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
Watch our short video to see how the new AUS Access screen in BREEZE saves you time by letting you run and compare both DU® and LPA® at the same time, side-by-side on a single screen!