PHH Mortgage has made several modifications to the Seller Guide to adhere to agency guidelines and incorporate advancements. Some of the updates in the release are highlighted below.
- Section 1.2 - Contact Information - Payments to the address - ‘PHH Mortgage, P.O. Box 94087, Palatine, IL 60094-4087’
- Section 1.3 - Fee Schedule - Delegated Loans funding fee (Non-Agency) will be $1005
- Section 2.7.2 - Seller Financial Requirements - Requirements for Mandatory seller vs Best Efforts approved sellers specified
- Section 2.7.4 - Key Documentation Requirements - Added underwriter resume required having two years’ experience with only Non-Agency products (Delegated Non-Agency only)
- Section 4.7.5 - Principal Curtailments - Added new Principal Curtailment policy and penalty conditions
- Section 5.1 - Borrower Eligibility - Loans subserviced by PHH are not valid for Borrowers loan eligibility criteria
- Section 5.2.6 - Condo Project Approval- Seller should submit form 1076 for both Full and Limited review process
- Section 8.20.6 - Mortgagee Clause for MI Certificate - Address updated ‘Attn: Mortgage Insurance Department, SV Stop-16 1661 Worthington Rd, Ste 100 West Palm Beach, FL 33409’
- Section 8.30 - Interim Interest Calculation and Interest Credits - Removed reference to Interim Interest, header changed to ‘Interest Credits’
- Section 8.38 - Disaster Areas - For disaster inspection, 90 Days are measured from the incident date to the Note date
- Section 11 - Post Funding Final Documents - Documents can be uploaded through Post Closing Assist Tool
- Section 11.5 - Recast Policy - Added language to reference terms and conditions of the Principal Curtailment Policy
- Section 13.6 - Qualified Mortgage Requirements and Compliance with Points and Fees-Updated point for Qualified Mortgage loan ‘Compliance Report from another provider with fee details’
- Section 14.2 - Post Closing Trailing Documents - Updated process and checklist for Trailing documents upload via Post Closing Assist Tool
- Section 15.95 - Net Fund - Updated criteria (Early Payoff Fees, Early Payment Default fees, Pair-offs) for fees deduction, penalties, or other sums owed to PHH by the Seller
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.