PHH Mortgage Review 2021

By Erik J. Martin

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.

At a glance

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4.4

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Loans offered

Conventional fixed-rate and adjustable-rate mortgages (ARMs), FHA and VA fixed-rate loans and jumbo fixed-rate loans, investment property loans; refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in all U.S. states
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

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

PHH Mortgage overview

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
PHH Mortgage also offers rate-and-term refinancing and cash-out refinancing. Borrowers can typically get preapproved in one business day, according to the lender's website. Borrowers without a credit history may 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.

Loan types

  • Conventional fixed-rate
  • Adjustable-rate mortgages (ARMs)
  • FHA fixed-rate loans
  • VA fixed-rate loans
  • Jumbo fixed-rate loans
  • Investment property loans
  • Rate-and-term refinancing
  • Cash-out refinancing

Lender fees

PHH Mortgage lender fees vary by loan type. For loan servicing, the lender may impose certain fees, which can be found its website.

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).

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