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PHH Mortgage Product Listing Correspondent Forward Lending
Effective Date: April 1, 2022
Conforming Products - Fixed
Product Category Description Product Amortization Product Number ARM Index ARM Lookback ARM Margin ARM Cap Structure
Conforming Fixed -
FNMA/FHLMC
30 yr Fixed 100 N/A N/A N/A N/A
25 yr Fixed 125 N/A N/A N/A N/A
20 yr Fixed 120 N/A N/A N/A N/A
15 yr Fixed 200 N/A N/A N/A N/A
10 yr Fixed 110 N/A N/A N/A N/A
Conforming High Balance Fixed - FNMA/FHLMC 15 yr Fixed R01 N/A N/A N/A N/A
30 yr Fixed R02 N/A N/A N/A N/A
HomeReady Fixed - FNMA 30 yr Fixed 651 N/A N/A N/A N/A
HomePossible Fixed - FHLMC 30 yr Fixed 681 N/A N/A N/A N/A
Overall PHH Product Limitation
Product Type Geographic Restructions Overlay
All Gaum, US Virgin Islands and Puerto Rico Not Permiited
Product Type Product Overlay
All NY CEMA Not Permiited
All Co-ops Not Permiited
All One Time Close Not Permiited
All eNote Not Permiited
Conventional RefiNow (FNMA) Not Permiited
Conventional Homestyle Renovation (FNMA) Not Permiited
Conventional Choice Renovation Mortgage (FHLMC) Not Permiited
Conventional Freddie Mac Refi Possible Not Permiited
Conventional MH Advantage Not Permiited
Product Type Documentation Requirements Overlay
All Fraud report All loan participants must be run through fraud tool
Conventional UCDP-CU Score and LCA Score CU and/or LCA Score = 5 are not permitted
Conventional UCDP-CU Score and LCA Score PHH will run AVM on loans with CU/LCA scrores of 4.0-4.9 Addl documentation may be requested if value is not supported
Occupancy Loan Purpose Property type Minimum FICO
All Purchase 1-4 Unit 620
Manufactured 620
Cash Out/Refi 1-4 Unit 620
Manufactured 620
Rate and Term/Refi 1-4 Unit 620
Manufactured 620
PHH Additional Limitations
Product Type Topic Overlay
All Tax transcripts Self-employed borrowers most recent 1 year personal tax transcripts as applicable when tax returns are used to qualify (Business transcripts required if income is not validated on personal returns)
All Tribal Lands

Properties that are located on indian reservation or Native American tribal goverance requirements are ineligible.

All Housing Choice Voucher Payments

Section 8 Homeownership Vouchers must go directly to the borrower. Payments to the servicer with a voucher are ineligible.

All Land Trusts

Community Land Trusts/all other Land Trusts are ineligible for purchase.

All Income/Asset Source and Use of Property

Income or Assets derived from Marijuana related businesses are not allowed (regardlessif they are used for qualifying purposes), and property cannot be used for Marijuana related activies.

All No FICO Score

Loans with "0" FICO Score will be ineligible for purchase
(unless loan receives a valid AUS recommendation)

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