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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.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property
Min. credit score required
Undisclosed
Nationwide availability
Available in all U.S. states
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans
PHH Mortgage
4.1
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; refinancing; investment property
Nationwide Availability
Available in all U.S. states
Min. credit score required
Undisclosed
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.
Offers homeownership assistance programs for eligible borrowers
Provides financing for investment and vacation properties
Website offers helpful resources like calculators, checklists and educational articles
Doesn’t offer USDA loans
Doesn’t offer home equity lines of credit (HELOCs) or home equity loans
Loans only available online or by phone; there are no branch locations
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.
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 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.
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.
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.
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:
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.
PHH Mortgage
Rating: 4.1 stars out of 5
4.1
Bankrate Score
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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) |
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