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8.26 Change of Servicer/Loan Transfer

PHH requires a copy of the Change of Servicer/Loan Transfer disclosure (Goodbye Letter) given by the Client to the borrower, providing notice of the loan transfer and change of servicer. The Client is required to notify the borrower in writing at...

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Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-26-1-Partial-Payment-Disclosure > 8-26-Change-of-Servicer-Loan-Transfer

8.26.1 Partial Payment Disclosure
The TILA-RESPA Rule requires that mortgage servicing transfer notices include information related to the partial payment policy that will apply to the Loan. The partial payment disclosure must include the following:
  • If periodic payments...
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Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-26-1-Partial-Payment-Disclosure > 8-26-1-Partial-Payment-Disclosure

8.34 Upfront Mortgage Insurance Premium
For FHA loans, the upfront mortgage insurance premium (UFMIP) must be collected on the Closing Disclosure and must be paid to FHA by the Client. Also, when the MIP is paid on a monthly basis, an escrow account must be established at closing. PHH...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-34-1-Proof-of-Submission > 8-34-Upfront-Mortgage-Insurance-Premium

8.34.1 Proof of Submission
If there are 15 days or more from the Mortgage Note date to the purchase date, PHH requires the loan to state “submitted” on the FHA Connection case query screen prior to the purchasing of the loan.

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-34-1-Proof-of-Submission > 8-34-1-Proof-of-Submission

8.34.2 Proof of Insuring
PHH requires the FHA Mortgage Insurance Certificate (MIC) before purchase if there are 60 days or more from the Mortgage Note date to the purchase date.
Note: PHH does not purchase loans that have a status of “NOR,” “Firm...

Resources > FAQ > CHAPTER-8-FILE-DELIVERY > 8-34-1-Proof-of-Submission > 8-34-2-Proof-of-Insuring