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PHH Mortgage Review 2023

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At a glance

PHH Mortgage

Editor's take

 PHH Mortgage can be a good choice for borrowers looking for a quick preapproval and flexible loan requirements. However, its customer satisfaction scores pose something of a red flag. 

Bankrate Score
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4.1
Rating: 4.1 stars out of 5
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Customer Rating
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Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

Available in all U.S. states

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

PHH Mortgage

4.1

Rating: 4.1 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

Undisclosed

PHH Mortgage overview

PHH Mortgage is a non-bank lender that has been providing mortgages since 1984. Today, PHH Mortgage is a subsidiary of Ocwen Financial Corp, which acquired the lender’s parent company in 2018. PHH Mortgage provides a variety of mortgage options, including conventional, FHA and VA loans and refinancing. Borrowers can typically get preapproved in one business day, according to the lender's website, and those without a credit history might also be eligible to use other sources, such as a history of on-time bill payments, to verify creditworthiness. PHH Mortgage is headquartered in Mount Laurel, New Jersey. The lender continues to struggle with customer satisfaction – it ranked next to last in J.D. Power’s latest survey of mortgage servicers.

Pros and cons of PHH Mortgage

Pros
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    Offers homeownership assistance programs for eligible borrowers

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    Provides financing for investment and vacation properties

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    Website offers helpful resources like calculators, checklists and educational articles

Cons
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    Doesn’t offer USDA loans

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    Doesn’t offer home equity lines of credit (HELOCs) or home equity loans

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    Loans only available online or by phone; there are no branch locations

Our Editor’s Take on PHH Mortgage

 PHH Mortgage can be a good choice for borrowers looking for a quick preapproval and flexible loan requirements. However, its customer satisfaction scores pose something of a red flag. 

How Bankrate scored PHH Mortgage 

To determine PHH Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: It’s challenging to obtain rate and cost information from PHH Mortgage without contacting a loan officer directly. This might make it harder to compare this lender to others, especially if you’re just exploring options.
  • Availability: PHH Mortgage works with borrowers nationwide, offering the standard set of loan products plus investment property financing.
  • Borrower experience: PHH’s loan officers have some weekend availability, but you’ll need to connect with one directly before you make any moves with this lender.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key. PHH Mortgage doesn’t display mortgage rates or fees for any of its loans on its website. If you want to learn more about rates, you can call the lender or fill out a form online to start the preapproval process.

Availability: 4.5/5

This factor can make the overall mortgage application process smoother or more challenging. You can work with PHH Mortgage on a home loan no matter where you live in the U.S., assuming you’re eligible based on the lender’s underwriting criteria. Your options include conventional, FHA and VA loans, along with rental property solutions. The lender doesn’t offer USDA loans (for certain borrowers in rural areas) or home equity products.

Borrower experience: 4.7/5

Know what to expect when you work with a specific lender. PHH Mortgage has been around for 30 years. It has an A- rating from the Better Business Bureau, with most complaints seeming to center around customer service, and a “Great” rating on Trustpilot.

You can get the home loan process with PHH Mortgage started online, but the lender doesn’t offer any way to get preapproved or apply online without first speaking to a loan officer. You’ll need to fill out an online form detailing the loan you’re looking for, then wait for the lender to call you. The lender does, however, offer an online chat feature and mortgage calculator that you can use to estimate your payments.

How to apply for a mortgage with PHH Mortgage

You can apply for a purchase loan or a refinance on PHH’s website or by calling 800-210-8849.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with PHH Mortgage

PHH Mortgage offers loan refinancing options to lower your monthly payment, adjust the term of your current mortgage or take equity out of your home. The lender does not display refinance rates or fees online, however. To learn more about the rate you could qualify for and the costs you’ll pay, you’ll need to start the application process online or contact a loan officer directly.

Compare PHH Mortgage to other lenders

PHH Mortgage

Rating: 4.1 stars out of 5
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4.1

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LowRates.com
Rating: 4.8 stars out of 5
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4.8

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Rating: 4.2 stars out of 5
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4.2

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; reverse mortgage

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; investment property

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 620 for jumbo loans, 500 for FHA loans, 500 for VA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states (except Georgia and Massachusetts) and Puerto Rico

Nationwide availability

Available in 42 states and Washington, D.C. (not available in Alaska, Hawaii, Nevada, New York, Rhode Island, South Dakota, Vermont or Wyoming)

PHH Mortgage customer ratings and reviews

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