Payments to: | Original Note/Bailee Docs: | Final Documents |
---|---|---|
PHH Mortgage P.O. Box 371458 Pittsburgh, PA 15250-7458 Overnight Address: PHH Mortgage ATTN: 371458 500 Ross Street 154-0470 Pittsburgh, PA 15250 |
Computershare Attn: PHH Team 1100 Virginia Drive, Ste 100 190-FTW 30 Fort Washington, PA 19304-3276 |
PHH Mortgage |
Management Contact Information
Name | Title | |
---|---|---|
Andy Peach | SVP, Head of Correspondent Lending | andy.peach@phhmortgage.com |
Christian Stevens | VP, Correspondent Sales | Christian.Stevens@phhmortgage.com |
Sean Marr | VP, Correspondent Sales | Sean.Marr@phhmortgage.com |
Tony Millis | VP, Correspondent Sales | Tony.Millis@phhmortgage.com |
Scott Loddeke | VP, Correspondent Lending | Scott.Loddeke@phhmortgage.com |
Adam Weddell | Director of Correspondent | Adam.Weddell@phhmortgage.com |
Amber Ponente | Director of Originations Pricing Operations | amber.ponente@phhmortgage.com |
Communication Information
Type | Area | Selection | Contact Information |
---|---|---|---|
Seller Approvals
8:30 AM – 5:00 PM ET
|
Counter Party Risk Approval | Approvals and Re- Certifications | |
Mandatory and Best Efforts Commitment
8:30 AM – 8:00 PM ET
|
Capital Markets | Pricing, Commitment Requests, All Other Requests | |
Sales
8:30 AM – 5:00 PM ET
|
Business Development Manager | Questions, Clarifications | |
Support
8:30 AM – 5:00 PM ET
|
Seller Ops Support Team | Questions, Clarifications | |
Funding
8:30 AM – 5:00 PM ET
|
Seller Ops Support Team | Funding Questions, Wiring, Purchase Advise | |
QC
8:30 AM – 5:00 PM ET
|
Quality Control | QC Correspondence and Documentation | |
Final Docs
8:30 AM – 5:00 PM ET
|
Final Docs | Final Doc Questions and Alert for Uploaded Docs |
PHH’s lock and extension policies can be located in Chapter 4. You can click below to download the Seller Guide.
Available products are listed on the Products and Delivery Methods page, under the specific delivery channel.
Located in Mount Laurel, New Jersey, PHH Mortgage, Inc. (PHH) has been providing mortgage lending and servicing solutions since 1984. PHH is dedicated to responsible and ethical practices through delivering an exceptional customer experience.
As an approved Fannie, Freddie Mac, FHA, VA, and USDA Seller/Servicer, PHH offers industry- leading mortgage solutions, subservicing and portfolio retention services for our clients while providing borrowers with an excellent service experience throughout the life of their loan.
Our company is built on a foundation of trusted partners, an unwavering dedication to customer service, and ethical and responsible practices.
This guide governs business relationships for PHH. This Seller Guide sets forth the terms and conditions for selling loans to PHH by an approved Third-Party Loan Originator (Seller). The guide also provides information that will assist the Seller with transactions from application to loan purchase. The guide will not provide specific agency guidelines or updates to applicable regulatory, local, state and federal requirements.
The Seller is bound by the provisions of this Seller Guide and is required to comply with all requirements contained within this guide as well as, Agency guidelines and applicable regulatory, available on individual agency websites.
All policies, procedures, requirements, programs and products are subject to change at any time. It is the responsibility of the Seller to institute these updates and changes by the required date.
The scope of this Guide includes delegated bulk loans, and Mandatory Commitments and Best Efforts Commitments.
