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PHH Mortgage Corporation

Mortgage Bankers, Real Estate Loans, Real Estate Loan Modification, Mortgage Brokers, Financial Services

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PHH Mortgage Corporation Reviews (161)

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User Reviewer5982975

Your correspondence addressed to the Revdex.com (“Revdex.com”), regarding your recent servicing transfer, fluctuation in escrow and payment application, has been received in the Office of the President of PHH Mortgage Corporation (“PHHMC”). I appreciate the opportunity to respond to your...

concerns.
First and foremost, please accept my apologies for the frustration you have endured.  Clearly your experience does not reflect PHHMC’s commitment to superior customer service.  We value your feedback as it provides us with an opportunity for assessment and improvement.
PHHMC servicing records reflect that your loan closed on September 12, 2014, and your account was transferred from [redacted] to PHHMC on September 23, 2014 with a payment effective date of November 1, 2014.
On October 8, 2014, PHHMC manually set up the tax buckets because there were no documents available when the loan transferred to us. PHHMC based the annual monthly amount of $298.50 multiplied by 12 for an annual tax amount of $3,582.00. Subsequently, this also occurred with the hazard insurance bucket, $52.55 multiplied by 12 for an annual hazard insurance amount of $630.60.
On October 17, 2014, you contacted PHHMC and spoke to a representative to dispute the payment of $1,444.32 reflected in our system. At that time the representative informed you that we did not have the required documentation available and that you should provide PHHMC with necessary documentation. You were informed once PHHMC receives the documents a work order would be placed to update our system to reflect the correct amounts.
Servicing records reflect that PHHMC received your documentation on October 20, 2014, which verified the previous amount that was billed and paid to your tax office for 2013 calendar year for $3,146.96. During that time PHHMC’s records were not updated due to a processing oversight.
On October 21, 2014, you contacted PHHMC to make your November 2014 payment and you were advised that you can make your payment but your escrow would be shorted while the issue with the taxes was being resolved.
Upon review, PHHMC’s records reflect that your loan was calculated with the following payment for November 2014:
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]         
 
The previous servicer, [redacted], released the loan with the following breakdown:
 
Mortgage Insurance
$ [redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]        
 
On November 5, 2014 PHHMC received your hazard policy and our system was updated to reflect the correct annual premium of $332.00.
 
PHHMC records reflect that your payment for $1,383.19 was received on November 7, 2014; however, the funds were placed into a suspense account because the amount was less than the system reflected amount due of $1,444.32.
 
On November 14, 2014 PHHMC performed an escrow analysis to make an adjustment to your hazard premium change to reflect $27.67 effective January 2015. PHHMC collects 1/12 of the hazard premium by multiplying $27.67 by 12 to reflect an annual payment of $332.04.
 
Records reflect that you contacted PHHMC again on November 26, 2014 and spoke to the Collections department refusing to make the additional payment difference due to the processing oversight and you were advised that resolution can take at least 60 days.
 
On December 5, 2014, you spoke to a PHHMC representative to advise that your payment was still inaccurate and you were transferred to a supervisor. At that time you wanted to make your December payment but you were advised that a portion would be combined with suspense funds to complete the November’s 2014 payment and the balance would be placed in suspense. Records reflect that you refused to make a payment because you did not agree with PHHMC’s suspense account guidelines.
 
Records reflect that you contacted PHHMC again on December 10, 2014, to request your payment be applied to short escrow. You confirmed that PHHMC updated the hazard premium but the taxes were still incorrect. During that time you were conferenced in with our Tax Department and you were provided verification of the annual tax amounts due for January 31, 2015, which was $2,791.75.  The representative opened a task to update the tax lines and reanalyze the account.
 
Per your request, on December 11, 2014, PHHMC removed the $1,383.19 from suspense and applied it to the November 2014 payment as short escrow yet our system still reflected the higher amount of $1,444.32. Also on December 11, 2014, PHHMC servicing records reflect that the tax amounts were updated to $2,791.75.
 
