As a result of the IRS delays in processing transcripts, PHH is temporarily suspending the IRS Tax Transcript overlay on all loans. A re-evaluation of the policy will take place on September 15th, 2022, to determine the need for continuance or return to the original overlay requirement.
As a reminder:
- Update is applicable to any loan where transcripts have not yet been obtained.
- Seller continues to be responsible for the validity of the income used to qualify the borrower(s).
- A signed 4506-C is required on all loans.
- The loan must be documented and underwritten as required by Agency guideline standards and other applicable PHH overlays.
- Applies to loans closed prior to September 15, 2022.
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.
Coming soon – PHH Mortgage is changing its name!
