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15.137 Client
Each third-party loan originator who is a Client under an executed Client Agreement with PHH.

Resources > FAQ > CHAPTER-15-GLOSSARY > 15-101-PHH’s-eVault

15.138 Security Instrument
The mortgage, deed of trust, or other similar security instrument that secures a Mortgage Note and creates a first lien on an estate in fee simple in the mortgaged property.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-111-Specific-Performance

15.139 Seller Agreement
The applicable Loan Purchase and Sale Agreement for the sale of any residential mortgage loan, including the related servicing rights, originated by the Client to PHH, as the same may be amended, restated, supplemented or otherwise modified from...

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-112-Underwriting-Guidelines

15.140 Servicing Release Premium (SRP)
An amount paid by PHH for the servicing rights.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-113-Wire

15.141 Servicing Retained
The sale of loans in which the Seller retains the servicing rights and PHH acquires the investor rights in the loans.

Resources > FAQ > CHAPTER-15-GLOSSARY > 14-114-USDA