Reverse mortgages are now back in New York. If you’re not currently set up to offer these powerful programs to seniors in your market, visit our reverse mortgage page or talk to your Plaza Account Executive today to learn how easy it is with Plaza.
Plaza Home Mortgage® is making it easier to qualify more borrowers with reduced minimum FICO requirements for our FHA, VA and USDA programs! For these core loan programs, the new minimum FICO has been lowered to 600 for FHA and VA and 620 for USDA. We have also updated our popular FHA 203(k) program, which combines financing for the purchase or refinance of a home and its renovation into a single loan, to have a new reduced minimum FICO of 620.
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, FHA Loans, USDA Loans, Mini-Correspondent News, Government Loans, VA Loans, National Correspondent Program Updates, Mini-Correspondent Program Updates
The Plaza Home Mortgage® Jumbo 1 program is now even better! We’ve updated our guidelines to allow W-2 transcripts and added information on payment recast options.
Click here to view the updated program guidelines.
If you have questions on these updates, please contact your Plaza Account Executive, or email us at email@example.com.
More Power for Going Big
Offer up to $2.5 million to qualified borrowers with the Jumbo 1 loan program from Plaza. Now your borrowers who are looking to purchase or refinance a higher-value home can take advantage of this program that offers flexible eligibility requirements and competitive rates and pricing.
It’s Double-Witching time for correspondents. Veteran staffers are overworked and overwhelmed. Sales and closing are the priorities (loss mit and QC, less so.) Next thing you know, there comes the surge of errors, buyback demands and scary trips to the scratch & dent market.
But not for Plaza Home Mortgage® Correspondents – at Plaza, we understand your market and business challenges and apply our Certified Loan Program to every loan we purchase to protect you from direct loss from a repurchase demand that is tied to certain fraud, underwriting errors or manufacturing defects – even if it’s COVID-related – at no additional upfront cost.
Forget the “scratch and dent” markets and apply to “Get Certified” today! There’s no better time than now to get the insurance you need with service you can trust.
Learn more about the value of Plaza’s Certified Loan Program and how it can protect its client-sellers by contacting your Plaza Account Executive or emailing us at firstname.lastname@example.org.
DACA Recipients Now Eligible for FHA Loans
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!