Announcement - Non-Agency Updates

Effective July 28^th 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):

Added guidance for the Alt Doc - Written Verification of Employment option to the product description
Updated our Prepayment Penalty Guide and Product Descriptions to provide additional clarity regarding acceptable payment structures and State specific restrictions
Borrower Eligibility and non-allowed Property Features updates
Declining Market matrix has been updated to provide more detail for LTV reductions
1099 Income work history clarification
Third Party verification of businesses additional detail added

If you have any questions, please contact your Correspondent Specialist, Regional Sales Executive, or contact us via the support line at 1-800-929-4744. Email inquiries can be sent to PHHCorrSupport@phhmortgage.com or RateLock@phhmortgage.com.

Thank you for your continued business.