Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
632,118+7,699
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.17%0.00
MortgageOrigination

Plaza Home Mortgage expands non-QM lending for mortgage brokers

Now offers “flexible income documentation” requirements

Mortgage brokers and correspondent lenders now have expanded options when it comes to lending to borrowers who don’t fit into the Qualified Mortgage box.

Plaza Home Mortgage announced this week it is rolling out an expanded non-QM lending program that will “allow brokers and correspondent lenders to qualify more non-traditional borrowers.”

According to the company, the “Solutions Non-QM program” is available on a delegated or non-delegated basis with increased “flexibility” in the underwriting process.

Specifically, the program offers loan amounts up to $2.5 million; “flexible income documentation” including 12- and 24-month full documentation or 12- and 24-month personal and business bank statements; and debt-to-income ratios up to 50%.

According to Plaza Home, the program also offers interest-only options along with “expanded eligibility on all document types and lower reserve requirements.”

Additionally, Plaza Home said wholesale brokers can now send in their borrowers’ bank statements, and the company 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. This requires a wide and expanding array of products and tools at their disposal,” said Michael Fontaine, chief operating officer and chief financial officer at Plaza Home Mortgage.

“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,” Fontaine said.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please