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PHH Mortgage Product Listing Correspondent Forward Lending
Effective Date: June 30, 2022
Goverment Products - Fixed
Product Category Description Product Amortization Product Number ARM Index ARM Lookback ARM Margin ARM Cap Structure
FHA Fixed
Standard, High Balance, $100 Down and Good Neighbor Next Door and Streamline
30 yr Fixed 880 N/A N/A N/A N/A
25 yr Fixed 825 N/A N/A N/A N/A
20 yr Fixed 820 N/A N/A N/A N/A
15 yr Fixed 885 N/A N/A N/A N/A
VA Fixed
Standard, High Balance and IRRRL
30 yr Fixed 990 N/A N/A N/A N/A
25 yr Fixed 925 N/A N/A N/A N/A
20 yr Fixed 920 N/A N/A N/A N/A
15 yr Fixed 995 N/A N/A N/A N/A
General 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
FHA FHA Title II Multifamily Accelerated Processing Not Permiited
FHA FHA Home Equity Conversion Mortgage (HECM or Reverse) Please contact your Account Executive for details
FHA Energy Efficient Mortgage Not Permiited
FHA 203K Not Permiited
FHA 247 Hawaiian Home lands Not Permiited
VA VA Supplemental Loans (ex. VA Reno) Not Permiited
VA Energy Efficient Mortgage Not Permiited
Product Type Documentation Requirements Overlay
All Fraud report All loan participants must be run through fraud tool
FHA Fixed
Occupancy Loan Purpose Property type Max LTV/CLTV Minimum FICO
Owner Occupied Purchase 1-4 Unit 96.5/105 580, HB 620
Manufactured 96.5/105 640
Rate Term 1-4 Unit 97.75/97.75 580, HB 620
Manufactured 97.75/97.75 640
Streamline 1-4 Unit FHA calc/105 580, HB 620
Manufactured FHA calc/105 640
Simple 1-4 Unit 97.75/97.75 580, HB 620
Manufactured 97.75/97.75 640
Cash Out 1-4 Unit 80/80 580, HB 620
Manufactured 80/80 640
Second Home Streamline 1 Unit / Manufactured FHA calc/105 640
Investment Streamline 1 Unit / Manufactured FHA calc/105 640
VA Fixed
Occupancy Loan Purpose Property type Max LTV/CLTV Minimum FICO
Owner Occupied Purchase - Standard/High Balance 1-4 Unit 100+FF 620
HB > $1MM = 700
Manufactured 100+FF 640
Cash Out 1-4 Unit 90/90 620
Manufactured 90/90 640
IRRRL 1 Unit 100+FF 620
Manufactured 100+FF 700
Second Home IRRRL 1 Unit / Manufactured 100+FF 700
Investment IRRRL 1 Unit / Manufactured 100+FF 700
PHH Additional Government Limitations
Product Type Topic Overlay
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 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 Land Trusts

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

All Mixed-use Properties

Mixed-use properties are ineligible for purchase

All No FICO Score

Loans with "0" FICO Score are ineligible for purchase

All Seasoning Requirements

On refinance transactions, when paying off a loan, the borrower must have made 6 consecutive payments on the loan being paid off and the first payment due date of the new loan must be at least 210 days after the first payment due date of the refinanced loan (Note: for modified loans the date is counted from the first payment date of the loan after modification)

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 248 Tribal Lands

Properties that are located on Indian reservations or Native American tribal lands that are also subject to tribal governance requirements are ineligible.

All Water Purification Systems

Water Purification Systems that require an account to be held for ongoing maintenance and managing contracts are ineligible.

FHA Manual UW/Downgrade
(non-streamline)
 

Max DTI 45%, HB Max DTI 43%
Min score 680, comp factors per FHA Guidelines apply

VA Manual UW/Downgrade
(non-IRRRL)

Max DTI 50%
Min score 680

VA High Balance

Max DTI 50%
See LTV grid for minimum credit score
Must meet all VA requirements including residual income. AUS approval is required.

VA IRRRL Value

Value to be determined by one of the following:

  • Previous full appraisal completed within 12 months of note date
  • Freddie Mac HVE, Home Value Explorer, with a confidence level of "H"
  • CoreLogic GeoAVM Core or Collateral Analytics AVM with an FSD not exceeding 15
  • Drive-By or Full appraisal
Credit

Subject Mortgage History not to exceed: 0X30 in the most recent 6 months and a max of 1X30 in the most recent 7-12 months. Scores <700 must have max 0X30 in the most recent 12 months.

Employment

A two-year employment history is required on the residential application (1003), but income verification is not required.*

  • Employed borrowers require a Verbal VOE
  • Self-employed borrowers require a verification of the business through 3rd party sources.
  • Borrowers of retirement age do not require a VVOE
* State Law, Higher Priced Mortgage Loans (HPML) and Qualified Mortgage (QM) requirements still apply and may require income verification.

Disclaimer: Copyright © 2022 PHH Mortgage Corporation. All rights reserved. Ocwen Financial Corporation, PHH Mortgage Corporation, the Ocwen Financial Corporation, and the PHH Mortgage Corporation logos are trademarks or registered trademarks of Ocwen Financial Corporation, Inc. and PHH Mortgage Corporation as subsidiary of Ocwen Financial Corporation, Inc