TABLE OF CONTENTS

* Your Membership Dollars at Work:  MBBA-NH Represents YOU in the
   Legislature

* 2008 - 2009 Slate of Officers to be Ratified at the May 6, 2008, Annual Dinner

* Senator Sununu Hosts New Hampshire Home Mortgage Workshops
   throughout the State

* Mark Your Calendar:  Annual Dinner on May 6, 2008

*  People and Places

* Programs Scheduled

Your Membership Dollars at Work:  MBBA-NH Represents YOU in the Legislature
by MBBA-NH Ethics/Legislative Chair Mike Arrison

First, I would like to thank all members of the committee for their hard work and input during the last year. In addition, I want to thank those board members who helped with testimony before the legislature.

The committee has achieved the vast majority of the goals set by the committee and accepted by the board at the June 2007 Planning Meeting. Those goals were:

• Provide input to what the final version of HB 759 will be. This bill will affect banking laws, reporting, and record keeping.
• Address any proposed state legislation that will be presented in the fall and could affect the MBBA-NH or its membership.
• Meet at least once each quarter as a committee.
• Meet at least twice per year with the New Hampshire Banking Department.
• Monitor both state and federal legislation that affect the industry and report this to the board of governors.
• Address originator licensing. It is anticipated that the New Hampshire Banking Department will propose legislation during the next session.

The only goal that was not completely met is the one that stated the committee would meet at least once each quarter. The committee only met, as a committee, two times this past year versus the four times that it had hoped it would meet.

The committee and/or members of the committee met twice with personnel of the New Hampshire Banking Department on issues related, in general, to the mortgage industry and, specifically, to the MBBA-NH membership.

During the previous year, legislative committee proceedings were monitored and, when necessary, testimony was given before the New Hampshire legislature by members of the committee. For the most part, the MBBA-NH got what it wanted and needed.

A member of the committee provided testimony at the national level as New Hampshire’s representative to National Association of Mortgage Brokers (NAMB), and a member of the board represented the MBBA-NH at the national level. Both of these individuals will provide reports under separate cover.

Below are listed the New Hampshire bills that had or will have a direct affect on MBBA-NH membership and their status as of this date:

• HB 759 – This bill, in its original form, established remedies for banking laws, modified reporting and record keeping, and made certain technical changes to banking laws. It was requested by the New Hampshire Banking Department. In addition to increasing time frames for retention of records, the bill, in its original form, would have caused anyone licensed under RSA 397 to lose their license, if they “pressured or attempted to influence a real estate appraiser in the valuation of real property”. There was no definition of what this really meant, and to have it pass as proposed, would have left the membership of MBBA-NH wide open to interpretation and, depending on who was doing the interpreting, loss of license. The committee strongly opposed this part of the bill, as well as the increase of time frames for record keeping. After much negotiating, the bill was amended by dropping the appraiser provision (This item, with a more complete definition, again appears in SB 334 which is noted below.) and kept the record-keeping requirement as it presently is. This bill should pass, be signed by the governor, and become in effect 60 days after passage.

• HB 1286 – This bill makes various changes to the law regarding licensing of mortgage bankers, mortgage brokers, and mortgage originators. The bill was requested by the New Hampshire Banking Department. The committee has been working on the wording of this bill since last year. Though the committee had no real problems with HB 1286 as proposed, the committee did not think that the bill went far enough with the licensing requirement of the mortgage originators. After committee members contacted numerous other state associations to find out what they have done or will be doing with the licensing, the MBBA-NH proposed an amendment to the bill. This amendment would not only have required background checks but would have included criminal background checks and would also have included an educational component. When it became evident that our amendment would not pass, the banking commissioner offered to facilitate a task force to study our amendment and make necessary recommendations. This task force will meet during the summer and will have participation from all members of the mortgage industry. I recommend that the new committee chair follow up on this to be sure that it does not fall through the cracks. On April 17, 2008 the senate put this bill on the table. It is anticipated that HB 1286 will come off the table and pass, without the MBBA-NH amendment. The bill will become effective on April 2, 2009.

