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.
PHH requires all Sellers to maintain a quality control plan within their own company to help guard against errors, omissions, and fraud. A general overview of the components of a sound QC plan are outlined below, however, detailed requirements of FHA, VA, Ginnie Mae, Fannie Mae, Freddie Mac and USDA must be followed by all Sellers originating and selling Loans under these products.
PHH's Quality Control (QC) monitoring includes Loan reviews that take place both prior to and after loan purchase. All exceptions will be identified as to the level of risk the issue represents.
Remediation is required for all significant findings. Audit findings and response instructions will be forwarded to the Seller by e-mail communication. E-mail distribution provides a means to confirm delivery and receipt of the request. Responses are required to be returned to PHH within 5 business days along with supporting documentation.
Responses to issues of lower or moderate risk may not be required but will be tracked and reported to the Seller.
A Loan that is determined not to meet Agency or PHH guidelines may require correction of the violation, indemnification, return of SRP, and/or reimbursement of losses or Loan repurchase. Additionally, issues not resolved within the required time frames could result in suspension or termination of the relationship.
Occurrences of fraud or misrepresentation will be immediately reported to any required regulatory Agency or investor. If there is sufficient information established to confirm a Seller participated in the misrepresentation, the business relationship with the Seller will be terminated immediately, including all Loans in the PHH pipeline from the Seller.
Within the sampling methodology, loans must be selected on a random, targeted, and discretionary basis. Discretionary samples should include higher risk characteristics such as certain product types, high ratio, high LTV, areas of high delinquency, or areas of decreasing property values.
Targeted loans will be selected from loan categories meeting specific conditions (such as EPDs and EPOs).
Audits should include a reverification of all underwriting documents in the Credit File and a desk review of the appraisal. A field review of the appraisal must also be ordered as required by Agency guidelines. Other standard elements that the review should include are occupancy, underwriting decision, and loan approval conditions. The closing package must be reviewed for required documents, accuracy of information, and compliance with regulatory and Agency requirements. All exceptions should be documented and scored on a uniform rating system based on the associated risk.
The maximum points and fees applicable to a Qualified Mortgage vary based upon the loan amount. In addition, all dollar amounts, including loan amounts, will be adjusted for inflation annually on January 1 by the CFPB. All Loans submitted for purchase must pass the qualified mortgage points and fees test, as well as the associated ability to repay provisions.
PHH will require a fully completed “points and fees” detail form on all files submitted for purchase. The Seller can provide this information by including one of the following in the Loan File:
NOTE: In order for PHH to accept the Mavent Compliance Report as an alternate to the PHH Fee Details Form, the Mavent Compliance Report must include the Expanded Fee Details.
NOTE: We are not endorsing or approving the results of any vendor’s compliance screening, nor will we rely on any vendor’s compliance screening in lieu of our prepurchase review.
Points and Fees Thresholds – 2021
The applicable points and fees thresholds for 2021 are listed below: Limits are effective for loan closings on or after 01/01/2021.
Note Amount | Points and Fees Threshold |
---|---|
Greater than or equal to $114,847 | 3% of Total Loan Amount |
$66,908 but less than $114,847 | $3,445 |
$22,969 but less than $66,908 | 5% of Total Loan Amount |
$14,356 but less than $22,969 | $1,148 |
<=$14,356 | 8% of Total Loan Amount |
Points-and-Fees Calculation
The points-and-fees calculation is the same as that used in the HOEPA points-andfees calculation.
To calculate the points-and-fees, a creditor will add together the amounts paid in connection with the transaction in six categories of charges:
Finance Charge – In general, all items included in the finance charge under 1026.5(a) and (b) will be included, except the following:
Mortgage Insurance Premiums
Bona Fide Discount Points
Loan Originator Compensation – Compensation paid directly or indirectly by a consumer or creditor to a loan originator that is not an employee of the creditor or mortgage broker must be included.
Real Estate-Related Fees – The following categories of charges are excluded if (i) the charge is reasonable; (ii) the creditor receives no direct or indirect compensation; and (iii) the charge is not paid to an affiliate of the creditor:
Premiums for credit insurance; credit property insurance; other life, accident, health or loss - of-income insurance where the creditor is beneficiary; or debt cancellation or suspension coverage payments
Maximum Prepayment Penalty
NOTE – PHH does not purchase loans that contain a prepayment penalty.
HPML Requirements Loans that exceed points and fee limits at the time of loan disbursement are not eligible for purchase by PHH.
QM-Safe Harbor and QM-Rebuttal Presumption Loans: A qualified mortgage (QM) loan will receive either a safe harbor or rebuttable presumption status, as calculated below:
Conventional / VA | FHA |
---|---|
Safe Harbor APR<= APOR + 1.50% |
Safe Harbor APR <= APOR + Annual MIP + 1.15% |
Rebuttable Presumption APR > APOR + 1.50% |
Rebuttable Presumption APR > APOR + Annual MIP + 1.15% |
QM Safe Harbor (QM – Non HPML) loans, including QM Safe Harbor Agency Loans, FHA Loans, and VA Loans using the Price Based Limit.
QM Rebuttable Presumption (QM – HPML) loans are subject to the following:
Note: PHH will not purchase any loan, regardless of occupancy type, that exceeds Freddie Mac’s 5% points and fees test threshold.
Please do not mail the documents. We appreciate your support of a paperless environment.
