TABLE OF CONTENTS

* Professionalism will carry Us through this Down Cycle

* How to Comply with 'Red Flags Rules' for Identity Theft

* For the Novice or Experienced, Course 1 is for You!

* Lochmere Golf Outing Benefited MBBA-NH College Scholarship Fund

* NEMBC Reflected the Market and Expertly Fulfilled Needs

*  Nominate that Someone Special for MBBA-NH Excellence Award

*  College Scholarship Winner Shares Dreams

* Programs Scheduled

Emergency Economic Stabilization Act of 2008 - Click here for several links regarding the bill.  This information is being provided by the National Association of Mortgage Brokers (NAMB).

Professionalism will Carry us through this Down Cycle
by MBBA-NH President Ralph Coppola and Branch Manager of Residential Mortgage Services, Inc.

Welcome to 2008, a new year in mortgage banking. The challenges continue from 2007and appear to be ongoing for the immediate future.

We have choices. The issues we face can either bring us down or motivate us to grow, develop, and face the future with our heads held high.

As survivors and leaders in mortgage lending, we, as professionals, have led the fight on ethical lending practices, ongoing development through education, and responsible lending practices.

This year, the Mortgage Bankers and Brokers Association of New Hampshire (MBBA-NH) is continuing with progressive educational programs to inform, develop, and prepare members for success.

Remember, professionalism will carry us through this current down cycle. A great way to let your clients know that you are a professional is by earning MBBA-NH’s Certified Mortgage Professional (CMP) designation. Information on this distinguished, state designation is available by clicking here.
 

FREE Webinar on how to Comply with ‘Red Flags Rule' for Identity Theft  

The rules mandate that banks, credit unions, mortgage bankers, mortgage brokers, and similar institutions set up written plans for identifying suspicious ‘red flag’ transactions that could indicate identity theft or fraud, and update their plans with changing trends in financial crimes. 

The rules were passed as part of the Fair and Accurate Credit Transactions Act (FACTA) in 2003, but did not go into effect until January 1, 2008, and full compliance is not due until November 1, 2008.  Click here for more information on these rules.

MBBA-NH member Mathes Associates, Inc. has partnered with NXG Strategies to help financial institutions comply with the Red Flag Rule requirements.  Mathes is offering MBBA-NH members the opportunity to attend a FREE Webinar that is put on by NXG Strategies (30 to 45 minutes).  When signing up for the Webinar, list Mathes as the sponsor and all fees will be waived.  Click here for more information on the Webinar.

Mathes has also informed us that MBBA-NH members can register for a second seminar entitled "Red Flag Rules II Green Flag" ($295).  During this second seminar, the first seminar material is reviewed and a sample written plan is reviewed and is made available to all participants.  Click here for more information on this second seminar.

For the Novice or Experienced, Course 1 is for You!
(Earn Maine continuing education credits!)

Are you new to the mortgage finance industry? Would you like to earn Maine continuing education credits while receiving a refresher on mortgage finance basics? Then MBBA-NH's Course 1: Mortgage Banking Fundamentals is for you!

Instructors are mortgage finance professionals with many years of experience who enthusiastically share their knowledge, wisdom, and expertise with the students. Each class is chockfull of the latest information and resources available.

You can either attend all six classes and receive a Certificate of Completion or choose individuals classes that will fulfill your educational needs. The cost of the six week course is $195/members or $250/non-members and individual classes are $35/members or $50/non-members. Each class is worth three (3) Maine continuing education credits.

Click here for a registration form or click here to register and pay online. The following is the course schedule:

Class 1- October 2, 2008 (3 Maine credits)
• INTRODUCTION TO COMPLETING THE
APPLICATION AND ORIGINATION FORMS
Gladys White, Senior Loan Officer, Residential Mortgage Services, Inc.


Class 2 –October 9, 2008 (1-1/2 Maine credits each topic)
• REVIEW OF PURCHASE AND SALES AGREEMENT
Gary Coffin, Chief Executive Officer, Horizon Settlement Services, Inc.
• UNDERSTANDING THE CREDIT REPORT
Kelly Mulholland, New England Sales Manager, CBC Innovis


Class 3 – October 16, 2008 (1-1/2 Maine credits each topic)
• PRODUCTS AND PRICING
Gina McCulloch, Regional Manager, Mortgage Network, Inc.
• PROCESSING AND UNDERWRITING
CONVENTIONAL MORTGAGES
Instructor to be announced


Class 4 – October 23, 2008 (1-1/2 Maine credits each topic)
• APPRAISALS FROM A LENDER’S POINT OF VIEW
Cynthia Lynn Coburn, First Vice President, MNET Mortgage
• CLOSING THE REAL ESTATE LOAN
Doreen White, Relationship Manager/Closing Officer, Market Street Settlement Group


Class 5 – October 30, 2008 (3 Maine credits)
• MORTGAGE LENDING PROCESS: A RECAP
Mark Chalifour, Vice President, Merrimack Title Company, Inc.


