Payments to: | Original Note/Bailee Documents: | Final Documents |
---|---|---|
PHH Mortgage P.O. Box 94087 Palatine, IL 60094-4087 Overnight Address: PHH Mortgage ATTN: 371458 500 Ross Street 154-0470 Pittsburgh, PA 15250 |
Computershare 275 Commerce Dr, Ste 120 |
PHH Mortgage
1661 Worthington Rd. Ste. 100 |
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 |
Amy Thurman | Sr Manager, Lender Relations | Amy.Thurman@phhmortgage.com |
Amber Ponente | Director of Originations Pricing Operations | amber.ponente@phhmortgage.com |
Communication Information
Type/ Hours | Area | Contact Information |
---|---|---|
Scenario Help Desk |
Underwriting -Products and Underwriting Questions |
N/A AgencyScenarioDesk@phhmortgage.com Non-AgencyScenarioDesk@phhmortgage.com N/A |
Client Approvals |
Counter Party Risk Approval -Approvals and Re- Certifications |
N/A counterpartyreview@phhmortgage.com 8:30 am - 5:00 pm ET |
Non-Agency Pricing Desk |
Correspondent Lending -New Commitment Request, All Other Request |
1-800-926-4744 ratelock@phhmortgage.com 8:30 am - 5:00 pm ET |
Mandatory Cmt & Mandatory Desk | Correspondent Lending -New Commitment Request, All Other Request |
1-800-926-4744 ratelock@phhmortgage.com 8:30 am - 5:00 pm ET |
Best Effort Cmt & Assisted Pipeline Maintenance | Correspondent Lending -Pricing, Commitment Requests, All Other Requests |
1-800-926-4744 ratelock@phhmortgage.com 8:30 am - 7:00 pm ET |
Sales | Business Development Manager -Questions, Clarifications |
1-866-871-1353 lendersupport@phhmortgage.com 8:30 am - 5:00 pm ET |
Delegated Support | Client Ops Support Team -Questions, Clarifications |
1-800-929-4744 Applicable Delegated Regional Support email box 8:30 am - 5:00 pm ET |
Non-Delegated Support | ND Client Ops Support Team -Questions, Clarifications |
1-800-929-4744 Applicable Non-Delegated Regional Support email box 8:30 am - 5:00 pm ET |
QC | Quality Control -QC Correspondence and Documentation |
N/A PHHCorrespondentQC@phhmortgage.com 8:30 am - 5:00 pm ET |
Final Docs | Final Docs -Final Doc Questions and Alert for Uploaded Docs |
N/A PHHCLPost-Funding@phhmortgage.com 8:30 am - 5:00 pm ET |
PHH’s lock and extension policies can be located in Chapter 4. You can click below to download the Client Guide.
Available products are listed on the Products and Delivery Methods page, under the specific delivery channel.
Fraud is the intentional misrepresentation of facts that are material to the underwriting decision on a loan. PHH has a zero tolerance policy on matters relating to fraud or misrepresentation. Verification of all information will occur, and if fraudulent activity is suspected, it shall be properly reported to PHH’s Bank Secrecy Act Officer or Compliance Officer.
PHH requires Clients to ensure that no Person involved in the origination process, including but not limited to borrowers, loan officers, brokers, underwriters, processors, appraisers, sellers, builders, closing attorneys, escrow/settlement agents and title companies, appears on any of the industry, investor, and/or Agency exclusionary lists. Persons that must be screened include each Client's employees, managers, and owners. PHH will not purchase any Loan if a Person involved in the origination process appears on any such exclusionary list.
Each Client must review all industry, investor, and/or Agency exclusionary lists including, but not limited to, Federal General Services Administration Excluded Party List, Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List, Freddie Mac Exclusionary List, HUD's Limited Denial of Participation List (FHA), Fannie Mae Appraiser Watchlist and Federal Housing Finance Agency (FHFA) Suspended Counterparty Program (SCP) for matches to ensure and validate that no Persons listed above appear on any exclusionary list and the Client does not employ or have a contract with any Person listed on any of the industry, investor, and/or Agency exclusionary lists. Proof of this validation must be included in the Loan File at time of delivery. Additionally, in the event that a Person listed above ("Subject Person") has a name in common with a matched Person ("Listed Person") on any exclusionary list, the Client must include in the Loan File any evidence and/or documentation that proves that the Subject Person is not the Listed Person.
