PHH Mortgage Reviews

Updated March 19, 2015
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  1. Loan Processor

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at PHH Mortgage

    Pros

    -Great pay
    -Always learning new things
    -Great training

    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 ManagementAdvice

    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.

  2. 1 person found this helpful

    Great place to train not good for long term

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at PHH Mortgage

    Pros

    Great training program the best one I've seen in a while.

    Cons

    There is no room from growth the large company operates on a buddy system they promote friends instead of the best candidate.

    Advice to ManagementAdvice

    Review resumes not friendships and add diversity to your culture

  3. A good company that fell victim to the Mortgage meltdown and management upheaval

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at PHH Mortgage

    Pros

    Good office conditions. Good location.

    Cons

    Major management changes, from CEO on down, were/are a big problem.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
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  5. 4 people found this helpful

    Stressed and Overworked

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Loan Processor in Jacksonville, FL
    Former Employee - Loan Processor in Jacksonville, FL

    I worked at PHH Mortgage full-time (less than a year)

    Pros

    Generous Salary (if you exceed the 6 month mark)
    Paid Training
    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
    Frequent lay-offs

    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….

    Doesn't Recommend
    Negative Outlook
  6. 5 people found this helpful

    Former Loan Processor Mount Laurel

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Slave in Mount Laurel, NJ
    Current Employee - Slave in Mount Laurel, NJ

    I have been working at PHH Mortgage full-time (more than 3 years)

    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 ManagementAdvice

    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.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  7. Loan Originator

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at PHH Mortgage

    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.

    Negative Outlook
    Disapproves of CEO
  8. Up and down market, but overall good place to work

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Employee - Mortgage Loan Processor in Mount Laurel, NJ
    Current Employee - Mortgage Loan Processor in Mount Laurel, NJ

    I have been working at PHH Mortgage full-time (more than a year)

    Pros

    opportunity to learn all aspects of mortgage industry

    Cons

    benefits and management can be better

    Advice to ManagementAdvice

    management training and etiquite

    Recommends
    Positive Outlook
    Approves of CEO
  9. Great Company

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Current Contractor - Loan Processing Assistant in Mount Laurel, NJ
    Current Contractor - Loan Processing Assistant in Mount Laurel, NJ

    I have been working at PHH Mortgage as a contractor (less than a year)

    Pros

    No micro managing, an abundance of hours, ample overtime

    Cons

    Not much room for free time

    Advice to ManagementAdvice

    none

    Recommends
    Neutral Outlook
    No opinion of CEO
  10. Management could do better in the decision making process and addressing employees concerns

    • Comp & Benefits
    • Work/Life Balance
    • Senior Management
    • Culture & Values
    • Career Opportunities
    Former Employee - Finance in Mount Laurel, NJ
    Former Employee - Finance in Mount Laurel, NJ

    I worked at PHH Mortgage full-time (less than a year)

    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 ManagementAdvice

    consider the effect of short-term decisions on employees welfare.

    Doesn't Recommend
    Negative Outlook
    Disapproves of CEO
  11. My experience was fulfilling, I learned a lot.

    Former Employee - Anonymous Employee
    Former Employee - Anonymous Employee

    I worked at PHH Mortgage

    Pros

    Hard working, friendly employees. Gym, walking trail, cafeteria in each building.

    Cons

    Salaried employees that work a lot and is expected to work overtime for free.

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