TABLE OF CONTENTS

* Busy Times at the State House:  Legislative Update

* Sign Up NOW:  New Hampshire Mortgage Conference is Almost here

* Excellence Award:  Nominate that Special Person You know in the Mortgage
  Finance Industry

* Mortgage Free New England:  A Newly Formed Company

*  NAMB Delegates:  Strandson and Wentworth

* Preferred Corporate Partners (PCPs) Honored at Recent Breakfast

*  Advanced Your Career in the Mortgage Finance Industry:  Become a CMP!

* CMP Opt Out Test Scheduled

* Programs Scheduled

Busy Times at the State House:  Legislative Update
by Mike Arrison, MBBA-NH Ethics/Legislative Chairperson

Your Ethics/Legislative Committee has been very active in the past couple months. We expected this and believe that the MBBA-NH is well positioned to address the issues that it will face in the upcoming months.   

As I am sure you are all aware in 2007 the MBBA-NH agreed to HB 759 after several changes were made to the bill.  This bill establishes additional remedies for violations of banking laws, modifies reporting and recordkeeping, and makes certain technical changes to the law regarding banking.  The bill was approved by the House on January 16, 2008, and will now be sent to the Senate.  If the Senate approves it, it will go to the Governor.  If he signs it, it will become law.   

2008 started off with a bang.  The legislature presented several bills that can have a direct affect on our industry.   

HB 1286 was presented at the request of the Banking Department of New Hampshire.  The major thrust of this bill is the licensing of mortgage originators who work for mortgage bankers or mortgage brokers.  The bill, as presented, requires that originators be licensed and that background checks be completed on originators.   

After discussion with the Banking Department, the MBBA-NH endorsed this bill but offered an amendment that will establish a study commission that will review experience and/or education to enter the industry, continuing education, and criminal background checks for the mortgage bankers, mortgage brokers, and mortgage originators.  

The next bill to be presented was HB 1214.  The title of this bill indicated that it would establish a committee to study adjustable rate mortgages.  However, when you read what the committee is being asked to study nowhere does it mention adjustable rate mortgages.  The duties of the committee are listed as:  ways to control predatory lending practices, the removal of prepayment penalties for refinancing of mortgages, restricting the sub-prime market using the appraised value of the property, and margin of safety for lenders, and current foreclosure practices.  The committee also would study the role of the banking commissioner and the state attorney general in enforcing current laws regarding predatory lending practices.  Everyone speaking at the hearing had concerns.  Jim Demers, lobbyist for MBBA-NH, advised the committee that there might not be a need for this bill since both houses of Congress are working on federal legislation.  He noted that the MBBA-NH was opposed to the bill as written and would like to have input with any committee that may be established. 

HB 1253 was only on the radar screen for a short period of time.  This bill, if approved, would have given “super lien” status to cities or towns for monies they advance to homeowners who are in foreclosure.  On the day of the hearing, the sponsor asked that the bill be marked inexpedient to legislate, effectively killing the bill. 

SB 408 establishes a committee to review reverse mortgages.  The duties of the committee will be to study reverse mortgages and assess the risks and benefits of using a reverse mortgage to fund health care or other long-term care.  Two MBBA-NH members were at the hearing. 

The last bill that we are following is SB 334.  This bill prohibits persons from applying undue influence on a real estate appraiser regarding mortgage loans.  The bill does list situations and reasons that an appraiser may be contacted.  At this time there is no firm date set for any committee or public hearing.  We will continue to monitor this bill. 

If you are interested in seeing the entire text of any bills you can go to: www.gencourt.state.nh.us - then click the link for Bill Test Search, change the Session to 2008 and put in the bill number.  Be sure to precede the number with HB (House) or SB (Senate). 

If you have any comments, concerns, or suggestions on a bill you can let our committee know by sending an email to:          info@mbba-nh.org and ask that it be forwarded to the Ethics/Legislative Committee. 

Sign Up NOW for the New Hampshire Mortgage Conference on February 6 and 7, 2008

The 2008 New Hampshire Mortgage Conference is poised to be the best ever!  We have a FANTASTIC line-up of speakers, lively and informative marketplace reception, timely session topics, and lots of networking opportunities.  We worked hard on making sure that the cost to attend is affordable for everyone:  everything offered on Wednesday is $20 member/non-members, and the entire conference, which includes all the programs and food offered on Wednesday and Thursday, is $150/members and $250/non-members. 

