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Announcement: Rate Lock Changes

PHH Mortgage will be implementing the following changes to our Best Efforts Rate Sheets in the coming weeks.

  • New Government LLPAs will be reflected on the BE Delegated and Non-Delegated Rate Sheets.
  • LLPAs will apply to FHA and VA 20-year, 25-year and 30-year programs and USDA 30-year programs.
  • GNMA spec price improvements are limited to one pay-up adjuster per loan. Adjusters do not apply to high balance loans.
  • Best Efforts rate sheet pricing will be available to lock up until 9PM EST. – Effective Immediately
  • The PHH Rate Lock Desk has added an overnight shift that will allow many of your after hour email requests to be responded to earlier. – Effective Immediately

Below is a sample of the new GNMA Spec Grid within the Best Efforts Rate Sheet:

PHH Spec Adjustments

 

GNMA Fixed 30 Year
Rate Spec **
Max 85k Max 110k Max 125k Max 150k Max 175k Max 200k Max 225k Max 250k NY USDA
2.25 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
2.375 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
2.5 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
2.625 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
2.75 0.076 0.051 0.041 0.018 0.010 0.005 0.000 0.000 0.000 0.015
2.875 0.076 0.051 0.041 0.018 0.010 0.005 0.000 0.000 0.000 0.015
3 0.076 0.051 0.041 0.018 0.010 0.005 0.000 0.000 0.000 0.015
3.125 0.076 0.051 0.041 0.018 0.010 0.005 0.000 0.000 0.000 0.015
3.25 0.293 0.234 0.176 0.146 0.117 0.088 0.059 0.000 0.055 0.178
3.375 0.293 0.234 0.176 0.146 0.117 0.088 0.059 0.000 0.055 0.178
3.5 0.293 0.234 0.176 0.146 0.117 0.088 0.059 0.000 0.055 0.178
3.625 0.293 0.234 0.176 0.146 0.117 0.088 0.059 0.000 0.055 0.178
3.75 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
3.875 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.125 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.25 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.375 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.5 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.625 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.75 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
4.875 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
5 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

** Loans are only eligible for the rate sheet base price( not including ) plus one spec payup amount.

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.