Editorial Review

PHH Mortgage Review 2019

PHH has more than 30 years' experience in mortgage lending, and offers conventional, FHA and VA loans.

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Our Take

2.5

NerdWallet rating 

The Bottom Line: PHH requires you to register online or call to see mortgage rates. It doesn't offer equity products.

National/regional
National
Min. down payment
N/A
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros
  • Start the application process online or on the phone.
  • 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.
  • Will finance vacation homes and investment properties.
Cons
  • Mortgage interest rates are unavailable without registering.
  • No home equity loans or lines of credit.

Full Review

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.

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.”

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.

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.