Item | Existing Property Age as of Mortgage Note Date | New Construction Age as of Mortgage Note Date |
---|---|---|
Initial Application | 120 | 120 |
Credit Report | 120 | 120 |
Income Documentation | 120 | 120 |
Asset Documentation | 120 | 120 |
Appraisal | 120/180 (FHA/VA/USDA) | 180 |
Title Commitment | 90* | 180* |
*Must be dated within 30 days of initial application and no more than 60 days of the Mortgage Note date. |
Conventional Loans with LTVs greater than 80% require mortgage insurance, unless otherwise specified in product guidelines. Required coverage varies according to range of LTV, term of loan, loan type (fixed or ARM), loan product, and whether the property is a manufactured home or traditional build.
PHH does not accept minimum mortgage insurance coverage at this time. PHH reserves the right to charge Agency LLPAs and other administrative fees if a loan is purchased with minimum mortgage insurance.
All appraisals on Loans offered for sale to PHH must be compliant with Appraiser Independence Requirements (AIR) specified by the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the FDIC and the Office of Thrift Supervision. AIR was developed by Fannie Mae, the Federal Housing Finance Agency (FHFA), Freddie Mac and key industry participants to replace the Home Valuation Code of Conduct (HVCC), effective October 15, 2010, and Property Data Collector Independence Requirement (PDCIR). The updated requirements maintain the spirit and intent of the HVCC and continue to provide important protections for mortgage investors, home buyers and the housing market.
PHH requires compliance with all applicable laws by appraisers to ensure appraisals of the market value of a property are not based (either completely or in part) on race, color, religion, gender, gender expression, age, national origin, disability, marital status, source of income, sexual orientation, familial status, employment status, or military status of either the present or prospective owners or occupants of the subject Property, or of the present owners or occupants of the properties in the vicinity of the subject property, or any other basis prohibited by the federal Fair Housing Act of 1968. PHH provides data collection options for complaints about appraisals/appraisers and PHH requires education requirements for appraisers.
To submit a Loan File for review, the Client selects the loan under the Pipeline View via PHH Correspondent portal. After the commitment is open, under the Loan Summary option on the toolbar the Client will click on the "Upload Closed Ln Pkg Here" link. Once all files have been uploaded, the Client will select Submit for Review under the Loan Summary Toolbar to complete. Notification will indicate the file has been submitted for review.
Note: The 3.4 file must be uploaded prior to a loan being submitted for review and the Submit For Review step must be completed for the loan to be considered a good delivery.
Upon completion of the upload, the Client must review to ensure accuracy.
The Delegated Loan - Document Delivery Checklist is required on all PHH loans being submitted for purchase. The Client must include all documentation listed within the PHH Delegated Loan - Document Delivery Checklist as applicable. Items not provided as indicated on the form may cause a delay in the review and purchase of the loan.
The information contained in this section does not reflect all required documentation. The Client must use the Delivery Checklist for additional submission requirements and submit any and all documents/information as per Agency guidelines and PHH product parameters and underwriting guidelines.
The information contained in all commitments, advices, schedules, computer tapes or other documents prepared by the Client or on behalf of the Client or otherwise provided to PHH relating to the Loan is complete, true and correct.
Important Tips
Electronic Upload of Documents for Delivery
Closed Loan Files must be submitted by 11:59 p.m. ET for the documents to be received by PHH Correspondent Lending on that day.
Outstanding Conditions
Any questions related to outstanding conditions should be addressed with the PHH Correspondent Support Team. Outstanding conditions on the loan will delay final purchase. Documents to clear outstanding conditions should be uploaded to the loan via PHH Correspondent portal by attaching the document to the Purchase Condition and clicking Ready for Review. The Ready for Review step alerts PHH that the document has been uploaded. Not completing this step will delay the review of the document.
