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8.6.2 Ineligible Bailee Agreements
PHH will not accept master or blanket bailee agreements and reserves the right to reject any bailee agreement that contains provisions that are objectionable to PHH unless previously approved by the Correspondent Support Team.

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-6-Wire-Instructions-and-Bailee-Letter-(1) > 8-6-2-Ineligible-Bailee-Agreements

8.11 Title Commitment/Binder/Title Policy
At minimum, the title commitment/binder is required with the closed Loan File. It must be the most current version of an ALTA loan policy, ALTA Short Form or Iowa Title Guaranty Certificate (for Iowa properties only).
  • Effective date of...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-11-Title-Commitment-Binder-Title-Policy-(1) > 8-11-Title-Commitment-Binder-Title-Policy

8.11.1 Title Insurance Requirements

The Loan must be covered by an ALTA form of lender’s title insurance policy or other generally acceptable form of policy of insurance acceptable to Fannie Mae or Freddie Mac, issued by, and the binding obligation of, a title insurer...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-11-Title-Commitment-Binder-Title-Policy-(1) > 8-11-1-Title-Insurance-Requirements

8.11.2 Waived Title Exceptions
PHH requires affirmative coverage over all defects unless the defect is subject to one of the following:
  • Customary public utility subsurface easements in place and completely covered within the mortgaged...
8.11.3 Short Form Title Policy
PHH will generally accept a short form title policy provided that its use is acceptable to Fannie Mae or Freddie Mac

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-11-Title-Commitment-Binder-Title-Policy-(1) > 8-11-3-Short-Form-Title-Policy