Class 6 – November 6, 2007 (3 Maine credits)
• POST CLOSING, ETHICS, and FRAUD PREVENTION
P. Ben Niles, Manager, Reverse Mortgage Department, Merrimack Mortgage Co, Inc.

 

Lochmere Golf Outing Benefited MBBA-NH College Scholarship Fund

There were over 50 golfers who gathered at the Lochmere Golf and Country Club on Friday, September 5, 2008. They were there to spend a fun day playing golf with their colleagues and friends in the mortgage finance industry.

The shotgun start at 8:30 A.M. immediately told everyone that the game was about to begin. Players dispersed in their carts and headed for their first assigned hole. Everyone was looking forward to a great game on a beautiful, warm day in the Lakes Region. For some, it was their last game of the season, and the memories of the day would probably be retrieved, on occasion, during the upcoming winter months.

The game lasted until the early afternoon when everyone slowly met at the clubhouse to have lunch and share their experiences on the golf course. The winning foursome was Jim Pyer, Bob Jacobs, Shane McDonald, and Dan Fitzgerald. Congratulations!

Throughout the day, 50/50 raffle tickets were sold to raise money for MBBA-NH college scholarship. Thank you, Lynne Paul of Phenix Title Services, who had the winning ticket and donated her 50 percent of the pot back to the scholarship fund. A total of $465 was collected.

Additional thanks to our 2008 – 2009 Preferred Corporate Partners for their continued support throughout the year.

NEMBC Reflected the Market and Expertly Fulfilled Needs

The New England Mortgage Banking Conference (NEMBC) returned to Newport, Rhode Island, this year, after being in Providence, Rhode Island, for four (4) years. Debbie Sousa of the Massachusetts Mortgage Bankers Association (MMBA) began the idea of moving the conference back to Newport early on in the planning of the 2008 conference. By injecting her contagious passion and sound reasons to return to Newport in 2008, the planning committee finally agreed it was the right time to return. Somewhat skeptical, though, was MMBA’s Executive Director Kevin Cuff. Now that all is said and done, Debbie can say without hesitation to Kevin that I told you so!

Sousa’s uncanny capacity to see where the market was headed and what people needed paid off with a successful conference in a smaller venue that brought back fond memories of earlier times. There was the much talked about and highly anticipated gala welcoming reception at Rosecliff, sponsored by MGIC. The walls of Rosecliff, once again, heard the all-familiar acronyms of RESPA, TILA, PITI, throughout the evening. Many said it felt like old times, and they were right. Doing business in the mortgage finance industry today has reverted to times past.

As you know, recent changes in the mortgage finance industry require individuals to meet state/federal requirements. There are now barriers either upon entering or continuing to do business, whereas before there were virtually none. The conference educational sessions offered attendees opportunities to earn Maine and Massachusetts continuing education credits. Some of the sessions offered were:

Being an Ethical Mortgage Professional
RESPA Do’s and Don’ts
Detecting Mortgage Fraud
Loan Officers – How to Conduct a Great Interview
Loan Officer Licensing
Fannie Mae and Freddie Mac Update
Etc.

The marketplace offered a variety of companies from wholesale lenders, public relations firms, title insurance, HUD, VA, Freddie Mac, Fannie Mae, closing companies, etc. Feedback on the marketplace was positive with lots of activity and good information offered.

Yes, the numbers of the conference were way off, compared to previous years. There were 800 registrants and 70 exhibitors. A few years ago, the conference attracted 3,000 registrants and over 200 exhibitors. Yet, despite a smaller conference, the experience did not diminish.

Debbie Sousa’s initial forethought, determination, and passion, along with the planning committee’s acquiescence, despite Kevin Cuff’s hesitation, created a conference with an atmosphere of hope, change, and acceptance. We know the market is in a flux, the new regulations are good for the industry and its customers, and that the best of times are ahead. People will always need a mortgage; it’s an integral part of our culture, which includes fulfilling the American dream of home ownership.
 

