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Announcement- Seller Guide Updates

To stay in line with agency guidelines and enhancements; PHH Mortgage has made several updates to the Seller Guide.
Some of the updates in the release are highlighted below.

  • Table 1-1 Contact Information addresses for PHH Corporate, Computershare and Final documents have been updated
  • Table 1-3 Communication Information added Non-Agency Pricing Desk, and Non-Delegated Support
  • Section 1.3 Fee schedule- Updated Delegated and Non-Delegated Loan fees
  • Section 2.7.9 Added Approval to Deliver eNotes/eMortgages
  • Section 2.9.1 Representations and Warranties Regarding Loans- Added clarification for Delegated, Non-Delegated-, Mortgage and Mortgage Note and added Non-Agency specific reps/warrants
  • Section 4.7.4 Early Payoff (EPO) -clarified the days included in the 180 days and added the new calculation of the Early Payoff Fee based on when the loan was paid off and the loan type
  • Section 5.1 Borrower Eligibility-added this section with PHH limits on borrower concentration
  • Section 5.2.6 Condo Project Approval-Added “Seller must submit condo project approval documentation within the closed Loan File to match the required approval as identified in the AUS finding.”
  • Section 5.3- New Section for Non-Delegated Sellers to address Approval Requirements, Eligibility, Government Sponsorship, Scenario Help Desk, AUS, Credit File/Loan File submission requirements, and Condo Project Approval
  • Section 6.1.6, Mortgage Insurance-Added “PHH does not accept minimum mortgage insurance coverage at this time….”
  • Section 6.3, PHH Non-Agency Underwriting Standards -links directly to the PHH Non-Agency Standards and associated Product Descriptions for Non-Agency guidelines and requirements
  • Section 8.5, Original Note, added Hybrid and e-Closings updates and allowable prepayment structure for PHH Non-Agency loans
  • Chapter 9 eMortgages Added an extensive chapter and all pertinent sections including reps, warrants, covenants, etc

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

Thank you for your continued business.