Seasoned Loans
A Seasoned Loan is a loan which the next payment due to PHH is two or more payments after the first payment due date. If the closed loan has aged greater than 60 days up to a maximum of 90 days of the Mortgage Note date, it may be eligible for an exception through the Rate Lock Desk. PHH will purchase Loans have had one to two payments applied. Seasoned Loans will only be considered if all of the following are satisfied:
Computershare
ATTN: PHH TEAM 275 Commerce Drive, Ste 120 Fort Washington, PA, 19034 |
The Client agrees that PHH may act as attorney-in-fact in order to endorse the Mortgage Notes from the Client to PHH, and to execute necessary documents, such as, but not limited to assignments of mortgages, deeds of trust, deeds to secure debt and other documents securing those Mortgage Notes, giving PHH the authority to do each action fully as Client. This power of attorney can only be revoked or discontinued by notification to PHH in writing. If the contract between PHH and Seller is terminated, this power of attorney will remain with PHH for a minimum of three years after termination.
The Loan must be covered by an ALTA form of lender’s title insurance policy or other generally acceptable form of policy of insurance acceptable to Fannie Mae or Freddie Mac, issued by, and the binding obligation of, a title insurer acceptable to Fannie Mae or Freddie Mac and qualified to do business in the jurisdiction where the mortgaged property is located. The title insurance must insure the Client, its successors and assigns, as to the first priority lien of the mortgage in the original principal amount of the Loan. The title insurance policy must include all required endorsements for coverages as needed based upon the specific attributes of each mortgaged property.
Without prior exception review and approval by PHH, an attorney opinion letter will not be accepted in lieu of a title insurance policy.
Note: Properties with agricultural exemptions are not acceptable. This information may be found on either the tax certificate or title commitment.
Fidelity insurance is required for any project consisting of more than 20 units. Blanket fidelity coverage must be maintained for anyone who either handles or is responsible for funds that the HOA holds and administers. The HOA must be the named insured and the project’s budget must indicate that premiums are paid as a common expense. The policy must cover the amount of funds in the custody of the HOA at any time, but in no event may be less than the sum of three months’ assessments on the entire project. The policy must also provide for a minimum of a 10-day notice to the HOA before it can be cancelled or substantially modified.
Fidelity coverage need not be verified if the project qualifies for Streamlined/Limited Review but must be verified on all condominium projects approved under the Expedited CPM Review process.
PHH Mortgage
Its successors and/or Assigns ATIMA
Attn: Mortgage Insurance Department, SV Stop-16
1661 Worthington Rd, Ste 100
West Palm Beach, FL 33409
The Client must use aggregate accounting in the calculation of the escrow/impound account. Escrow/impound accounts must be established for the payment of taxes, special assessments (only if taxing authority requires these to be paid with the taxes), ground rents, hazard insurance, flood insurance, private mortgage insurance, Guaranteed Rural Housing annual fee, etc. Adequate funds must be calculated and collected at closing by the Client to ensure that a sufficient amount will be available to pay the next installment of taxes and insurance. If the taxing authority offers a discounted annual amount for paying on a particular payment schedule or a particular payment date, the escrow reserve account must be established accordingly. The account balance cannot go into the negative. The Initial Escrow Account Disclosure must be included in the closed Loan File.
Unless otherwise required by applicable state law, the maximum cushion that the Client may maintain in the escrow/impound account is two months, except there is no cushion requirement for Zero-Option Monthly Premium PMI.
An Initial Escrow Account Disclosure is not required on non-escrowed loans.
PHH requires a copy of the Change of Servicer/Loan Transfer disclosure (Goodbye Letter) given by the Client to the borrower, providing notice of the loan transfer and change of servicer. The Client is required to notify the borrower in writing at least 15 days prior to the first payment due to PHH. The notice must include all applicable information including the effective date of the transfer; the present Client/Servicer’s name, address, and toll-free phone number; the date the present Client/Servicer will stop accepting payments; and the date PHH will begin accepting payments.
PHH Servicing Department information:
PHH Mortgage
ATTN: 371458
500 Ross Street 154-0470
Pittsburgh, PA 15250
Upon notification from the borrower of a change to the mailing address, the Client is responsible for notifying PHH by emailing the borrower’s new address and loan number to the applicable regional email address. PHH assumes the mailing address for any borrower is the same as the subject property address except in respect of second homes and investment properties
Our Servicing Division must have sufficient time to process the loan before the first full monthly payment is due, therefore, an interest credit to the borrower at closing can only be made up to the 10th day of the month.