On December 12, 2014, PHHMC reanalyzed your account effective for December 2014 payment. The analysis reveals an escrow overage of $1,079.34 and the funds were released and sent to your address on file.  Your payment has decreased from $1,383.19 to $1,353.59 effective December 2014.  The decrease in payment is a result of the decrease in annual taxes from $3,146.96 to $2,791.75.
 
PHHMC records reflect that effective December 2014 the new payment breakdown is the following:
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]
[redacted]         
 
Your account is currently due for January 2014 in the amount of $1,353.59.
 
Again, PHHMC regrets any inconvenience or frustration you experienced.  You are a valued customer, and we appreciate the opportunity to review and resolve the matter.
PHHMC received and processed your December 2014 payment and it was applied as short escrow on December 5, 2014. Your loan is currently due for the January 2015 payment.

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User Reviewer6922247

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Please be advised that PHH has forwarded the original lien release that we have been awaiting.  You may close this case.  Thank you for your assistance.
Regards,
[redacted]

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User Reviewer6841855

Tell us why here...Re: Loan Number: [redacted]Revdex.com Case Number: [redacted] Dear Mr. [redacted], Your correspondence addressed to the Revdex.com (“Revdex.com”), regarding your escrow shortage, has been received in the Office of the President of PHH Mortgage Corporation (“PHHMC”).  I appreciate the opportunity to respond to your concerns. As a preliminary matter, please know that PHHMC strives to provide superior customer service. We apologize for any frustration or inconvenience you may have experienced during the servicing of your loan with PHHMC. On March 24, 2015 when you spoke with customer service the analysis was not finalized so the information you received was what was reflected on our system at that time.  Servicing records show on April 15, 2015 a rush reversal was requested to have the $450.00 applied to your escrow account and this was completed on April 21, 2015.  I have enclosed a copy of the escrow analysis statement dated April 28, 2015.   As of this writing your June 1, 2015 payment amount is $547.21 as is reflected in the enclosed statement.  Thank you

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User Reviewer5551267

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]Revdex.com:I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me. Regards, [redacted]

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User Reviewer5843072

Dear Mr. and Mrs [redacted]: We have received correspondence addressed to the Revdex.com (“Revdex.com”) by your granddaughter, [redacted].  Ms. [redacted] has made us aware of the issues you experienced with the refinancing of your mortgage with [redacted].  I appreciate the opportunity...

to respond to your concerns. Our goal is to provide all of our customers with unparalleled service. We sincerely regret that we did not demonstrate this to you and our service fell short of your expectations. Please accept our sincere apology for any frustration you may have experienced during the processing of your mortgage application.  In [redacted] correspondence, she requested a refund of the $500.00 cancellation fee.  The pre-approval document was sent to you on January 24, 2015 and referenced the necessary requirements in order to be considered for the [redacted] (“[redacted]).  This document stated that your residential condo association is required to have sufficient flood insurance.  Unfortunately, the flood insurance submitted by the condo association was insufficient to obtain condo approval to proceed with processing your loan request.  A copy of the pre-approval letter is enclosed for your review. We have enclosed the Agreement Concerning Non-Refundability of Advance Fees (“Agreement”) document which you executed on January 27, 2015.  The Agreement states if the loan is cancelled or declined for any reason, a fee of $500.00 or actual costs incurred, whichever is less, is non-refundable and will be charged to cover the costs associated with processing your loan application.  The actual costs incurred in connection with your loan application included the appraisal fee of $510.00, the credit report fee of $19.83 and the flood certification fee of $19.50.  As a courtesy to demonstrate good faith [redacted] has made a business decision to provide a partial refund in the amount of $250.00 and was refunded back to your credit card on March 30, 2015.  As a part of our fair lending guidelines, we are careful to evaluate all applicants equally.  Our lending policies and procedures do not in any way discriminate against applicants  on the basis of race, color, religion, national origin, sex, marital status, age or any other protected basis.  We thank you for your patience and understanding in this matter. We know you have a choice of financial services, and we truly regret that we were not able to provide for your financing needs at this time.   Thank you

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User Reviewer7204087

Thank you for allowing us the opportunity to respond to your complaint. Upon review, the misapplication of your escrow funds has been corrected and the payment of $380.00 was reapplied to your escrow account on January 5, 2015. Additionally, the last two payments referenced in your complaint have...

also been applied as you originally intended.  Thank you again for allowing us to research and address your concerns.

