Announcement- Rate Lock Updates

PHH Mortgage has made the following changes regarding Rate Locks:

• Implemented the AMI/FTHB Cap waiver to all Best Effort loans as of 12/27/2022.  When registering a loan in TPO Connect, ensure the Monthly Qualifying Income is entered and the First Time Home Buyer option is selected to run eligibility for qualified loans. If these fields are not completed, PHH will not be able to determine if the AMI/FTHB waiver is applicable. The Monthly Qualifying Income field and First Time Home Buyer indicator are in the Borrower Information in TPO Connect.

• In addition, the Cash-Out agency grid for Mandatory Locks has been updated as of 1/3/2023.

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.