Plaza News + Updates

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.

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

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.

Our full training calendar for the month of January 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.

Plaza Home Mortgage^® now offers rates as low as 1.75% on all government loan programs! Combined with Plaza’s superior client service and unparalleled experience with government lending, there has never been a better time to work with us.

The FHA has announced an increase to new forward loan limits for 2021. The new loan limits will be effective for case numbers assigned on or after January 1, 2021. FHA forward mortgage limits for individual MSAs and counties are available here.

Plaza will align with FHA’s effective dates and accept the new loan limits for case numbers assigned on or after January 1, 2021.

Please contact your Plaza Account Executive if you have any questions about the new limits or their implementation date.

Plaza Home Mortgage^® is pleased to announce that we are updating our Wholesale and Mini-Correspondent rate lock policy for all transactions. Now 15, 30, 45 and 60-day locks for all transactions no longer have file status requirements.

Please contact your Plaza Account Executive if you have any questions on this update.

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