As a reminder, a Correspondent Client is responsible for remitting the monthly private mortgage insurance for any payments due and collected by the client prior to the first payment due to PHH (servicing transfer date). This will ensure the mortgage insurance is activated and prevent possible cancellation or commitment expiration.
For loans sold to PHH that are one or more payments down at the time of purchase, PHH will net the escrows collected at closing. This includes the taxes and insurance escrows collected in the payments (if not waived) for the new escrow account, however mortgage insurance will not be netted from the wire.
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.
Thank you for your continued business.
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