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11.1 Timing of Document Delivery

Clients are reminded of their responsibility to initiate and complete a MERS transfer of the beneficial rights and the servicing rights within five days of purchase by PHH. The PHH MERS Org ID number is 1000200. Additionally, Clients are reminded...

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Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 10-1-Timing-of-Document-Delivery

11.2 Procedure for Delivery of Documents
PHH does not require that a particular form accompany documents that are sent to the Client Division. However, if Clients provide a transmittal form that includes the PHH loan number, the name of the document, and a place for the PHH employee...

Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 10-2-Procedure-for-Delivery-of-Documents

11.3 Pre Purchase and Post Purchase Insuring and Guaranty Requirements
PHH requires the MIC, LGC and LNG before purchase if there are 60 days or more from the Mortgage Note date to the Closing Date.
Clients are required to ensure that all FHA loans are insured and that evidence of insurance is delivered to PHH...

Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 10-3-Pre-Purchase-and-Post-Purchase-Insuring-and-G

11.4 Document Reporting
Upon purchase of a Client’s loan, PHH will report to the Client those documents or items that continue to be outstanding but are necessary to complete documentation of the loan. A monthly report of these post-funding items will include the...

Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 10-4-Document-Reporting

11.5 PHH Recast Policy
An account must meet the following criteria to be eligible for a recast (also known as a principal reduction modification).
  • An account is not eligible for recast unless at least 90 days has elapsed from the purchase...

Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 10-5-PHH-Recast-Policy