FAQ Search Results

Found 397 Results

2.7.1 Client Eligibility

The Client must meet all capital requirements, adhere to all applicable federal, state and other licenses, authorizations, approvals and insurance (such as Fidelity Bond and Errors and Omissions Insurance) in order to be in compliance with this...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-6-Application-Process > 2-6-1-Seller-Eligibility

2.7.2 Client Financial Requirements

The following are minimum guidelines for the Correspondent Lending program. Exceptions to these guidelines may be approved on a case-by-case basis.
Delegated Program Net Worth Requirement/Liquidity Requirement

2.7.3 Resolutions

Prior to the execution of the Seller Agreement, the Client shall provide a resolution from its board of directors, authorizing the individual signing the Seller Agreement to enter into an agreement on behalf of Seller and authorizing specific...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-6-Application-Process > 2-6-3-Resolutions

2.7.4 Key Documentation Requirements

PHH requires all prospective clients to provide a completed application. Generally, the executed application should contain the following:

Original signed Seller Agreement
Articles of...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-6-Application-Process > 2-6-4-Key-Documentation-Requirements

2.7.5 Insurance Requirements

At the time of closing, Fidelity Bond and Errors and Omissions (E&O) Insurance in amounts established by PHH is required.
The minimum E&O and Fidelity Bond coverage held by the Client must be consistent with state licensing and Agency...

Resources > FAQ > Chapter-2-Seller-Approval-Process-and-Eligibility > 2-6-Application-Process > 2-6-5-Insurance-Requirements