If you’re attending, stop by the Plaza meeting room in Pacific Ballroom 1, and explore our available program offerings to help better manage and clear your pipeline with ease.
We’re ready to ride the tide at the Western Secondary Market Conference
Announcing Correspondent Conforming and Super Conforming ARMs
Plaza Home Mortgage® is expanding the lending possibilities for our clients and their borrowers. We are pleased to announce that we are again offering Conventional Conforming and Super Conforming ARMs starting today, Tuesday, August 3, 2021.
Please refer to Plaza’s Conforming ARM and Super Conforming ARM Program Guidelines for complete details.
Topics: National Correspondent News, Plaza at a Glance, National Correspondent Program Updates
CORRESPONDENT: Jumbo 1 Improvements + Other Program Updates
Plaza Home Mortgage® just removed the self-employment overlays plus made other enhancements to our popular Jumbo 1 program. We also have updates to mortgage insurance and Jumbo AUS we want to tell you about.
Topics: National Correspondent News, National Correspondent Program Updates
FHA Update: Student Loan Debt Policy
FHA Update: Student Loan Debt Policy
Plaza Home Mortgage® is aligning with FHA student loan guidance as announced in the Mortgagee Letter 2021-13. The updated policy removes the current requirement that lenders calculate a borrower’s student loan monthly payment as 1% of the outstanding student loan balance for student loans that are not fully amortizing, or are not in repayment.
The new policy bases the monthly payment on the actual student loan payment, which is often lower, and helps home buyers with student debt meet minimum eligibility requirements for an FHA-insured mortgage.
This updated policy may be employed by lenders immediately but mandatory implementation is required for all case numbers assigned on or after August 16, 2021. Plaza will apply this policy immediately.
If you have questions on the updated FHA student loan debt policy please contact your Plaza Account Executive, or email us at hereforyou@plazahomemortgage.com.
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates
Quick Pricer
Price Loans Faster with Quick Pricer
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, Mini-Correspondent Program Updates
Introducing RefiNow
Expand Your Borrowers’ Refi Options
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates
Wholesale Reverse Jumbo Improvements
Better Interest Rates and Principal Limit Factors
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, Mini-Correspondent Program Updates
Jumbo AUS LLPA Improvement
Effective for all Jumbo AUS locks taken on or after Wednesday, June 2, 2021, Plaza Home Mortgage® has improved the investment property LLPA between .750 – 1.000 and the adjustment for LTV > 80% has increased by .250.
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates
Get a Boost with Correspondent Renovation Lending
Tight inventory and rising home prices are forcing many homebuyers to consider “fixer-uppers” and simultaneously buy and renovate. As the number of home purchases using renovation loans increases, so does your pipeline. That’s where we come in to help make it easy for you to capture more business in this growing lending segment.
Topics: National Correspondent News, Correspondent Certified Loan Program, National Correspondent Program Updates
USDA 1003 Update
Beginning June 1, 2021, USDA will require the redesigned Uniform Residential Loan Application (URLA) (Fannie Mae Form 1003/Freddie Mac Form 65, effective date 1/2021) for all new loan submissions. All SFHGLP Loan requests utilizing the old URLA version must be submitted to Rural Development prior to June 1, 2021.
Loans in the pipeline that have already received Conditional Comment for SFR Guarantee Approval will not be affected. Loans in the pipeline not submitted for Conditional Comment for SFR Guarantee Approval, using the new 1003 will not be affected.
Topics: Wholesale News, Wholesale Program Updates, National Correspondent News, Mini-Correspondent News, National Correspondent Program Updates, Mini-Correspondent Program Updates