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4.2.1 Commitment Defined
A rate lock commitment is an agreement whereby Client commits to deliver a loan, as described in the commitment confirmation. Client must enter into a commitment for each loan prior to delivering it to PHH.
Depending on approval...

Resources > FAQ > 4-1-Flow-Registration > 4-2-Flow-Commitments > 4-2-1-Commitment-Defined

4.2.2 Mandatory Commitment
Under a Mandatory Commitment, the Client commits to deliver a loan to PHH that is eligible for purchase and that conforms to the terms described in the commitment prior to the end of the commitment period. PHH will charge a pair-off fee to Client if...
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Resources > FAQ > 4-1-Flow-Registration > 4-2-Flow-Commitments > 4-2-2-Mandatory-Com-mitment

4.2.3 Best Efforts Commitment

Under a Best Efforts Commitment, the Client can take a Best Efforts Commitment via PHH Correspondent portal. A Client can access PHH Pricing by utilizing PHH's Get Pricing Scenario tool via PHH Correspondent portal. Due to potential market...

Resources > FAQ > 4-1-Flow-Registration > 4-2-Flow-Commitments > 4-2-3-Best-Efforts-Commitment

4.5 Expiration Dates
All loans must be closed and disbursed by the Client’s lock expiration date.
The commitment/lock expiration is the expiration of PHH’s commitment to honor a locked loan at a particular interest rate. Any extension requests must be...
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Resources > FAQ > 4-1-Flow-Registration > 4-5-Expiration-Dates > 4-5-Expiration-Dates-(1)

4.5.1 Holiday or Weekend Commitment Expirations
If the initial commitment expiration on a loan would fall on a weekend or PHH observed holiday, PHH will automatically roll the commitment expiration date to the next business day. Any subsequent extensions or relocks, however, may cause the loan to...
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Resources > FAQ > 4-1-Flow-Registration > 4-5-Expiration-Dates > 4-5-1-Holiday-or-Weekend-Commitment-Expirations