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
Other Cendant Mortgage Options
Other loans you might want to learn about are interest
only, LIBOR, Cash out, reverse mortgages, and home
Cendant/PHH Mortgage lends throughout the United States,
and is subject to the laws of the state in which specific property
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