The announcement is an update to the PHH Mortgage Seller Guide (“Guide”). The requirements contained herein and in previous announcements are incorporated into the Guide, and they are considered a part of and supplement the Guide.
Effective immediately, PHH Mortgage is updating the following delivery requirements:
Collateral Scores:
For conventional loans with properties that have Collateral Underwriter (CU) scores of 5 will be ineligible for purchase regardless of third party tool or Underwriter justification.
PHH will be pulling Automated Valuation Model (AVM) for loans with CU scores of 4.0-4.9. If value is not supported by the AVM, PHH will require additional documentation to support the value.
Post-Funding Final Document Address:
Reminder: All post funding final documents should be forwarded to the following address. MIC, LGC, and LNG can be uploaded to the loan in TPO Connect. Please alert the Final Doc team at PHHPostFunding@phhmortgage.com after uploading.
PHH Mortgage
1 Mortgage Way
Mail Stop DC
Mt. Laurel, NJ 08054
Forbearance Policy:
PHH Mortgage remains aligned with GSE requirements regarding selling loans in forbearance. Below are links to the bulletins:
Fannie Mae Lender Letter LL-2020-06
Freddie Mac Bulletin 2020-44
If you have any questions, please feel free to contact your Account Executive or PHH Correspondent Operations at 1-800-929-4744, option 2 or PHHCorrSupport@PHHMortgage.com.
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