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6.1.2 Zero Fraud Tolerance

Fraud is the intentional misrepresentation of facts that are material to the underwriting decision on a loan. PHH has a zero tolerance policy on matters relating to fraud or misrepresentation. Verification of all information will occur, and if...

Resources > FAQ > CHAPTER-6-CR-EDIT-POLICY-AND-UNDE-RWRI-TING > 6-1-1-Complete-Applications-Required > 6-1-2-Zero-Fraud-Tolerance

6.1.3 Age of Documents

Information used to make the credit decision must be current. The maximum age of documents at closing is as follows:

Table 6-1

Information used to make the credit decision must be current. The maximum age of documents at closing is as follows:

Table 6-1

Resources > FAQ > CHAPTER-6-CR-EDIT-POLICY-AND-UNDE-RWRI-TING > 6-1-1-Complete-Applications-Required > 6-1-3-Age-of-Documents

6.1.4 Direct Written Verifications

Written verifications for employment, deposit accounts and/or mortgage/rental history (VOE/VOD/VOM) must pass directly between the lender and employer, financial institution, mortgagor/landlord, as applicable, without being handled by any third...

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6.1.5 Paystubs

PHH requires that all paystubs relied upon for income verification must meet all of the following criteria:

Clearly identify the borrower as the employee
Show the gross earnings and deductions for both year-to-date and the pay...

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6.1.6 Mortgage Insurance

Conventional Loans with LTVs greater than 80% require mortgage insurance, unless otherwise specified in product guidelines. Required coverage varies according to range of LTV, term of loan, loan type (fixed or ARM), loan product, and whether the...

Resources > FAQ > CHAPTER-6-CR-EDIT-POLICY-AND-UNDE-RWRI-TING > 6-1-1-Complete-Applications-Required > 6-1-6-Mortgage-Insurance