Nominate that Special Person for MBBA-NH Excellence Award

Last year an award was created to showcase a mortgage finance professional who is consistently informed, ethical, fair, involved in MBBA-NH, and community-minded.  If you know someone who fulfills these attributes, you may want to consider nominating him/her for the MBBA-NH Excellence Award. 

There is no cost to nominate that special person.  However, time is required to fill out the nomination form.   The winner of this award will be recognized at the MBBA-NH annual dinner in May, recognized throughout the year, and a monetary donation from MBBA-NH will be given to the winner’s charity of choice in his/her name. 

Has someone come to mind?  Before changing that thought, click here to download the Excellence Award nomination form and fill it out.  You will not only experience the pleasure of nominating that special person, but you’ve also increased the odds of that person receiving the recognition he/she deserves.  Don’t wait!  Do it today!

College Scholarship Winner Shares Dreams

Reprinted with permission from Brianne M. Dassatti

An essay is required from all high school students applying for MBBA-NH's college scholarship.  The students are asked to write a 500 word essay on mortgage banking.  We are pleased to reprint the following essay, written by Brianne M. Dassatti who won this year's college scholarship.

The mortgage banking industry exists today to help people achieve the American dream. I feel there are two American dreams. One is to own a home and to build equity. The second is to achieve a college education. This is very hard to do mentally and financially.

The cost of a college education has risen a lot in the past few years, making it harder than ever to receive a good college education. The mortgage banking industry helps people reach both of these dreams. Mortgage bankers lend money to homeowners. The loan is secured by a mortgage and the interest rate at which the money is lent. The mortgage banking industry helps people buy a house they can afford, and they put them at a payment schedule that they can handle.

Home ownership is a lifelong dream for most people. The process of buying a house is very long and time-consuming. It takes a lot of stress and hard work to finally buy a home. It is a very big accomplishment for many people to achieve this goal. Mortgage bankers are the financial advisors for these first time home buyers. They make sure the buyer gets a good house for the right price that they can afford. For this reason, the mortgage banker is an important advisor for first time homebuyers. The dream can suddenly become a nightmare when something goes wrong. An unscrupulous lender may direct a homebuyer into a home that they cannot afford and end up losing a few years later. This is why the mortgage banking industry is so important.

Another part of the American dream is to successfully go to college and get a degree in a field of study that is right for the child. It’s every parent’s dream to have a child graduate from college. However, it can be financially challenging to most people. A mortgage banker can help those parents by giving them a loan on the equity in their house. This is a second way mortgage bankers help someone meet his/her dreams. An equity line on a home will free up funds for parents so that their children receive a college education.

The mortgage banking industry has helped me to start my American dream. My father is in the mortgage banking industry. His income is going to put me through college to help me become a teacher that I always wanted to be.

The mortgage banking industry is very important to a community and to me. Their investments in communities include time, service, and hard work. This investment in our community’s future extends the life cycle of a community. A community that gives back to its residents has people giving back to them in order for more people to achieve their goals in life. And so the circle continues.

Brianne is majoring in elementary education/special education at Keene State College.  Her father is Bob Dassatti of Franklin Savings Bank.
 

Programs Schedule

October 2, 2008, through November 6, 2008 - Course 1:  Mortgage Banking Fundamentals from 9 to 12 P.M. at New Hampshire Housing, 32 Constitution Drive, Bedford, New Hampshire, for six Thursdays.  The course and each of its six classes will be approved  for continuing education credits for Maine and Massachusetts.  Click here for more information and to register.

October 22, 2008 - Fannie Mae and Freddie Mac Update at the Manchester Country Club, 180 South River Road, Bedford, New Hampshire, from 9 A. M. to 12 P.M.  More information coming.  Save the date!

December 10, 2008 - Annual Holiday Get-Together at the Manchester Country Club, 180 South River Road, Bedford, New Hampshire, from 5:30 P.M. to 9 P.M.  Benefits the U. S. Marine Corps.' 'Toys for Tots' campaign.  Save the date!

April 7 and 8, 2009 - New Hampshire Mortgage Conference at the Sheraton in Portsmouth, New Hampshire.  Save the date!  We are planning a memorable and worthwhile conference.  Information on sponsorships, registration, and agenda will be available in February 2009.