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13.12 Secure and Fair Enforcement Act
Under Secure and Fair Enforcement (S.A.F.E.) Act requirements, the Client is responsible to ensure that all loans delivered to PHH will be audited pre-purchase for licensing and registration compliance of the Client and the mortgage loan originator...
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Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-12-Secure-and-Fair-Enforcement-Act

13.13 Truth In Lending Act
PHH and its Clients are obligated to comply with the Truth in Lending Act (TILA). The purpose of this regulation is to:
  • Promote the informed use of consumer credit by requiring disclosures about the terms and cost associated with the...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-13-Truth-In-Lending-Act

13.3 Appraiser Independence Requirements
All loans sold to PHH must be in compliance with the Appraiser Independence Requirements (AIR) and/or Property Data Collector Independence Requirements (PDCIR) as applicable.
Clients must provide their internal policies and procedures...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-3-1-Transfer-of-Appraisals > 12-3-Appraiser-Independence-Requirements

13.3.1 Transfer of Appraisals
PHH will allow the transfer of an appraisal on conventional loans as long as the file includes the following:
  • First generation appraisal
  • Successful FNMA and FHLMC Submission Summary Report (SSR)
  • Appraisal delivery...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-3-1-Transfer-of-Appraisals > 12-3-1-Transfer-of-Appraisals

13.3.2 Borrower Appraisal Acknowledgement
PHH requires an Appraisal Acknowledgement Form on all loans with an appraisal, regardless of product type.
The Appraisal Acknowledgement Form must contain the following:
  • Borrower’s name
  • Property...

Resources > FAQ > CHAPTER-13-COMPLIANCE-TOPICS > 12-3-1-Transfer-of-Appraisals > 12-3-2-Borrower-Appraisal-Acknowledgement