Can You Get a PHH Mortgage?
PHH Mortgage, also commonly referred to as the PHH Corporation, is a corporation in the United States that provides services to financial institutions and mortgage lenders.
It is considered to be a mortgage outsourcing company and retail residential mortgage originators, with the overall purpose of handling mortgage loans applications and processing them on behalf of the lending institution. PHH Mortgage is considered to be one of the top five retail residential mortgage originators in the United States.
PHH Mortgage Services – As a private mortgage company, PHH Mortgage offers a variety of services in regards to mortgages throughout the United States.
The main service offered at PHH Mortgage is in originating mortgage loans for lenders and financial institutions. PHH Mortgage can, therefore, originate a source of income for mortgage companies and financial institutions by providing a source for new clientele.
PHH Mortgage will also be involved in the actual mortgage process, having direct contact with prospective mortgage loan borrowers and applicants. The company can also provide services to take and process mortgage loan applications as well.
Essentially, PHH Mortgage will act as an intermediate party, establishing a connection between the lender and the borrower in order to give both parties the opportunity to engage in a transaction of offering and securing mortgage loans.
PHH Mortgage will specialize in providing services to lenders by following the guidelines and specifications in regards to mortgage loans applications and processing imposed by the different mortgage companies and financial institutions.
Aside from the mortgage application processing, PHH Mortgage will also conduct services after the loans have been secured, offering collection and processing services for mortgage payments as well.
PHH Mortgage Guarantees – Dedicated to providing the best services possible to their clients, they offer certain guarantees in regards to overall efficient and quality of their products. One of the guarantees made by PHH Mortgage is the Best Price Guarantee.
This places a promise on behalf of the company that PHH Mortgage will compete with other lenders in regards to the fees charged. If any lender manages to provide an applicant a better price or fee, PHH Mortgage will pay the customer $500 cash.
PHH Mortgage also guarantees that a decision on the loan application will be made on the same day that the application is filed. This places a strong focus on customer service, making PHH Mortgage an attractive company both the lenders and mortgage applicants.
In the case that a decision is not made within the same day the application is received, PHH Mortgage will pay the application $250.
The third guarantee PHH Mortgage makes is in regards to the closing date of a mortgage loan. In the case that PHH Mortgage does not meet the desired closing date provided by the customer, the company will then respond by lowering the imposed mortgage rate by one-eight percent for the entire life term of the mortgage loan.
NEXT: Do You Need a Bad Credit Mortgage?
