Announcement - Non-Agency Updates (Flex-IQ)

Effective December 8th  for new locks, PHH announces the following updates to our FlexIQ 
products. 

Updates to FlexIQ products: 

• Geographic restrictions have been clarified in the product descriptions for Full/Alt Doc 
  and DSCR: 
         The Seller is required, in the following geographic locations, to include a Collateral Desktop 
         Analysis (CDA) from Clear Capital in their closed loan package, regardless of the CU score, 
         and is subject to an additional review by PHH. The appraisal and CDA value must meet the 
         appraisal valuation requirements addressed in the Underwriting Standards.  
                ▪ Bergen County, N.J. 
                ▪ Essex County, N.J. 
                ▪ Orange County, N.Y. 
                ▪ Rockland County, N.Y. 

 

• Added clarification to UW Standards for Long Term Rental Income when using 
  Alternative Documentation for qualifying if used a primary or secondary source of 
  income. (p. 31)

 

• Revised property flipping restrictions in UW Standards to reflect 365 days from the 
  seller’s purchase date. (p. 12,13) 

 

• Updated 1099 documentation requirement in UW Standards to include “with the same 
  employer.” (p. 39)

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