PHH Mortgage Review 2019


PHH Mortgage Review 2019

Share: Rating: 3.5 stars out of 5

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.

Pros

  • Website Based – PHH Mortgage is an online based company which can be a benefit to borrowers that have busy schedules.

  • Competitive Rates/Pricing – PHH Mortgage has competitive rates, fees, and programs compared to the competitors.

  • Stability – PHH Mortgage has extreme stability given the fact that they have been open since 1946 with little amount of negative feedback and always come through with their promises.

  • Good or Bad Borrowers – PHH Mortgage is able to work with the majority of borrowers with bad or good credit and can always refer you to someone that can help you rebuild credit to get the home of your dreams.

Cons

  • No Specialty Programs – PHH Mortgage does not offer specialty programs such as USDA, Home Ready, Affordable Housing, Home Equity Lines of Credit and second mortgages, nor do they have any thing in the works stating they are trying to get this up and going.

  • Unexperienced Customer Service – PHH Mortgage has little to no real experience in the customer service side of their business. They are not willing to work with you regarding issues with current loans, nor are their underwriter departments very flexible during the process of your loan.

  • Bad Turn Times – PHH Mortgage has very terrible loan processing turn times. Please don’t think you will be closing your loan sooner than 60 days.

  • Physical Branches – No PHH Mortgage does not have any physical branches other than their main headquarters so you are unable to physically go into a branch and speak to a loan originator.

  • Not Customer Friendly – PHH Mortgage does not have a very customer friendly website nor do they have enough information to give a first-time homebuyer looking to purchase or a customer looking to refinance with no knowledge.

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.

PHH Mortgage Process – How To Get a Loan

PHH Mortgage doesn’t exactly have a friendly website to locate and access status of loans in progress, steps to take while in the process of your current loan but like normal mortgage lenders, the steps are usually the same. Given that PHH Mortgage is an online based lender, you would think they would have much more information.

First, you will need to find your property. Once you have the property in mind, you will need to contact a loan originator to talk over your loan options. From there, you will then have an operations team that will contact you requesting loan documents such as disclosures, to start the timeline of your closing date, and then you will need to send in your income and asset documentation.

If you have finicky things about your credit, you will need to send in documents for that as well. After that your property valuation documents will be ordered and all documents will be reviewed by their underwriting department that will determine if your loan is approved or if they need more information to get your loan approved.

After that, you will then get a phone call from either your realtor, loan originator, or title escrow officer to schedule your closing and then you are on your way to owning your own home.

Should You Consider PHH Mortgage?

The ideal borrower for PHH is someone that doesn’t like face to face contact or that has a very busy schedule where they are only able to work solely online. Currently it doesn’t look like PHH Mortgage has a link where you will be able to upload documents which means that you will need to either snail mail or fax in all of your documents which can take a lot longer to close on your loan.

With that being said, their turn times are ranging from 45 to 60 days so don’t plan on having a closing date within 30.