PHH Mortgage Mortgage Review 2020

By Erik J. Martin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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3.2

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

PHH Mortgage is a non-bank lender that has been providing mortgages since 1984. Today, PHH Mortgage is a wholly-owned subsidiary of Ocwen Financial Corp, which acquired its parent company in 2018. PHH Mortgage provides a variety of mortgage options and loans for homebuyers, including:
  • Conventional fixed-rate and adjustable-rate mortgages (ARMs)
  • FHA and VA loans
  • Jumbo mortgages
The lender also offers rate-and-term refinancing and cash-out refinancing.

Nationwide availability

Available in all U.S. states

Minimum credit score

PHH Mortgage didn’t respond to requests for information. According to its website, “a credit score that falls between 680 and 850 is considered more favorable and a lesser credit risk.”

Loan types

Conventional fixed-rate and adjustable-rate mortgages, FHA and VA fixed-rate loans and jumbo fixed-rate loans refinancing options include rate-and-term refinancing and cash-out refinancing

Pros

  • Offers a variety of loans available throughout the country
  • Provides financing for investment and vacation properties
  • Has homeowners assistance programs for eligible borrowers
  • Website offers helpful resources like calculators, checklists and educational articles

Cons

  • Doesn’t offer USDA loans
  • Doesn’t offer home equity loans or home equity lines of credit (HELOCs)
  • Loans only available online or by phone; there are no physical branches

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PHH Mortgage overview

Loan types

  • Conventional fixed-rate and adjustable-rate mortgages
  • FHA and VA fixed-rate loans
  • Jumbo fixed-rate loans
  • Refinancing including rate-and-term refinancing and cash-out refinancing

Lender fees

PHH Mortgage lender fees vary by loan type.

Minimum borrower requirements

PHH Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3.5 percent is required (zero down for VA loans).

Get started with PHH Mortgage

Borrowers can apply online. If you apply online, a representative will contact you.

Hours

Monday - Friday: 8 a.m. - 9 p.m. EST Saturday: 8 a.m. - 5 p.m. EST Contact: 800-449-8767

PHH Mortgage consumer rating and reviews

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