PHM_Blog_Hero_820

Plaza News + Updates

We’re ready to ride the tide at the Western Secondary Market Conference

Posted by Plaza Correspondent on August 9, 2021
Come “ride the tide” with Plaza at the California MBA Western Secondary Market Conference on August 24-26, at the beautiful Waldorf Astoria Monarch Beach in Dana Point, CA.

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.

Read More

Topics: National Correspondent News, Plaza at a Glance

Announcing Correspondent Conforming and Super Conforming ARMs

Posted by Plaza Correspondent on August 9, 2021

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.

Read More

Topics: National Correspondent News, Plaza at a Glance, National Correspondent Program Updates

CORRESPONDENT: Jumbo 1 Improvements + Other Program Updates

Posted by Plaza Correspondent on July 28, 2021

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.

Read More

Topics: National Correspondent News, National Correspondent Program Updates

FHA Update: Student Loan Debt Policy

Posted by Plaza Home Mortgage on June 22, 2021


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.

Read More

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

Quick Pricer

Posted by Plaza Home Mortgage on June 17, 2021

Price Loans Faster with Quick Pricer

Read More

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

Introducing RefiNow

Posted by Plaza Home Mortgage on June 15, 2021

Expand Your Borrowers’ Refi Options

Read More

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

Wholesale Reverse Jumbo Improvements

Posted by Plaza Home Mortgage on June 15, 2021

Better Interest Rates and Principal Limit Factors

Read More

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

Jumbo AUS LLPA Improvement

Posted by Plaza Home Mortgage on June 9, 2021

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.

Read More

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

Posted by Plaza Correspondent on June 7, 2021

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.

Read More

Topics: National Correspondent News, Correspondent Certified Loan Program, National Correspondent Program Updates

USDA 1003 Update

Posted by Plaza Home Mortgage on May 27, 2021

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.

Read More

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