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User Reviewer6196890

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
However, given the [redacted] complaints filed against them in Revdex.com over a few months, my complaint is just a "drop in the bucket" and the process required two more calls/faxes/excuses to get resolution. I would like to clarify their response to say that they were not servicing my loan.  I was simply and repeatedly asking for the mortgage pay off amount.  Just the number -  of my deceased father's mortgage so we could pay it!  The company uses a very nice off-shore customer service center that gave us fax numbers (presumably in New Jersey) without knowing whose office received them so neither they nor we could track the correspondence.  Very frustrating.  This is not the customer service department's fault.  It is the management in New Jersey.  Having bought and sold properties with other mortgage companies more responsive and professional, I cannot recommend this company to others.  
Regards,
[redacted]

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User Reviewer7175389

[A default letter is provided here which indicates your acceptance of the business's response.  If you wish, you may update it before sending it.]
Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.
Regards,
[redacted]

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User Reviewer5840773

Tell us why here...Re:       Loan Number: [redacted]            Revdex.com Case Number: [redacted]            Dear Mr. [redacted], Your correspondence addressed to the...

Revdex.com (“Revdex.com”), regarding your escrow shortage, has been received in the Office of the President of PHH Mortgage Corporation (“PHHMC”).  I appreciate the opportunity to respond to your concerns. As a preliminary matter, please know that PHHMC strives to provide superior customer service.  We apologize for any frustration or inconvenience you may have experienced during the servicing of your loan with PHHMC.   Servicing records show that on May 14, 2014 and again on February 4, 2015 you called and spoke with our Customer Service department regarding a misapplied payment in the amount of $450.00.  Regrettably, in both cases, the representatives did not follow through with your intentions.   On April 15, 2015 a rush reversal was requested to have the $450.00 applied to your escrow account and this was completed on April 21, 2015.  As of this writing your escrow balance is $5,168.04. After reviewing your situation, we are taking the necessary steps to ensure that the challenges you encountered are addressed and resolved as quickly as possible.  We will utilize your feedback to help with training and an improved experience for all of our clients.

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User Reviewer6364387

Dear Mrs. [redacted],
Please accept our apologies for any frustration you may have experienced regarding your payments not being applied to principal.  Our goal is to provide all of our customers with an unparalleled service experience. 
[redacted] records reflect that the payments received...

are sent electronically and are initiated by you.  In addition, there is no indication on how the funds are to be applied.  You may utilize [redacted]s pay by phone option at ###-###-####.  There is no fee involved for principal only payments and if made by 8:00 PM EST, the payment will be applied that business day.  In addition, you can send any principal only payments to the address listed below to ensure funds are allocated to principal only.
                                        ... [redacted]
                                        ... [redacted]
                                        ... [redacted]
Records also reflect that a liaison from our Office of the President called you on April 21, 2015 and April 23, 2015 regarding your Revdex.com complaint, however, messages were left for a return call.  To date you have not responded to the calls regarding your payment application.  Please be advised that on April 22, 2015 a payment reversal in the amount of $1000.00 was performed. Therefore, a principal payment in the amount for $1000.00 was applied to your account.  Attached is a payment history for 2012, 2013, 2014 and 2015 for your records. 
 
Thank you

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User Reviewer6147122

Prior to your loan being transferred to [redacted], the account was set up with our vendor [redacted].  On January 5, 2015, PHH Mortgage Corporation (“PHHMC”) received an electronic payment in the amount of $395.00 which was returned to you directly.  On February 5, 2015, PHHMC...

received a payment from [redacted] in the amount of $592.50.  On February 12, 2015, we returned the payment back to [redacted].  The draft that occurred on February 13, 2013 is still with [redacted] and has not been forwarded to us.  Please contact [redacted] to cancel the drafts and to receive a refund. Their phone number is ###-###-#### Ext. * and their normal office hours are 8:30 AM to 8:30 PM Eastern Time.

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User Reviewer891287

Review: I writing in regards to a payment that my mortgage company state that they didn't receive, in April I sent my March payment of 600.00 [redacted], in May I sent a payment of 600.00 for my april payment. that was also [redacted]. I then sent another 600.00 in june2013 for my May payment which also was [redacted]. I received a letter stating that this was not enough to bring the account current t so they send me April payment back on 6/28/13 stating that I'am do for April May June and july. So on july 7th 2013 I resent them 1,543.50 which was also a [redacted] and they received it. so if they received this payment how come they didn't receive the one I sent in june. I then explained to them that I did sent in another payment [redacted] of 6/27/2013 in the amount of 600.00 they informed me that they didn't have any records of a [redacted] payment. I called [redacted] and I was informed that PHH mortgage did receive my payment on june 27th at 11:08 eastern time. in the amount of 600.00 so there for I am only due for july. I work to hard for someone to be misplacing money. I need this matter resolved soon as possible. I have all my receipts from [redacted] and also a print out of all the [redacted] transactions that I've done with [redacted] the [redacted] number for the payment I sent in June is [redacted]

Business

Response:

[redacted] payment was received on 03/20 in the amount of $1256.66 applied on 03/21. The loan was due for Jan and this made January and February payments. [redacted] payment received on 04/27 in the amount of $600.00 was applied to the March payment. [redacted] payment received on 05/29 in the amount of $600.00 and was applied 05/30 to suspense, as it was short $29.74. Funds were reversed off and returned back to the customer. [redacted] payment received on 06/27 in the amount of $600.00, and PHHMC held them until their additional payments were received. [redacted] payment received on 07/09 in the amount of $1526.50 was applied 07/10. The loan was due for April and applied 2 payments. On 07/12 [redacted] applied $600.00 from 06/27 to suspense, which are still in suspense. They are due for June and their payment is $629.74. Payments are being sent in short. The only payment that was received via [redacted] that was returned was the payment received on 02/26 in the amount of $600.00 and returned on 03/12. The loan is currently due for June 2013 payment balance of $29.74 and July payment in the amount of $629.74, late charges in the amount of $160.43, other fees in the amount of $146.25 with suspense total amount due $966.16 to bring the loan current as of 7/22/13.

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User Reviewer891307

Review: [redacted] mortgage modification. At no time whatsoever was I informed that this modification would damage credit. Multiple requests for duplicate paperwork, failure to answer telephone calls or email. failure to provide explanations or answer questeions. Refusal to be transferred to members of management. Failure to return phone calls. After modification was complete, the following four months of mortgage payments were never posted, but put in a holding account. Received letter stating mortgage was in default due to non payment. No one could explain why payments had not been applied. Finally managed to have payments posted and was told to contact credit retractions department to attempt to correct damage caused by failure to post payments. I was told that credit retractions department did not have a telephone number, only a fax, and that I should fax a request to be contacted by phone. Faxed several requests over 3 days with no contact. Sent 8 page complaint to several different company addresses, documenting 9 months of emails and phone conversations with company. Was assigned single point contact manager to address my problems. requested assistance with credit retractions, 11 days no reply. Now have received notice that I owe $991 due to escrow not being figured into payments. Contacted single point contact manager again requesting assistance and was told that they are working on my file and are waiting on information to be available.Desired Settlement: I want this modification to be finalized and all loose ends tied up so I can move on with my life. Before I started this modification process I had an over 820 [redacted] score. Now I am afraid to check what my score is. I want any applicable retractions to be made if possible to lessen the impact on my credit.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,

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User Reviewer891367

Review: I filed Chapter 7 on 8/18/2012. My BK was discharged on 12/4/2012. PHH is the servicer of my loan. They reported to my credit bureaus that I owe them over $5000.00. This is incorrect and repeated attempts to have this correct have failed. I can provide a copy of my discharge showing that I do not owe them anything.Desired Settlement: I would like them to correct my credit reports, particularly Equifax, by reporting that I owe $0.00 and that my debt was discharged through Chapter 7.

