PHM_Blog_Hero_820

Plaza News + Updates

Plaza Home Mortgage

Plaza Home Mortgage

Recent Posts

Big Updates to Jumbo

Posted by Plaza Home Mortgage on December 10, 2021

Jumbo 1 Program Discontinuation

As we’ve said before, at Plaza Home Mortgage® we are always working to keep things simple for our clients. As such, we will be discontinuing our Jumbo 1 program, effective December 27, 2021. We’re confident that Plaza’s Jumbo AUS 1 and Jumbo AUS 2 will provide eligibility for virtually all scenarios previously offered on Jumbo 1, and there will be no reduction in program coverage or price competitiveness.

Read More

Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Plaza at a Glance, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

2022 Higher Conforming Limits!

Posted by Plaza Home Mortgage on December 1, 2021

Available Now with Plaza – Can Close in 2021

FHFA has announced the 2022 conforming loan limits: $647,200 for baseline and $970,800 for high-cost areas. Plaza is accepting the increased loan limits, effective immediately. Talk to your Plaza Account Executive for more info!

Read More

Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Plaza at a Glance, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

New! Jumbo AUS 2 is Now Available

Posted by Plaza Home Mortgage on November 16, 2021

We’ve just rolled out another great Jumbo AUS option!  Now Plaza clients have even more possibilities to offer your Jumbo borrowers the best price and more choices for qualifying. Our Jumbo AUS programs utilize agency AUS findings for streamlined doc requirements, plus:

Read More

Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Plaza at a Glance, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates

We know New York – Visit our booth at 33rd NYAMB Conference and Tradeshow

Posted by Plaza Home Mortgage on June 25, 2021

Plaza Home Mortgage® has been serving the Empire State for a long time, and we’ve learned a thing or two about the market in the process.

Read More

Topics: Wholesale News, Mini-Correspondent News

FHA Update: Student Loan Debt Policy

Posted by Plaza Home Mortgage on June 22, 2021


FHA Update: Student Loan Debt Policy

Plaza Home Mortgage® is aligning with FHA student loan guidance as announced in the Mortgagee Letter 2021-13. The updated policy removes the current requirement that lenders calculate a borrower’s student loan monthly payment as 1% of the outstanding student loan balance for student loans that are not fully amortizing, or are not in repayment.

The new policy bases the monthly payment on the actual student loan payment, which is often lower, and helps home buyers with student debt meet minimum eligibility requirements for an FHA-insured mortgage.

This updated policy may be employed by lenders immediately but mandatory implementation is required for all case numbers assigned on or after August 16, 2021. Plaza will apply this policy immediately.

If you have questions on the updated FHA student loan debt policy please contact your Plaza Account Executive, or email us at hereforyou@plazahomemortgage.com.

Read More

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

Quick Pricer

Posted by Plaza Home Mortgage on June 17, 2021

Price Loans Faster with Quick Pricer

Read More

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

Introducing RefiNow

Posted by Plaza Home Mortgage on June 15, 2021

Expand Your Borrowers’ Refi Options

Read More

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

Wholesale Reverse Jumbo Improvements

Posted by Plaza Home Mortgage on June 15, 2021

Better Interest Rates and Principal Limit Factors

Read More

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

Jumbo AUS LLPA Improvement

Posted by Plaza Home Mortgage on June 9, 2021

Effective for all Jumbo AUS locks taken on or after Wednesday, June 2, 2021, Plaza Home Mortgage® has improved the investment property LLPA between .750 – 1.000 and the adjustment for LTV > 80% has increased by .250.

Read More

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

USDA 1003 Update

Posted by Plaza Home Mortgage on May 27, 2021

Beginning June 1, 2021, USDA will require the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65, effective date 1/2021) for all new loan submissions. All SFHGLP Loan requests utilizing the old URLA version must be submitted to Rural Development prior to June 1, 2021.

Loans in the pipeline that have already received Conditional Comment for SFR Guarantee Approval will not be affected. Loans in the pipeline not submitted for Conditional Comment for SFR Guarantee Approval, using the new 1003 will not be affected.

Read More

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