PHH Mortgage review
Conventional and government-backed home loans with monthly mortgage payment assistance but a troubled past as a lender.
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.
|Loan products offered||Conventional, Jumbo, FHA, VA, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||5%|
|State availability||AK, AZ, CA, CO, DE, GA, IL, KS, MA, MN, MS, MT, NH, NJ, NY, OH, OR, RI|
PHH Mortgage requirements
Credit score minimums vary across lenders and products. PHH Mortgage suggests a credit score of 700, but the minimum required is typically 620.
FHA loans generally require a minimum credit score of 580 and a minimum down payment of 3.5%. Some lenders accept credit scores between 500 and 579 but require a down payment of at least 10%.
VA loans don’t require a minimum credit score, minimum down payment, maximum debt ratio or maximum loan amount. But the lender must review the entire mortgage profile and weigh additional factors if the borrower’s debt-to-income ratio (DTI) is more than 41%.
Required documentation will vary depending on your personal situation, but here’s a list of the most common documents you’ll need to provide to secure your mortgage.
- Financial statements for your bank and investment accounts
- Most recent pay stubs
- Previous W-2 forms
- A fully executed purchase contract
- A homeowners insurance policy
- A flood insurance policy, if required
Costs and fees
PHH Mortgage charges a flat origination fee of $1,498 as of June 2021. According to one of their licensed mortgage specialists, this is the only fee PHH Mortgage charges. However, there are other third-party fees and costs that you’ll typically have to pay as you move through the mortgage process. These include:
- Closing costs
- Property inspection fees
- Appraisal fees
How to apply for a mortgage with PHH Mortgage
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?
Other mortgage products available at PHH Mortgage
PHH Mortgage doesn’t offer any other mortgage products other than conventional, jumbo, FHA, VA and refinance loans.
How PHH Mortgage’s products compare to other lenders
Mortgage product offerings often vary from one lender to the next. PHH Mortgage offers conventional, jumbo, FHA, VA and refinance mortgages, putting it at the middle of the pack.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
PHH Mortgage reviews and complaints
PHH Mortgage only has three reviews on Trustpilot as of June 2021, all of which are negative. With the highest rating being 2 out of 5 stars, PHH Mortgage has a rating of 2.9 out of 5 stars. The company isn’t accredited with the Better Business Bureau (BBB) and holds a C+ rating.
Reviewers on this site have rated PHH Mortgage 1.94 out of 5 stars with a total of 196 customer reviews. The company has closed 861 complaints in the last three years, 323 of which were closed in the last 12 months.
It’s also worth noting that PHH Mortgage has 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 committing a number of violations between 2008 and 2014, including failing to maintain books, accounts and records in a proper manner, and violating both servicing standards and licensing requirements.
- 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.
- 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 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.
PHH Mortgage pros and cons
- 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.
- 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.
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
PHH offers both conventional and government-insured loan options. While its homeowners’ assistance programs are helpful to have, customers reported a negative experience with PHH Mortgage when it comes to reaching customer service.
Hold times on the phone are long, sometimes over an hour. And even if you have an agent’s extension, you still might not make contact. Since there are no physical locations and all customer service is handled by phone, you may want to consider other lenders for a speedier process and better customer service. Plus, you may simply not want to do business with a lender that has violated multiple lending practices.
In any case, the best way to find your ideal lender for your situation is to shop around and compare mortgage lenders.