Announcement- Correspondent Lending Updates

PHH Mortgage is announcing underwriting and operational updates.

Agency Updates
Fannie Mae Seasoning Guidelines: Cash-out transactions must meet the new Fannie Mae Seasoning requirement of 12 months (Note date of loan being paid off to Note date of new loan) for loans with a Note Date of 4/1/23 and later.  Loans meeting the current seasoning requirements must be closed prior to 4/1/23 and must be submitted with an eligible DU recommendation.
As a reminder, PHH requires Cash-out transactions scored on LPA to meet the new Freddie Mac seasoning requirement of 12 months (Note date of loan being paid off to Note date of new loan) on loans purchased after 2/14.

Operational Updates
Changes to Servicing address for payments:

Please note, there is a new address for borrower payments: If you have any questions, please contact your your Correspondent Specialist, Sales Executive, or contact us via the support line at 800-929-4744.

Thank you for your continued business.