The question begs for more detail because as it stands, there are many issues overlooked. A multiphase driver is OK with a common feedback, but the implied delay from a TDM MUX multi-phase driver in feedback may contribute to loss of phase margin. The overall design needs a phase margin analysis as FvM indicates with each block transfer function well defined. Simply trying to use negative feedback willy-nilly without attention to parasitic phase shift in the external feedback circuit will lead to instability, which can be measured by phase margin or overshoot ringing or in this case more likely steady oscillation like a class D amplifier.