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Plaza News + Updates

Home Possible/USDA Program Updates

Posted by Plaza Home Mortgage on January 20, 2021

Home Possible
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.

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

New 4506-C Requirement

Posted by Plaza Correspondent on January 8, 2021

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

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

They're back! HomeStyle and CHOICERenovation Loan Programs

Posted by Plaza Home Mortgage on September 14, 2020

They're back: HomeStyle and CHOICERenovation Loan Programs

Plaza is excited to announce that we will begin accepting Fannie Mae® HomeStyle® and Freddie Mac CHOICERenovation® renovation loans again on Monday, September 8, 2020. And don’t forget we also accept FHA 203(k) loans, so when you think renovation, think Plaza. Visit our program page or contact your Plaza Account Executive to learn more.

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Topics: Wholesale Program Updates, FHA Loans, Renovation Loans, National Correspondent Program Updates

National Correspondent: Flexible Delivery Methods

Posted by Plaza Correspondent on September 10, 2020

With a variety of delivery methods to choose from, Plaza gives you the needed flexibility to stay ahead of the game.

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