PHH Mortgage Review 2021

Written by
TJ Porter
Edited By

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At a glance

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4.4

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; investment property
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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 homeowners assistance programs for eligible borrowers
  • Provides financing for investment and vacation properties
  • Website offers helpful resources like calculators, checklists and educational articles

Cons

  • 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 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.

Good for 

Borrowers looking for a quick preapproval and flexible loan requirements

Loan types

  • Conventional
  • Jumbo
  • FHA
  • VA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Investment property

Lender fees

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

Rates 

PHH Mortgage does not display mortgage rates or fees for any of its loans on its website. If you want to learn more about rates, you can call or fill out a form online to start the preapproval process.

Reputation

PHH Mortgage has been in the industry for 30 years, and it is fully licensed by the relevant authorities of each state it operates in. One downside that might give borrowers pause is its Better Business Bureau rating; the lender has a C+ rating, with most complaints seeming to center around poor customer service.

Online services

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 speaking to a loan officer over the phone. You’ll need to fill out an online form detailing the loan you’re looking for, then wait for the lender to call you. There is no option to chat with a representative to get support or ask questions. The lender does, however, offer an online mortgage calculator that you can use to estimate your payments.

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). A minimum down payment of 3.5 percent is required for FHA loans, while VA loans don’t have a down payment requirement.

Refinancing with PHH Mortgage 

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

Not sure if PHH Mortgage is right for you? Consider these alternatives

Breakdown of PHH Mortgage overall review score 

  • Affordability: 14.75/15
  • Availability: 11/15
  • Borrower experience: 14/15

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.

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PHH Mortgage consumer reviews

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Written by
TJ Porter
Contributing writer
TJ Porter is a contributing writer for Bankrate. TJ writes about a range of subjects, from budgeting tips to bank account reviews.
Edited by
Mortgage editor