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15.122 Quality Control (QC)
The Client’s program, audits, and procedures to ensure sound practices in originating the loans in compliance with all applicable laws, regulations, benefits to the borrower, and Agency and investor requirements, and that loans are investment...
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Resources > FAQ > CHAPTER-15-GLOSSARY > 14-96-Regulation-AB

15.123 Rate Lock Desk
The PHH third-party origination Rate Lock Desk, available at Ratelock@PHHMortgage.com.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-97-Representations-,-Warranties,-and-Covenants

15.124 Rating Agency
Any of S&P, Moody’s, Fitch, DBRS, Kroll or, in the event that some or all ownership of the Loans is evidenced by mortgage-backed securities, the nationally recognized rating agencies issuing ratings with respect to such securities, if any.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-98-Repurchase

15.125 Reconstitution Agreement
The agreement or agreements entered into by the Client and PHH or an affiliate of PHH or any successor and/or certain third parties on the Reconstitution Date or Dates with respect to any or all of the loans sold by Client to PHH under the Client...

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-99-Repurchase-Price

15.126 Reconstitution Date
The date or dates on which any or all of the Loans sold by Client to PHH under this Agreement shall be reconstituted as part of a Whole Loan Transfer or Securitization Transaction pursuant to the Reconstitution of Loans section of this Guide.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-100-Reserves