Properties Appraised After the Incident Period End Date of Disaster
The appraiser must note any damage and its effect on marketability and value. The appraiser must make any applicable repair requirements.Subject to satisfaction of the prior approval requirements set forth in Section 2.7.9 and subject to the provisions of this Chapter, PHH Mortgage may elect to purchase eMortgages of such types or products which are eligible for sale to Fannie Mae and/or Freddie Mac and which otherwise meet the requirements of this Guide for possible purchase by PHH.
The provisions of this Chapter control over any inconsistent or conflicting provisions in this Guide with respect to eMortgages. Except as provided in this Chapter 9, all other provisions of this Client Guide apply to e- Mortgages.
As used in this Client Guide, the following terms (whether or not capitalized) have the have the meanings set forth in the Glossary, and for convenience are reproduced below:
“Authoritative Copy” the single copy of an eNote which meets the requirements of applicable eMortgage Laws to be the “authoritative copy” of the eNote.
“Controller” the entity named in the MERS eRegistry as the entity which has control of the Authoritative Copy of the eNote.
“eClosing System” the system used by a Client to originate and close eMortgages (including the eSignature System and any eNotarization System used in connection with the closing).
“eDocument Provider” the vendor that generates loan documents relating to an eMortgage.
“eMortgage” a mortgage loan evidenced by an eNote that is a valid and enforceable Transferrable Record pursuant to eMortgage Laws. The loan documents, other than the eNote, evidencing an eMortgage may be in paper form or comprise an eRecord.
“eMortgage Laws” (a) the E-SIGN Act, UETA, and any and all other applicable laws in effect from time to time related to the legal effect, validity and/or enforceability of electronic signatures or eRecords (including the formation of contracts or the creation or perfection of liens using electronic signatures or eRecords), (b) any and all applicable laws governing eNotarization, (c) any and all applicable laws in effect from time to time that govern any subject matter related to or similar to the foregoing laws, and (d) any amendments and/or supplements to or modifications and/or replacements of any of the foregoing.
“eNote”, an eRecord which would otherwise qualify as a negotiable be a promissory note if it were issued on paper, and for which the maker expressly agreed and intended to issue as a Transferrable-Record.
“eNotarization” means the electronic notarization of a document in accordance with applicable eMortgage Laws.“eNotarization System” the electronic system used to perform eNotarization.
“eRecord” information which is stored in an electronic or other medium and is retrievable in a perceivable form.
“E-SIGN Act” the Electronic Signatures in Global and National Commerce Act (E- SIGN), 15 USC §§ 7001 et seq., as the same may be amended, supplemented or replaced from time to time.
“eSignature System” the electronic system used to create an “electronic signature” under applicable eMortgage Laws.
“eVault” or “eVault System” means an electronic storage system which uses computer hardware and software to store and maintain eNotes and other eRecords.
“Fannie Mae eMortgage Guide” the current version of Guide to Delivering eMortgage Loans to Fannie, as amended, modified, supplemented or replaced from time to time, together with any other written policies, procedures and other requirements of Fannie Mae in effect from time to time with respect to its purchase of eMortgages.
“Freddie Mac eMortgage Guide” the current version of Freddie Mac eMortgage Guide, as amended, modified, supplemented or replaced from time to time, together with any other written policies, procedures and other requirements of Freddie Mac in effect from time to time with respect to its purchase of eMortgages.
“Interstate Remote eNotarization” the Remote eNotarization of a document related to a mortgaged property (including a loan document) in which the notary public is licensed and present, at the time of the Remote eNotarization, in a state other than the state where the mortgaged property is located.
“Intrastate Remote eNotarization” the Remote eNotarization of a document related to a mortgaged property (including a loan document) in which the notary public is licensed and present, at the time of the Remote eNotarization, in the same state where the mortgaged property is located.
“Location” the entity named on the MERS eRegistry that stores and maintains the Authoritative Copy of the eNote either as Controller or as a designated document custodian on behalf of the Controller.
