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
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.
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!
Mortgage Industry Leaders Discuss Leveraging Tech, Tools, and People
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.
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
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.
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.