Today we’ll check out “Peoples Mortgage Company,” an Arizona-based independent mortgage lender that operates as a dba of Moria Development, Inc.
The company says its mission is to provide competitive real estate financing with unmatched service. And with a name like theirs, people obviously come first.
At last glance, they were nearly a top-20 mortgage lender in the Copper State, getting beat out mostly by the really big national players and AZ heavy hitter Nova Home Loans.
Let’s learn more to determine if they could be a good home for your next loan.
Peoples Mortgage Company Fast Facts
- Direct-to-consumer retail mortgage lender
- Offers home purchase financing and refinancing
- Founded in 1998, headquartered in Tempe, Arizona
- Currently licensed to do business in 38 states
- Originated nearly $2.5 billion in home loans last year
- About two-thirds of production comes from home state
Peoples Mortgage is a direct-to-consumer mortgage lender with about 40 retail branches located throughout the country.
At the moment, they employ more than 200 loan officers and produce about $2.5 billion in home loans annually.
They aren’t available in Alabama, Alaska, Connecticut, Delaware, Hawaii, Maine, Massachusetts, Missouri, New Hampshire, New York, Rhode Island, Vermont, or Washington D.C.
Peoples Mortgage does the majority of its business in its home state of Arizona, where roughly two-thirds of total production took place, per 2020 HMDA data.
They’re also fairly active in nearby California, with about $300 million in mortgages originated there last year.
Nearly 80% of total production was made up of conventional home loans, with FHA and VA loans accounting for much of the remainder.
Peoples Mortgage does a near-equal split of home purchase and refinance business, meaning they serve both new and existing homeowners.
How to Apply with Peoples Mortgage
- Visit their website or a physical branch to find a loan officer to work with
- Then take a moment to discuss loan pricing and eligibility
- If you like what you hear they offer a digital mortgage application powered by Blend
- And once submitted you can take advantage of in-house processing, underwriting, and loan closing
To get started, first visit their website and browse their online loan officer directory. You can search by state or by name if you’ve been referred.
There you’ll be able to see nearby branches and local loan officers who can assist you with an application.
While it’s not compulsory to speak to anyone first, it’s probably a good idea to discuss loan pricing and eligibility before jumping into the application.
Speaking of the app, it’s a digital mortgage platform powered by fintech Blend, which makes the loan process super-fast and easy.
You can scan/upload necessary documents, link your financial accounts, and eSign disclosures along the way to make it as painless as possible.
And all of the loan processing, underwriting, and closings are done in-house, which means Peoples Mortgage should be able to fund your loan quickly and efficiently.
Once submitted, you’ll be able to manage your loan from start to finish via the online borrower portal.
Loans Programs Offered by Peoples Mortgage
- Home purchase loans
- Refinance loans: rate and term, cash out, and streamline
- Renovation loans: FHA 203k and Fannie Mae HomeStyle
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo home loans up to $5 million loan amounts
- FHA loans
- USDA loans
- VA loans
- HUD home loans
- Reverse mortgages
- Commercial and business loans
One advantage to using Peoples Mortgage is their vast array of available home loan programs.
They offer everything from home purchase financing to reverse mortgages and commercial/business loans.
You can get virtually any major loan type, whether it’s a conforming loan backed by Fannie Mae, an FHA or VA loan, or a jumbo loan with amounts up to $5 million!
It’s also possible to take out a renovation loan if buying a fixer-upper, and existing homeowners can take advantage of the low rates on offer via a rate and term refinance, or even pull cash out.
Those with little set aside for down payment can check out the HUD Homes lending options, including a $100 down option.
With regard to specific loan programs, you can get a fixed-rate mortgage in a variety of loan terms, or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.
All in all, you should be able to find what you’re looking for no matter the loan scenario.
Peoples Mortgage Company Rates and Fees
One slight negative to Peoples Mortgage is the lack of disclosure when it comes to mortgage rates and lender fees.
I couldn’t find anything on their website related to pricing, so they don’t appear to be as transparent as some of the other lenders out there.
Of course, this doesn’t mean their mortgage rates are less competitive, it just means you’ll need to speak to a human being and get all the details before diving into the application.
While you’re at it, take the time to get additional mortgage rate quotes from other entities, including lenders and mortgage brokers.
Sure, they are a highly-rated company customer satisfaction-wise, but pricing will stay with you a lot longer than the month or two it takes to get the mortgage.
Peoples Mortgage Reviews
On eEndorsements, the company has a very solid 4.88-star rating from nearly 12,000 customer reviews, with most of them perfect 5s.
At Zillow, Peoples Mortgage Company has an even better 4.95-star rating out of a possible 5 from about 900 customer reviews.
Aside from their high rating, many of the individual reviews indicate that both the interest rate and closing costs were lower than expected, which is a great sign.
Over at Facebook, they have a perfect 5-star rating from about 150 reviews, and on Google a 4.6 from roughly 70 reviews.
They also have a 4.6-star rating on LendingTree from over 120 reviews with a 91% recommended rating.
Lastly, while not an accredited business with the Better Business Bureau (BBB), they do currently hold an ‘A+’ rating based on complaint history.
In summary, Peoples Mortgage is a highly-rated independent mortgage lender with a vast product menu.
They could serve the needs of both first-time home buyers and seasoned homeowners looking for a lower rate or to tap equity.
Just put in the time to ensure their pricing is competitive with other companies before you proceed.
Peoples Mortgage Pros and Cons
- Offer a digital mortgage application
- Can apply online in minutes and complete most tasks paperlessly
- Also have physical branches for those who prefer to work in-person
- Tons of loan programs to choose from including jumbos and reverse mortgages
- Lots of excellent customer reviews from past clients
- A+ BBB rating
- Free mortgage calculators and mortgage glossary on site
- Many of the staff also speak Spanish (bilingual)
- Do not publicize mortgage rates or lender fees
- May not service your loan after closing
(photo: Espen Sundve)