PHH Mortgage
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PHH Mortgage

 4.0/5 (1086 ratings)
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PHH Mortgage
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Written by Jennifer Schurman
Edited by Cassidy McCants

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.

Top PHH Mortgage Reviews

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Rated with 5 stars
Verified

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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Rated with 4 stars
Verified

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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Rates

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

YearDifference from national average
2021+0.54%
2020+0.23%
2019+0.29%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

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

FeaturesAvailability
Online applicationX
Mobile document uploadX
Physical branchesX
Publishes minimum rate on websiteX
Rate lock60 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

202120202019
Home purchase applications355251314
Home purchase loans closed12497122
Home purchase applications denied149106110
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

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

202120202019
Home purchase loans1.26%1.70%4.11%
Refinance loans45.86%55.17%28.62%
Cash-out refinance52.88%43.12%67.27%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

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 scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet 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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How do I know I can trust these reviews about PHH Mortgage?
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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Jan. 13, 2022

I called PHH Mortgage to obtain information about refinancing my home. The agent did not give me the feeling of being rushed off the line because I am not ready to refinance at this time. Instead, the agent was patient, listened to my needs, & was helpful with suggestions. I now have a concrete plan.

PHH Mortgage response

Thank you, Jill, for taking the time to share your positive feedback! We are here to help our customers, and we're glad to hear that you are pleased with the customer service provided.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 4, 2022

    Your company as well as your well trained representatives are always kind, patient, and full of compassionate and sympathetic to my needs. I recently lost my 61 yr old husband VERY unexpectedly and immediately when I called explaining my circumstances, the company representative took such good care of my needs. Reassuring me everything will work out and I should just take the time I need to get everything I had to do get done and suggested I call back in a month. Each time we had to call for whatever the issue we were treated very well. I would definitely recommend your company to anyone wishing to purchase a home or interested in refinancing. Thank you for all did for me and in my time of loss.

    Sincerely,
    DeAnna

    God Bless

    PHH Mortgage response

    DeAnna we'd like to extend our condolences to you on the loss of your husband. It is our goal to provide an exceptional customer experience, and we are delighted to hear that you are pleased with the service provided by our customer service representatives. Thank you for sharing your feedback!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 30, 2021

    I was very pleased with a recent call to your company. We were hoping to recast our mortgage with a large payment and prior to the call we’re unsure of how the process worked. Your associate was kind, professional and very helpful. He answered my questions confidently and helped me feel at ease with our decision. I am very thankful for that interaction and I was so grateful for the amazing support. Thank you very much!

    PHH Mortgage response

    Thank you, Carly. 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 14, 2021

    I contacted PHH service line to ask questions as I am a new customer. I signed up on the web page which was very easy to negotiate. I wanted to make sure that my payment would come out every month automatically so I would not have to check on it each month. The helpful service person checked on it and reassured me it would! This is wonderful! He was very polite and knowledgeable.

    PHH Mortgage response

    Janet, thank you for taking the time to share your feedback. 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.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Dec. 3, 2021

    PHH Mortgage Services always provides the highest quality of customer service and genuinely cares for their customers and treat us like family. When you need their help, they always listen to your concerns and then do everything they can to help you through something small or something huge and life changing. They are always so respectful to us and strive to go above and beyond what is needed. I know and can trust PHH Mortgage Services to see us through while giving us every opportunity to make sure that we are satisfied. We greatly appreciate all the many years of trusted customer service.

    PHH Mortgage response

    Thank you, Robert. 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.

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    Customer increased Rating by 4 stars!
    Verified Reviewer
    Resolution response: Sept. 9, 2022

    Got it sent today. Thank you.

    Original review: Sept. 7, 2022

    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.

    PHH Mortgage response

    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.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 30, 2022

    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.

    PHH Mortgage response

    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.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 30, 2022

    My experience overall with PHH has be awful but in particular cancelling PMI has be extremely frustrating. With the market so high, we submitted a request for a valuation at exactly our 2 year mark of our mortgage because we were sure the appraisal would be over what was needed to cancel PMI. They sent the form (surprisingly based on other reviews), we sent it back, they cashed our check, a few weeks later we were finally contacted by a broker to come by for a BPO. He confirmed he sent it on 7/14 and we also confirmed it was over the minimum amount we needed.

    I followed up over a week later with PHH and they claimed they never received anything. I double checked the 3rd party sent it to PHH and called back a few days later and this CSR then said they HAD received it when the broker sent it. I asked them when it would be processed because they seem to be unnecessarily drawing it out and no longer trustworthy. They said there's been a lot of PMI cancellation requests so it's a little backed up, fine, but they told me at the VERY LATEST it would be done by 8/26 but I now realized he just wanted me off the phone. In the meantime we requested our escrow account be closed and that was processed super fast.

    On 8/29 I called and asked if the PMI cancellation was processed like they said it'd be and they said no with no further info on when it would be processed, so I finally made it to the escalation team and she said she'll "monitor" and get back to me since I said they should not be taking the PMI with our payment on 9/1. I do not expect to hear back from them and after reading more about the The Homeowners Protection Act of 1998, I suspect this is bordering on illegal practices based on the time period (30 days) they must process/stop collecting payment according to the law. I get mortgage companies are struggling and laying people off but I shouldn't have to keep paying PMI payments because they're taking longer to process (whether it's because of the times or intentionally so they can keep taking more money).

    PHH Mortgage response

    Megan, we take customer feedback very seriously, and we appreciate the opportunity to address your concerns regarding PMI cancellation. Your information has been forwarded to one of our team members for review, and they will contact you to discuss this further.

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    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 10, 2022

    They purchased our loan from a local Texas lender that we refinanced with and did not recognize the over-65 property tax deferment available in the state of Texas. We sent them homestead documentation, a copy of the tax stature, and numerous letters, to no avail. Then, they suddenly paid our "back" property taxes without warning. They sent us a letter stating that if the funds were not repaid to them within 30 days, they would add an escrow account to our monthly payment, raising it to some unheard-of amount.

    Fortunately, I still had cash from the refinance and sent them the funds (it was a huge amount). But, they incorrectly applied the payment to our mortgage balance! After many phone calls, letters, and a complaint to the Texas Department of Savings and Mortgage Lending, they corrected the mistake. However, I'm still getting letters that they are working on the issue. Employees in the tax or escrow department are unreachable. It appears that everything is handled by automation and offshore workers, and one department does not know what the other is doing.

    PHH Mortgage response

    Mike, we value your feedback and sincerely apologize for your experience. We appreciate the chance to improve our service and resolve any issues that our customers may have. Your account information has been forwarded to one of our team members for a review and they will be contacting you regarding this.

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    Rated with 1 star
    Verified Reviewer
    Original review: July 29, 2022

    It has been two months of trying to get my home appraised in order to get my PMI removed and I have yet to even have my house scheduled for an appraisal. PHH will cash your $150 check right away for the appraisal but refuse to give you any answers after that. Customer service escalated my case 3 weeks ago and I have yet to even get a phone call from them.

    Reading other people's reviews it seems like this is a common issue with them. They will fight you tooth and nails to make sure you continue making PMI payments to them even when your home evaluation has skyrocketed. I found it too good to be true that they are charging $150 for an appraisal in the first place and now I see why. I would be more than happy to spend $600 to get it appraised on my own right away. Avoid this company. They are not professional, I am praying they sell my loan to someone else.

    PHH Mortgage response

    Salim, we do take all feedback seriously and apologize for your experience. Your information and details regarding the PMI has been forwarded to one of our escalation management team members for review. Following their review, they will be in contact with you.

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    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:
    1. 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