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8.32 Notice of Right to Cancel
Closed Loan Files should not be delivered to PHH until the rescission period has expired. PHH requires a properly executed Notice of Right to Cancel on all primary residential refinance loans that meet the following standards:
  • The notice...
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Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-32-Notice-of-Right-to-Cancel

8.33 Higher Priced Mortgage Loan
A higher-priced mortgage loan (HPML) is secured by the borrower’s principal dwelling with an annual percentage rate that exceeds the Average Prime Offer Rate (APOR) for a comparable transaction as of the date the interest rate is set by a...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-33-Higher-Priced-Mortgage-Loan

8.35 VA Funding Fee
The VA funding fee must be collected on the Closing Disclosure and must be paid to VA by the Client. A copy of the funding fee receipt from the Funding Fee Payment System (FFPS) reflecting the correct amount paid is required.
PHH requires the...
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Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-35-VA-Funding-Fee

8.36 USDA Guaranty Fee
The annual guarantee fee must be collected on the Closing Disclosure. A copy of the check or printout reflecting the correct amount paid is required. PHH requires the Client to collect two months of the annual fee on the Closing Disclosure to be...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-36-USDA-Guaranty-Fee

8.37 USDA Rural Housing Form 1980 21
Request for Single Family Housing Loan Guarantee Form RD 1980-21 is required for all Rural Housing loans (USDA):
  • Form RD 1980-21 must be fully completed by the approved Client or their authorized representative and by all applicants that...
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Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-37-USDA-Rural-Housing-Form-1980-21