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PHH Mortgage Review 2024

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At a glance

PHH Mortgage

Editor's take

PHH Mortgage’s customer service appears to be a mixed bag, having had its fair share of press for subpar servicing practices and a below-average J.D. Power customer satisfaction rating, but high marks on sites like Trustpilot. The lender might have more flexibility compared to others in terms of qualifying borrowers, and it has several affiliate partnerships that could save you money on homeowners insurance and other policies.

Bankrate Score
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3.7
Rating: 3.7 stars out of 5
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Customer Rating
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3.0
Rating: 3 stars out of 5

2 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

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

3.7

Rating: 3.7 stars out of 5
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Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

Undisclosed

PHH Mortgage overview

PHH Mortgage is a non-bank lender providing home loans since 1984. Today, PHH is a subsidiary of Ocwen Financial Corp, offering 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. The lender continues to struggle with customer satisfaction, however — 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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    Traditional mortgage options plus investment and vacation property financing

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    Website offers helpful resources like calculators, checklists and educational articles

Cons
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    No branch locations

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    No home equity products or USDA loans

Our Editor’s Take on PHH Mortgage

PHH Mortgage’s customer service appears to be a mixed bag, having had its fair share of press for subpar servicing practices and a below-average J.D. Power customer satisfaction rating, but high marks on sites like Trustpilot. The lender might have more flexibility compared to others in terms of qualifying borrowers, and it has several affiliate partnerships that could save you money on homeowners insurance and other policies.

How Bankrate scored PHH Mortgage 

  • 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.
  • 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: 6.6/10

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: 9.6/10

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 or home equity products.

Borrower experience: 5.7/10

PHH Mortgage has been around for more than 30 years. It has an A rating from the Better Business Bureau (most complaints seem to center around customer service) and an “Excellent” 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 a loan officer 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 mortgage with PHH Mortgage online or by phone at 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 both rate-and-term and cash-out refinancing options. The lender doesn’t 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: 3.7 stars out of 5
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3.7

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
Info
Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 500 for FHA 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% for conventional loans, 3.5% for FHA loans

Down payment

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

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

PHH Mortgage customer ratings and reviews

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3.0

Rating: 3 stars out of 5

2 ratings

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This lender has 2 recent reviews.

Knowledge
Rating: 3.5 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 3.5 stars out of 5
Responsiveness
Rating: 3 stars out of 5
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50% of customers would recommend this lender.

of 2 reviews

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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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