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Plaza News + Updates

National Correspondent Program Update: Jumbo 1

Posted by Plaza Correspondent on February 22, 2021

The Plaza Home Mortgage® Jumbo 1 program is now even better! We’ve updated our guidelines to allow W-2 transcripts and added information on payment recast options.

Click here to view the updated program guidelines.

If you have questions on these updates, please contact your Plaza Account Executive, or email us at hereforyou@plazahomemortgage.com.

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Topics: National Correspondent News, National Correspondent Program Updates

Wholesale Program Update: Jumbo 1

Posted by Plaza Wholesale on February 22, 2021

The Plaza Home Mortgage® Jumbo 1 program is now even better! We’ve updated our guidelines to allow W-2 transcripts and added information on payment recast options.

Click here to view the updated program guidelines.

If you have questions on these updates, please contact your Plaza Account Executive, or email us at hereforyou@plazahomemortgage.com.

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Topics: Wholesale News, Wholesale Program Updates, Mini-Correspondent News, Mini-Correspondent Program Updates

FHA Express

Posted by Plaza Wholesale on February 19, 2021

Faster Closings with FHA Express

Take advantage of the new FHA Express submission option from Plaza Home Mortgage® to accelerate closings on your qualifying core FHA loans. FHA Express is available for
W-2 and fixed income borrowers, for purchase, rate/term or cash-out refinances with Conforming or High Balance loan amounts. Qualifying loans receive expedited underwriting, are competitively priced and can often close in as little as 10 to 15 days.

And for your Fannie Mae® and Freddie Mac loans, don’t forget that we have the Agency Express option as well.

Be sure to visit our information page for more details or contact your Plaza Account Executive today.

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Topics: Wholesale News, Plaza at a Glance, Mini-Correspondent News, Government Loans

Reintroducing Jumbo 1

Posted by Plaza Home Mortgage on February 22, 2021

More Power for Going Big

Offer up to $2.5 million to qualified borrowers with the Jumbo 1 loan program from Plaza. Now your borrowers who are looking to purchase or refinance a higher-value home can take advantage of this program that offers flexible eligibility requirements and competitive rates and pricing.

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Topics: Wholesale News, National Correspondent News, Mini-Correspondent News

It’s Time to Get Certified

Posted by Plaza Correspondent on February 2, 2021

It’s Double-Witching time for correspondents. Veteran staffers are overworked and overwhelmed. Sales and closing are the priorities (loss mit and QC, less so.) Next thing you know, there comes the surge of errors, buyback demands and scary trips to the scratch & dent market.

But not for Plaza Home Mortgage® Correspondents – at Plaza, we understand your market and business challenges and apply our Certified Loan Program to every loan we purchase to protect you from direct loss from a repurchase demand that is tied to certain fraud, underwriting errors or manufacturing defects – even if it’s COVID-related – at no additional upfront cost.

Forget the “scratch and dent” markets and apply to “Get Certified” today! There’s no better time than now to get the insurance you need with service you can trust.

Learn more about the value of Plaza’s Certified Loan Program and how it can protect its client-sellers by contacting your Plaza Account Executive or emailing us at hereforyou@plazahomemortgage.com.

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Topics: National Correspondent News, Correspondent Certified Loan Program

Our February Training Calendar is Available!

Posted by Plaza Training on January 29, 2021

Our full training calendar for the month of February is now available. Please follow the link to see a complete list of all of our upcoming training courses. As always, all of our trainings are complimentary and once you register, even if you miss the training, you will receive an email link to the training to view at your convenience.

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Topics: Plaza at a Glance, Plaza Training

DACA Recipients Now Eligible to Apply for FHA-backed Loans

Posted by Plaza Home Mortgage on February 9, 2021

DACA Recipients Now Eligible for FHA Loans

In alignment with FHA’s recent announcement, Plaza Home Mortgage has updated our FHA programs to allow individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) as eligible applicants.

Please contact your Plaza Account Executive to learn more details.

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Topics: Wholesale News, National Correspondent News, Mini-Correspondent News

Home Possible and USDA Program Updates

Posted by Plaza Home Mortgage on February 9, 2021

Home Possible
In alignment with the Freddie Mac Bulletin 2020-45, Plaza Home Mortgage® has updated the Home Possible® program guidelines, effective for all loans purchased on or after March 1, 2021. Specifically, this update reduces the maximum LTV from 95% to 85% for certain Home Possible Mortgages secured by 2-4-unit properties.

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Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

New 4506-C Requirement

Posted by Plaza Correspondent on January 8, 2021

On March 1, 2021, the IRS will be updating their form requirement from 4506-T to a 4506-C when obtaining transcripts through a vendor. However, the IRS has made the new form 4506-C available now. The new form will have an impact on Post Closing Quality Control Reviews, therefore we recommend that clients begin using the 4506-C as soon as possible.

All loans purchased by Plaza on or after February 1, 2021 must have closed using the new 4506-C. Prior to February 1, Plaza will accept both the 4506-T or the 4506-C form.

To avoid delays in loan purchasing, please work with your document vendor and LOS provider to ensure the new form is included in the closing packages.

Read more about this change in the 12.16.20 Fannie Mae Selling Guide announcement or reach out to your Plaza Account Executive for any questions

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Topics: National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

Hello New Year – Goodbye AMF Fee

Posted by Plaza Wholesale on January 5, 2021

Great news! Plaza Home Mortgage® has extended our waiver of the 50bps Adverse Market Refinance Fee on all Agency Express refis to February 26, 2021. Agency Express, available to our Wholesale and Mini-Correspondent channels, gives you faster turn times on core Fannie Mae® and Freddie Mac loans. Close in as little as 10-15 days! Learn more by going to our info page or contacting your Plaza Account Executive.

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Topics: Wholesale News, Wholesale Program Updates, Plaza at a Glance