Business

Response:

PHH extends an apology for any inconvenience the issue may have caused the borrower. In accordance with PHH records, the borrower, [redacted] did file Chapter 7 Bankruptcy as of August 17, 2012. [redacted] was then discharged from his Chapter 7 Bankruptcy plan on December 4, 2012. Since [redacted] was discharged and did not reaffirm the debt, the outstanding debt [redacted] owes was extinguished; therefore a zero balance should be reported to the credit bureaus. To resolve this matter, the Credit Retractions Department has sent an electronic request to the credit bureaus to have this updated to show Chapter 7 discharged as of December 4, 2012 with a zero balance. This will be the final status and will not report after this date.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint [redacted], and find that this resolution is satisfactory to me. However, I would need an official letter sent to me on company letterhead stating the same. Can you upload to me on this site or mail to me?

Regards,

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User Reviewer891231

Review: In May 2013 I began the process of requesting a deed in lieu for my home located in Baltimore, MD. Long story short, my husband and I divorced in 2009 but maintained joint ownership of the home while it was rented. He failed to pay the mortgage while collecting rent on the home and since I was stationed overseas at this time, by the time the mortgage company contacted me, the home was so underwater, I had no choice but to attempt to either foreclose or apply for a possible Deed in Lieu. Starting in May 2013, I attempted to send in all the required paperwork to start the approval process in order to avoid foreclosure and receive a deed in lieu for the home. This process was extremely broken and every time I would send them all the paperwork they "required" I would not hear back from the company. After I would send multiple inquiries (by phone and email), they would respond back with an additional list of items that I needed to send them that were not on the original list. I have every single email showing my attempts to provide paperwork in a timely manner and the level of inefficiency in which they responded to my inquires and further delayed the beginning stages of the process. Needless to say, the process for collecting all the required paperwork took 4 months because they would not respond to my emails or notify me when paperwork was missing unless I actually called/emailed to ask about the process. In Sept 2013, I finally received notification that all the paperwork was in place and the process was now moving into review. Since Sept 2013, I have not received one piece of information to tell me when the application will be approved, if it will be approved or why the process for simply approving or denying my request is taking so long. I have continued to email the company once a week for the past 6 months. I receive out of office alerts over 50% of the time and then still do not receive a response after the listed return date.Desired Settlement: I feel like there is no movement on my loan because I have a VA loan and the company is aware that any foreclosure on a VA loan will be allowed to sit for a long time and they can just let my case sit as long as they choose. I would like to have this process completed so that if my home is foreclosed, I can at least start the process of trying to repair my credit or if they do accept the Deed in Lieu, it will be completed before another year passes. I am current or paid ahead on every bill that I possess, and this default in the mortgage was not even something that I had control over. I am trying to rectify the mistakes of my ex-husband by working with the bank, but they are not working with me to complete this or at least allow me to foreclose on this home and move on.

Business

Response:

Thank you for allowing PHHMC to respond to your concerns regarding this matter. We understand on March 19, 2014 you spoke to our loss mitigation representative and was advised the reason for delay regarding the Deed in Lieu. The delay was associated with a judgement on the title from the previous owner. This matter has been resolved as you were advised and we thank you again for accepting our apology regarding any frustration you may have experienced. As you were advised soon the Deed in Lieu documents will be delivered to your address via mail.

