Plaza Home Mortgage Inc. is expanding its Solutions Non-QM program with the goal of enabling brokers and correspondent lenders to qualify more non-traditional borrowers.
According to the San Diego-based company, the Solutions Non-QM program is available on a delegated or non-delegated basis, with goal of accommodating non-traditional borrowers. The expanded program will now provide loan amounts up to $2,500,000, flexible income documentation including 12- and 24-month full doc, or 12- and 24-month personal and business bank statements, and debt-to-income ratios up to 50 percent. The program will also offer interest-only options, as well as expanded eligibility on all document types and lower reserve requirements. Wholesale brokers signed up with Plaza can now send in the bank statements and Plaza will calculate the qualifying income on their behalf prior to loan submission.
“In today’s tight environment, originators create value and build relationships by being problem solvers,” said Michael Fontaine, Chief Operating Officer and Chief Financial Officer at Plaza Home Mortgage. “This requires a wide and expanding array of products and tools at their disposal. Our expanded Solutions Non-QM program is just one of Plaza’s many programs that make it easier for originators to serve more non-traditional borrowers and to differentiate themselves to referral sources.”