February 2008
Click here
for a printable version (PDF/875/KB).
TABLE OF CONTENTS
*
A Mortgage
Professional takes a Look at the Past and Looks
Forward to the
Future
*
2008 NH Mortgage Conference Offers Strong
Programs and Great Networking
Opportunities
*
MBBA-NH Offers College
Scholarship: Application Deadline is April
14,
2008
*
2007 Holiday Party: Festive and Fun!
*
People and Places
*
Programs Scheduled
A Mortgage Professional takes a Look at the
Past and Looks Forward to the Future
by
MBBA-NH President Gladys White and Sales Manager of Downeast
Mortgage Corp.
 Mortgage
banking started in the late 1970’s when housing prices were
between $65,000 and $110,000. As “Mortgage Professionals,”
we worked on behalf of our customers to make sure they could
afford the property they purchased. We were required to
verify income, assets, and credit.
In the 1980’s, when originators were originating the no
income/no asset loans, investors accepting these loans were
headed for disaster. Rates were drifting upward at a fast
pace, and the banks did not lock their loans when they
should have, thinking the rates would come back. Ultimately,
this strategy backfired, and those banks were forced to
close.
Here comes the l990’s market. The rates were at 6.5%, and
the Federal Reserve Bank decided to reduce rates to help the
buyers. Instead of the rates going down, they went up to
9.5%. Once again, the investors decided it was time to
reintroduce new products to assist the mortgage market. Some
were similar to the programs of the 1980’s: “no income/no
asset, Alt A, 100% financing, 125% financing, and many more
nontraditional mortgage products. We were, once again,
setting ourselves up for disaster. Greed overtook common
sense, and everyone went along with it hoping it would never
end.
Why did these programs come back, again, in the 1990’s when
the same type of loans were discontinued in the 1980’s?
Because buyers needed assistance to purchase the home to
which they felt entitled, not necessarily the one they could
afford; and it is unfortunate that everyone is pointing
their finger at our industry for creating this debacle,
especially since the customers are not taking any
accountability for their own actions with these types of
loans.
Now in 2008, we are back to where we started in l970,
verifying income, assets, and credit. We need to redefine
the role of a “Mortgage Professional.” I would like to
believe that a “Mortgage Professional” is concerned with
his/her clients’ needs and would treat him/her the same way
they would want to be treated.
A “Mortgage Professional” should be:
• Trained in all types of products
• Understands credit scores
• Organized
• Detailed oriented
• Knowledgeable of each product's guidelines
• Confident that if they take the client’s loan, it will
qualify and close.
We may have another 1-1/2 to
2 years of this market. I hope everyone has the strength
and the will to continue. Some of us have experienced
similar markets and some have not. My long and fruitful
career in the mortgage finance industry has taught me that
if we all work together and stay positive, we will get
through these tough times. I wish everyone the very best as
we travel though these next two years. I know we can
all do it.
2008 New Hampshire
Mortgage Conference Offers Strong Programs and Great
Networking Opportunities
It wound up to be the
second year we had a visit from Old Man Winter during the
New Hampshire Mortgage Conference. Being hearty New
Englanders, you did not let a little snow get in your way.
The conference attracted a total of 200 people at the
Radisson Hotel in Manchester, New Hampshire, on February 6
and 7, 2008.
On Wednesday, February 6,
the conference began with two
afternoon sessions, "Today's Real Estate Market in
Perspective" by Mortgage Network, Inc. Executive Vice
President Brian Koss and "Former Army Ranger Keni Thomas in
"Black Hawk Down" Mission Talked about Survival and
Success." At the end of the second session, the
marketplace reception began with 18 exhibitors, lots of
delicious food, drinks, music, and a live auction. The
auction raised about $1,000 for MBBA-NH's Community
Foundation Committee, which offers grants to non-profit
housing groups in New Hampshire. Thank you to all who
supported the auction! Some comments we received on
Wednesday's programs:
"It was terrific.
The food was wonderful. It was great."
"Well done. Great food and entertaining auction."
"Good information, together with some fun."
"Relevant, motivational, and networking."
The next day of
the conference was back to business with the opening general
session, "Economic Update with a New England Focus" by
Freddie Mac Deputy Chief Economist Amy Crews Cutts.
This followed with two breakout sessions that offered three
topics each. Some of those topics included "How to
Stop Wasting Time and Stay Focused" by Dale Carnegie Trainer
Deb Titus, "Reverse Mortgages: Pros and Cons" by
Countrywide Home Loans Reverse Mortgage Consultant Lyn
Coffin, and FHA Reform: The New Legislation and How to
Implement with Your Client" by Mortgage Training Solutions
Trainer Cathy Parker. Thank you to Lyn Coffin who
filled in, at the last minute, for a speaker who couldn't
get a flight out of Chicago.
