Announcement - Seller Guide Updates

PHH Mortgage has made several modifications to the Seller Guide to adhere to agency guidelines and incorporate advancements. Highlights as follows: 

• Section 1.2 - Contact Information - Updated payment mailing addresses 
• Section 4.5 - Expiration Dates - Clarified lock expiration dates
• Section 4.5.1 - Holiday or Weekend Commitment Expirations - Clarified expiration details related to weekends and PHH observed holidays
• Section 4.6.1 - Seasoned Loans - Updated to define Non-Agency seasoned loans (two months scheduled payments completed) and add ‘soft pull credit report’ requirements for seasoned Non-Agency loans 
• Section 4.7.4 - Early Payoff (EPO) - Revised the Non-Agency EPO policy as applicable to loans paid in full within 180 days of purchase (previously 90–180 days)
• Section 8.1 - Suspended Closed Loans - Modified the late fee policy to 7 calendar days from initial suspense notification and a charge of 1 bps/day (previously 5 calendar days and a charge of 2 bps/day)
• Section 11.5 - PHH Recast Policy 
  • Updated fee for recast up to $250
  • Clarified principal reduction language for recasts and principal reduction payments in conjunction with a recast

If you have any questions, please contact your Correspondent Specialist, Regional Sales Executive, or contact us via the support line at 800-929-4744. Email inquiries can be sent to PHHCorrSupport@phhmortgage.com or RateLock@phhmortgage.com.