PHH Mortgage Review 2022

Good for: borrowers seeking a typical purchase or refinance loan, or buying a vacation home.

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Our Take

3.0

NerdWallet rating 

The bottom line:

PHH Mortgage, a prominent mortgage servicer, offers a variety of purchase and refinance loans. You have to speak with a loan officer to get rates.

PHH Mortgage
PHH Mortgage: NMLS#2726
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Pros & Cons

Pros

  • Has a variety of fixed-rate conventional adjustable-rate mortgages.
  • Offers government-backed loans, including FHA and VA.
  • Offers financing for investment properties and vacation homes.

Cons

  • Mortgage interest rates are unavailable without speaking to a loan officer.
  • Mortgage rates and origination fees are on the high side, according to the latest federal data.
  • No home equity loans or lines of credit.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

What borrowers say about PHH Mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power.

  • PHH Mortgage receives a 487 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

PHH Mortgage variety of loan types

  • 4 of 5 stars

PHH Mortgage offers a variety of purchase loan types, including conventional mortgages as well as government-backed loans. PHH offers cash-out refinancing, but doesn't offer home equity loans or home equity lines of credit.

PHH Mortgage ease of application

  • 3 of 5 stars

Although PHH Mortgage’s website performs well on mobile devices, digital tools to apply for or manage your mortgage are relatively limited. You can fill out an intake form online, but to finalize your preapproval, you need to speak with a loan officer on the phone.

PHH Mortgage rates and fees

  • 1.5 of 5 stars

  • PHH Mortgage earns 1 of 5 stars for average origination fee.

  • PHH Mortgage earns 2 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

PHH Mortgage rate transparency

  • 1 of 5 stars

You won’t find mortgage rates on the PHH Mortgage website. You’ll have to speak with a loan officer to obtain any rate information.

Alternatives to PHH Mortgage

Here are some comparable lenders we review that borrowers can consider.

If you’re looking for a jumbo loan for a second home, Ally Bank is a highly rated lender that excels in digital convenience. However, Ally Bank does not offer FHA or VA loans.

Veterans United specializes in VA loans and also offers FHA and conventional loans.

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).