“MERS eDelivery” a MERS system which is used by MERS eRegistry members to deliver documents and data from one member to another.
“MERS eRegistry” an electronic registry operated by MERS or an affiliate which, among other things, serves as the system of record to identify the current Controller and Location of the Authoritative Copy of an eNote.
“PHH's eVault” an eVault established at PHH’s eVault Provider to store and maintain eNotes and other eRecords for the benefit of PHH from time to time.
“PHH’s eVault Provider” Wells Fargo Bank, N.A. and any other entity or entities engaged by PHH to establish and maintain an eVault or eVault System on behalf and for the benefit of PHH.
“Remote eNotarization” eNotarization in which the notary notarizes the document remotely using real-time, two-way audio/video communication in accordance with applicable eMortgage Laws.
“Transferrable Record” means a “transferrable record” as described in UETA and the E-SIGN Act and/or other applicable eMortgage Laws.
“UETA” means the Uniform Electronic Transactions Act of 1999 promulgated by the National Conference of Commissioners on Uniform State Laws, and the version of such act enacted in each applicable jurisdiction, as amended or replaced from time to time.
In addition to the representations, warranties, and covenants set forth in this Seller Guide or Seller Agreement, the Client represents and warrants to PHH, and covenants and agrees with PHH, as of the date of the Seller Agreement, and as of each Purchase Date, that:
In addition to the representations, warranties, and covenants set forth in this Guide, the Seller Agreement or the other transaction documents, as to each eMortgage, the Client represents and warrants to PHH, and covenants and agrees with PHH, as of the Purchase Date for the eMortgage, that:
Subject to the provisions of this Section, loan documents related to eMortgages may be notarized using eNotarization (including Remote eNotarization). In states that do not permit Remote eNotarization, each borrower must be physically in the presence of the closing agent and/or a notary public coordinating the signing of the eNote and other eRecords. All borrowers do not have to be in each other’s presence at the time of signing. In states that permit Remote eNotarization, Loans with closing documents which have been notarized through Intrastate Remote eNotarization are eligible for purchase by PHH Mortgage. Loans with closing documents which have been notarized through In states that permit Remote eNotarization, closing documents which have been notarized through Interstate Remote eNotarization ismay be eligible for purchase by PHH only allowed with upon an additional prior written approval by PHH Mortgage (which approval will be granted or denied on a loan-by-loan basis in itsPHH’s sole discretion).
In addition to the representations, warranties, and covenants set forth elsewhere in thise Seller Guide, the Seller Agreement or the other transaction documents, as to each eMortgage for which a loan document has been notarized by eNotarization, the Client represents and warrants to PHH and covenants and agrees with PHH Mortgage, as of the Purchase Date for the eMortgage, that:
Upon obtaining prior written approval withfrom PHH, Mortgage the Client may sell most eligible conventional first lien mortgages to PHH as eMortgages. This includes fully amortized fixed-rate and adjustable-rate mortgages. The following are not permitted currently for purchase by PHH:
Upon delivery of each Loan originated as an eMortgage, the Client must provide PHH with the borrower’s consent to receive and sign documents electronically from each borrower who signs a document electronically, as well as each borrower to whom a document or disclosure is required by applicable law to be provided (electronically or in writing). In addition, each eMortgage must be delivered with the applicable audit trails documenting the signer’s signatures.
Note: The borrower’s consent must be obtained before any initial loan documents are provided to any borrower electronically or are to be signed electronically (as applicable) and a new consent of such borrower must be obtained on the date the eNote is signed.
Beneficiary Account Name | Beneficiary Account Name | Beneficiary Bank Name | Beneficiary ABA | Reference |
---|---|---|---|---|
PHH Mortgage Services Customer | 9865548854 | M and T Bank | 022000046 | PHH Loan # |
Purchase Date | Detail |
---|---|
February 1 or earlier | All payments (if applicable) up to and including February are received by the Client. Beginning in March all payments would be collected by PHH. |
February 15 – February 28 | Client to provide payment history indicating all payments due through February (if applicable) have been paid by the borrower. If payment was due in January but has not been received by the Client, the loan is not eligible for purchase until payment has been received. |