PHH Mortgage Corporation is a national lender that offers a variety of residential mortgage products. They focus on combining digital convenience with professional support, providing borrowers with a balanced approach to home financing.
See today’s mortgage interest rates on TrueRate.
How PHH Mortgage compares to other lenders
| Headquarters | Mount Laurel, New Jersey |
| Website | phhmortgage.com |
| Rate | 0.02% lower than the median rate |
| Lender fees | $1,498 (median on PHH loans) |
| Savings after 1 year, compared to the median interest rate | $451 |
| Added cost after 10 years, compared to the median interest rate | $1,161 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,127 |
| Added cost 10 years (vs. Tomo Mortgage) | $10,023 |
For a $400,000 mortgage, PHH Mortgage’s rates, just below the market median—and $1,498 in lender fees would result in estimated savings of approximately $451 in the first year and about $1,161 over 10 years compared to the median lender.
What customers are saying
Customer reviews of PHH Mortgage’s services reveal a mix of positive and negative experiences, with notable concerns about transparency and customer service.
PHH Mortgage offers a wide range of loan options, including conventional, jumbo, FHA, VA, and refinancing loans, with down payments as low as 3% for conventional loans and none for VA loans. Borrowers appreciated the nationwide availability and the close-on-time guarantee, which provides $1,500 if the loan fails to close on time.
Some customers praised individual representatives for professionalism and responsiveness. Reviews on BBB highlight instances where PHH resolved issues quickly and provided helpful guidance.
Transparency is a major concern, as PHH does not advertise mortgage rates or fees online, making it difficult for borrowers to compare options without starting the pre-approval process. Many borrowers found this lack of upfront information frustrating.
Customer service reviews are highly polarized. While some customers report positive experiences, others describe PHH as unreliable or unresponsive. Complaints include delays in processing payments, escrow account issues, and miscommunication during critical stages of the mortgage process.
PHH has faced criticism for servicing practices, including charging illegal fees for appraisals and errors in loan servicing. A data breach in 2023 also raised concerns about security.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.