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Chapter 2 Client Approval Process and Eligibility Standards

PHH's Correspondent Lending channel offers Clients the flexibility to manage the loan process from originations through closing. The Client must meet specific requirements to be eligible.
The Client...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > Chapter-2-Seller-Approval-Process-and-Eligibility

2.1 Privacy of Consumer Information
The Client agrees to comply with any applicable federal, state and local laws and regulations regarding the privacy and security of consumer information. It is also required that Client agrees to maintain adequate physical, technical and...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-1-Privacy-of-Consumer-Information-(11-01-19)

2.2 Delegated Client
For Clients who are approved as delegated, the Client is responsible to ensure loans meet the eligibility and underwriting guidelines as outlined in this Guide. The Client represents and warrants compliance with this Guide and the Seller Agreement...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-2-Delegated-Seller

2.3 Non-Delegated Clients
For Clients who are approved as Non-Delegated, the Client is responsible to ensure timing requirements, regulatory requirements and specific Agency requirements relating to applications, customer contact, loan processing and loan closing are...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-3-Audits-(1)

2.4 Audits
At any time, PHH reserves the right to conduct an audit of the Client’s offices during normal business hours. The Client must provide the assistance of one or more knowledgeable and responsible employees to assist PHH in such audits. PHH must...
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Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-3-Audits