• SB 334 – This bill, in addition to making certain changes in the make up of the quorum of the real estate appraiser’s board, makes it a misdemeanor for anyone involved in a real estate transaction to put “undue influence” on an appraiser to get the needed value. The bill defines “undue influence” and lists when an appraiser can be contacted and what can be asked for. The MBBA-NH supported the bill but asked for an amendment to be added that not only makes it a misdemeanor to put undue influence on an appraiser but also makes it a misdemeanor for any appraiser to cave into this undue influence. This bill, including the MBBA-NH amendment, passed the senate and was sent to the house for a public hearing. Members of the house executive departments and administration committee had many questions. Their questions were directed mainly to the New Hampshire Banking Department. The house members wanted to know exactly how many cases of undue influence the New Hampshire Banking Department could point to. There was no clear answer. At this time, the committee is not sure if this bill will pass the house. If it does our amendment is included.

• NH NCR 14 – This is a house resolution that urged congress to establish a Homeowners and Bank Protection Act. It was ruled Inexpedient to Legislate (ITL). ITL effectively defeats a bill.

• HB 1241- This bill would have established a study committee to study adjustable rate mortgages per its title. However, nowhere in the text of the bill did it address adjustable rate mortgages. It addressed predatory lending, prepayment penalties, sub-prime lending, appraised values, margin of safety for lenders, and foreclosure proceedings. This bill was ruled ITL.

• SB 408 – This bill establishes a study committee to review reverse mortgages. It has been passed. Members of the study committee are all legislators. The MBBA-NH should continue to monitor the progress of this bill and testify if and when asked.

• HB 1253 – This bill would have made any lien that a city places on a property for public assistance to have a super-lien priority over any mortgages that existed on the property. The bill was ruled ITL.

• HB 365 – The governor signed this bill into law on July 24, 2007. This will restrict how foreclosure consultants operate and limits pre-foreclosure conveyances.

I would like to thank Jim Demers, the MBBA lobbyist, who has done an outstanding job keeping the committee, and in turn the MBBA-NH, aware of what is proposed and what is happening in Concord. Without his help and guidance the progress the committee gained would not have been possible.

I wish the incoming committee chair and members good luck in the upcoming year and if I can ever be of any assistance please call.

2008 - 2009 Slate of Officers to be Ratified at the Annual Dinner on May 6

We are pleased to inform you of the proposed slate of officers for the 2008 - 2009 year.  The slate is to be ratified by MBBA-NH members at the Annual Dinner on May 6, 2008.  Click here for more information on the Annual Dinner.

Officers:

President:           Ralph Coppola, Residential Mortgage Services (mortgage banker)

President Elect:  Doreen White, Market Street Settlement Group LLC (affiliate)

Secretary:          Genie Smith, Countrywide Home Loans (national lender)

Treasurer:           Liz Lamoureux, New Hampshire Housing (investor)

 

Members at Large (two year term):

 

Term Expires 2009  Carolyn Sandford, Residential Mortgage Services (mortgage banker)

Term Expires 2009  Karl Reitz, Apple Mortgage (mortgage broker)

Term Expires 2009  Gina McCulloch, Mortgage Network, Inc. (mortgage banker)

Term Expires 2009  Julie Clark, Horizon Settlement Services (affiliate)

Term Expires 2010  Peter Jennings, Lake Sunapee Bank (community bank)

Term Expires 2010  Jon Wentworth, Profile Mortgage LLC (mortgage broker)

Term Expires 2010  Mark Chalifour, Merrimack Title Company, Inc. (affiliate)

Term Expires 2010  Ben Niles, Freddie Mac (investor)

 

Past President:     Gladys White, Residential Mortgage Services (mortgage banker)

Senator John Sununu Hosts New Hampshire Home Mortgage Workshops

United States Senator John Sununu (R-NH) hosted several New Hampshire Home Mortgage Workshops in Manchester and Nashua with federal, state, and local officials participating.  The workshops are free and open to the public. The next one is scheduled in Concord on Saturday, April 26th.  Another one will be taking place in Lancaster.

Board members who attended the Manchester workshop:
MBBA-NH Past President Ben Niles of Freddie Mac,
MBBA-NH Board Member Kurt Strandson of Radiant Mortgage, Inc.
and MBBA-NH President Gladys White of Residential Mortgage Services, Inc.

At the Manchester and Nashua sessions, Senator Sununu was joined with the mayors, officials from the U.S. Department of Housing and Urban Development (HUD), the Federal Housing Administration (FHA), and the New Hampshire Housing (NHHFA).  These agencies outlined resources available to Granite State homeowners who had questions or issues concerning their current mortgage. The workshops offered assistance to those who were interested in refinancing or purchasing their first home.

