Industry News

Plaza Home Mortgage Debuts High Balance Access Loan Program

May 21, 2019
Plaza Home Mortgage Inc. has named Michelle Richardson senior vice president of treasury and finance, responsible for Plaza’s Treasury Department, including warehouse relationships, cash management and the company’s Corporate Funding Department

Plaza Home Mortgage Inc. is now offering its new High Balance Access loan program, designed for borrowers to qualify for high-cost area loan amounts from $484,351 to $726,525, regardless of where the property is located.
 
According to the San Diego-based company, the new program is offered through its wholesale, mini-correspondent and national correspondent channels. The program features include loan-to-value ratios up to 90 percent for purchase and 80 percent for refinance, with a minimum FICO score of 680 and a debt-to-income ratio up to 43 percent. The loans are eligible for primary and second home residences.
 
“Plaza’s new High Balance Access loan program lets originators qualify customers for affordable, non-Jumbo loans using loan limits that historically have only been available in GSE-designated high cost areas,” said Michael Fontaine, chief operating officer and chief financial officer at Plaza Home Mortgage. “This new finance option opens up a whole new market segment for originators to grow their business.”
 
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Phil Hall
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May 21, 2019
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