Effective immediately, PHH is updating its policy regarding the Homeowners Insurance cancellation notification. On FHA, VA and Conventional loans (scored via DU only), all policies documenting insurance coverage must provide that the insurer will notify the named mortgagee before cancellation or substantial changes to the policy. Conventional loans, scored on LP, require a minimum of 10 days’ notice to the mortgagee before cancellation and/or substantial changes.
The above policy does not apply to Master Insurance policies, however required personal policies for units in a project will be required to meet the applicable cancellation policy as a single family policy.
If you have any questions, please contact your Correspondent Specialist, Sales Executive/Correspondent Sales Representative, or contact us via the support line at 1-800-929-4744.
Thank you for your continued business.
Coming soon – PHH Mortgage is changing its name!
