The Smart Investor reviews are unbiased, and reflect the views of our editorial staff. We’ve collected the information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
PHH – About The Lender
PHH Mortgage was founded in 1946 in Mount Laurel, New Jersey and incorporated in 1953 as a Maryland corporation which provides mortgage services in the world’s largest financial services firms. PHH Mortgage is the biggest U.S. outsourcer of home loans that processes and originates on behalf of smaller banks and smaller financial firms.
PHH Mortgage has had a rough reputation with customer reviews along with lawsuits against them, including the one where they paid out $74 million paid to the U.S. due to PHH Mortgage not complying with the correct guidelines and requirements for any underwritten loans. Like every lender in the mortgage industry, they have issues but try as hard as possible to get back up with their reputation. In this case, PHH Mortgage isn’t exactly the largest mortgage company but they still have a great following.
PHH Mortgage Pros & Cons
PHH Mortgage Products, Fees, and Conditions
PHH Mortgage doesn’t really offer as many programs and products as the larger lenders nor the smaller lenders. Their programs are pretty much standard compared to any other mortgage company. They offer fixed and adjustable (ARM) rate loans with Conventional, FHA, VA, and Jumbo loans.
PHH Mortgage also offers rate and term and cash out refinances but you will be paying a 1% to 2% fee within your closing costs. Each loan is specific but their average credit scores they work with are from 680 to 850 so the majority of their programs are catering to those types of borrowers.
Again, they don’t offer too many specialty products but they are a lender that will offer competitive rates with the minimum loan programs they offer.