Coming soon – PHH Mortgage is changing its name!
Learn More >The following policies are effective immediately and will be updated in the next Correspondent Seller Guide release.
Seasoned Loans
PHH requires loans to be delivered on or before 45 days and/or funded on or before 90 days from the original Note date. Loans aged greater than 45 days at delivery may be considered by PHH, in its sole discretion, for an aged Note policy exception subject to a comprehensive explanation of circumstances surrounding the seasoning. Any loan for which an aged Note policy exception is requested will undergo a full review, which could extend the purchase timeline and incur additional fees. In addition, loans aged greater than 45 days at the time of delivery are subject to a minimum pricing adjustment in accordance with the below schedule, and additional price adjustments may be required by PHH, in its sole discretion, on a case-by-case basis.
Seasoned Loans | |
---|---|
Note Date to Deliver Aged Days | Fees |
0 to 45 | 0.00% |
46 to 60 | -0.50% |
61 to 75 | -0.75% |
76+ | -1.00% |
Loans Rejected by Prior Investor
PHH will not accept loans that have been rejected by any other investors, regardless of seasoning. Exceptions may be considered on a case-by-case basis by PHH, in its sole discretion, if PHH determines the loan complies with all PHH policies and guidelines. In such cases, PHH will require, among other things, evidence of the prior rejection and documentation of the noted conditions and attempted resolution. All loans for which an exception is requested, will undergo a comprehensive review, which could extend the purchase timeline and incur additional fees.
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.
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