Plaza Home Mortgage's Certified Loan Program protects their correspondent partners from loan manufacturing defects such as underwriting errors, fraud and misrepresentations, including defects from compliance, miscalculation of income, occupancy, undisclosed debts and appraisal issues. Plaza helps protect their correspondent lenders at no additional cost, thus substantially mitigating correspondent repurchase risk.
Plaza Home Mortgage’s Correspondent Lending Division provided case study data to display the dramatic savings that can be realized by being protected through their Certified Loan Program.
REPURCHASE CASE STUDY #1:
FINDINGS – CASE STUDY #1:
Calculating the Value of CLP Insurance (in bps) on a per loan basis – Spreading the savings in losses across each loan based on past total volume purchased up until the time of the client’s first insurance claim.
In this case, Plaza’s Certified Loan Program saves the client between $64,500 and $232,500 depending on the outcome.
REPURCHASE CASE STUDY #2
In the case, Plaza’s Certified Loan Program helps the client avoid a total loss of over $118,000!
TMC - Chief Operating Officer