PHH Mortgage services a variety of homebuyers with its selection of mortgage products. However, you can’t apply online, and there are no branch locations to speak with a mortgage specialist one on one. In addition, PHH Mortgage has proven unfavorable with its customers, and it’s been at the center of numerous lawsuits over the years.
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PHH Mortgage review
By Kat Aoki
- Minimum credit score
- Conventional: 620
- Minimum down payment (Conventional)
- 5%
- State availability
- Only available in: AK, AZ, CA, CO, DE, GA, IL, KS, MA, MN, MS, MT, NH, NJ, NY, OH, OR, RI
Our verdict
Conventional and government-backed home loans with monthly mortgage payment assistance but a troubled past as a lender.
PHH is a fully remote lender that offers conventional, FHA and VA loans and mortgage refinancing. It doesn't have any physical branches or an online application process. Instead, if you want to apply for a loan, you must contact a loan officer by phone and send your documents via email.
It's worth noting PHH doesn't have a great reputation, and after contacting the company and asking questions, we can't see any real advantages to using PHH Mortgage over another lender. It doesn't have any first-time homebuyer programs or discounts, no online application, a relatively high origination fee and its average closing time of 40 to 60 days isn't any faster than the industry standard.
If you're interested in a PHH loan, we encourage you to read its online reviews, as many customers have complained of poor service. As always, we encourage you to get at least three or four quotes from different lenders to make sure you're getting the best deal.
Pros
-
Offers rate locks
-
Mortgage payment assistance
-
Low down payment options
Cons
-
No home equity options
-
Can’t fully apply online
-
No branch locations
Details
Features
| Loan products offered | Conventional, FHA, VA, Refinance |
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 5% |
| State availability | Only available in: AK, AZ, CA, CO, DE, GA, IL, KS, MA, MN, MS, MT, NH, NJ, NY, OH, OR, RI |
| NMLS # | 2726 |
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Lending requirements are somewhat stricter than other lenders
PHH offers mortgages for medium-to-high credit borrowers. It’s not willing to work with subpar credit scores, and you must have a minimum score of 620 to apply for any of PHH’s products, including FHA loans. This is a bit stricter than some other lenders, who may go as low as 580 for an FHA loan.
As with most lenders, to qualify for a home loan with PHH, you’ll need:
- Two years’ history of employment.
- A minimum FICO score of 620.
- No history of bankruptcy in the past two years.
- A debt-to-income (DTI) ratio of around 36% or less.
Costs and fees are higher than other lenders
PHH doesn’t list its fees online, but in August 2021, we spoke with a loan officer who told us it charges a $1,498 origination fee. This is relatively high compared to many other lenders, who offer fees around $1,200 or less. And some digital lenders don’t charge any origination fees at all.
On top of FHH’s origination fee, expect to budget about 2% to 5% of your loan’s total amount for closing costs, which typically include:
- Credit report
- Appraisal
- Home inspection
- Private mortgage insurance (PMI)
- Homeowner’s insurance
- Attorney’s fees
- Title insurance
- Escrow fees
- Recording fees
- Taxes
Apply for a home loan with PHH Mortgage in 6 steps
While you can’t complete the entire mortgage application online, start the process and finish up with a mortgage loan officer.
- Go to PHH Mortgage’s home page and choose Get Started from the navigation menu.
- Enter your first and last name, then hit Next.
- Input your phone number and email address.
- Choose what you’re looking to do — for example, make a purchase, refinance or cash-out refinance.
- Select your state, then hit Next.
- Answer how much you want to borrow. Select Continue and then Submit. A mortgage loan officer will contact you to complete your application.
What types of mortgages can I get through PHH Mortgage?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products available at PHH Mortgage
PHH Mortgage doesn’t offer any other mortgage products other than conventional, FHA, VA and refinance loans.
Alternatives to PHH Mortgage
Given PHH’s less-than-stellar reputation and lack of obvious advantages over other mortgage companies, you may want to consider another lender for your homebuying needs.
By comparison, Better, Rocket Loans and Beeline all offer a streamlined, 100% digital application process, lower fees and potentially faster turnaround. Or if you prefer to see your loan officer face to face, you might want to consider a traditional-digital lender like Guaranteed Rate, Freedom Mortgage or even a local bank or credit union.
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PHH reviews are widely mixed with many customer complaints
As of July 2022, PHH Mortgage has a 1.7 out of 5 star rating on WalletHub from 170 customers. While some clients left positive reviews, many others have complained of billing errors, predatory behaviors and overall poor service.
PHH Mortgage isn’t accredited by the Better Business Bureau (BBB) and has a B+ business rating. As of July 2022, over 200 customers on the BBB site have given the company a 3.13 out of 5 rating and 1099 complaints have been closed in the past three years — a fairly high number.
PHH Mortgage has also been involved in multiple government actions over the last few years.
- In November 2016, PHH Mortgage and the New York State Department of Financial Services agreed to PHH Mortgage paying $28 million for a number of violations between 2008 and 2014, including failing to maintain books, accounts and records properly and violating both servicing standards and licensing requirements.
- In October 2020, PHH Mortgage and the California Commissioner for Financial Protection and Innovation entered a consent order, requiring PHH Mortgage to pay a penalty of $62,000 for overcharging borrowers per diem interest, a penalty of $150 per violation for each violation identified in a 2017 regulatory examination and a penalty of $250 for each violation identified in the re-audit that was not previously reported in the original audit.
- In August 2018, PHH Mortgage settled with the State of Georgia over allegations that it violated Georgia’s Fair Business Practices Act after charging unauthorized fees to Georgia consumers. PHH Mortgage was required to pay $75,000 in penalties.
- In August 2017, PHH Mortgage agreed to pay $74,453,802 to resolve allegations that they knowingly originated and underwrote mortgage loans insured by HUD, FHA, VA, Fannie Mae and Freddie Mac that didn’t meet necessary requirements, violating the False Claims Act.
PHH Mortgage pros and cons
Help weigh out your decision based on these details.
Pros
- Variety of mortgage types. PHH Mortgage offers conventional, jumbo, FHA, VA and refinance mortgages.
- Mortgage payment assistance. PHH Mortgage offers programs to help after unemployment, illness or other hardships.
Cons
- Numerous lawsuits. PHH Mortgage has been involved in several government actions in recent years for violating a range of lending practices.
- Poor reviews. On an individual basis, most customers have had a negative experience with PHH Mortgage.
- No online application process. The furthest you can get online is filling out a questionnaire and waiting for PHH Mortgage to contact you about your mortgage options.
- No branch locations. In addition to not being able to apply online, there are no branch locations to sit down with a mortgage loan officer.
- Lack of transparency. The PHH Mortgage website provides very little information up front. In our experience, we had to call and speak to a mortgage loan officer directly to get specific information.
What is PHH Mortgage?
PHH Mortgage is a nonbank mortgage company that began in 1977. It became a subsidiary of Ocwen Financial Corporation in 2018. PHH Mortgage offers new purchase mortgages, refinance options and various insurance products.
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