Announcement - Seller Guide Updates

PHH Mortgage has made several modifications to the Seller Guide to adhere to agency guidelines and incorporate advancements. Highlights as followed: 

• Section 2.9.1 - Representations and Warranties Regarding Loans – Added loans subject to ground lease to be approved in writing. 
• Section 4.1.2 - Key Registrations Data Fields - Added taxes to be escrowed/reanalyzed if borrower’s exempt status is not provided initially.
• Section 4.1.4 – Changes to Locked Loans – Updated change conditions allowed/not allowed via TPOC.
• Section 4.2.2 – Mandatory Commitment - Updated Bulk AOT eligibility criteria 
• Section 4.6.1 – Seasoned Loans – Updated seasoned loans acceptance conditions and process basis original ‘Note date.’ 
• Section 4.6.2 – Loans Rejected by Prior Investor – Added acceptance of ‘Loans Rejected by Prior Investor’ subject to comprehensive review (case-by-case)
• Section 4.7.4 – Early Payoff (EPO) – Updated penalty for Non-Agency loans to be in accordance with SRP Product Grid  
• Section 4.9.1 – Repurchase Obligation – Specified Indemnification requirements. 
• Section 5.3.10 – Condo Project Approval – Updated ‘New converted Condo projects’ (unapproved by applicable agency) not eligible for review.
• Section 6.1.7 – Credit Report Requirements – Soft pool credit report requirement specified. 
• Section 8.14 – Hazard Insurance - Updated standard mortgage clause must also include the correspondent client that closed the loan. 
• Section 10.0 – Loan Purchase – Added correction requests in ‘Purchase Advise’ to be submitted within 5 days of loan purchase.
• Section 11.5 – Recast Policy – Added Agency (FNMA/FHLMC) conventional loans only to be considered subject to valid Agency guidelines. 

Note: Throughout the document, the term "Seller" has been changed to "Client".

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.