Effective July 28th 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.
Coming soon – PHH Mortgage is changing its name!
