PHH Mortgage review

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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.

1. Go to PHH Mortgage’s home page and choose Get Started from the navigation menu.
2. Enter your first and last name, then hit Next.
3. Input your phone number and email address.
4. Choose what you’re looking to do — for example, make a purchase, refinance or cash-out refinance.
5. Select your state, then hit Next.
6. 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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Product	Loan products offered	State availability	Min. credit score
Rocket Mortgage	Conventional, Jumbo, FHA, VA, Refinance, Home equity loan	Available in all states	620	Apply online for free and lock in your rate for 90 days.	See rates More Info Compare	loading Fetching your data...
Veterans United	Conventional, FHA, VA, USDA, Jumbo, Refinance	Available in all states	620	Veterans United stands out from other lenders for its focus on serving the military community.	See rates More Info Compare	loading Fetching your data...

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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

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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.