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User Reviewer891263

Review: We started with Chapter 13 Bankruptcy that wasn't approved. Our lawyer suggested it be changed to Chapter 7 that was approved and completed. At the start of the 13 he told us to stop paying PHH. Because they would be wiped out. When were swithed to Chapter 7 he said we shouldn't pay PHH. When that was completed we asked him about paying PHH and he told us not to. That we were underwater with our first mortgage with [redacted], no less the second mortgage with PHH. And that PHH would have no reason to foreclose on us. So then PHH sent us a bill they wanted about $11,000 for back payments. If we could pay that we never wouldv'e neede to file bankruptcy. We have less than $1,000 in the bank. So PHH sent us a "3 month trial payment plan". "To assess whether or not we would be able to keep up with payments before a loan modification is reviewed for possible approval". So we had payments due as follows; $538.50 due 5/15/13, $431.32 due 6/15/13, $431.32 due 7/15/13. "During this period, all payments sent must be made via certified funds in order for the loan modification review. At the end of this trial period, please resend the updated financial statements along with 2 most recent paystubs and bank statements." So we struggled to do this, but we made all payments on time as requested. I sent our info in, and a month or so later we still hadn't heard anything about further. So I called and was transferred to somebody else. I told her about the plan, we made all the payments and everything. She said we would probably now have a monthly payment of about $400. We would receive all the paperwork on that within 7 - 10 days. And she thanked me so much for calling them. So we waited, and we got a Notice of Intent to Foreclose. Before that I had asked if we could get the interest rate lowered because it's 13%. And I was told, no.Desired Settlement: We want to remain in our home and pay all of our bills. We feel like we may have be lead wrong by our attorney. Maybe a another attorney would've given us different advice regarding PHH. But when we got trial payment plan, we felt like they really wanted to work with us. And we wanted to work with them and do what it takes to remain in our home. The outcome we would like is to have a reasonable monthly payment. Something we can afford, coming out of bankruptcy and not having the income we used to. Our full payment was originally was $499. A good payment for us now would probably be $300 or less. And if we could get the interest rate lowered that would help greatly.

Business

Response:

PHH extends an apology for any inconvenience the issue may have caused the borrower. The Loan Modification has been approved. The documentation is being generated and will be mailed to the borrower once it is completed.

Business

Response:

PHH extends an apology for any inconvenience the issue may have caused the borrower. The Loan Modification has been approved. The documentation is being generated and will be mailed to the borrower once it is completed.

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

We did receive an email from you asking if it was resolved. It has not. Because of what they did after they got this complaint we are meeting with a lawyer today. His secretary couldn't believe it when I explained it to her when I called to make the appt.

Regards,

Consumer

Response:

Review: [redacted]

I am rejecting this response because:

We did receive an email from you asking if it was resolved. It has not. Because of what they did after they got this complaint we are meeting with a lawyer today. His secretary couldn't believe it when I explained it to her when I called to make the appt.

Regards,

Business

Response:

PHHMC extends an apology for any incovenience this issue has caused the borrower.

PHHMC records indicate that the loan modification documents were sent to the borrower on October 14, 2013. These documents were sent via [redacted] next day mail with a tracking number of [redacted]. The [redacted] website shows that the documents were received on October 15, 2013. To date no documents have been returned to PHHMC.

Business

Response:

PHHMC extends an apology for any incovenience this issue has caused the borrower.

PHHMC records indicate that the loan modification documents were sent to the borrower on October 14, 2013. These documents were sent via [redacted] next day mail with a tracking number of [redacted]. The [redacted] website shows that the documents were received on October 15, 2013. To date no documents have been returned to PHHMC.

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User Reviewer891265

Review: I did a loan modification with this company. My principle was increased to cover unpaid property tax, mortgage insurance, and house insurance. When the modification was approved, they informed me my escrow account was -6400 dollars and raised my mortgage by 533 a month to balance this out over the next 12 months. It took numerous calls to show them there was an error, and then instead of balancing out my escrow account, they want me to sign a new loan with -6400 in principle. I am currently working with the legal department, while at the same time getting collection calls to my work, to my home repeatedly threatening foreclosure on my property. I have never missed a payment of the approved amount, and have never paid the increased amount they put onto my payment.Desired Settlement: I would like them to honor the original loan agreement, and to stop all these harassing phone calls.

Business

Response:

PHHMC extends an apology to the borrower for any inconvenience and frustration this issue may have caused.

In June 2013, when the final terms were processed for the borrower’s loan modification there was an operational error that occurred which caused an escrow advance/shortage to the borrower’s account to not be figured into the monthly mortgage payment calculation. The loan was then analyzed on July 22, 2013 and captured the escrow advance/shortage which caused the borrower’s modified monthly payment amount to increase. The escrow advance/shortage of $6,325.43 was spread over 12-months which included an additional $527.12 to the monthly mortgage payment.

This operational error was identified and the escrow account was re-analyzed on October 7, 2013 spreading the advance/shortage over a sixty (60) month period which resulted in the new monthly mortgage payment of $2,273.90. The borrower has received the maximum amount of shortage spread allowed. Enclosed is your July and October 2013 escrow analysis for your reference.

