Adverse Market Refinance Fee

The announcement is an update to the PHH Mortgage Seller Guide (“Guide”). The requirements contained herein and in previous announcements are incorporated into the Guide, and they are considered a part of and supplement the Guide.

PHH Correspondent Lending removed the Adverse Market Refinance Fee for all new Mandatory and Best Effort commitments taken on or after 7/19/2021.

Best Effort Pipeline:

For all Best Effort Loans purchased on or after 7/19/2021, PHH has removed the 50 bps Adverse Market Refinance Fee LLPA.

Mandatory Pipeline:

For all Mandatory Commitment Loans purchased on or after 7/19/2021, PHH will reduce the Adverse Market Refinance Fee LLPA to 25 bps.

Please Note: Best Effort and Mandatory Commitment Loans purchased with the Adverse Market Refinance Fee LLPA between 7/19/2021 and 7/20/2021 will have the 25 bps refunded via our reconciliation process. Please allow two weeks for refunds to be processed.

If you have any questions, please feel free to contact your Account Executive, Rate Lock or PHH Correspondent Operations at 1-800-929-4744, or RateLock@PHHMortgage.com or PHHCorrSupport@PHHMortgage.com.