Announcement: FlexIQ Non-Agency Program Update

Effective February 2nd for new locks, PHH announces the following updates to our FlexIQ 
Products and Underwriting Standards.

Updates to FlexIQ Underwriting Standards:

• Added Geographic Property Concentration description section 4.2 (p.17)
• Added net post-closing asset requirement of 125% for Asset Depletion (p.41)
• Updated Section 9.1 Eligible Property Types to align with Fannie Mae requirements (p.49)
• Added ineligible zoning classifications to section 9.1.3 Zoning (p.50)

Updates to FlexIQ Full/Alt Doc Product Description:

• Clarified eligibility requirements for Non-Occupant Co-Borrowers to align with Underwriting Standards (p.3) 

Updates to FlexIQ DSCR Product Description:

• Clarified language for documentation requirements for borrowers wo are not first time investors (p.2) 
• Added requirement for 1007/1025 for Short-Term Rentals. (p.3)

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