We are making great progress preparing for the transition of TCB Correspondent Lending clients over to the new combined platform with PHH Mortgage. The following are key events that will be occurring over the next few weeks as we prepare to welcome the TCB clients to the PHH Correspondent Lending platform. The migration will be managed in phases.
The first phase of the transition will involve the transition of TCB mandatory clients that are new to PHH Mortgage. The key events and dates are as follows:
- Account Coverage Announcements – We will be communicating with you about your account coverage team the week of May 17th.
- Mandatory Commitment and Loan Delivery Training – The orientation and training window for mandatory clients new to PHH will begin the week of May 24th.
- Mandatory Commitments Transition to PHH – Beginning June 1st, all mandatory delivery commitments will be taken via the PHH Rate Lock Desk (mandatory commitment desk). The TCB mandatory commitment desk will cease offering commitments with the close of desk hours on Friday May 28th. Mandatory locks taken by the TCB mandatory commitment desk prior to June 1st should be delivered via the TCB Correspondent Lending platform.
- Original Note/Bailee Docs for Mandatory Transition to PHH- Beginning with June 1st locked loans, all Original Notes/Bailee Docs must be directly sent to the following in order for PHH to purchase the loan:
Wells Fargo CTS-PHHO
1100 Virginia Drive, Suite 100
190-FTW-030
Fort Washington, PA 19034-3276
- Final/Trailing Documents- Beginning with June 1st locked loans, all Final/Trailing Documents (i.e. Original recorded mortgage/Security Instrument and applicable riders or addendums, Original recorded assignment of mortgage, Original final title policy and any required waivers, attorney’s opinion or any applicable endorsements, Original Mortgage Insurance Certificate, FHA MIC, VA LGC, USDA LNG) must be directly sent to the following:
PHH Mortgage 1 Mortgage Way
Mail Stop: DC
Mt. Laurel, NJ 08054
We currently expect that we will transition best efforts commitments after the middle of June. Details regarding that phase of the transition will be forthcoming in the near future.
Our combined team is excited to welcome all TCB clients as part of the new combined PHH Mortgage Correspondent Lending platform. We will be reaching out to you next week to introduce you to your coverage team and walk you through these transition events. Until then,
please feel free to continue business as usual with both PHH and TCB and contact your sales representative with any questions you may have.