Formerly known as Cendant Mortgage, and still part of the Cendant Real Estate Group family of businesses, PHH Mortgage is one of the top-ten mortgage originators in the United States. With two main facilities, one in New Jersey, and the other in Florida, PHH employs more than 6300 people, and in 2004 alone provided $53 million in mortgage financing.
PHH’s mission is to treat customers like family while providing financing for the American dream, and they promise that the experience will be “smooth, easy, and at times, fun” and that they will do this with “unequaled passion and expertise.”
Because their parent company, Cendant, provides back room expertise for the mortgage branches of companies like Century 21 and Coldwell Banker, PHH’s clients are primarily looking for purchase money, but the company offers a broad spectrum of programs including purchase and refinance loans, home equity loans, and free pre-approvals so prospective homeowners can shop with the confidence of knowing they have financing already arranged. Their incentive plans include an interest rate reduction of 1/8 if a purchase loan doesn’t close on time (providing their programs, procedures and preferred agents are used).
Cendant Mortgage Options
They don’t have a single leading product, though their most popular programs are the 30- and 15-year fixed rate loans, and their 10/1, 7/1 and 5/1 ARMs. However, they also offer 20-year terms, and an “advantage arm” that shares the same 25-year term and 10-year draw period as most HELOC‘s. In addition, PHH also offers contruction-to-permanent financing, geared toward clients who are building their own houses, either on their own, or through a developer, and true balloon mortgages, which are similar to intermediate arms in their 7- or 5-year initial term, except that there is a balloon payment due at the end, if the client chooses not to refinance or convert to an ARM.
PHH Mortgage’s website has extensive information about their programs and practices, including full disclosures of their ARM terms, and a learning center, for clients new to the mortgage industry.
Other Cendant Mortgage Options
Cendant/PHH Mortgage lends throughout the United States, and is subject to the laws of the state in which specific property is located.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.