After everyone
enjoyed the good food at lunch, the attendees took part in
three roundtable discussions on credit issues, current
legislation, and flood/homeowners insurance. The last
session of the conference featured former college hockey
star, Travis Roy. He shared his story of triumph over
tragedy and told us how he lives his life as a quadriplegic.
The following are some attendee comments on Thursday's
sessions:
"
Travis Roy and Deb Titus were excellent."
"Amy Crews Cutts makes a dry subject of economics
interesting and understandable."
"Roundtables were great so everyone could take part in all
the valuable information."
"Continue to reach out to senior management.
Wednesday's sessions and economic outlook something they
should hear."
Other comments,
which were constructive, suggested better time management
and additional volunteers to help as ushers. We
appreciate this input and will incorporate these worthwhile
improvements into next year's conference. Moreover, we
are having a conference recap meeting on Monday, March 3,
2008, beginning at 9 A.M. at Downeast Mortgage Corp., 25
Constitution Drive, Bedford, New Hampshire 03110.
If you are interested in joining a great group of people who
will not only be critiquing the 2008 New Hampshire Mortgage
Conference, but will begin planning for next year's
conference, then please join us by sending an email to the
MBBA-NH office to let us know about your attendance.
Photos are courtesy of
Julie Clark, Horizon Settlement Services.
Now we are pleased
to take this opportunity to acknowledge and thank our
conference sponsors and exhibitors:
CONFERENCE
SPONSORS
Hors D'Hoevres
Merrimack Title Company, Inc.
Radian Guaranty, Inc.
Buffet Breakfast
Freddie Mac
Buffet Lunch
Downeast Mortgage Corporation
RMIC
Conference Tote Bags
First American Title Insurance Company
Program Guide
New Hampshire Housing
CONFERENCE EXHIBITORS
MBBA-NH
Offers College Scholarship
 MBBA-NH college scholarship program is available
to MBBA-NH members and their employees, children, and family
members who are senior high school students. Factors
considered are official transcripts, SAT or ACT scores,
financial need, community involvement, acceptance to a
post-secondary institution and evidence of leadership
abilities.
The deadline for application is Monday,
April 14, 2008. Please
click here for an
application. Scholarship recipients will be honored at
the annual dinner on May 6, 2008, at the Radisson Hotel in
Manchester, New Hampshire. Governor John Lynch will be
the keynote speaker.
Holiday Party:
Festive and Fun!
 Snow
came early this year and added the perfect amount of
atmosphere for the beginning of the 2007 holiday season when
the MBBA-NH holiday party took place on Wednesday, December
5, 2007, at the Manchester Country Club in Bedford, New
Hampshire. This year's party attracted 160 people.
They enjoyed time with their friends and colleagues.
Others listened or danced to the live band, "One
Fine Mess." Thanks to Gladys White, MBBA-NH president
and sales manager of Downeast Mortgage Corp., for sponsoring
the band, and a special "thank you" goes to Phenix Title
Services for providing 100 free drink tickets to the
partygoers.
 MBBA-NH's
holiday party is always a special gathering for the members
and gives them the opportunity to give back to the
community. Everyone who attends the party is asked to
bring an unwrapped toy for the United States Marine
Corps.'Toys for Tots' campaign. More than 100 toys are
collected each year; the marines distribute them to needy
children throughout New Hampshire for the Christmas holiday.
The generosity of the MBBA-NH membership is overwhelming.
This is evident when the toys are either delivered to or
collected by the marines who are always happily surprised by
the large number of toys donated by our group. Thank
you to everyone who brought a toy.
Photos are courtesy of Julie Clark, Horizon Settlement
Services.
For each of our social events
throughout the year, we acknowledge the support of our 2007
- 2008 Preferred Corporate Partners (PCP). Their
continued monetary support helps us to provide high quality
social events to our membership. Thank you . . .
People and
Places
Judy Guertin
has become associated with Eaton Partners, Inc. in the
Commercial Mortgage Group as a Loan Analyst and Processor.
Her responsibilities include collateral analysis,
preparation of loan request packages, and loan processing.
Judy was previously employed as a Residential Mortgage Loan
Assistant with First Financial Mortgage Corporation and
brings with her an extensive background in the mortgage
lending and title industry.
Programs Scheduled
March 18, 2008 - Success
Strategies for Today's Market: A Roundtable Discussion from
9 to 12 P.M. at the Manchester Country Club, 180 South River
Road, Bedford, New Hampshire. Registration from 8:30 to 9
A.M. Three top loan originators will share their recipes
for success. Other topics include database management, the
Buffini concept, what does a Realtor look for in a loan
originator, and how to successfully sell in a negative
environment. Please
click here for more information,
to register, and pay by credit card.
April 10, 2008
- FHA Lending
presented by HUD at the Manchester Country Club, 180 South
River Road, Bedford, New Hampshire, from 9 to 12 P.M.
Continental breakfast from 8:30 to 9 A.M. More information
to come.
May 6, 2008 - Annual Dinner with Governor John
Lynch as the keynote speaker. More information to come.
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. |
