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Wholesale Broker GuideRevised 1/27/2022SECTION 1CONTRACT . 61.1Broker Contractual Obligations . 61.2Rules of Interpretation . 61.3Relationship of Parties Under This Guide . 71.4Power of Attorney . 71.5Broker’s Responsibility . 71.6Discretionary Relationship . 71.7Confidentiality . 7SECTION 2PRIVACY OF CONSUMER FINANCIAL INFORMATION . 82.1Safeguards . 82.2Unauthorized Access to Consumer Information . 82.3Confidentiality . 8SECTION 3BROKER ELIGIBILITY . 93.1Ineligible States. 93.2Broker Obligations. 93.3Reporting Requirements . 93.4Audits and Inspections. 103.5Disclosure of Information . 103.6Maintenance of Records. 103.7Notification of Changes in Broker Status. 10SECTION 44.14.1.14.2QUALITY CONTROL . 11Internal Quality Control . 11Notice . 11Best Practices for Quality Control . 11SECTION 5REPRESENTATIONS, WARRANTIES & COVENANTS CONCERNING BROKER . 125.1Licensing, Due Organization, Good Standing. 125.2Authority . 135.3No Conflicts. 13This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Anyunauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Terms and conditions of programs andguidelines are subject to change at any time without notice. This is not a commitment to lend. Plaza Home Mortgage, Inc. is an Equal Housing Lender. 2022 Plaza Home Mortgage, Inc. Plaza Home Mortgage and the Plaza Home Mortgage logo are registered trademarks of Plaza Home Mortgage, Inc.All other trademarks are the property of their respective owners. All rights reserved. Plaza NMLS 2113.Wholesale Broker Guide WH-GD-001 rev. 28Page 1 of 821/27/2022plazahomemortgage.com
5.4Ability to Perform . 135.5No Adverse Action . 135.6No Consent Required . 135.7No Untrue Information . 145.8Origination . 145.9Compliance with Business and Property Laws . 145.10 Compliance with Program Documents and Guide. 145.11 No Defenses . 14SECTION 6REPRESENTATIONS/WARRANTIES BY BROKER REGARDING INDIVIDUAL LOANS . 146.1Mortgage Loans as Described . 146.2No Redemption . 146.3Appraiser Independence Requirements . 156.4Origination Compliance. 156.5Location and Type of Property . 156.6Origination Terms . 156.7Occupancy Certifications . 156.8Mortgaged Property Undamaged/No Condemnation . 156.9No Other Hazards. 166.10 No Planned Refinance . 166.11 Error or Fraud . 166.12 Adverse Selection . 166.13 Predatory Lending/Home Ownership and Equity Protection Act/High Cost Loans . 166.14 Fair Lending/Equal Credit Opportunity Act . 166.15 Fair Pricing Policy. 166.16 Prohibited Practices . 176.17 Additional Broker Representations and Warranties Relating to Reverse Mortgages . 176.18 Responsible Lending/Benefit to Borrower/Capacity to Repay . 176.19 State Specific Restrictions . 176.19.1Maine Properties. 176.19.2New Jersey Property . 186.19.3New York Properties . 186.20 Broker Compensation Policy . 186.21 Loan Originator Compensation . 186.22 Third Party Processing Fees . 186.23 Private Transfer Fees. 19This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Anyunauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Terms and conditions of programs andguidelines are subject to change at any time without notice. This is not a commitment to lend. Plaza Home Mortgage, Inc. is an Equal Housing Lender. 2022 Plaza Home Mortgage, Inc. Plaza Home Mortgage and the Plaza Home Mortgage logo are registered trademarks of Plaza Home Mortgage, Inc.All other trademarks are the property of their respective owners. All rights reserved. Plaza NMLS 2113.Wholesale Broker Guide WH-GD-001 rev. 28Page 2 of 821/27/2022plazahomemortgage.com