The theme of the conference, "Motivated and Moving Forward," reflects today's normalizing real estate market, compared to record levels of production not too long ago.  Keynote speakers include Keni Thomas, former Army Ranger in Black Hawk Down.  Keni's presentation focuses on leadership, teamwork, and the importance of training.  From the motto of "Train as you fight, fight as you train," Keni shows how an emphasis on training and continuous improvement plays a vital role in the survival and success in battle and in life.

In addition, the New Hampshire Mortgage Conference will be offering a variety of educational sessions for bankers, mortgage bankers, mortgage brokers, and mortgage loan officers.  Attendees can choose from "Understanding Appraisals in a Declining Market," "How to Stop Wasting Time and Stay Focused," and "FHA Reform: The New Legislation and How to Implement with Your Client."  There will be exhibitors on hand in the exhibit marketplace on Wednesday evening.  A live auction will be taking place at the marketplace reception to raise money for MBBA-NH's Community Foundation Committee, which offers grants to non-profit housing groups in New Hampshire.
        Keni Thomas               

For more information on the conference and to register, please click here.  The registration deadline has been extended.
 

MBBA-NH Introduces Its Excellence Award

MBBA-NH is accepting nominations for the Excellence Award.  If you know someone in the mortgage finance industry who continuously provides outstanding service, then you should nominate him/her for MBBA-NH Excellence Award.   We are accepting nominations NOW!

MBBA-NH Excellence Award is bestowed upon an individual member who demonstrates the following characteristics:

          Professionalism
          Knowledgeable
          Ethical
          Experienced
          Community-minded
          Actively involved with MBBA-NH

The Excellence Award winner will be acknowledged throughout the year, beginning at the annual dinner in May, where he/she will receive a plaque; a press release with a photo will be sent to the media in New Hampshire, announcing the winner of the award; MBBA-NH will acknowledge the winner throughout the year in various ways; winner will be listed in MBBA-NH's Web site; and a monetary contribution will be made to the winner's charity of choice.  The MBBA-NH Excellence Award Committee will rate each application on a total of 100 possible points.  The higher the points, the better for the applicant. 

So if you know a special person who should receive that public recognition they deserve, then take the time to nominate him/her today!  Click here to download an Excellence Award application.

Thank you to the following people who developed the Excellence Award and are the members of the Excellence Award committee:  Barbara Cunningham, St. Mary's Bank; Joe Moriarty, Guardian Mortgage; Carolyn Sandford, Downeast Mortgage; and Doreen White, Market Street Settlement Group.
 

Mortgage Free New England Newly Formed Company

Quentin Keefe, Maureen Lemay, and Diane Morrissette of Regency Mortgage Corp. have recently form a new company, Mortgage Free New England, LLC.  Mortgage Free New England is an independent agency for United First Financial, a software sales company that has designed a product that helps people become mortgage free in an average time of eight to 11 years on a typical 30 year mortgage.

For more information on Mortgage Free New England, please contact Quentin Keefe at qkeefe@regencymtg.com.

Strandson and Wentworth Appointed National Association of Mortgage Brokers (NAMB) New Hampshire Delegate

Mortgage Bankers and Brokers Association of New Hampshire, Inc. (MBBA-NH) became the state affiliate of NAMB in January 2007.  As NAMB's state affiliate, MBBA-NH can now offer its diverse membership - community banks, mortgage brokers, mortgage bankers, and affiliates - membership in NAMB as an option.  It is required that the member join MBBA-NH first in order to be able to join NAMB.  There are currently 30 MBBA-NH members who have joined NAMB.

Some of the benefits of NAMB membership include its educational programs, national conferences, legislative oversight, and professional designations.  In addition to coordinating NAMB's membership at the state level, the state affiliate appoints two Delegate Council Members who are authorized to cast votes during NAMB Delegate
   Kurt Strandson  Council Meetings, which take place at various NAMB conferences throughout the year. 

New Hampshire is pleased to announce that it has appointed its two Delegate Council Members:   Kurt Strandson of Radiant Mortgage, Inc. and Jon Wentworth of Profile Mortgage, LLC.   Currently Mr. Strandson is an active member of NAMB's legislative committee, and Mr. Wentworth is an active member of NAMB's membership committee.  Messrs. Strandson and Wentworth are also members of the MBBA-NH Board of Governors.

