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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PHH Mortgage


About lender

The PHH Mortgage Corporation is a New Jersey-based American financial services corporation that provides mortgage services to some of the world's major financial institutions. PHH is the largest home loan outsourcer in the United States, processing and originating mortgages for small banks and some of the world's most important financial institutions, including Morgan Stanley and HSBC Holdings Plc. Ocwen Financial finalized its acquisition of PHH Corporation on October 4, 2018, and PHH is now owned by Ocwen Financial Corp. in its entirety.

PHH was started in 1946 in Mount Laurel, New Jersey, by Duane Peterson, Harley Howell, and Richard Heather and incorporated in 1953 as a Maryland corporation providing mortgage services, employee relocation services, and fleet management services. PHH Mortgage offers several mortgage products, including fixed-rate mortgages and adjustable-rate mortgages (ARM), jumbo loans, FHA and VA loans, and refinancing. Borrowers may usually get pre-approved in one business day, and those without a credit history may ‌use alternative sources, such as a history of on-time bill payments, to demonstrate trustworthiness.

Pros and cons

  • Provides homeowner assistance programs to qualified borrowers

  • Available financing for investment and vacation properties

  • Valuable resources such as calculators, checklists, and instructive materials on the website.


  • Unavailable mortgage interest rates without communicating with a loan officer

  • Only available by phone or online; there are no branch locations

  • No home equity loans or lines of credit.

Terms and conditions

The home loan cost is one of the essential considerations you should make when selecting a mortgage provider to work with. PHH Mortgage does not publish its daily refinance and buy rates on its loans nor provide consumers with a list of fees they may be required to pay at closing time. However, it details several potential costs borrowers may be required to pay during repayment.

The price for a bad check or one written with insufficient cash ranges from $0 to $50, while the cost of late payment is determined by the terms of your note and mortgage or deed of trust. Mortgage verification documentation costs anywhere from $0.00 to $20.00 and might cost anywhere from $0.00 to $30.00 for the payoff quote.

On top of that, each inspection costs anywhere from $0 to $40.00. External property inspection fees are placed on borrowers with 45 days or more delinquent loans. According to the terms of the loan and applicable state and federal legislation, actual prices may differ. Non-common costs, foreclosure costs, bankruptcy fees, attorney fees, and court costs are not included in this estimate. When you apply for a loan, you can ask for a one-time rate lock. It means your interest rate won't change when you make an offer and close. PHH also offers "rate protection," like a float-down rate lock. If mortgage rates go down after you lock in a rate, you may be able to get a lower rate up to five days before closing. Borrowers who want to refinance can lock in a lower rate up to 15 days before the finish.


How often does PHH Mortgage change interest rates?

Changes in the monthly payment will take effect one month after the interest rate changes. After three years and each year, your monthly payment may alter due to changes in the interest rate. 

How do I lock my PHH Mortgage rate?

To learn more about current interest rates and your alternatives for locking in or protecting your mortgage rate, call (855) 233-9749 to speak with an expert loan officer. 

How does a cash-out refinance with PHH Mortgage work?

Refinancing your current mortgage with a PHH Mortgage cash-out refinance allows you to take out a new loan for more money than you presently owe. Once you've paid off the additional money, you'll have a single new mortgage to pay off.

How much of my home equity can I refinance with PHH Mortgage?

Find out the details of the specific advantages of refinancing accessible to you. A PHH Mortgage loan expert can assist you in navigating the nuances and criteria of the financing process.

Company documents

State Licensing
Terms & Conditions
Privacy Policy

Whether you are looking to purchase a new home or refinance your current mortgage, PHH Mortgage offers a wide variety of loan options, including conventional, VA, FHA and Jumbo.

© PHH Mortgage Corporation

Calculate loan payments in PHH Mortgage

PHH Mortgage calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

Enter the desired loan amount

100000 $
10000000 $
Loan term

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What to focus on before applying for a loan with PHH Mortgage

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between PHH Mortgage and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All PHH Mortgage’s reviews by September 2022
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