Client Case Study:
A real-world example of how Loanpal used Plaza's Certified Loan Program to their benefit
One of the biggest risks assumed by correspondent lenders is having to repurchase a defective loan. There are any number of factors on a mortgage that could lead to this: borrower or employee fraud or misrepresentation, miscalculation of income, manufacturing defects, and on and on. No lender is perfect and accidents happen to the best of us.
That’s where the Plaza Home Mortgage® Certified Loan Program comes in.
See a real-life example of how the program works in this quick one-page client case study. Loanpal®, a Plaza correspondent since 2012, save almost $90,000 on a default loan and avoid a $110,000 indemnification.
Plaza’s Certified Loan Program, available at no up-front cost to our correspondents, helps mitigate risk in the event of repurchase. Correspondents using the Certified Loan Program will be covered for the loss, after a $10,000 deductible, plus the premium over par.
Contact us at firstname.lastname@example.org to learn how you can protect yourself from repurchase risk by working with Plaza.
“I think if lenders actually use and experience the program, and avoid $100,000 or $200,000 invoices for repurchases, they’ll understand the importance of it.”
– Jason Walker, Loanpal’s Co-found and Chief Credit Officer