To upload in TPO Connect:
Final Document | Document Placeholder |
Mortgage Insurance Certificate (MIC) | FHA Mortgage Insurance Certificate |
Loan Guarantee Certificate (LGC) | VA Loan Guarantee Certificate |
USDA Loan Note Guarantee | USDA Loan Note Guarantee |
Title Policy | Final Title Insurance Policy |
Recorded Mortgage/DOT | Recorded Security Instrument |
If you have any questions, please contact your Correspondent Specialist or the Final Doc Team at PHHCLPost-Funding@phhmortgage.com.
Loans that are originated, underwritten, and closed by the Seller.
A Seller approved as delegated and responsible to ensure each Loan meets the eligibility and underwriting guidelines as outlined in this Guide.
Fannie Mae’s automated underwriting system, including any successor system.
The failure by the mortgagor to make any of the four payments next due after the purchase date and such payments remain unpaid for 90 days.
When a loan purchased by PHH is paid in full within 180 days of the purchase date.
All first mortgage loans which satisfy all the selling requirements and product guides referred to in this Guide for which loans are delivered as defined in the commitment.
A transferable record as defined by Electronic Signatures in Global and National Commerce Act or the Uniform Electronic Transactions Act, whichever is applicable, stored electronically rather than using traditional paper documentation that has a pen and ink signature.
With respect to any locked loan, that date which the Loan File, Credit File, and any additional information required by PHH must be received by PHH for the purchase price percentage to be honored.
Liability insurance coverage for errors, mistakes, and negligence in the usual activities of mortgage banking, but excluding fraudulent behavior.
The amounts constituting ground rents, taxes, assessments, water rates, sewer rents, municipal charges, mortgage insurance premiums, fire and hazard insurance premiums, flood insurance premiums, and other payments required to be escrowed by the mortgagor with the Mortgagee pursuant to the terms of any documents included in a Loan File or program documents.
The Securities Exchange Act of 1934, as amended.
Federal National Mortgage Association, a federally chartered and privately owned corporation, organized and existing under the Federal National Mortgage Association Charter Act, or a successor thereto.
As per this Guide, any noncompliance with all applicable loan delivery instructions and product guidelines will result in various fees and penalties to Seller. PHH reserves the right of off-set against any outstanding fees against any proceeds due Seller including servicing release premiums.
The Federal Housing Administration, an agency within HUD, or any successor thereto, and including the Federal Housing Commissioner and the Secretary of Housing and Urban Development where appropriate under the FHA regulations.
A residential Loan, the payment of which is insured by the Federal Housing Administration or any successor thereto. Seller must be a HUD-approved Mortgagee to sell FHA loans to PHH.
Insurance that generally covers losses caused by dishonest or fraudulent acts by employees and others.
Fitch Ratings or its successor in interest.
Any Loan File document which, in the reasonable judgment of PHH, is falsified, defective, misleading, or inaccurate in any material respect.
Federal Home Loan Mortgage Corporation, a congressionally chartered corporation that purchases Loans on the secondary mortgage market.
The payment by PHH to the Seller or its designee of the purchase price of a loan on the related funding date.
The date PHH sets up the loan for funding to the Seller.
Intentional abuse of truth in order to induce another to part with something of value or to surrender a legal right, an act of deceiving or misrepresenting, or any intentional act of concealing information.
The Government National Mortgage Association (GNMA) or any successor thereto.
Any party that executes a Guaranty and Support Agreement covering Seller’s obligations.
Any agreement executed by a Guarantor guarantying the Seller’s obligations under the Seller Agreement and this Guide.
The complete written Seller Guide establishing PHH’s guidelines, procedures, rate reservation, credit policy, and document delivery requirements for a Credit File and Loan File being purchased by PHH, as amended by PHH from time to time in its sole discretion, and including any notices, announcements, or bulletins issued by PHH.
USDA's automated underwriting system, and any successor system.
A calculation to determine if a loan contains above-average fees or interest and falls within the state or federal definition of high-cost home loan or any similar term including, without limitation, “rate spread home loan,” “high rate, high fee mortgage,” “subprime home loan,” and satisfies all special requirements and restrictions on such high-cost home loans.
The Department of Housing and Urban Development, which is a governmental entity responsible for the implementation and administration of housing and urban development programs.
The audited net worth of the Seller, less any unacceptable assets per the HUD guidelines. The calculations of adjusted net worth must be prepared by a CPA as part of the audit of the Seller.
Any and all rights and privileges associated with the ownership of a loan including, but not limited to, the right to receive all payments of principal and interest paid by a mortgagor.
Kroll Bond Rating Agency, Inc. or any successor thereto.
Any assets to be readily converted into cash.
One to four-unit first lien, residential mortgage loans including conventional loans, USDA Loans, FHA Loans, and VA Loans (including investor rights and servicing rights), which are subject to the Seller Agreement and meet all of the requirements of this Guide and the program documents.
With respect to each loan and Mortgage Loan Package, the Lock Confirmation Letter provides for the sale by Seller and the purchase by PHH of the Mortgage Loan Package on the related Closing Date.
All documentation required for a loan as established by this Guide including, but not limited to, the original Mortgage Note, executed endorsement or assignment of the Mortgage Note from Seller, the loan application (1003 or redesigned URLA), verification of employment, deposits and income, credit reports, appraisal report, state and federal disclosure statements, fair lending and equal credit notices, certified copy of the mortgage in recordable form, certified copy of the assignment of mortgage in recordable form, preliminary title report and evidence that an ALTA title policy will be issued, survey of the property, evidence of hazard insurance showing proper coverage and loss payable endorsement has been ordered for PHH, evidence of delivery of flood insurance disclosures, and flood insurance coverage with loss payable endorsement in effect or ordered for PHH (if the property is in a required flood zone).
Freddie Mac’s automated underwriting system, including any successor system.
The obligations imposed by: