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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.
Conventional: 620
Minimum credit score
5%
Minimum down payment (Conventional)
Only available in: AK, AZ, CA, CO, DE, GA, IL, KS, MA, MN, MS, MT, NH, NJ, NY, OH, OR, RI
State availability
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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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.
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:
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:
While you can’t complete the entire mortgage application online, start the process and finish up with a mortgage loan officer.
PHH Mortgage doesn’t offer any other mortgage products other than conventional, FHA, VA and refinance loans.
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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Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
Help weigh out your decision based on these details.
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.