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5.2.2 Government Sponsorship

FHA/VA Loans: The Client is responsible for complying with all insurance and fee payment requirements, including, without limitations, remitting the upfront MIP/VAFF/ Loan Guarantee fee and insuring and providing evidence of insurance and payment...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-2-Prior-Approval-Underwriting-(1) > 5-2-2-Government-Sponsorship

5.2.3 Credit Exceptions

Credit exception requests may be submitted to

AgencyScenarioDesk@phhmortgage.com for credit exceptions prior to Loan submission for underwriting. Each request must include the completed exception form and all applicable supporting...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-2-Prior-Approval-Underwriting-(1) > 5-2-3-Credit-Exceptions

5.2.4 Automated Underwriting System (AUS) Sponsorship

All Loans submitted to PHH for purchase must be transferred into a FINAL status in FNMA desktop originator (DO) or in a FINAL ASSIGNMENT status in FHLMC Loan Prospector Advisor (LPA).

DO sponsorship is available to approved Clients....

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-2-Prior-Approval-Underwriting-(1) > 5-2-5-Automated-Underwriting-System-(AUS)-Sponsors

5.2.5 Requirements of Loan File Submission

All Loans submitted to PHH for possible purchase must meet all PHH and Agency guidelines and comply with all applicable local, state and federal laws and regulations. Clients are responsible to ensure all Loans are in compliance with Chapter 13...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-2-Prior-Approval-Underwriting-(1) > 5-2-6-Requirements-of-Credit-File-and-Loan-File-Su

5.2.6 Condo Project Approval

Every condo loan/condo project must meet general eligibility standards of each applicable Agency and any PHH guidelines regardless of the review method. Clients must submit condo project approval documentation within the closed Loan File to match...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-2-Prior-Approval-Underwriting-(1) > 5-2-7-Condo-Project-Approval