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11.6 Form 1098 Year End Reporting

The Client is responsible for completing and filing with the Internal Revenue Service and providing the then-current Form 1098(s) (Form 1098) to the borrower(s) for all pre-paid interest collected and for points paid by the borrower to the Client...

Resources > FAQ > CHAPTER-11-POST-FUNDING-FINAL-DOCUMENTS > 11-6-Form-1098-Year-End-Reporting

Chapter 12 Quality Control

PHH requires all Clients to maintain a quality control plan within their own company to help guard against errors, omissions, and fraud. A general overview of the components of a sound QC plan are outlined below, however, detailed requirements of...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > CHAPTER-11-QUALITY-CONTROL

12.1 Reviews by PHH

PHH's Quality Control (QC) monitoring includes Loan reviews that take place both prior to and after loan purchase. All exceptions will be identified as to the level of risk the issue represents.

Remediation is required for all...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-1-Reviews-by-PHH > 11-1-Reviews-by-PHH

12.2 Client’s Quality Control Plans
The Client’s QC plan must be written and maintained to current guidelines. It should be administered independently of the origination process and contain all Agency, investor, and regulatory requirements.
The plan should clearly...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-Seller’s-Quality-Control-Plans

12.2.1 Pre Funding Reviews
An acceptable QC plan must include a process for auditing a sample of loans prior to loan closing to prevent closing loans with errors, misrepresentation, or insufficient documentation. The reviews must be completed by individuals who were not...

Resources > FAQ > CHAPTER-12-QUALITY-CONTROL > 11-2-1-Pre-Funding-Reviews > 11-2-1-Pre-Funding-Reviews