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8.1 Suspended Closed Loans

PHH will not purchase loans with incomplete documents. If a document or qualification deficiency is determined, the loan will be suspended.
Client may incur late fees in the event that PHH does not receive the information or documentation...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-1-Suspended-Closed-Loans

8.2 Client Obligations Prior to Purchase

Mortgage Payments
Prior to the transfer date, if applicable, any payments received by the Client with respect to each Loan shall be properly applied by the Client to the account of the related mortgagor.

8.3 Client Obligation Prior to Transfer

Government Loans
If the Loan was sold by the Client to PHH pursuant to a commitment which provided that such Loan would be guaranteed by the VA or USDA or insured by the FHA, the Loan shall be fully guaranteed or insured, as...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-3-Seller-Obligation-Prior-to-Transfer

8.4 Collateral Package Submission

Collateral package must include:
• Original Mortgage Note, signed and properly endorsed
• Original Bailee Letter
Original collateral package delivery address:

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-4-Collateral-Package-Submission

8.5 Original Mortgage Note

PHH requires the delivery of the complete and correct original, properly endorsed, Mortgage Note before purchase as part of the collateral package delivery. The original Mortgage Note must be received on or before the commitment expiration date. A...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-5-Original-Mortgage-Note