PHH Mortgage is one of the largest mortgage servicers in the United States, managing home loans for hundreds of thousands of customers. Whether your loan was recently transferred to them or you have been a long-time customer, understanding how to navigate their systems is essential for managing your home investment. This guide provides a clear overview of PHH Mortgage services, how to manage your account, and what to do if you need financial assistance.
Who Is PHH Mortgage?
PHH Mortgage Corporation is a subsidiary of Ocwen Financial Corporation. While some companies focus on originating new loans, PHH focuses heavily on mortgage servicing. This means they are responsible for the day-to-day management of your loan, even if they were not the original lender who gave you the money to buy your home.
As a servicer, PHH Mortgage handles tasks such as collecting monthly payments, managing escrow accounts for taxes and insurance, and providing customer support. If your loan was sold or transferred from another bank, you likely received a “Welcome Letter” from PHH explaining that they are now your point of contact for all things related to your mortgage.
Getting Started with the Online Portal
The most efficient way to manage your loan is through the PHH Mortgage online portal, often referred to as “MyAccount.” Registering your account allows you to view your balance, track your payment history, and download important tax documents like the Form 1098.
To register, you will typically need your 10-digit loan number, your Social Security number, and the zip code of the property. Once registered, you can opt for paperless billing, which reduces mail clutter and provides instant access to your monthly statements as soon as they are generated.
How to Make a Payment
PHH Mortgage provides several ways to pay your monthly mortgage bill. Choosing the method that fits your lifestyle can help you avoid late fees and maintain a positive credit history. Here are the primary payment options:
- AutoPay (ACH): This is the most recommended method. You can schedule your payment to be automatically deducted from your checking or savings account on a specific day each month.
- Online One-Time Payment: You can log in to your account and make a manual payment using your bank account details.
- Phone Payments: You can pay via an automated phone system or by speaking with a customer service representative. Note that some phone payments may incur a convenience fee.
- Mail: You can send a check or money order using the payment coupon attached to your monthly statement. Be sure to write your loan number on the check and allow at least 7-10 days for mail delivery and processing.
- Third-Party Services: PHH often accepts payments through services like MoneyGram or Western Union, which can be helpful if you need to make a last-minute payment in person.
Understanding Your Escrow Account
An escrow account is a fund managed by PHH Mortgage to pay for your property taxes and homeowners insurance. A portion of your monthly mortgage payment goes into this account, and PHH pays the bills on your behalf when they become due.
Every year, PHH will perform an “Escrow Analysis.” This is a review to ensure that the amount being collected is sufficient to cover your tax and insurance bills. If your taxes or insurance premiums increase, your monthly mortgage payment may go up to cover the difference. Conversely, if these costs decrease, you might receive an escrow refund check.
What to Do if Your Loan Is Transferred
It is very common in the mortgage industry for loans to be transferred between servicers. If your loan is transferred to PHH Mortgage, the terms of your original loan—such as your interest rate and remaining balance—do not change. Only the company you send your payments to changes.
By law, you must receive a notice from your old servicer at least 15 days before the transfer and a “Welcome Letter” from PHH within 15 days after the transfer. There is also a 60-day grace period following a transfer. During this time, you cannot be charged a late fee if you accidentally send your payment to the old servicer instead of PHH.
Financial Hardship and Assistance Options
If you find yourself struggling to make your mortgage payments due to a job loss, medical emergency, or other financial hardship, it is vital to contact PHH Mortgage as soon as possible. They offer several loss mitigation options designed to help homeowners avoid foreclosure.
Forbearance Plans
A forbearance plan allows you to temporarily pause or reduce your mortgage payments for a specific period. This is often used during short-term crises. It is important to remember that these payments are not forgiven; they must be repaid later through a repayment plan or loan modification.
Loan Modification
A loan modification involves changing the original terms of your mortgage to make the monthly payments more affordable. This might include extending the length of the loan, reducing the interest rate, or moving past-due amounts to the end of the loan term.
Short Sale or Deed-in-Lieu
If you can no longer afford the home and want to avoid the legal process of foreclosure, PHH may allow a short sale (selling the home for less than the balance owed) or a deed-in-lieu of foreclosure (transferring the property title back to the lender voluntarily).
Handling Insurance Claims
If your home sustains damage from a storm or fire, your insurance company will issue a claim check. In many cases, this check will be made out to both you and PHH Mortgage. This is because the mortgage company has a financial interest in ensuring the repairs are completed properly.
You will need to contact the PHH Insurance Claims Department to get the check endorsed. Depending on the amount of the claim, PHH may release the funds in stages as the repairs are verified by inspectors. This process protects both the homeowner and the lender by ensuring the property is restored to its original value.
Common Questions and Customer Support
PHH Mortgage offers customer support via phone and their online message center. Their business hours are typically Monday through Friday during standard business hours, with limited availability on Saturdays. When calling, have your loan number ready to speed up the verification process.
Many users also ask about payoff quotes. If you are selling your home or refinancing with a different lender, you can request a formal payoff statement through the online portal. This document provides the exact amount needed to pay off the loan in full, including any interest accrued up to the specific payoff date.
Conclusion
Managing a mortgage can feel overwhelming, but PHH Mortgage provides the tools necessary to keep your account in good standing. By utilizing the online portal, staying informed about your escrow balance, and reaching out early if you face financial difficulties, you can ensure a smooth experience with your home loan servicer. Taking a proactive approach to your mortgage management today can provide significant peace of mind for your financial future.
For more practical advice on managing your household finances and home ownership, explore our other articles on budgeting for homeowners and understanding credit scores.