Plaza News + Updates

FHA and VA FICOs Go Even Lower + More FHA, VA and Jumbo AUS News

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.

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.

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

The Certified Loan Program from Plaza offers protection from direct loss from a repurchase demand that is tied to fraud or manufacturing defects – even if it’s COVID-related.

At Plaza Home Mortgage^® we have the programs and resources you need to feel confident when taking on a fluctuating market. Our Certified Loan Program helps reduce the risk of repurchase due to loan manufacturing defects and fraud – even if it’s COVID-related. And the best part – all Plaza Correspondents automatically get the added protection of the Certified Loan Program, at no additional upfront cost.

Today’s housing market is dominated by existing home sales, with over 5.3 million existing homes sold in 2019 and at average age of 30 years old. Because of this, renovation lending is perhaps more important to your business than ever before. Plaza Home Mortgage^® offers you the resources you need to make getting into this market easy and stress-free. Our dedicated renovation lending division is here to help you from start to finish, and reviews each loan to ensure they’re done right the first time.

COVID-19 Protection with Certified

Now there’s an even easier way to connect with Plaza – we’re thrilled announce the official launch of LINQ, our new loan acquisition system! LINQ is user-friendly, fast on document uploads and you’ll immediately receive your confirmation once the loan is locked in, helping in the reduction of overall processing time. Accelerate your loan purchases and easily manage your pipeline while expanding your portfolio all in one place. Not currently working with us? Let’s link up – apply and become an approved correspondent today.

Plaza Home Mortgage^® is excited to be attending the upcoming California MBA Western Secondary Market Conference this week!

If you are too, mark your calendars for September 24 to hear Plaza’s very own COO and CFO, Michael Fontaine, as he joins the panel during session 5, How Has COVID-19 Changed the Way We Do Business, to discuss how the pandemic has transformed business today and beyond.

Plus, stick around after the session to tune in with our SVP of National Correspondent Sales, Salpi Meyer, as she joins the mPower Leadership Panel during session 6, where she along with other successful female industry leaders will share their journey in leading teams, and how to make a positive impact in the workplace.

And don’t forget to check out Plaza’s virtual booth in between sessions to discover more on our available program offerings to help simplify future transactions