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13.7 Fraud
A general definition of fraud includes the following:
  • Intentional abuse of truth in order to induce another to part with something of value or to surrender a legal right
  • An act of deceiving or...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-7-Fraud

13.8 High Cost Loans
PHH will not purchase any loan legally classified as high-cost or predatory under federal or state laws.
A high-cost test will be performed on all loans on a pre-purchase basis for compliance with the following:
  • Federal law (HOEPA...
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Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-8-High-Cost-Loans

13.9 Higher Priced Mortgage Loans
A higher-priced mortgage loan (HPML) is a Loan secured by a first lien on the borrower’s principal dwelling with an APR that exceeds the APOR for a comparable transaction as of the date the interest rate is locked by a certain percentage,...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-9-Higher-Priced-Mortgage-Loans

13.10 Real Estate Settlement Procedures Act
PHH will not purchase loans that are not in compliance with the requirements of the Real Estate Settlement Procedure Act (RESPA).
RESPA applies to a federally related Loan. A federally related Loan refers to almost every loan secured by a...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-10-Real-Estate-Settlement-Procedures-Act

13.11 Right of Redemption
Loans closed during the right of redemption period following a foreclosure are not eligible for purchase by PHH.

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-11-Right-of-Redemption