For everyone looking to refinance their home, DON'T USE PHH Mortgage Services. This company, who was originally affiliated with USAA Federal Services Bank, "use" to be a great customer-oriented company, first class, who we have had four previous home loans through. The last couple of years they have gotten into the business of "servicing" a lot of these small pop-up banks and loan companies, including some that have awful reputations and many that are responsible for our current home loan crisis, and now have become awful just like them. I guess that is because they are them now.
This is our situation. We currently have our home financed through them and are looking to refinance. We have an excellent credit rating and payment history - never a problem - so should be easy and straight forward to refinance. They always say go to your home mortgage company first because the process should be streamlined, easy, and cheaper.
Called them up and got an OK rate, competitive, but nothing better. When the paperwork arrived, it looked like a school kid had spent the time to complete it. Errors everywhere and had a 1% discount fee/points in there. This should have been a loan origination fee. Was told all this would be corrected when the final paperwork came.
The main problem other than this incompetency with the paperwork is they ordered one of those drive-by internet appraisals of the home, which came in at the same price that we paid for the home 2.5 years ago. If it had been done correctly that would be one thing, but again it was riddled with numerous errors. The appraiser had no clue what she was doing and had maps wrong, comparing our homes to others far distances away and that were 25 years older, things like that. When we approached PHH with all these errors and giving them ample evidence and data to show that corrections needed to be made, they pretty much refused to do anything. Just gave us the option that we could pay for a full appraisal if we wanted to. Why would we do this for someone who clearly has no clue what they are doing? We inadvertently received e-mail between PHH and the appraiser that showed they do not have an impartial relationship, so valuing homes lower than the 80/20 home to loan value ratio is their way to get a nice kick-back in PMI Insurance money. When searching on PHH, I found other complaints on this and charging the clients flood insurance when they don't need it.
Needless, to say, we said no thank you to doing business with a rude and shady company such as this. We forwarded all this information to the Attorney General in our state for review and follow-up as they intend to charge us $500 for a processing fee for a loan. Pay a processing fee for a loan riddled with errors? Charge us for an appraisal riddled with errors?
Bottom line - don't waste your time or money with this company.
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