PHH Mortgage Reviews
11% of the CEO
inbound leads potential to make 6 figures work life balance (in 7 reviews)
A great place to get your start in the mortgage business (in 5 reviews)
Empty promises, constant changes in requirements, poor training, favoritism, no work life balance (in 5 reviews)
Upper management and the continuous talk of layoffs and the company being sold (in 5 reviews)
Pros – -Great pay
-Always learning new things
Cons – The workload can become a lot at times. You need to be very organized in order to make it. You will also need to be able to handle working with a lot of frustrated borrowers. Many of them that are refinancing don't understand that mortgage lending has changed and it is a much longer process then when they bought their home.
Advice to Senior Management – Stop with all of the spreadsheets and reports. They take away managements time to help their teams and it takes away the loan processors time with the borrower.
Pros – Good office conditions. Good location.
Cons – Major management changes, from CEO on down, were/are a big problem.
No, I would not recommend this company to a friend – I'm not optimistic about the outlook for this company
Pros – Generous Salary (if you exceed the 6 month mark)
Gym on site
Relaxed Business Casual Dress Code
Cons – Extremely steep learning curve
‘Sink or swim’ mentality from L&D once on the floor
Unreasonable expectations from upper management
The eight weeks of training were a breeze, then it was like 'deer in the headlights' once I hit the floor. The workload just kept piling up (and not easy loans...subordinations, trust funds, multiple rental properties for income, etc.) and before I knew it I had more loans than I could competently process. I left voluntarily before I reached my six-month mark and beat myself up about for a while, thinking I was a failure for not sticking through it and sucking it up until I learned how to get the job done. About three or four months after I resigned about a third of the company was laid off, and my entire training group of 25-30 with went with them (and I would have been included if I were to have stayed).
Don’t be deceived during the interview process. I thought I had really ‘stood out’ and accomplished something when they offered me the position, only to come to find out that they were hiring ANYBODY and EVERYBODY only to let them go in less than a year later. Everyone has their own opinions and some will say every job is tough, you just go to stick through it until you figure out it….I have an MBA and was used to working 60 plus hours a week in the business world but the stress never came close to what I experienced at PHH.
Note to reader – If you decide to pursue an opportunity with PHH, take what they give you in training with a grain of salt (a lot of book material, very little hands-on preparation) and don’t be afraid to make mistakes and know you’re going to have to learn from them. It’s a lot of figuring the job out for yourself….
Pros – For those starting out, they do provide excellent training. They treat their employees fairly well, but unevenly depending on which department you are in.
Cons – New Management in place seems to be solely focused on selling the company then managing the work force. It's difficult for a company of this size to manage due to the cyclical nature of the business, so they have let many people go in the last 2 years.
– I'm not optimistic about the outlook for this company
Pros – No micro managing, an abundance of hours, ample overtime
Cons – Not much room for free time
Advice to Senior Management – none
Yes, I would recommend this company to a friend
Pros – opportunity to learn all aspects of mortgage industry
Cons – benefits and management can be better
Advice to Senior Management – management training and etiquite
Yes, I would recommend this company to a friend – I'm optimistic about the outlook for this company
1 person found this helpful
Pros – The people that I met in the 4yrs I worked there were amazing. .all gone due to layoffs or seeing how bad this company was so they left.. Very sad and disappointing. I did learn 3 different positions while I was there which was great but my last position I had I was "forced" into due to Correspondent Channel purposefully being shut down. But what a wonderful group of team players I had the pleasure to meet and become friends with.
Cons – I don't know where to begin. Management was horrible, never around for tough decisions that workers could not make or were not allowed to make. As a LP I witnessed people crying, slamming their desks, getting up to leave for a break or just never coming back, watching people walk down to the lobby for ambulances because they were embarrassed to be taken out on a stretcher from anxiety attacks. People going on leave from anxiety most likely due to having a pipeline of 80 loans all while doing 4-5 reports a day for management for rate expirations where you were written up and fired after a certain amount of write ups. . PHH hired people off the street for loan processing with no experience. Myself and other experienced mortgage professionals were thrown in a class with these people who were ignorant and disrespectful to the trainer, people in the class on their phones and tablets playing games,shopping online and being late to class in morning and after lunch. The only reason I mention this is when they got up on the floor they were deer in head lights, stayed for 3 months just enough to build a significant pipeline to turn around and leave, which created reassigns for the REAL loan processors to take over. NIGHTMARE. Ridiculous customer service goal of 95% when all the blame was on you no matter what happened in the process...from the loan officer acting rude to the appraisal coming in low to our own management not being around for help when borrowers were at the table to subordinations taking 4 months to come back..... That was ALLLLLL the processor's fault, but the loan officers got paid on closed loans no matter what. Rearrangement of comp plan was so confusing that processors said "well looks like I'm depending on OT from now on" Horrid place to work. Company is being run into ground. If you have plans to get a job here or a recruiter calls you don't do it. Horrible management that lookout for friends and talk behind your back, start drama and are incompetent. I've worked in the mortgage biz for 15 yrs and have never seen anything like it. most unproffesional company I have ever had the displeasure to work for. Being investigated now for mortgage insurance kickbacks. Just a shady shady company.
Advice to Senior Management – You're not management in the real sense of the word. Stop playing on your cell phones, texting and IM'ing your other "management" friends and take time to answer questions. I have never met a more unprofessional, immature group of teenagers in my professional career.
Pros – work life balance, Flexibility and some benefits
Cons – Executive management do not clearly consider the effect of short-term decisions on employees welfare.
Advice to Senior Management – consider the effect of short-term decisions on employees welfare.
Pros – I enjoyed working with the other employees and I especially enjoyed working for my immediate supervisor. The overall job experience for me was enjoyable.
Cons – You never knew when you were going to be let go. I went into work one day thinking I was going to be employed there for a long period of time and by lunch approximately 300 of us were unemployed because they claimed it was a business decision
Advice to Senior Management – Don't play with peoples lives. Your employees have families and bills that they are responsible for.
1 person found this helpful
Pros – Great pay but you will have to work very very hard under very intense stress often accompanined by unfairness & flatout meanness.
Cons – Emotional & verbal abuse. Frequent layoffs.
Advice to Senior Management – Processing Managers & Supervisors need serious training on treating people with respect & kindness.