6.24 Document Signed Using E-Sign Technology . 196.25 Ability to Repay and Qualified Mortgages (ATR/QM), Residual Income Evaluation . 19SECTION 7RESPONSIBLE LENDING REPRESENTATIONS, WARRANTIES, COVENANTS . 207.1HOEPA/Section 32 Loans . 207.2State and Local High Cost Loans . 217.3Agency 5% Limit on Point and Fees Investment Properties . 217.4Higher Priced Loans . 217.5Prohibited Terms and Practices . 227.6Survival . 23SECTION 8DEFAULTS AND REMEDIES, EARLY PAY OFF . 238.1Defaults . 238.2Early Pay Off and Premium Recapture – First Lien Transactions . 248.3Early Pay Off and Premium Recapture – Second Lien Transactions . 248.4Reverse Mortgage Early Payoff and Premium Recapture . 24SECTION 9PLAZA EXCLUSIONARY LIST . 259.1No Individuals or Businesses on the Exclusionary List . 259.2Prohibited Settlement Agents . 25SECTION 10 TERMS OF USE AND ELECTRONIC SERVICES . 2610.1 Overview and Incorporation of Terms of Use . 2610.2 General Terms and Conditions of Use . 26SECTION 11 LOAN INTEGRITY . 2911.1 Communications Regarding Legal Issues and Plaza Policies . 2911.2 Indemnification . 2911.3 Set Off . 3011.4 Suspension Inactivation or Termination . 30SECTION 12 FRAUD . 3012.1 Overview . 3012.2 Types of Fraud . 3112.3 Fraud Indicators or Red Flags . 31SECTION 13 LOAN DOCUMENTS . 3813.1 Loan Application . 3813.2 Occupancy . 3813.3 Borrower Contact. 3913.4 Credit Report . 3913.5 Verifications of Rent (VOR) . 40This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Anyunauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Terms and conditions of programs andguidelines are subject to change at any time without notice. This is not a commitment to lend. Plaza Home Mortgage, Inc. is an Equal Housing Lender. 2022 Plaza Home Mortgage, Inc. Plaza Home Mortgage and the Plaza Home Mortgage logo are registered trademarks of Plaza Home Mortgage, Inc.All other trademarks are the property of their respective owners. All rights reserved. Plaza NMLS 2113.Wholesale Broker Guide WH-GD-001 rev. 28Page 3 of 821/27/2022plazahomemortgage.com
13.6 Assets . 4013.7 Verification of Employment (VOE) . 4113.8 Paystub . 4113.9 W-2 . 4213.10 Tax Returns . 4213.11 Phantom Employment, Credit, Income . 4313.12 Cancelled Checks . 4313.13 Appraisal . 4413.14 Sales Contract . 4413.15 Preliminary Title Report. 4513.16 Escrow/Closing Instructions . 45SECTION 14 REGISTRATION AND LOCK COMMITMENTS . 4614.1 Licensing . 4614.2 Escrow Waivers . 4614.3 Locked Loan Changes . 4614.3.1Rate Lock Extensions . 4614.3.2Rate Lock/Commitment Expirations . 4614.3.3Intra-Day Pricing Changes . 4614.3.4Error Notification . 47SECTION 15 WITHDRAWING OR CANCELING LOANS . 4715.1 Declined Loans . 47SECTION 16 SUBMITTING LOANS TO PLAZA . 47SECTION 17 INSURANCE AND SURVEY REQUIREMENTS. 4817.1 General Hazard Insurance Requirements . 4817.2 Earthquake Insurance. 5317.3 Lava Zone Insurance . 5317.4 Mine Subsidence Insurance (Pennsylvania only) . 5317.5 Flood Insurance . 5417.6 Wind Storm Insurance . 5717.7 Liability Insurance for PUDs and Condominiums . 5717.8 Fidelity or Employee Dishonesty Insurance for Condominiums . 5717.9 Mortgage Insurance (MI) . 5817.10 Title Insurance . 5917.11 Survey Requirements . 63SECTION 18 POWER OF ATTORNEY . 64This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Anyunauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Terms and conditions of programs andguidelines are subject to change at any time without notice. This is not a commitment to lend. Plaza Home Mortgage, Inc. is an Equal Housing Lender. 2022 Plaza Home Mortgage, Inc. Plaza Home Mortgage and the Plaza Home Mortgage logo are registered trademarks of Plaza Home Mortgage, Inc.All other trademarks are the property of their respective owners. All rights reserved. Plaza NMLS 2113.Wholesale Broker Guide WH-GD-001 rev. 28Page 4 of 821/27/2022plazahomemortgage.com
18.1 Power of Attorney on Behalf of the Borrower . 6418.2 Reverse Mortgage POA . 6418.3 Veterans Use of a POA . 65SECTION 19 LIVING TRUST POLICY . 65SECTION 20 LOAN DOCUMENTATION AND DISCLOSURE REQUIREMENTS. 6920.1 Application (1003) . 6920.2 Principal Curtailment Matrix. 6920.3 Escrows/Impounds . 6920.4 Buydowns. 7020.5 State and Federal Disclosures . 7020.6 Loan Estimate . 7420.7 ECOA Appraisal Delivery Requirements . 7420.8 ECOA Appraisal Delivery Waivers . 7420.9 State Specific . 7520.10 Appraisal . 7520.11 Credit Report . 7520.11.1Rescoring and Credit Repair . 7520.12 Tax Transcripts . 7620.13 Social Security Number Verification Form . 7620.14 Repair Escrow . 