Announcement: Seller Guide Updates & Co-Issue Reminder

Correspondent Seller Guide
PHH Mortgage has made several modifications to the Seller Guide and Non-Agency Addendum (Appendix A), as indicated below.

Seller Guide

• Section 1.3 Fee Schedule: Revised the Agency/Government Funding Fee to $320 (previously $295), effective for new locks dated on and after March 1, 2026
• Section 4.9.1 Repurchase Obligation: Added language regarding waived responsibility if a Non-Delegated repurchase is due solely to an error in underwriting responsibilities
• Section 5.2 Credit Exceptions: Relocated topic from the Delegated section (previously 5.2.3), as the details apply to both Delegated and Non-Delegated
• Section 5.3.7 Scenario Help Desk: Removed this topic, as the content is outdated
• Section 6.1.7 Credit Report Requirements: Removed the Non-Credit Qualifying VA IRRRL and FHA Streamline credit report reference, as credit report overlays reside in the Product Listings
• Section 8.14 Hazard Insurance: Added 10-calendar day advance written notice requirement
• Section 8.17 Flood Insurance: Added 10-calendar day advance written notice requirement
• Section 8.18.3 Fidelity Insurance: Removed advance written notice requirement
• Section 11.4 Document Reporting: Revised the Penalties for Failure to Timely Deliver section to add new trailing document fees and the associated timing of such fees, effective for all loans on and after April 1, 2026
• Section 13.6 Qualified Mortgage Requirements and Compliance with Points and Fees: Updated the Points and Fees Thresholds to reflect 2026 figures

Non-Agency Addendum

• Section A1.1 Seller Guide Addendum: Added language specifying PHH’s right to decline to enter into a transaction for any reason
• Section A4.4 Rate Lock Extensions: Added the rate lock extension cost (1 basis point per day) to align with the FlexIQ Lock Policy
• Section A4.9.1 Repurchase Obligation: Added language regarding waived responsibility if a Non-Delegated repurchase is due solely to an error in underwriting responsibilities
• Section A6.2 Non-Agency Underwriting Exceptions: Added clarifying language related to exception approval
• Section A6.3 Non-Agency Deal Desk: New topic to address scenario and document review request submissions
• Section A8.1 Purchase Review: Updated the Delayed Purchase fee timing requirements to 14 calendar days (previously 10 business days) and the later of the date the Client was provided the initial purchase review results or the commitment expiration date (previously based on the date of the initial purchase review results only)

Co-Issue Late Fee
As a reminder, PHH will charge a fee equal to $100 per loan per month for which all final documents have not been delivered within six months of the loan sale date. The fee will be charged on the first day of the seventh month after the sale date.

If you have any questions, please contact your Correspondent Specialist, Sales Executive, or Correspondent Sales Representative, or contact us via the support line at 1-800-929-4744. Email inquiries can be sent to PHHCorrSupport@phhmortgage.com or RateLock@phhmortgage.com.

Thank you for your continued business!