Plaza News + Updates

Available Now with Plaza – Can Close in 2021

FHFA has announced the 2022 conforming loan limits: $647,200 for baseline and $970,800 for high-cost areas. Plaza is accepting the increased loan limits, effective immediately. Talk to your Plaza Account Executive for more info!

We’ve just rolled out another great Jumbo AUS option!  Now Plaza clients have even more possibilities to offer your Jumbo borrowers the best price and more choices for qualifying. Our Jumbo AUS programs utilize agency AUS findings for streamlined doc requirements, plus:

Now available at Plaza Home Mortgage^®, Encompass Investor Connect™ – the easy way for Encompass^® users to deliver loan data and documents directly from Encompass to us, without having to leave your system of record.

Plaza Home Mortgage^® is excited to welcome this year’s MBA Annual Convention to our hometown of sunny San Diego, CA, October 17-20! If you’re ready to have some ‘fun in the sun’ stop by our meeting room at The Edge in the Hard Rock Hotel – right across the street from the San Diego Convention Center – and check out the many program offerings available to grow your business and help manage your pipeline.

Pencil in some time with a Plaza Account Executive today by emailing hereforyour@plazahomemortgage.com to experience an elevated correspondent service like no other.

Plaza Home Mortgage^® is ready to roll on the Freddie Mac Refi Possible^SM program. Refi Possible expands eligibility to include borrowers at or below 80% of the Area Median Income (AMI) limit.

Benefits of Refi Possible include:

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.

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.

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.

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.

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