Plaza News + Updates

As you’ve probably noticed, we have been making significant enhancements to the Plaza Home Mortgage^® BREEZE system lately as we continue ongoing work to provide a fast, modern and easy-to-use experience throughout the entire loan process.

What’s New Now

The Loan Conditions and Quick Pricer screens have been redesigned. Note that the functionality of these screens remains the same. But they have a new look and feel, making them easier to navigate and process your loan information.

Loan Conditions Screen

Key Changes:

Great news for borrowers! With the recent announcement of the reduction of FHA annual Mortgage Insurance Premium (MIP), Plaza Home Mortgage^® will apply the new MI factors to FHA loans effective Monday, February 27, 2023.

New MI factors will be applied to:

At first glance, the new LLPAs, effective May 1, 2023, for Fannie Mae^® and Freddie Mac loans, can seem daunting. That’s why we’ve created an LLPA Reference Guide to help break it down for you!

This guide shares how the new price adjustments compare to previous ones, showing areas where pricing went up or down.

Currently all new 60-day Conventional locks for Plaza Home Mortgage^® will utilize the new LLPAs. See the following timeframe for other lock periods:

As part of our ongoing work to enhance the performance and security of the Plaza Home Mortgage^® systems, we are making a final change to the public IP addresses for the BREEZE and LINQ systems on March 1, 2023.

Most of our clients will not be affected; however, those with firewall rules that require destination IP addresses to be safelisted will need to take action before March 1.

Please share this information with your IT personnel if it may impact your company.

We have added a second range of IP addresses and they will need to be added to your safelist. 

Here’s a friendly reminder that Plaza Home Mortgage^® waives Fannie Mae^® and Freddie Mac LLPAs on eligible First Time Homebuyer loans, Freddie Mac’s CHOICERenovation and eligible manufactured loans based on Area Median Income (AMI) creating more opportunities to help your borrowers. And BREEZE will automatically apply the waiver to the eligible loans.

Here’s how it works:

AMI LLPA Waiver is Here! 

2023 Higher Conforming Limits!
Available Now with Plaza – Can Close in 2022

FHFA has announced the 2023 conforming loan limits: $726,200 and $1,089,300 for high balance. Plaza is accepting the increased loan limits, effective immediately. Talk to your Plaza Account Executive for more info!

Plaza Home Mortgage^® is excited to share recent program improvements to help you provide borrowers more leverage in qualifying to meet their home finance goals.

Effective today, FHA and VA guidelines have been updated with reduced FICOs to 550 and an increased max LTV for cash-out on manufactured homes from 65% to 80%.

FHA and VA Update Details: