Plaza Home Mortgage has announced the launch of an expanded non-QM lending program that will enable brokers and correspondent lenders to qualify more non-traditional borrowers.
Plaza Home’s “Solutions Non-QM program” is available on a delegated or non-delegated basis with a more flexible underwriting process. The program offers loan amounts up to $2.5 million and debt-to-income ratios of up to 50%. It also provides flexible income documentation that includes a 12- and 24-month full documentation or 12- and 24-month personal and business bank statement.
Plaza said it has expanded the eligibility on all document types and lowered reserve requirements to offer interest-only options.
In addition, the company said it now accepts borrowers’ bank statements from wholesale brokers and will calculate the qualifying income on their behalf before the 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.”