“Helpful resources are available for New Hampshire residents who own a home or are interested in purchasing one,” said Sununu. “These workshops are designed to provide the latest information on programs and initiatives regarding mortgages and foreclosures, including Project Lifeline and Hope Now, two efforts coordinated by the federal government with some of the nation’s largest mortgage lenders. I encourage anyone from New Hampshire who has questions or concerns to attend.”

Several MBBA-NH board members attended and had the opportunity to speak with the people there.  MBBA-NH membership directories were given to the workshop participants, along with MBBA-NH's book Your Step-by-Step Guide to Buying a Home.
 

Mark Your Calendar:  Annual Dinner on Tuesday, May 6, 2008

We're approaching the end of another year at the MBBA-NH!  Are we glad to put the 2007 - 2008 behind us?  Yes, we are glad about that.  Looking forward, we believe the future holds enormous possibilities, even though significant changes will continue to take place in our industry.  When all is said and done, we'll look back and realize how far our industry has come.  At the present time, though, we are working hard to change the public's perception of our industry.  Those of you who have always provided good service to your customers and are persevering and remaining steadfast to the industry will reap the benefits when all is said and done with a loyal, trusting customer-base.  They know you're committed.  They know you're a professional.

We encourage you to attend our upcoming annual dinner on Tuesday, May 6, 2008, at the Radisson Hotel, 700 Elm Street, Manchester, New Hampshire.  This is a perfect opportunity for you to get out and have some fun with friends and colleagues and vote for next year's 2008 - 2009 board (scroll up for a full list of board members).

Cocktails and a silent auction to benefit MBBA-NH's college scholarship program will take place from 5:30 P.M. to 6:30 P.M.  Dinner will begin at 6:45 P.M.  The after dinner speaker is Representative Tara Reardon, chairperson of the House Commerce Committee.  Representative Reardon will share current, future, and general legislative issues.

Thank you, Doreen White of Market Street Settlement Services, for organizing the silent auction.  She has collected 20 "must have" items on which to bid.  The high school seniors, who are selected to receive this year's scholarship fund, will be there for you to meet and greet.  We will formally introduce them to you during dinner. 

Two award ceremonies will also be taking place to honor the winner of MBBA-NH Excellence Award and eight Certified Mortgage Professionals (CMP) new to the designation.  Members who have achieved their CMP designation this year are:

• Lisa Capicchioni, Residential Mortgage Services, Inc.

• Paul Chandler, Universal Mortgage

• Ralph Coppola, Residential Mortgage Services, Inc.

• Gina McCulloch, Mortgage Network, Inc.

• Karl Reitz, Apple Mortgage, LLC

• Matthew Thomas, Merrimack County Savings Bank

• Jonathan Wentworth, Profile Mortgage, LLC

• Doreen White, Market Street Settlement Services LLC

There is still plenty of time to sign up for the annual dinner.  We're looking forward to seeing you there!  Please click here for more information and to register.      


People and Places

On March 18, 2008, Darren O'Toole joined Eaton Partners, Inc. (EPI) as commercial loan officer.  Darren comes to EPI from a regional bank where he was a market manager in Milford, New Hampshire.  His focus with EPI will include originating loans secured by commercial and investment real estate.  Darren will also be responsible for finding his clients the best financing and giving them the best service.

His education comes from Plymouth State College (2001) where he received a B. S. in marketing and minor in economics.  Darren is a life-long resident of New Hampshire and currently resides in Bedford, New Hampshire.

 Programs Scheduled

May 6, 2008 - Annual Dinner with Representative Tara Reardon, Chairman of the House Commerce Committee, as the keynote speaker.  Please click here for more information, to register, and pay by credit card. 

May 21, 2008 - Stress in the Marketplace to include the following topics:  foreclosures, short sales, negotiation; major underwriting changes in mortgage insurance, declining markets and its effects on mortgage lending; and declining values, difference in localities, and time on the market.  The speakers are Attorney Prescott Lane of Market Street Settlement Group, LLC, Radian Guaranty underwriter, and Mark McKeon of M. H. McKeon Appraisal Services, Inc.  This seminar will be taking place at the Manchester Country Club, 180 South River Road, Bedford, New Hampshire.  Registration forms are forthcoming!

July 22, 2008 - Wentworth By The Sea golf outing, a tournament with the Massachusetts MBA.  Shot gun tee off is at 8 A.M., ending with a barbecue and prizes.  At last year's tournament New Hampshire won.  Come join in on the fun!

September 2008 - MBBA-NH golf outing.  Tentative location is at Lochmere Golf & Country Club, Tilton, New Hampshire.  More information to come.