Updates have been made to our Non-Agency Gold & Silver products and are reflected below for reference.
Gold - All Products
- Clarified POA is not allowed for cash out transactions.
- Confirmed properties owned free and clear are considered 0x30 housing history for each month it has been owned free and clear.
- A condo questionnaire is not required if you have a FNMA Condo Project Manager (CPM) report.
Silver – All Full/Alt Doc Products
- Added clarifying language for 1099 income and transcript requirements.
- Confirmed properties owned free and clear are considered 0x30 housing history for each month it has been owned free and clear.
- Escrow Holdbacks are not eligible.
- Added a note indicating properties listed for sale in the last 6 months require pre-approval from scenario desk.
- Power of Attorney’s are not eligible for Entities.
- Private Party VOR/VOM’s will require an exception for approval to use.
If you have any questions, please contact your Correspondent Specialist, Sales Executive, 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!
