To reduce the Underwriting time frame and ensure a smooth process on your non-Delegated submissions, Sellers should review the Best Practices outlined below. Following these tips will lower the number of conditions on your loan and shorten the overall turn time.
- Ensure the required documents are included in your initial credit file:
- Loan registration reflects the correct property type and attachment type
- Initial and signed URLA
- Most updated AUS findings
- Tri-merged credit report
- FHA Case Number assignment (FHA only)
- Income documentation as identified in the AUS
- Asset documentation as identified in the AUS – including all pages of statements or gift documentation
- Credit inquiry letter if the credit report shows inquiries within last 90 days
- Documentation of housing payment on any retained properties
- Processor cert or explanation of any unique situation on the loan
- Communicate your closing date or commitment/contingency date to your dedicated Correspondent Specialist
- When submitting conditions or trailing documents, upload the documentation to the specific condition. Do not provide one PDF with all conditions.
- Allow sufficient time for conditions to be reviewed, at least 5 days prior to CTC (when possible)
- Review the comments from the Underwriter on Rejected conditions.
Prior to purchase conditions should be sent within the Closed Loan file. Underwriters will not review Prior to Purchase conditions
If you have any questions, please contact your Correspondent Specialist, Sales Executive, or contact us via the support line at 1-800-929-4744.
Thank you for your continued business.
Coming soon – PHH Mortgage is changing its name!