PHH records reflect calls were placed to the telephone numbers on file for this account because a payment in the amount of $2,174.35 was received October 8, 2013. The amount of the current monthly mortgage payment for the October 2013 is $2,273.90. As the amount received was not sufficient to satisfy the contractual payment due, collections called in an attempt to make arrangements for this balance to be paid. The balance necessary has since been received and no further calls will be placed at this time. If you would like a particular number be removed, please feel free to contact our office and update your contact information.

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User Reviewer891343

Review: My mortgage is with PHH Mortgage Company and they have changed my mortgage payments under the false pretense that my insurance payments increased with [redacted] Actually, my payments is declining from $1803. to $1044. They insist the payment is $1274.19 annually, after verifying the correct amount of $1083.00 with [redacted]they still increased my mortgage payment from $762.00 to$ 805.00. I have made three different attempts to resolve this issue with PHH Mortgage however they claim to do an analysis however, have not replied back to me. The Company is now overcharging me on my mortgage by drafting my checking account $805.55.Desired Settlement: They adjust my mortgage payments back to it's original amount based on my insurance payments. Send me an apology and a refund check $43.00 and do not debit for $805.00 again.

Business

Response:

PHH performed its annual escrow analysis on November 19, 2013. The hazard insurance amount of $1,274.19 used in the calculation was based upon the premium that had been paid from the escrow account previously that year. When the insurance was paid in January 2013 in this amount, it was higher than the anticipated annual premium of $1,113.72. This resulted in a shortage in the escrow account.

When our office was notified on December 12, 2013 that your new insurance premium was $1044.62, we updated our information. We apologize that it was not explained to you that the new analysis results may not occur effective with your January payment.

Your new payment effective February 1, 2014 is $763.47. This payment is calculated using the reduced insurance premium and includes the remaining escrow shortage from the higher than anticipated disbursement made in 2013.

Consumer

Response:

[A default letter is provided here which indicates your acceptance of the business's response. If you wish, you may update it before sending it.]

I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me.

Regards,

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User Reviewer891167

Review: I am the granddaughter of a couple that lives in Florida that has been greatly affected by Florida's real estate market. I have been searching for solutions to help them refinance their mortgage from a very high rate. Not many companies offer the [redacted] program so when I was directed to one, we obliged. I was on the phone with my grandparents during the application process to be sure they were eligible for this type of loan. The loan officer knew that they lived in a condo and paid a condo fee to their HOA. One of the questions was "do you have flood insurance". The answer, is yes. My grandparents pay an annual fee for their own flood insurance because their condo association does not provide it. According to the paperwork that was apparently sent to them, AFTER their application was accepted, the association has to carry flood insurance. Unbeknownst to them, they were NOT qualified for this loan. They were under the impression, and were told, that unless their finances didn't check out, there would be no reason for denial. They paid the $500 processing fee. Day of closing, their loan was DENIED due to their association NOT carrying flood insurance even though the loan officer asked them to supply a copy of their policy statement FROM THEIR AGENT. The company did not follow through with the request for a FULL refund. This couple went through a program that helps those in financial need that were affected by the Florida real estate market, and instead, mislead and misrepresented their service and my grandparents are now out $250 for nothing.Desired Settlement: Please refund the $250 that they are owed due to lack of experience, product knowledge, misrepresentation and misleading information from this firm. Refund back to the client Thank you.

Business

Response:

Dear Mr. and Mrs [redacted]: We have received correspondence addressed to the Revdex.com (“Revdex.com”) by your granddaughter, [redacted]. Ms. [redacted] has made us aware of the issues you experienced with the refinancing of your mortgage with [redacted]. I appreciate the opportunity to respond to your concerns. Our goal is to provide all of our customers with unparalleled service. We sincerely regret that we did not demonstrate this to you and our service fell short of your expectations. Please accept our sincere apology for any frustration you may have experienced during the processing of your mortgage application. In [redacted] correspondence, she requested a refund of the $500.00 cancellation fee. The pre-approval document was sent to you on January 24, 2015 and referenced the necessary requirements in order to be considered for the [redacted] (“[redacted]). This document stated that your residential condo association is required to have sufficient flood insurance. Unfortunately, the flood insurance submitted by the condo association was insufficient to obtain condo approval to proceed with processing your loan request. A copy of the pre-approval letter is enclosed for your review. We have enclosed the Agreement Concerning Non-Refundability of Advance Fees (“Agreement”) document which you executed on January 27, 2015. The Agreement states if the loan is cancelled or declined for any reason, a fee of $500.00 or actual costs incurred, whichever is less, is non-refundable and will be charged to cover the costs associated with processing your loan application. The actual costs incurred in connection with your loan application included the appraisal fee of $510.00, the credit report fee of $19.83 and the flood certification fee of $19.50. As a courtesy to demonstrate good faith [redacted] has made a business decision to provide a partial refund in the amount of $250.00 and was refunded back to your credit card on March 30, 2015. As a part of our fair lending guidelines, we are careful to evaluate all applicants equally. Our lending policies and procedures do not in any way discriminate against applicants on the basis of race, color, religion, national origin, sex, marital status, age or any other protected basis. We thank you for your patience and understanding in this matter. We know you have a choice of financial services, and we truly regret that we were not able to provide for your financing needs at this time. Thank you

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User Reviewer891227

Review: I have been in the process of a loan modification or repayment program. This began with the original application being submitted November 2013. I have submitted the "same" documents on numerous occasions and PHH has said that they have received them. Usually within 24-48 hours I will get a letter stating that they don't have them and need additional information. As of March 6, 2014 they stated that they had "all" the documents need to process my application. On March 14, 2014 they issued another letter stating that they were missing documents and needed additional information. These documents were part of the modification application that were needed to begin the application process and now all of a sudden they don't have them. I believe that this is a practice that is designed to make the homeowner get further into debt so that they can either collect more money or get to a point where they can put the house into foreclosure. I went through the same thing with PHH Mortgage a few years ago so this seems to be a standard practice with this company. This should have been processed in 30-60 days yet 120 days later they have not done anything except request the same documents over and over again. It's frustrating when the customer is trying to help themselves and they keep putting up roadblocks to make you fail. Complete the application and end this circle of deception.Desired Settlement: Process the application and stop requesting the same documents to slow down the process!

Business

Response:

Good Afternoon, PHHMC respectfully disagrees with the borrower's allegation that PHHMC took 120 days to provide a decision regarding their eligibility for assistance. The review of the loan takes up to 30 days from the receipt of a complete application. Subsequently after the receipt of the November 2013 application, PHH evaluated the borrower for a third modification and the borrower was denied for the HAMP program (borrower is entitled to 1 HAMP modification). The first HAMP was offer in 2011. The borrower was also evaluated for the investors Standard Modification and was denied (the post modification principal and interest did not fall within the allowable limits). The borrower’s current terms are the result of a modification offered on March 2012. The borrower performed on the 2012 modification until August 2013. A new application for assistance was received on January 21, 2014, was deemed incomplete and letters detailing the required documents were sent on January 21st and February 20th. The required documents missing were 1) signed IRS Tax Returns, 2)2 - Recent Bank Statements, 3) Proof of Rental Income w/rental agreement and were due March 7, 2014. On March 6, 2014, a partial response (documents) was received. The rental agreement/affidavit was not received by the allotted timeframe. On March 7, 2014, PHH was forced to deny the application for incomplete package was sent. Notwithstanding the denial, PHH accepted documentation post March 7th. Additional documentation was sent on March 27, 2014. As of March 28, 2014, the application is being reviewed for completion. Upon completion, a decision will be rendered within 30 days. Respectfully,PHH Office of the President

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Category: Mortgage Bankers, Real Estate Loans, Real Estate Loan Modification, Mortgage Brokers, Financial Services

Address: 1 Mortgage Way, Mount Laurel, NJ, 19422-1851

Phone:

(602) 435-5810
(610) 279-2350
6024355810
6102792350
(866) 714-6737

Website: https://www.phhmortgage.com/

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