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Plaza News + Updates

Home Possible/USDA Program Updates

Posted by Plaza Home Mortgage on January 20, 2021

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.

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

New 4506-C Requirement

Posted by Plaza Correspondent on January 8, 2021

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

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

Plaza Home Mortgage New Years Hours

Posted by Plaza Home Mortgage on December 29, 2020

In observance of the New Year’s Day holiday, your Plaza Home Mortgage® offices will be closed on the following days and times:

New Year’s Eve and New Year's Day Hours

  • Thursday, December 31, your Plaza branch office will close at 3:00 PM local time
  • The Lock Desk and Reverse offices will close at 3:00 PM PT, but online locks will still be available until 11:59PM PT.
  • Friday, January 1, all offices will be closed

We wish you and yours a safe and happy New Year.

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

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

Celebrating 20 Years of Putting Clients First

Posted by Plaza Home Mortgage on December 11, 2020

This year we at Plaza Home Mortgage® are proud to be marking an important milestone in our company history – 20 years in business. Over the years we have experienced the highs and the lows of our industry, and did so alongside many of our clients. But one thing has remained unchanged at Plaza – and that is our commitment to providing you with the highest level of service and support. We celebrate and thank you, and look forward to 20 more years!

Plaza’s leadership reflects on the last 20 years, and what it took to achieve this milestone. Check out their stories.

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Topics: Wholesale News, National Correspondent News, Plaza in the News, Plaza at a Glance, Mini-Correspondent News

Mortgage Industry Leaders Discuss Leveraging Tech, Tools, and People

Posted by Plaza Home Mortgage on December 4, 2020

Mortgage Industry Leaders Discuss Leveraging Tech, Tools, and People

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Topics: Wholesale News, National Correspondent News, Plaza in the News, Plaza at a Glance, Mini-Correspondent News

MReport names Plaza to the "Top 30 Companies in Mortgage & Servicing"

Posted by Plaza Home Mortgage on November 16, 2020

Plaza Home Mortgage® was recently named one of the Top 30 Companies in Mortgage & Servicing by MReport Magazine. The companies recognized met the challenges of this year with “an ideal blend of benefits, perks, culture and atmosphere that sets them apart from the rest.” As we continue to navigate the challenges of the day, Plaza remains committed to the health and happiness of our associates and the communities we serve alike. Read more about this recognition in the November edition of MReport Magazine.

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Topics: Wholesale News, National Correspondent News, Plaza in the News, Plaza at a Glance, Mini-Correspondent News

Removal of File Status Requirements

Posted by Plaza Wholesale on October 16, 2020

Plaza is committed to helping our brokers deliver the best service possible for their borrowers. That’s why we are happy to announce that we have removed all file status requirements to lock VA IRRRL and FHA Streamline refis. 

And as a reminder, there are still no file status requirements for locks on purchase loans, and pre-locks are allowed.

Contact your Plaza Account Executive for more information or if you have any questions about this update

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Topics: Wholesale News, Plaza in the News, Mini-Correspondent News

Reverse Jumbo Now in Washington!

Posted by Plaza Reverse on October 13, 2020

Plaza’s Reverse Jumbo is now available in Washington state, bringing the total number of states where your clients can access up to $4M in equity to 16! Visit our program page for more information and a complete list of states where this program is available.

Learn More

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Topics: Reverse HECM, Wholesale News, Mini-Correspondent News, Jumbo Reverse

Repair Cracks in the Nest Egg

Posted by Plaza Reverse on October 2, 2020

In times like these, reverse mortgages provide savvy homeowners with a way to access liquidity for additional income or to rebuild reserves. At the same time, senior homeowners can secure future credit to sustain their retirement needs,” Mark Reeve, VP Reverse Mortgage Division. Read the full article, ‘Repair Cracks in the Nest Egg,’ now at Scotsman Guide.

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Topics: Reverse HECM, Wholesale News, Plaza in the News, Mini-Correspondent News

NAMB National 2020

Posted by Plaza Wholesale on October 1, 2020

Join Plaza for a Virtual Conference Like No Other

Join Plaza Home Mortgage® at this year’s National Association of Mortgage Brokers National 2020 conference on October 14-15, for an entirely virtual experience that will help you set the groundwork for the rest of the year and beyond.

When you register for the conference, use the code PLAZAFREE at checkout for complimentary registration (code expires October 8, at 11:59PM PT).

Event Details:
NAMB National 2020
October 14-15
www.namb.org

Register Now

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Topics: Wholesale News, Plaza in the News, Mini-Correspondent News, Plaza Events