PHH Mortgage Corporation: Overview and Key Details
1. Company Background
Ownership: PHH Mortgage is a subsidiary of Ocwen Financial Corporation, which acquired PHH Corporation in 2018 for $360 million. Despite the acquisition, PHH Mortgage continues to operate under its brand name.
Business Model: Acts as both a mortgage originator (lending) and servicer (managing loan payments, escrow, and customer service) for third-party lenders.
2. Market Presence
Ranking: Among the top 10 mortgage servicers in the U.S., managing over 1 million loans with a servicing portfolio exceeding $150 billion (as of 2025).
Geographic Reach: Operates nationwide, offering services in all 50 states.
3. Services Offered
Loan Products:
Fixed-rate and adjustable-rate mortgages (ARMs).
Government-backed loans: FHA, VA, and USDA.
Jumbo loans and refinancing options.
Technology:
Online Portal: For applications, document uploads, and payment processing.
Mobile App: Enables loan management, payments, and statement access.
Partnerships with fintech firms (e.g., AI-driven customer service tools).
4. Recent Developments
Regulatory Actions:
Settled a 2020 CFPB lawsuit over servicing practices, paying a fine and improving processes.
Resolved a 2023 class-action lawsuit by enhancing loan modification transparency.
Digital Upgrades: Launched AI chatbots and enhanced online tools in 2024 to streamline customer interactions.
5. Customer Experience
Reputation: Mixed reviews with a Better Business Bureau (BBB) rating of 2 stars (as of 2025). Common complaints include delays in loan processing and customer service responsiveness.
Positive Feedback: Some customers praise efficient representatives and user-friendly digital tools.
6. Competitors
Major rivals include Mr. Cooper, Wells Fargo, LoanCare, and Select Portfolio Servicing.
7. Financial Snapshot
Parent Company (Ocwen):
2023 Revenue: $1.2 billion (servicing segment contributed ~40%).
Portfolio: $150 billion+ in serviced loans (as of 2025).
8. Outlook
PHH Mortgage aims to expand its digital offerings and improve customer satisfaction amid ongoing regulatory and competitive pressures.
For Consumers:
Pros: Wide loan product selection, nationwide availability, and improving digital tools.
Cons: Mixed customer service reputation; research reviews and compare rates before committing.
Let me know if you need deeper insights into specific areas like loan products, legal updates, or competitor comparisons! 🏡📊