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Plaza News + 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.

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

[National Correspondent] Plaza's FHA and VA FICOs Go Even Lower

Posted by Plaza Correspondent on May 19, 2021

FHA and VA FICOs Go Even Lower + More FHA, VA and Jumbo AUS News

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Topics: National Correspondent News, National Correspondent Program Updates

Jumbo AUS – Plaza’s Next BIG Thing

Posted by Plaza Home Mortgage on May 11, 2021

Big things are happening at Plaza Home Mortgage® so sit back, relax and enjoy an easier way to do Jumbo loans with our new Jumbo AUS program. Documentation for traditional Jumbo loans and the requirements of Appendix Q can be daunting but by utilizing the resources provided by Plaza’s Jumbo AUS program, you’ll be able to streamline these larger loans more efficiently.

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

VA Eligibility Expanded to National Guard Members

Posted by Plaza Home Mortgage on April 30, 2021

Aligning with the Department of Veterans Affairs (VA) recently announced expansion of eligibility, Plaza Home Mortgage® is now able to extend VA home loans to certain members of the Army National or Air National Guard. Eligible National Guard members must have performed at least 90 cumulative days of full-time National Guard duty, of which, at least 30 of those days must have been consecutive. This change applies to current and former National Guard members, regardless of service dates. Plaza’s VA guidelines have been adjusted to reflect the change.

View the VA Circular for more details on who is now eligible.

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

Reverse Lending Back in NY

Posted by Plaza Reverse on March 31, 2021

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.

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Topics: Reverse HECM, Wholesale News, National Correspondent News, Mini-Correspondent News

NEW Lower FICOs for FHA, USDA and VA

Posted by Plaza Home Mortgage on March 17, 2021

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.

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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

National Correspondent Program Update: Jumbo 1

Posted by Plaza Correspondent on February 22, 2021

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 hereforyou@plazahomemortgage.com.

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Topics: National Correspondent News, National Correspondent Program Updates

Reintroducing Jumbo 1

Posted by Plaza Home Mortgage on February 22, 2021

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.

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

It’s Time to Get Certified

Posted by Plaza Correspondent on February 2, 2021

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 hereforyou@plazahomemortgage.com.

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Topics: National Correspondent News, Correspondent Certified Loan Program

DACA Recipients Now Eligible to Apply for FHA-backed Loans

Posted by Plaza Home Mortgage on February 9, 2021

DACA Recipients Now Eligible for FHA Loans

In alignment with FHA’s recent announcement, Plaza Home Mortgage has updated our FHA programs to allow individuals classified under the “Deferred Action for Childhood Arrivals” program (DACA) as eligible applicants.

Please contact your Plaza Account Executive to learn more details.

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