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Clients Approved as Non-Delegated
PHH offers prior approval underwriting through its Non-Delegated program. Clients must be specifically approved to participate as a Non-Delegated Client.

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-3-Sellers-Approved-as-Non-Delegated > Sellers-Approved-as-Non-Delegated-Seller

5.3.1 Non-Delegated Program Net Worth/Liquidity Requirements
Non-Delegated Program Net Worth / Liquidity Requirements:
  • Tangible net worth must be at least $250k with at least 20% liquidity for non-delegated status
  • Net worth requirements may vary based on type of Client...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-3-Sellers-Approved-as-Non-Delegated > 5-3-1-Non-Delegated-Program-Net-Worth-Liquidity-Re

5.3.2 Representations, Warranties and Covenants
Refer to Section 2.9.1 for the Representations and, Warranties Regarding Loans and Section 2.9.2 for the Covenants of Client. All representations, warranties and covenants are applicable to Non-Delegated Loans and Non-Delegated Clients unless...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-3-Sellers-Approved-as-Non-Delegated > 5-3-2-Representations,-Warranties-and-Covenants

5.3.3 Client's Loan Level Responsibilities
Client is solely responsible to:
(a)  provide all required federal, state and local disclosures to each Loan applicant, including anti-steering disclosures, [other than PHH’s HMDA reporting requirements as set forth in Section...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-3-Sellers-Approved-as-Non-Delegated > 5-3-3-Seller-s-Loan-Level-Responsibilities

5.3.4 PHH’s Underwriting Responsibilities
 As part of its underwriting review, PHH is responsible to:
(a) review income documentation (including, without limitation, paystubs, tax returns, and W-2s) to determine the Loan applicant’s ability to repay the Loan;
(b)...

Resources > FAQ > CHAPTER-5-UNDERWRITING-OPTIONS > 5-3-Sellers-Approved-as-Non-Delegated > 5-3-4-PHH’s-Underwriting-Responsibilities