7621.1 Federal Emergency Management Agency (FEMA) . 7621.2 Disaster Policy Classifications . 7721.3 Standard Procedures . 7721.4 Inspections . 80SECTION 22 REQUIRED DOCUMENTS . 8122.1 Standard Submission Package . 8122.2 VA Loans . 8122.3 FHA Loans . 8222.4 USDA Loans . 82This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Anyunauthorized use, dissemination, or distribution of this document or its subject matter is strictly prohibited. Terms and conditions of programs andguidelines are subject to change at any time without notice. This is not a commitment to lend. Plaza Home Mortgage, Inc. is an Equal Housing Lender. 2022 Plaza Home Mortgage, Inc. Plaza Home Mortgage and the Plaza Home Mortgage logo are registered trademarks of Plaza Home Mortgage, Inc.All other trademarks are the property of their respective owners. All rights reserved. Plaza NMLS 2113.Wholesale Broker Guide WH-GD-001 rev. 28Page 5 of 821/27/2022plazahomemortgage.com
Section 1ContractPlaza Home Mortgage, Inc.’s (Plaza) Wholesale Broker Guide (Guide), along with the Master Wholesale BrokerAgreement (the “Agreement”) governs the business relationship between Plaza and the Broker. This Guide sets forth theterms and conditions for delivering loans to Plaza. Loans delivered to Plaza must conform to all requirements of theAgreement, program guidelines, underwriting guidelines and this Guide (together, the “Program Documents”).1.1Broker Contractual ObligationsBy signing the Agreement, Broker is bound by the requirements of the Program Documents. The Program Documents,subject to modification by Plaza at its sole discretion, govern the Agreement and assignment of loan applications byBroker to Plaza.Plaza maintains a contractual relationship with each Broker with which it does business. Failure of a Broker to performobligations under the Program Documents constitutes a default and permits Plaza to disqualify such Broker as anapproved Broker and permits Plaza to terminate its relationship with that entity.1.2Rules of InterpretationDefined Terms: General Rules of InterpretationDefined terms may be used in the singular or plural, as the context requires. Unless the context in which it is usedotherwise clearly requires, the word “or” has the inclusive meaning represented by the phrase “and/or”. The words“include”, “includes” and “including” are deemed to be followed by the phrase “without limitation”.Headings for ConvenienceAll captions or paragraph headings in the Program Documents are for convenience only and in no way define, limit ordescribe the scope or intent of any provision in the Program Documents.Plaza’s Sole DiscretionWhenever any provision of the Program Documents require or allow Plaza to act in its discretion or to make adetermination of fact or a decision to act, or to permit, approve, or deny another party’s action, such determination ordecision shall be made at Plaza’s sole discretion.Plaza’s Sole OpinionWhenever any provision of the Program Documents require or allow Plaza to make a determination of its opinion, suchdetermination shall be made at Plaza’s sole opinion.Updates and AmendmentsPlaza will update this Guide from time to time to reflect changes in Plaza’s requirements and developments in Plaza’sloan programs. Each update will amend the Guide. Plaza will provide updates by means of a notice to the Broker, asfurther described in the “Notice” section of this Guide. The notice will explain the update and specify the effective date ofthe change.Broker Guide OnlineThis Guide, including all updates, is available to Brokers at: https://www.plazahomemortgage.com/brokersonly/. In theevent of any conflict between a hard copy of this Guide and the online version of this Guide, the online version will control.T
Plaza Home Mortgage, Inc.'s (Plaza) Wholesale Broker Guide (Guide), along with the Master Wholesale Broker Plaza Plaza. This document is confidential, proprietary and its subject matter is the sole property of Plaza Home Mortgage, Inc. and is intended for its use only. Any . Plaza Home Mortgage, Inc.
