As a reminder, a Correspondent Client is responsible for remitting the monthly MIP payment for any FHA payments collected prior to the first payment due to PHH Mortgage. If at the time of the first payment due to PHH, there is a late fee due for failure to pay the monthly MIP, the Client will be billed for the late charge.
The Client is also responsible for submitting the Upfront MIP (UFMIP), VA Funding Fee and USDA Guarantee Fee (as applicable by product) prior to submitting the Closed Loan File. The Client must ensure they submit proof of payment remitted; date and amount paid for any required prepaids.
If you have any questions, please contact your Regional Sales Executive, or contact us via the support line 1-800-929-4744, Email inquiries can be sent to PHHCorrSupport@PHHMortgage.com or RateLock@PHHMortgage.com.
Thank you for your continued business.