How do I become an Approved Broker?
If you would like to become an approved Broker please call us at 480-752-3530 or email us at questions@peopleswholesale.net. An Account Executive located in your area will then contact you to discuss all of the opportunities and benefits that being approved as a Broker provides.

What type of loan does Peoples Mortgage Wholesale offer?
At Peoples Mortgage Wholesale we offer a wide variety of products to meet your customer’s needs. We specialize in Alt-A purchase money and refinance loans to accommodate all types of credit. In addition we are able to offer A paper financing as well as financing for your sub-prime borrowers. Feel free to view our Matrices and Product Guidelines on our website or for personal service contact your local account executive.

How do I submit a loan to Peoples Mortgage Wholesale? Final Conditions?
Loans and Final Conditions can be submitted by email, regular mail or fax.

Please email submissions and conditions to: underwriting@peopleswholesale.net

Please regular mail submissions and conditions to:

People Mortgage Company
ATTN: Wholesale Underwriting
4500 South Lakeshore Drive
Suite 150
Tempe, Arizona 85282

Please fax submissions and conditions to: 480-237-8158

Who should I contact if I have program questions? Status Questions?
We recommend that you call your Account Executive for all guideline questions. If you have a question regarding the status of your loan, please contact your Broker Sales Representative

What are your turn-times?
Call your Broker Sales Representative for today’s turn times.

How do I lock a loan?
Loans may be locked via the website with the day’s pricing as soon as pricing is posted for the day between the hours of 8:00am and 2:00pm Arizona Time, Monday through Friday, during normal business days. Once a loan is locked on the website, a Lock Confirmation will be emailed to the requestor.

Do all Peoples Mortgage Wholesale loans need to be locked?
Yes. All Peoples Mortgage Wholesale Loans including Sub Prime and 2nd Mortgages need to be locked. Loans should be locked 4 business days in advance of the closing.

Can I change my loan program if my loan is already locked? Can I change properties?
If a loan characteristic changes which impacts price or product, the loan will be re-priced based on the lock status. If the lock is not expired, the rate sheet used to determine pricing on the day of the lock (or re-lock) will be used to re-price the loan. If the lock is in an expired status, the worse-case pricing will be applied to the loan to qualify and price the loan.

Peoples Mortgage Wholesale locks are attached to the property. If the borrower changes properties, their lock will have to reflect current market conditions.

How do I get a Rate Sheet?
The Rate Sheet will be published daily and available via our website each morning on or about 10:00am Arizona Time. Locks are not accepted until pricing is posted for the day.

I am submitting a Piggyback loan; do I need to submit two packages?
When submitting a Piggyback loan, please submit two (2) complete packages with separate 1003 and 1008’s reflecting each loan amount. Remember to include both payments in your debt ratio.

What are Peoples Mortgage Wholesale's fees?
1st Mortgage Transaction Fee - $795
Piggyback Transaction Fee - $295
Sub Prime Transaction Fee - $1195

Does Peoples Mortgage Wholesale have an approved appraiser list?
Peoples Mortgage Wholesale does not have an approved appraiser list however; all appraisers have to furnish a copy of their current Appraisal License, Resume and E&O Insurance with a minimum of $250,000 Coverage.

Will Peoples Mortgage Wholesale fund interest credit loans?
Yes. Peoples Mortgage Wholesale will allow interest credit closings through the 5th calendar day of the month on the Alt-A products only.

Do Peoples Mortgage Wholesale loans have a Prepayment Penalty?
Yes. Please take the time to advise your customers of the options available to them with respect to Prepayment Penalties. Typically a loan will have a 6 month Prepayment Penalty. Each loan will have an option to buy out this Prepayment Penalty. Please compare the two alternatives to ensure that your customers understand their options and are receiving the best pricing feature for their particular situation. Contact your Account Executive for further information.

What is Peoples Mortgage Wholesale’s Mortgagee Clause?
Peoples Mortgage Company
Its Successors and/or Assigns As Their Interests May Appear
4500 South Lakeshore Drive Suite 150
Tempe, Arizona 85282