The following data fields are required to register a loan:
- Borrower SSN (and/or Co-Borrower)
- Borrower Last Name (and/or Co-Borrower)
- Borrower First Name (and/or Co-Borrower)
- Property Street Address
- Property State
- Zip Code
- Product Code (ID) – If product code includes designation to specific Agency, AUS provided in Closed Loan File must match Agency identified in product code (i.e., FNMA – DU Findings or FHLMC – LP Findings).
- Note Rate
- Loan Amount
- Loan Term (10-30 year terms in increments of 12 months)
- FICO (optional for some products, but recommended for all)
- Loan Purpose
- Doc Type (Processing Style)
- Property Type (may require additional info such as Condo, # Units, etc.)
- # of Units
- One of the following: Sales Price, Appraised Value, or LTV
- Escrows – Yes or No
If credit scores are not available at time of registration, pricing may be denied or the loan may be placed in a pending status if a lock is required. Please note: Delegated loans must be locked prior to submission for review.
A full and complete property address is required at the time of a rate lock request. Any lock requests with incomplete or incorrect addresses will be classified as invalid and subject to worst-case pricing.
The Seller is responsible for complying with all applicable federal, state, and local laws and regulations relating to the creation of, transfer of and maintenance of escrow/impound accounts.
If an escrow account is established, the Seller should include a two month cushion unless otherwise prohibited by applicable law. For conventional Loans requiring mortgage insurance, a cushion is not required for the mortgage insurance impounds. USDA Loans require a two month cushion of mortgage insurance impounds be collected at closing.
In certain states and counties, certain borrowers may not be required to pay property taxes. If the borrower is exempt from paying taxes, the Seller must provide evidence showing the borrower is not required to pay property taxes.
The Seller may waive the escrow/impound account (except for mortgage insurance and flood insurance) specification with respect to Conventional Loans only, if the loan-to-value (LTV) is 80% or less (90% or less in California), all program eligibility guidelines and qualifications are met, and the Seller’s internal escrow waiver policy is met. The Seller must provide evidence that all requirements have been met. The standard escrow provision must remain in the Loan documents.
Escrow waivers may be subject to all applicable price adjustments for non-escrowed loans.
The Seller’s waiver of the right to collect escrow/impound funds must not weaken the right of PHH to subsequently enforce the escrow provision contained in the Loan documents in the event that the borrower fails to act responsibly.
: Regardless of LTV, an escrow account will be required for a primary residence loan that is made in compliance with the Regulation Z requirements for higher priced mortgage loans (HPML Section 35) or if flood insurance is required, per federal requirements.