PHH Mortgage Corporation: Difference between revisions

}}PHH Mortgage Corporation is a subsidiary of Onity Group, Inc., a privately held mortgage servicer and lender based in Florida. As of June 10, 2024, Onity Mortgage has been established as a dba (doing business as) of PHH Mortgage.<ref>https://business.phhmortgage.com/BusinessPHH/media/BusinessPHH/Pdf/PHH_Onity-FAQs.pdf</ref>

PHH Mortgage Corporation, a non-bank residential mortgage servicer, has faced multiple allegations related to improper loan servicing practices, impacting borrowers across the United States. The company has been accused of failing to properly apply borrower payments, charging unauthorized fees, and mishandling loan modification requests. In some cases, PHH provided misleading information to homeowners facing foreclosure, and in others, it failed to maintain accurate records or oversee third-party vendors involved in servicing and foreclosure processes<ref name=":0" />.

These practices have led to financial hardship for many homeowners, with some experiencing delays or miscommunications that resulted in foreclosures or loss of modification opportunities<ref>https://www.nj.gov/oag/newsreleases18/PHH_Complaint-for-filing-v1.pdf</ref>. In response to these allegations, PHH has reached settlements, including restitution for affected borrowers and commitments to adopt improved servicing standards<ref>https://www.nj.gov/oag/newsreleases18/PHH_Consent-Judgment.pdf</ref>. Despite these actions, the company’s practices have raised concerns about transparency, consumer protection, and the treatment of financially struggling homeowners.

In a multi-state settlement announced by Attorney General Christopher S. Porrino,<ref name=":0">{{Cite web |last=Porrino |first=Christopher |date=3 Jan 2018 |title=Attorney General Porrino Announces $45 Million Multi-State Settlement with PHH Mortgage Corporation |url=https://www.nj.gov/oag/newsreleases18/pr20180103b.html |access-date=7 Mar 2025}},</ref> New Jersey reached a $45 million agreement with PHH Mortgage Corporation to resolve allegations of improper mortgage loan servicing. The settlement, which includes more than 45 states and the District of Columbia, addresses claims that PHH Mortgage failed to properly service loans over a four-year period.