Announcement- Non-Agency Updates

Effective February 13th for new and existing locks, PHH is pleased to announce the following updates to our Delegated & Non-Delegated Non-Agency Products.

Full Document, Alt Document Options, Debt Service Coverage Ratio (DSCR):

  • Debt to Income ratio has increased to 50% across all programs
  • Cash back on Rate/Term Refinances will now be the lesser of $5,000 or 2%
  • Cash Out amount is now unlimited up to $3 million* loan amount when the LTV is <65%
  • Reserve requirements have been lowered for most products and LTV’s (see matrix in product descriptions)
  • Assets seasoning has been adjusted from 60 days to 30 days
  • Declining Market reduction for Purchase and Rate/Term refinances has been lowered from 10% to 5%
  • Modular homes are now an acceptable property type
  • Adverse Credit seasoning has been adjusted from 48 months to 36 months

(*Non-Delegated Only, Delegated maximum $1 million)

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.