Announcement - FHA Streamline Refinance & VA IRRRL

Effective immediately, PHH Mortgage is excited to announce Credit Report requirements for FHA Streamline Refinances and VA Interest Rate Reduction Refinance (IRRRL) products have been updated to add additional options.

Updates to FHA Streamline Refinances and VA IRRRL products:

• PHH Mortgage will now accept submissions for these products with either Hard or Soft pulls of a 1-score Single Bureau Credit Report or a Tri-Merge Credit Report containing an acceptable score

Clarification of Seasoning Requirements:

• PHH follows GNMA Seasoning Requirements. All Government refinance transactions, when paying off an existing loan in addition the agency seasoning requirements for that loan type (as applicable), must also have made 6 consecutive payments on the loan being paid off and the first payment due date of the new loan must be at least 210 days after the first payment due date of the refinanced loan (Note: for modified loans the date is counted from the first payment date of the loan after modification).

If you have any questions, please contact your your Correspondent Specialist, Sales Executive, or contact us via the support line at 1-800-929-4744.

Thank you for your continued business!