Effective Monday, May 19th, PHH Mortgage is updating our Suspense Fee Policy to the following:
- The grace period for suspense conditions has been extended to seven (7) calendar days from five (5) calendar days.
- The suspense fee will be lowered to 1 bps/day from 2 bps/day.
- The revised policy is listed below and will be updated in the PHH Seller Guide.
Clients may incur late fees if PHH does not receive the information or documentation needed to purchase the Loan within the following timeframe:
- Seven (7) calendar days from the later of the commitment expiration or the initial suspense notification.
- If the Client does not provide complete and compliant funding documents within the timeframe listed above, PHH may, at its discretion, allow or require any of the following (either singly or in any combination):
- Allow Client additional time subject to payment of a suspense fee (1 bps/day)
- Allow Client additional time subject to PHH 's re-pricing the Loan.
- Reject the delivery.
- Reject the delivery and require payment by Client of a pair-off fee.
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!
