly was not helpful. Dealing with this company has been incredibly frustrating. I spoke with a different employee every month from August 2022 to November 2022, sometimes two different employees and only one employee could actually answer my questions.
Then in December without my consent or knowledge they shut off my automatic payments. I am hoping I never have to call them again because I will not trust anything they tell me. As soon as I can refinance away from them I will.
Leanne, we apologize for your experience and appreciate the opportunity to resolve any issues that you have. Your account has been assigned to one of our escalation management team members to review and they will be in contact with you to discuss this in further detail. Thank you.
They refused to drop it until I went to the state dept of licensing with all the evidence. I would give them zero stars if it was an option. The resolution was not their willing choice.
We obtained a mortgage from another lender and it was sold to PHH. I have read the state rules for dropping PMI and we have met them- having the legal amount of equity from our routine payments alone. On top of that, I forwarded PHH invoices for improvements (new windows in the whole home, new kitchen appliances- both totaling $80,000 for a measly 230,000 mortgage). Still, they want to milk me for $150 to hire their appraiser to come appraise our home. My mortgage is now about 15% of the value of our home- one only needs to see a photo to tell the improvements yet they want me to pay their biased appraiser. It’s just another money grab when my closing docs with the original mortgager said nothing of fees to remove fees! Go to United Mortgage, Rocket Mortgage, 5/3 bank- options are nearly limitless! This place is a money grab.
Tricia, we apologize for your experience with PHH. I have forwarded your details to one of our escalation management team members for review and they will contact you to discuss your concerns regarding PMI in detail. Thank you.
Got it sent today. Thank you.
Our broker reported to us as we tried to get our house refinanced, that they had never encountered a mortgage company who will not provide a payoff statement. They've contacted PHH as have we with written or DocuSigned authorization. Verbal authorizations abound. Ready to send a notice of error but of course that can take a while and our original payoff statement request was through September 20th.
Stratis, we apologize for your experience with PHH. Request you to send us a private message with the loan number and property address, we will review your account and contact you. Thank you.
Worst experience I've ever had in getting a home loan. They misrepresented information in emails - ended up going back and saying we needed to come up with $4,000 more in closing costs which we couldn't afford, would not release the appraisal we paid over $700 for - and ended up with a lender who said that their fees and costs were insane. We ended up closing for over $5,000 less than PHH's first agreement. Run away from them.
We take customer feedback seriously, and we apologize for your experience. Your information has been forwarded to one of our escalation management team members for review, and they will contact you to discuss this further.
- Sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 23, 2022.
PHH Mortgage Company Information
- Company Name:
- PHH Mortgage
- Year Founded:
- 1984
- Address:
- P.O. Box 5452
- City:
- Mount Laurel
- State/Province:
- NJ
- Postal Code:
- 08054
- Country:
- United States
- Website:
- www.phhmortgage.com