Announcement: Seller Guide Updates

Seller Guide Updates
To stay in line with agency guidelines and enhancements; PHH Mortgage has made several updates to the Seller Guide.

Some of the updates in the release are highlighted below.
  • Section 5.25-Automated Underwriting System-Findings no longer need to be released to PHH
  • Section 8.9-Power of Attorney (POA)-not allowed for a TX 50(a)6 cash-out
  • Section 4.7.4-Early Pay-Off (EPO)-Calculation of the EPO will now be based on the “unpaid principal balance” at the time of purchase
  • Section 7-Appraisal Requirement-PHH supports laws for appraisers to ensure no bias on any listed prohibited basis.
  • Section 6.1.2-Zero Fraud Tolerance-Updated language to identify which parties in the transaction need to be checked against exclusionary lists
  • Section 5.2.1-FHA-NTC-Manually underwritten FHA loan are acceptable provided the AUS indicates “Refer”, however, we do not accept “0” FICO scores at this time
  • Section 2.7.9-E-Notes, Hybrid close, E-Sign- Currently PHH Mortgage does not accept eNotes.  Hybrid and eSigning of disclosures are accepted.  Wet signatures are required on Right to Cancel, Note, Security Deed and Closing Disclosure
  • Section 11.2.5-Self-Reporting of Significant Defects or Fraud-Seller is responsible for self-reporting material defects and/or misrepresentation/fraud to PHH
  • Section 2.6-Quality Control-Resolution is required within 5 business days to PHH Quality Control Team
  • Section 8.30-Interim Interest Calculations and Interest Credits-Interest is calculated based on 360 days for Conventional and 365 days for Government Loans
  • Section 4.6 and Section 8-Seasoned Loans and Aged Loans-Clarified meanings of each type and further described when an aged loan is eligible for purchase
  • Section 4.9-4.9.3-Repurchase- Revised sections outlines when a repurchase will be requested, the steps to cure and potential fees related to the repurchase.

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 or

Thank you for your continued business.