We will send a check for the PMI or hazard insurance refund to the mailing address on file within 20 days. Please allow additional time for mailing.

When a property is damaged by a natural disaster (fire, hurricane, etc.), the insurance company will inspect the property and issue a check to cover damages. This check is made payable to both the homeowner and PHH Mortgage. You must notify us of any such property damage.

Yes, PMI may be canceled in certain circumstances.

Automatic Termination 
If you’re required to carry PMI, we’ll cancel it automatically when your loan-to-value (LTV) ratio is scheduled to reach 78%. The LTV ratio is the difference between the loan amount and the original market value of the home.

LTV Example: If you borrow $88,000 to buy a house valued at $100,000, your loan-to-value ratio is 88%. ($88,000 /$100,000 = 0.88, or 88%).

Based on the original home value, we’ll project the date when your LTV will reach 78%, and we’ll plan to cancel your PMI on that date.

Early Cancellation
You can request early cancellation of PMI before the automatic cancellation date. Each mortgage investor has different requirements for canceling PMI early.

• In most cases, the property must reach at least an 80% LTV. 
• If you obtained your loan less than two years ago, your investor may require a list of substantial improvements to evaluate the PMI cancellation request. You must have a description of the improvement, the date it occurred, and the associated cost.
• A home valuation may be required to determine your equity amount. The cost of the valuation will be your responsibility. We will let you know if a valuation is required along with the costs and steps to have the valuation completed.
• You must be current on your loan payments. You cannot have been more than 30 days past due in the last year or more than 60 days past due in the last two years.

No worries – your escrow account will transfer along with your loan. The new servicer will take over managing your tax and insurance payments, so there is no action needed on your part.

You have a few options to get started.
 
Option 1: Online
 

If you've experienced a financial hardship.

Click here to be taken to our Homeowner's Assistance page to get started.

Option 2: By Mail or Email
You can also complete the Mortgage Assistance Application and send it by mail or email. The application requests your current income and expenses and the reason for your hardship to help us determine the best available option.
 
Click here to print the Mortgage Assistance Application.
 
Option 3: By Phone
To start the mortgage assistance review with one of our agents, call us at 1-800-449-8767.

Small Balance Commercial Loans - For payment assistance with small balance commercial loans, call our Commercial Loan Servicing Department at 1-866-672-5706. We are available Monday through Friday, 8:30 am to 7:00 pm ET.