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CastleLine Provides Plaza Home Mortgage with Risk Management Program

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CastleLine has announced that it will be providing Plaza Home Mortgage with a comprehensive risk management program, helping to protect the company from underwriting errors, fraud and other loan manufacturing defects.

Plaza has been able to successfully grow its business by sharing the benefit of this program with its correspondent lenders, including Peoples Mortgage.

Peoples Mortgage has offered home buyers competitive real estate financing and personalized customer service since 1998. Over the last nine years, Peoples has grown from 30 to 520 employees and is active in 33 states.

Through Plaza’s relationship with CastleLine, Peoples was recently able to:

-Save a total of $65,000 on one loan. Instead of incurring a $70,000 loss, the company only had to pay a small insurance deductible of $5,000 plus premium over par. As a member of the Lenders One cooperative, Peoples also benefited from a lowered deductible.
-Expand its volume of business and realize potential savings through this new strategic approach.
-Realize the value of Plaza’s offering and determine that investors could no longer be weighed solely on price, efficiency and ease when selling on the secondary market.

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