FROM CANTON CO-OPERATIVE BANK PRESIDENT & CEO NICK MAFFEO
Regarding the recent Federal mortgage repricing ...
JUNE 2023
The news got around very quickly recently that the Federal Housing Finance Agency (FHFA) had changed the “loan-level price adjustments” used by lenders selling loans to Fannie Mae and Freddie Mac. People got upset when they heard on the news that borrowers with good credit scores were going to be “forced” to pay higher rates.
As it so happens, the news reports were not entirely clear about these complicated rate adjustments. Without getting too deep into the details here, the FHFA makes adjustments all the time. Borrowers with higher credit scores whose loans are being sold to the secondary market will continue to pay lower rates for mortgages than borrowers with some fairly-mild credit score issues. (People with serious credit score issues typically can’t qualify for Fannie Mae or Freddie Mac loans.)
At Canton Co-operative Bank, our mortgage rates are published and transparent and those rates are available to all qualified borrowers without any “loan-level price adjustments.” Canton Co-operative is not selling loans to Fannie Mae or Freddie Mac, so the FHFA changes do not affect our lending or the people who borrow with us.
If you ever have questions about alarming-sounding financial news, come see us or call 781-828-8811 x5 or email to info@cantoncoopbank.com. We are happy to take the time to explain what’s actually going on and we are often able to set people’s minds completely at ease.
Nick Maffeo
President & CEO
Summer school vacation is the perfect time to come in with your kids to open a shared Connections Checking Account ... and it's free!
Now available for young people ages 13-24
Connections Checking is one of the most popular accounts we have ever offered here at Canton Co-operative Bank. Young people and their parents/guardians tell us they love all the benefits they get with this free shared checking account – including access to popular payment apps, Mobile Banking, Direct Deposit, BillPay, unlimited ATM surcharge fee rebates, Card Controls, easy account monitoring and much more. Sound good? Come see us or call 781-828-8811 x5.
Canton Co-operative Bank now offers secure payment processing services
You now have access to complete Merchant Services (including secure point-of-sale payment processing) at Canton Co-operative through our partnership with Clover.
It’s easy - and free! - to find out how we may be able to save you time and money.
Call or email Kim Banks at 781-828-8811 x380 or come see us.
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