Peoples Mortgage Co

Will Hybrid Appraisals Become the New Normal?

2021-03-01T22:23:22+00:00March 1st, 2021|Newsletter, Peoples Mortgage Co|

The Federal Housing Finance Agency (FHFA) is considering implementing hybrid appraisals that enlist a third party – typically an appraiser trainee, home inspector or real estate agent – to collect the data for a lender and certified appraiser once past the automated underwriting system. Doing so would help increase appraisal coverage for rural areas as [...]

Fannie/Freddie Adopt a Not So New Credit Score Model

2020-12-28T17:58:57+00:00December 28th, 2020|Newsletter, Peoples Mortgage Co|

If you work in the mortgage industry, you know what a FICO score is. Fair Isaac Corporation is a benchmark of credit score modeling used by the mortgage industry. In 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act passed which required Fannie Mae and Freddie Mac to solicit third-party credit scoring models that [...]

How Are Interest Rates Determined?

2020-12-01T17:07:53+00:00December 1st, 2020|Newsletter, Peoples Mortgage Co|

Why is the Housing Market Thriving in a Pandemic? The deadliest pandemic in more than a century has failed to derail the housing market because of the lowest mortgage rates ever recorded coupled with a shift in how people use their homes. Chief economist of the National Association of Realtors, Lawrence Yun posted that buyers [...]

Andy the Lender Checking In

2020-10-31T02:46:10+00:00October 30th, 2020|Newsletter, Peoples Mortgage Co|

How are Interest Rates Determined? What’s the current rate? As loan officers we get this question daily. While it seems like an innocuous question that should be simple enough to answer, there are many variables that play a role in determining the “current rate.” While there is no such thing as the “current rate,” there [...]

Andy the Lender Checking In

2020-10-01T15:52:19+00:00October 1st, 2020|Newsletter, Peoples Mortgage Co|

I may sound like I am beating a horse at this point…for the 2nd time, but again interest rates are on absolute fire at a 50-year low. No matter what your goals are, how many homes you have…now is the time to strike while the iron is hot. Make sure to take advantage and pick [...]