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Plaza News + 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.

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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.

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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

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

Home Possible and USDA Program Updates

Posted by Plaza Home Mortgage on February 9, 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