Posted by Anonymous on 10/31/05 1:53pm
Msg #73248

IREP question

I do a large quantity of work for Irep. Beneficial uses terms that are a little different than what we use. I have heard some loans referred to as "PHL". What exactly is a PHL. From what I can tell, it is usually a 2nd mortgage without the servicing transfer agreement.

TIA

Reply by PA_Notary_II on 10/31/05 2:00pm
Msg #73256

A "PCL" is a line of credit.....actually a HELOC...'Personal Line of Credit'

Reply by Cari_MO on 10/31/05 3:42pm
Msg #73280

PHL stands for Personal Homeowners Credit Line. It is a 2nd mortgage credit line. Same as a HELOC (Home Equity Line of Credit). If I remember correctly with the PHL the customer does not need equity. It is approved based on their signature. But they do put a lien on the property for security.

Reply by Joe_PA on 10/31/05 2:44pm
Msg #73272

PHL usually referrs to Philadelphia. It is the Philadelphia airport code.

Reply by Mung/CA on 11/1/05 12:07am
Msg #73327

What does IREP stand for?

Reply by Brenda_NC on 11/1/05 5:31am
Msg #73334

Integrated Real Estate Processing

Reply by PA_Notary_II on 11/1/05 5:09pm
Msg #73487

Asked the manager today what PHL stood for....Personal Home Loan. It is a personal loan secured by a second mortgage. (It's still a HELOC but with a different name)