Payments to: | Original Note/Bailee Docs: | Final Documents |
---|---|---|
PHH Mortgage P.O. Box 371458 Pittsburgh, PA 15250-7458 Overnight Address: PHH Mortgage ATTN: 371458 500 Ross Street 154-0470 Pittsburgh, PA 15250 |
Computershare Attn: PHH Team 1100 Virginia Drive, Ste 100 190-FTW 30 Fort Washington, PA 19304-3276 |
PHH Mortgage |
Management Contact Information
Name | Title | |
---|---|---|
Andy Peach | SVP, Head of Correspondent Lending | andy.peach@phhmortgage.com |
Christian Stevens | VP, Correspondent Sales | Christian.Stevens@phhmortgage.com |
Sean Marr | VP, Correspondent Sales | Sean.Marr@phhmortgage.com |
Tony Millis | VP, Correspondent Sales | Tony.Millis@phhmortgage.com |
Scott Loddeke | VP, Correspondent Lending | Scott.Loddeke@phhmortgage.com |
Adam Weddell | Director of Correspondent | Adam.Weddell@phhmortgage.com |
Amber Ponente | Director of Originations Pricing Operations | amber.ponente@phhmortgage.com |
Communication Information
Type | Area | Selection | Contact Information |
---|---|---|---|
Seller Approvals
8:30 AM – 5:00 PM ET
|
Counter Party Risk Approval | Approvals and Re- Certifications | |
Mandatory and Best Efforts Commitment
8:30 AM – 8:00 PM ET
|
Capital Markets | Pricing, Commitment Requests, All Other Requests | |
Sales
8:30 AM – 5:00 PM ET
|
Business Development Manager | Questions, Clarifications | |
Support
8:30 AM – 5:00 PM ET
|
Seller Ops Support Team | Questions, Clarifications | |
Funding
8:30 AM – 5:00 PM ET
|
Seller Ops Support Team | Funding Questions, Wiring, Purchase Advise | |
QC
8:30 AM – 5:00 PM ET
|
Quality Control | QC Correspondence and Documentation | |
Final Docs
8:30 AM – 5:00 PM ET
|
Final Docs | Final Doc Questions and Alert for Uploaded Docs |
Delegated Loans:
Funding Fee | Tax Service Fee | Flood Cert Fee |
---|---|---|
$295.00 | $75.00 | $19.50 *
* Flood Cert Fee waived if Flood Determination is Life of Loan (LOL) and ordered through Corelogics Flood Services |
Non-Delegated Loans:
Fee | Proposed Fee |
---|---|
Conventional UW | $450 |
CGov’t UW | $525 |
Non-Conforming UW | $650 |
Flood Certificate | $19.50 |
Tax Service | $75 |
Agency Transfer / Admin | $295 |
Non-Conforming Transfer / Admin | $325 |
Note: PHH reserves the right to charge underwriting fee for loans underwritten, but not delivered.
PHH recommends subscriptions to industry mailings and websites to remain current on changes and requirements within our industry. Sellers can access the PHH Correspondent Lending AllRegs page for the current Guide, documents and updates via the link on the PHH Correspondent portal, or on our website, www.PHHFunding.com. PHH strongly encourages Sellers to subscribe to our automated email alerts via our AllRegs page. PHH announcements are also posted on the Welcome page of the PHH Correspondent portal.
PHH's Correspondent Lending channel offers Sellers the flexibility to manage the loan process from originations through closing. The Seller must meet specific requirements to be eligible.
The Seller agrees not to use the name “PHH Mortgage Inc.” or “PHH” or the name or trademarks of any of the PHH subsidiaries or affiliates in any of the Seller's promotional or other materials without the prior written consent of PHH.
The Seller will not share any trade secrets, confidential information, any proprietary information regarding the practices, pricing, policies or procedures of PHH.
In addition, the file must contain the MERS Org ID. The following identifies the PHH Org ID number for MERS members who complete the registration of their loans with MERS:
It is necessary that the Seller maintain an internal quality control program that meets PHH guidelines as well as standard industry requirements.
The Seller's quality control program must be documented and supported by a written plan that details the objectives and the scope of the review. The program must also include applicable policies and procedures. This written plan must be provided to PHH upon request. Results of the quality control program must also be provided, upon request, in the form of a summary report that was distributed to the Seller’s senior management.
PHH reserves the right to suspend further business upon notification if time is required to make a determination if a continued relationship is warranted. The Seller’s failure to timely notify PHH of any of the above described changes, or any other significant changes, may result in termination.
Seller should contact PHH Rate Lock Desk if the commitment confirmation terms appear incorrect. See the Communication Chart for contact information.
