CareyAnn Cyr, Senior Loan Officer, CMG Financial

In an interview with Invest:, CareyAnn Cyr, senior loan officer at CMG Financial, discussed affordability challenges, shifting interest rates, underserved buyers, and the value of collaboration in lending. “It takes a person, not a program, to fairly assess someone’s ability to repay a mortgage,” Cyr added.

How have recent interest rate trends influenced homebuyer confidence and decision-making?
For a lot of families, the affordability pressure became overwhelming. Our job, as professionals, is to help clients feel confident and comfortable. Everyone has a mental housing budget, even if a loan system doesn’t know what they value, where their kids go to school, or what they spend on everyday life. So when rates didn’t go down, people felt stuck. Even if they could technically afford the payment, it didn’t feel comfortable. Some are more willing to rent at that price than to commit to a 30-year mortgage. It’s a strange place to be in, but it’s something we’ve seen more and more. The positive news is that, as of Aug. 21, rates are at their lowest levels of the year. Applications are starting to pick up again, and people are asking about refinancing. Still, we hear the same thing often: “I’m just not comfortable yet.” That discomfort has been one of the biggest challenges but just like many, we remain optimistic that lower rates are on the horizon.

How has your team adapted to serve more of the Middle Tennessee community?
I’m a common-sense thinker. So when I saw that things weren’t working in one area, but Middle Tennessee was still seeing strong closings, I knew we had to pivot. That meant rethinking how we served clients and looking at how we could create more comfort around high rates.

We started working more closely with builders, educating them on ways to lower costs and use those savings to reduce long-term mortgage rates. This meant not just temporary buy-downs, but real 30-year fixed solutions that offer lasting comfort. Affordability continues to be the biggest challenge. This town saw a rush with people paying top dollar to get in fast. That left locals and responsible buyers getting outbid by others with more resources or cash. Sellers were often told to avoid certain loan types, which hurt many first-time homebuyers who were qualified and deserving.

What has been your approach to helping underserved buyers?
This year, we made a clear decision to grow beyond our usual space. We expanded into more areas of town, moved beyond resales, and focused on communities that were consistently being told “no.” I’ve always taken pride in helping the underdog. Many lenders add overlays to agency guidelines like FHA, VA, and USDA, and to conventional loans, and won’t work with borrowers who fall outside their stricter internal rules. I don’t believe in that. I say I love all people, all homes, and all credit profiles.

Credit scores are just algorithms — calculations based on life circumstances. They don’t determine someone’s worth or readiness for homeownership. One reason we’ve stayed afloat and grown market share is our ability to revive deals others walk away from. When someone is told “no,” we work hard to turn it into a “yes.” We don’t rely only on automated systems. We listen, understand the full story, and find the strengths. It takes a person, not a program, to fairly assess someone’s ability to repay a mortgage. That’s been one of our biggest strengths this year, and it’s something I take a lot of pride in.

What do the new short-term rental regulations mean for financing in Nashville?
Policies have changed significantly. In many areas, short-term rentals are now only allowed if the home is sold with a Limited Service Company attached. That adds complexity to the financing process. The pool of buyers for these properties is smaller than it used to be, and it’s harder for people to qualify like they did before. Developers are adapting. In zones that already permit short-term rentals, they are still building to meet demand. Nashville remains a strong market. I personally bought a condo downtown that doesn’t allow short-term rentals, but it works well as a midterm option. There are still opportunities in the rental space across different timelines. The transformation of downtown over the past 25 years has been incredible to watch.

How do Nashville’s suburban markets differ from the urban core?
Outside of the city center, the focus shifts to long-term, single-family homes. For example, I bought my first home in Franklin for $202,000. That same home, with the same structure and even the same back deck my dad built, is now worth between $700,000 and $800,000. Franklin and areas like Williamson County are charming and desirable, but prices have increased dramatically. As prices climb, affordability becomes more difficult. It’s something discussed often in council meetings and through partnerships with organizations like THDA (Tennessee Housing Development Agency) that aim to address the need.

How is affordability being addressed in Middle Tennessee?
There’s a growing focus on housing initiatives that support affordability. Programs through THDA and similar agencies help expand access, but higher prices and rising interest rates continue to be a challenge. Income levels haven’t increased enough to balance out both the high cost of homes and the elevated rates. At the same time, people still need to manage daily expenses. Lenders only see what shows up on a credit report, such as car payments, student loans, and credit cards, etc. They don’t see everything else that people spend money on each month. That makes it difficult to assess true affordability. The last thing we want is for someone to take on a mortgage that stretches them too thin. Some people are in this business just to make a commission, but that’s not the right reason. I’m focused on doing it the right way: helping people build dreams through responsible solutions.

How does the Homebuyers Privacy Protection Act improve the lending experience?
I’m really excited about the Homebuyers Privacy Protection Act. It’s a major win for both our industry and consumers. In the past, when someone applied for a mortgage and had their credit pulled, the credit bureaus would sell that information to large banks and lenders across the country. That led to consumers getting bombarded with calls. Some of those lenders would even pretend to be me or say they worked with my team.

Clients were getting between 25 and 100+ calls and text messages. My own sister applied for a mortgage and received close to 100 calls. It created a very uncomfortable experience and led many to believe we were the ones who had shared their information, which simply wasn’t true. This act now prevents the credit bureaus from selling consumer data after a mortgage credit inquiry. It brings privacy and peace of mind back to the process. Many of us in the industry have been strongly advocating for this change for years. It has been frustrating for both professionals and homebuyers. When this new law, which goes into effect March 5th 2026, it will make the process feel more respectful and personal again. It’s a huge step forward.

What role does collaboration and client advocacy play in creating meaningful outcomes in real estate and mortgage lending?
Despite its challenges, the real estate and mortgage industry is full of people who genuinely care about doing right by others. Like any industry, not everyone operates that way, but there’s a strong group of professionals focused on service and the client experience. It truly takes a village: great finance companies, banking systems, developers, builders, real estate agents, and title and insurance partners, etc. When all those pieces work together with purpose, the result can be something really meaningful for the buyer.

I recently helped a couple who are both disabled veterans. They’re growing their family and have given so much to this country. It was an honor to support them. There’s still a misconception that VA loans are somehow second-tier, and conventional financing is better for every party, but that couldn’t be further from the truth. These clients were absolutely deserving, and the VA loan program exists to serve people just like them. It’s our responsibility to advocate and guide them through that process with care.

I’m proud to work with professionals who treat each transaction as more than just a deal. When it’s done right, this work makes a lasting impact and that’s what keeps me going.