Plaza News + Updates

Exciting program news! Plaza Home Mortgage^® is expanding both agency and government guidelines, removing certain overlays and increasing VA Jumbo loan amounts effective on February 10, 2022.

See the below the details on the following changes:

Manufactured Housing Expansion

We’re excited to share that we are now accepting Reverse Jumbo loans from our Correspondent Lenders on a non-delegated basis!

Unlike a standard HECM, the Reverse Jumbo has no mortgage insurance (MI), so your borrowers can access more equity without the additional MI fees. With loan amounts up to $4 million, your clients can tap into more equity in their higher-value homes.

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.

Fannie Mae recently released Fannie Mae HomeView™, a new homeownership education course that aligns with National Industry Standards for pre-purchase homeownership education, and can be used to fulfill the education requirement for most mortgage products. HomeView is an online course offered free of charge. Plaza’s program guidelines have been updated to reflect Fannie Mae HomeView homeowner education program as an eligible source of counseling.

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.

We were working hard over the weekend at Plaza Home Mortgage^® and now the enhanced AUS Access screen in BREEZE is ready for you!

We've simplified the way you run an AUS, and now the AUS Access screen gives you one place to run both DU^® and LPA^®.

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.

Our full training calendar for the month of December 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.

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!