Peoples Mortgage Co

Rent to Own

2021-06-30T17:29:42+00:00June 30th, 2021|Newsletter, Peoples Mortgage Co|

A common trend I am seeing is rent to own borrowers now ready to purchase the home they have been in contract on for a couple years. Lucky for them, values have skyrocketed, and they are walking into huge amounts of equity depending on when they started their rent to own contract. Here is an [...]

FHA and Property Flipping

2021-06-01T16:29:32+00:00June 1st, 2021|Newsletter, Peoples Mortgage Co|

Due to the tight inventory market all over the country we are seeing a high number of “flipped” properties in purchase transactions. As a reminder, Fannie, Freddie and VA do not care about flips. FHA does not allow flipped properties. We are receiving numerous contracts on flipped properties with statements from Agents that FHA no [...]

Rumors of Goodbye to Credit Reporting Agencies?

2021-04-30T23:07:34+00:00April 30th, 2021|Newsletter, Peoples Mortgage Co|

With a new administration at the helm, there has been talk of revamping the current three-company approach for credit reporting agencies in order to bridge potential disparate treatment and help eliminate racial bias. There have also been rumblings within the Biden Administration of doing away with the three-bureau approach altogether. Many consumers know that managing [...]

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 [...]