PHH Correspondent Lending

4.5.2 Expired Commitments

If a relock on an individual commitment is requested within 30 days of the rate commitment expiration date, the loan will be relocked subject to worst-case pricing comparison and the applicable relock fee as identified in Relock Fees. If the loan is...

4.5.3 Relock Fees and Terms

If a Client requests to relock an individual Mandatory or Best Efforts Commitment loan that is expired or canceled for less than 30 days, the relock will be subject to the following conditions:

PHH will relock loans up to a maximum of...

Resources > FAQ > 4-1-Flow-Registration > 4-5-Expiration-Dates > 4-5-3-Relock-Fees-and-Terms

4.5.4 Late Delivery

Mandatory Bulks and Best Efforts:
All commitments delivered after lock expiration will accrue a late delivery fee as stated below:

Resources > FAQ > 4-1-Flow-Registration > 4-5-Expiration-Dates > 4-5-4-Late-Delivery

4.6 Age of Loans

PHH does not purchase Loans if the Mortgage Note date is over 90 days old at the time of Loan purchase. If the Mortgage Note date is 90 or more days old, the Client must contact the PHH Rate Lock Desk for next steps.

Resources > FAQ > 4-1-Flow-Registration > 4-6-Age-of-Loans > 4-6-Age-of-Loans

4.6.1 Seasoned Loans

PHH requires loans to be delivered on or before 45 days and/or funded on or before 90 days from the original Note date. Loans aged greater than 45 days at delivery may be consider by PHH, in its sole discretion, for an aged policy exception...

Resources > FAQ > 4-1-Flow-Registration > 4-6-Age-of-Loans > 4-6-1-Seasoned-Loans