Effective Immediately PHH is pleased to announce the following update to our Delegated & Non-Delegated, Gold Non-agency loan programs.
The following is a summary of changes:
- Clarify exclusion of Tribal Land
- Clarify qualifying using authorized user accounts
- DSCR – assets verified with most recent 30 day statement
- DSCR – evidence of borrowers experience managing rental properties
- Non-warrantable condo investor exposure limitations
- 24 month chain of title required
- Vesting in trust and individual is not permitted
- Layered or Nested entities are not permitted
- Update PPP guidance for IL
- Clarify funds held in trust eligibility for certain doc types
- 2yr history of employment required for all doc types (except DSCR)
- AIR compliant appraisals not ordered through AMC possible via exception
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!