Under a Best Efforts Commitment, the Seller can take a Best Efforts Commitment via PHH Correspondent portal. A Seller can access PHH Pricing by utilizing PHH's Get Pricing Scenario tool via PHH Correspondent portal. Due to potential market volatility, PHH reserves the right to re-price at any time. In the event of a Rate Sheet re-price, PHH may suspend pricing until a new Rate Sheet is posted to PHH Correspondent portal. If, at any time, a Seller is actively locking during a re-price, PHH will honor pricing from the current Rate Sheet timestamp. A Best Efforts Commitment that is not submitted and withdrawn will be cancelled without penalty provided the Loan did not close with the Seller. All Non-Delegated Loans will be locked under a Best Efforts Commitments.
The following additional rules apply to Best Efforts Commitments:
Although the Seller is not required to deliver the Loan if the Loan closes with the Seller under a Best Efforts Commitment, PHH considers a Best Effort lock to be a mandatory commitment when the loan closes with the Seller and reserves the right to pair-off the commitment in the event a locked Best Effort loan that closes with the Seller is not purchased by PHH. PHH will track the percentage of the Seller's commitments that are not delivered for purchase or delivered for purchase and subsequently cancelled, withdrawn, denied or rejected (referred to as “fallout rate”). An above-target fallout rate may result in the suspension or loss of approval to sell Loans to PHH or an adjustment to pricing on future commitments.
Commitment Type | Scenario Type | Fee |
---|---|---|
Mandatory |
Market Price Increases |
Full Market Move |
Best Efforts |
Market Price Increases < |
12.5 |
Substitution MND | Tolerence |
---|---|
Original Loan Amount |
2% |
Substitution BE | Tolerence |
Original Loan Amount |
5% |
Commitment Type | Scenario Type | Fee |
---|---|---|
Mandatory |
Market Price Increases |
Full Market Move |
Best Efforts |
Market Price Increases < 12.5 bps |
12.5 |
Upon discovery of one or more deficiencies relating to a Loan, PHH will send an initial demand to the Seller via email setting forth such deficiency and indicating that a Loan requires repurchase. Seller will have 15 calendar days to cure the deficiencies relating to such Loan that are capable of cure within such 15 calendar day period; provided, however, that PHH may, in its sole discretion exercised in good faith, identify a shorter or longer period of time to cure based on the circumstances and any investor demand at the time. Prior to the expiration of the applicable cure period, the Seller may submit a letter requesting formal appeal relating to such Loan deficiencies. If the formal appeal is rejected by PHH, in its sole discretion exercised in good faith, the Seller may submit a letter requesting a second appeal within 10 calendar days of the rejection date of the first appeal request.
In the event that (1) the deficiencies are not cured or are not capable of cure within the applicable cure period set forth above or (2) if applicable, the second appeal is denied, the Seller shall pay the Repurchase Price, as set forth in an invoice provided to the Seller, within 10 calendar days of the invoice date. In the event the Seller does not pay the Repurchase Price within such 10 calendar day period, PHH may, at its option, exercise any of its set-off rights as set forth in this Guide, the Seller Agreement or otherwise until the Repurchase Price is received in full by PHH.
Loans which have been previously repurchased from or require indemnification of Fannie Mae, Freddie Mac, Ginnie Mae, FHA, USDA, or VA are ineligible for purchase by PHH. If the Seller seeks to cure a deficiency by refinancing a Loan in lieu of repurchasing the Loan, such refinanced Loan may be ineligible for purchase by PHH, in PHH’s sole discretion exercised in good faith.
The Repurchase Price for a Loan subject to a Repurchase by the Seller shall be calculated in accordance with and include the following:
FHA Loans: Principal and Authorized Agent sponsorship is available to approved Sellers. Sellers must request an Authorized Agent sponsorship from PHH at time of approval.
VA Loans: VA Non-Supervised Sponsored Agent sponsorship is available to approved Sellers. Sellers must request a Non-Supervised Sponsored Agent sponsorship from PHH at time of approval.
FHA/VA Loans: The Seller is responsible for complying with all insurance and fee payment requirements, including, without limitations, remitting the upfront MIP/VAFF/ Loan Guarantee fee and insuring and providing evidence of insurance and payment at time of submission for purchase. Any Seller unable to satisfy the insuring process must contact its Account Executive immediately to discuss possible alternatives.
Credit exception requests may be submitted to
PHHCorrespondentScenarioHelpDesk@phhmortgage.com for credit exceptions prior to Loan submission for underwriting. Each request must include the completed exception form and all applicable supporting documentation. The exception form can be located on TPO Connect or the PHH Correspondent portal.
PHH will respond to an exception request in writing. The exception form must be uploaded with the Credit File at the time of submission to PHH for underwriting.
PHH reserves the right to rescind any exception approval if PHH determines, in its sole discretion, at the time of submission of the Loan for underwriting or purchase that the Loan or Credit File does not match exception details set forth in the exception form.
PHH offers Non-Delegated Sellers access to the Scenario Help Desk (SHD) to review underwriting scenarios prior to a Seller submitting a Credit File to PHH for underwriting. SHD will review parameters of a Loan, but the final underwriting decision will be based on all aspects of the Loan and the Credit File.
To submit an underwriting scenario, a Seller may complete the PHH Scenario Request form available on the PHH Correspondent portal or email PHHCorrespondentScenarioHelpDesk@phhmortgage.com. The preferred method of communication is via email. SHD makes every effort respond to the request via email within 24-48 hours during business days, subject to request volume and complexity of the request.
SHD recommendations are not underwriting approval. Any changes to the Loan or Credit File prior to submission to PHH for underwriting will be reviewed by the PHH underwriter and could result in an underwriting decision that differs from the SHD recommendation previously provided.
Once a Loan is submitted to PHH for underwriting, a Seller should contact its designated Correspondent Specialist with any questions or notification of any changes to the Loan or Credit File.
All Loans submitted to PHH for underwriting must be transferred into a FINAL status in FNMA desktop originator (DO) or in a FINAL ASSIGNMENT status in FHLMC Loan Prospector Advisor (LPA).
DO sponsorship is available to approved Sellers. Lenders need to request approval via FNMA Desktop Originator Portal A Seller will be removed from sponsorship upon deactivation from approved status. Upon delivery, the final findings must match PHH approval. If any changes occur, the Seller is required to submit such changes to PHH underwriting prior to closing.
All Loans submitted to PHH for underwriting review must meet all PHH and Agency guidelines and comply with all applicable local, state and federal laws and regulations. Sellers are responsible to ensure all Loans are in compliance with Chapter 12 of this Guide. The following rules apply to Loans submitted to PHH for underwriting review:
All Loans must be registered in accordance with this Guide with PHH prior to submission.
All Loans must have a Universal Loan Identifier "ULI" at time of submission. Credit Files submitted to PHH for underwriting review may be uploaded via the PHH Correspondent portal.
All Loans must include an acceptable compliance report such as a Mavent or Compliance Ease or other such report PHH deems acceptable. Copies of loan document audit do not constitute a compliance report. Please see Chapter 12 for Compliance Requirements.
All closing conditions must be submitted and cleared prior to closing of the Loan. Loans submitted for purchase by PHH without clearing all closing conditions may be rejected for purchase.
Loan changes required to be made pursuant to the PHH final approval must be reflected on the final application signed by the borrower at closing.
Loans closed that do not comply with the terms, conditions, and requirements listed on the PHH final approval will be re-evaluated by the PHH underwriter prior to purchase by PHH. Loans submitted for purchase may be rejected if updated approval cannot be provided.
The Seller is responsible for adhering to PHH's disaster area policy including providing a disaster inspection prior to Loan submission to PHH for purchase as set forth in Section 8.38 of this Guide.
For the list of required documents and the instructions on how to upload and transmit a Credit File for underwriting review, please access the PHH Portal Guide.
Any Loan secured by a condominium in a condo project must approved by PHH and/or FHA. Credit Files for condo loans submitted for PHH underwriting review must contain all applicable condo project documentation. PHH will review eligible condo projects for Non-Delegated Sellers. Every condo loan/condo project must meet general eligibility standards of each applicable Agency and any PHH guidelines regardless of the review method.
Type of condo loan reviews: