Cendant/PHH Mortgage

PHH Mortgage is one of the top ten mortgage lenders in the United States. Their mission statement is to “treat customers like family while providing financing for the American dream. The experience will be smooth, easy, and at times, fun. We will do this with unequalled passion and expertise.” In 2004, a total of $53 billion was loaned out in mortgages. With two main facilities, in Mount Laurel, New Jersey, and Jacksonville, Florida, PHH employees 6300 people. The company has made the Top 100 List of Training Magazine, and Top 25 Companies that Care from Jacksonville Magazine. They are #1 in loan origination by phone. Standard and Poor’s ranked the company “Strong” (the highest rating) for residential mortgage loan servicing.

One of the guarantees offered by PHH to borrowers is that if the promised closing date isn’t met, interest will be reduced on the loan by 1/8 of one percent over the life of the loan. Another benefit offered to borrowers is pre-approval, so that the customer can enter the marketplace with the ability to negotiate and find the home best suited to their means.

Loans offered by Cendant/PHH Mortgage

  • 15-, 20- or 30-year fixed rate mortgages
  • Adjustable Rate Mortgages with interest-only options, terms as short as six months interest-only, to a 10-year interest-only, adjustable annually
  • Home Equity Lines of Credit, with an interest-only option for 10 years
  • Construction to Permanent Financing
  • 7-Year Balloon Mortgage, amortized over thirty years, but with principle and interest due after seven years
  • Refinance loans

Cendant/PHH Mortgage demonstrates its commitment to community through volunteerism by team members. The projects range from food banks to computer donations, mentoring young people, helping to build houses and fundraising efforts for local community projects. The company also makes cash contributions to a variety of schools, non-profit social service and arts agencies. In 2005, team members volunteered over 5300 hours locally in Florida and New Jersey.

The company was also recently cited by Freddie Mac for their Tier One performance ranking in recognition of excellent investor reporting and default management. They were one of only 84 servicing companies to meet the standards for Tier One.
In late 2005, PHH acquired the assets of CUNA Mutual Mortgage Corp., a servicing arm for credit unions across the country. CUNA was servicing over $10 billion in loans. With CUNA’s commitment that credit union members receive the best customer service possible, PHH is pleased to add this segment to its portfolio and committed to continue the service that is expected by CUNA’s clients.

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