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PHH Mortgage Review 2019

Dec. 22, 2018
Finding the Right Mortgage, Mortgages
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Unlike many other large lenders, who may split their efforts among mortgage lending, banking and credit cards, PHH Mortgage focuses solely on home loans. And it’s been doing it for a long time.

Founded in 1946, PHH Corp. (the parent company of PHH Mortgage and PHH Home Loans) is headquartered in Mount Laurel, New Jersey, and PHH Mortgage has corporate offices in Jacksonville, Florida, Williamsville, New York, and Bannockburn, Illinois. PHH Mortgage offers its customers variety and flexibility, as well as the technology tools to apply for and manage their mortgage virtually.

Let’s see how PHH Mortgage stacks up against other lenders.

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  • Operates in all 50 states.
  • Offers fixed-rate purchase and refinance loans in terms of 15, 20, 25 and 30 years, as well as 3/1, 5/1, 7/1 and 10/1 ARMs.
  • Pays customers $500 if it doesn’t close loans by the agreed-upon date.

Compare PHH Mortgage with other lenders.

PHH Mortgage products

In addition to the broad range of fixed- and adjustable-rate loans it offers, PHH Mortgage, which has been in business for more than 30 years, also offers loans insured by the Federal Housing Administration, called FHA loans, and the U.S. Department of Veterans Affairs, or VA loans, for eligible military members.

If you’re looking to refinance, PHH Mortgage offers rate and term loans, as well as cash-out refinancing. According to its website, you can expect to pay between 1% and 2% in closing costs for a refinance through PHH Mortgage. Jumbo financing for loans outside of the conforming loan limits is another option.

As PHH Mortgage did not respond to NerdWallet’s requests for an interview or information, specific borrower eligibility criteria could not be verified. The company does give the following guideline on its website: “A credit score that falls between 680 and 850 is considered more favorable and a lesser credit risk.”

» MORE: Calculate your monthly mortgage payment

A legacy of mortgage lending

PHH Mortgage focuses solely on home loans. In 2015, PHH Mortgage closed roughly $41 billion in mortgage financing and serviced $226 billion in loans, according to its website.

Although PHH Mortgage doesn’t have physical branch locations — it’s a nonbank lender — it has created a joint venture with Realogy Holdings Corp., through PHH Home Loans, to provide mortgage origination services to more than 700 real estate offices. Those offices are part of the NRT LLC real estate brokerage business, which is the largest residential real estate brokerage in the country, according to the PHH Mortgage website.

The loan products and offerings available through PHH Home Loans seem to differ from those offered by PHH Mortgage. For example, PHH Home Loans offers a “Flex 97%” loan, which is a 3% down payment conventional loan without maximum mortgage amount limitations; borrowers must have a credit score over 680. This loan option, however, isn’t listed on PHH Mortgage’s website.

What PHH Mortgage does best

  • It focuses solely on mortgage lending so you won’t be pressured to sign up for other financial products or services, also known as cross-selling.
  • Borrowers can get rate quotes, pre-qualification and preapproval entirely online or by phone.

Where PHH Mortgage falls short

  • PHH Mortgage doesn’t have physical branch locations.
  • It does not appear from its website that PHH Mortgage offers home equity loans or home equity line of credit programs.

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NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.