Congratulations to the appointment of both Kurt Strandson and Jon Wentworth as NAMB Delegate Council Members.

  Jon Wentworth

Preferred Corporate Partners are Honored at Breakfast

Twice a year, MBBA-NH honors its Preferred Corporate Partners (PCP).  This year's PCPs include 14 companies (see below) from within the mortgage finance industry that offer monetary support to MBBA-NH throughout the year.  Their support helps MBBA-NH keep the cost of its educational programs and social events affordable.  In return, the MBBA-NH offers the PCP's a menu of benefits, including complimentary admission to social events and various types of advertising throughout the year.  MBBA-NH is deeply grateful to the PCPs generosity and demonstrates this by honoring them at a special event twice a year.

The first event took place on Wednesday, January 23, 2008, at the Puritan Conference Center.  Among the attendees at the breakfast were the PCPs, MBBA-NH Board of Governors, and MBBA-NH Committee Chairs.  During the breakfast, the PCPs heard reports from each committee chair on the state of his/her committee.  After that the PCPs enjoyed a lively and entertaining presentation from Steve Gamlin of InspiredBySteve.com called "Are there any Monsters under Your Business."

We thank the PCPs for their continued support; they help us make a difference:

How can I Advance My Career in the Mortgage Finance Industry?  Become a Certified Mortgage Professional

Earning your Certified Mortgage Professional designation:

. Identifies you as a professional in the mortgage finance industry

. Demonstrates your achievements and accomplishments

. Acknowledges your interest in education, MBBA-NH participation, and membership in other
  organizations

. Sets you apart from your peers in the industry

Who is eligible for a CMP?  MBBA-NH members with a minimum of one year's membership and three years experience in the mortgage finance industry.

How do I apply?  Click here for a CMP application.  The application is based on a point system.  You are required to accumulate 150 points.  Be sure you review the requirements for Sections E. and F.   Both of these sections require a minimum amount of points.

What is the cost?  There is a $150 non-refundable application fee.

How will my achievement be recognized?  You will be recognized for your achievement at a special awards ceremony at the annual dinner in May.  You will receive a CMP lapel pin; listed in the MBBA-NH Web site with contact information and photo; a press release about your achievement will be sent to the media; and the letters, "CMP," may be used after your name on your business card, identifying your designation.       

Certified Mortgage Professional (CMP) Opt Out Test Scheduled in February

Are you working toward your CMP?  Do you have five (5) our more years of experience in the mortgage finance industry?  Are you falling short of the points required in Section E. (Industry Education) of the CMP application? If your answers are "Yes," then you are eligible to take the opt out test for MBBA-NH's Course 1 and 2. 

As you know, Section E. has a minimum requirement of 20 points.  A great way to accumulate these points is by either taking Course 1 and 2.  But if you have five or more years of experience in the mortgage finance industry, then you can opt out of taking those courses and elect to take an exam instead. The exam is worth a total of 20 points!  It will fulfill the requirements of Section E. and will take only a morning to do it, instead of six weeks, which is the time frame of the courses.

If you're interested in taking the opt out exam to fulfill the requirements of Section E. of the CMP application, we have scheduled a date.  It will be on Thursday, February 21, 2008, at New Hampshire Housing, 32 Constitution Drive, Bedford, New Hampshire  03110, from 9 A.M. to 11 A.M.  Please enter through the East Entrance on the right side of the building.  The cost to take the exam is $100.  To register, please click here to send an email to the MBBA-NH office.  Please send us your name and contact information. 
 

Programs Scheduled

February 6 and 7, 2008 - Annual Mortgage Conference at the Radisson Hotel, 700 Elm Street, Manchester, New Hampshire.  Great educational sessions, lots of networking opportunities, economic update, entertainment, motivational speakers, marketplace with exhibitors, etc.  Click here for attendee information.  Click here for information on exhibiting and sponsoring. 

March 19, 2008 - Roundtable discussion on best practices for loan originators, which includes database management, marketing, career coaching, Loan Tool Box, and the sharing of experiences from three top loan originators in New Hampshire.  More information to be announced.