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august 2005
Click here for a printable version (PDF/814KB).
 
TABLE OF CONTENTS
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MBBA-NH President's Message: WCWDFY!
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It's Less than One Month Away: 2005 New
England Mortgage
Banking Conference Providence
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Who is Required to Provide the Truth-In-Lending
Disclosure?
Answer: The Lender not the Broker
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Unauthorized Use of Credit Union, Mortgage Company,
or Bank's
Name or Trademark in a Deceptive Manner is
Prohibited
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Effective September 12, 2005, SB 223 Combines the
Chapter in State Law
that Regulates the First Mortgage Banker and Broker
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Fair Credit Reporting Act (FACTA) Takes Effect in
New Hampshire on
September 1, 2005
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Very Popular Second Annual Wentworth By The Sea Golf
Outing
Between MBBA-NH and Mass. MBA
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Picture Perfect Evening on the Big Lake
* Program Schedule
MBBA- NH President’s Message: WCWDFY!
 The last three months seemed to fly by so fast. Summer is
almost over, and it is back to work for real. I want to
take this opportunity to restate some of my remarks from the
annual meeting in May. Remember WCWDFY:
What Can We Do For You.
This is your association. If you want to get the most out
of it, we need
your input! It may be a phone call or visit
with the Executive Director Meg Malette or one of our
officers or board members; or you may wish to join one of
MBBA’s committees. We are always looking for fresh ideas.
By the way, as a reminder, did you know that the monthly
board of governors meetings are open to all members?
The meetings are usually the third Thursday of the month at
New Hampshire Housing, 32 Constitution Drive, Bedford, New
Hampshire. They start at 8 A.M. and are usually over by
9:30 or 10 A.M. Please confirm the time and date with Meg
first. You are certainly welcome to attend.
As I told you in May, your association is working hard to
deliver training, programs, and events that will benefit our
members. The education/programs committee is busy
redesigning our Mortgage Banking Fundamentals: Course
1 to
better serve members who are new to our industry. Then, for
those that want to learn mortgage banking to a greater
depth, we are bringing back a redesigned second course.
You will also see many focused workshops throughout the
year, as well as a number of social programs. The golf
outing is Thursday September 8th,
and we will have the hugely successful holiday get-together
to look forward to on December 13th.
I will be chairing a subcommittee of the board to update
MBBA-NH’s by-laws. Little has changed in five to ten years,
and it is time. We are looking for a few good people. Call
Meg or me if you are interested.
Lastly, as we look at our industry today, it is clear that
the product developers have been very busy. There are many
mortgage products and documentation options to offer your
customer. If it is difficult for us to know all of the
details, imagine how your customer feels. I ask everyone,
as industry professionals, to do your best to see that your
customer fully understands the product features, and
rate/payment changes, if any. A satisfied customer will
increase your repeat business and grow your referrals
through word-of-mouth with their friends and co-workers.
What better way to increase your success!
In closing, as your president, I look forward to serving
you this year. You may reach me anytime through my local
office number, 424-7166; or my cell phone, 305-0590. I look
forward to your active participation throughout the year.
Ben Niles
MBBA-NH President
It's Less Than One Month Away:
2005 New England
Mortgage Banking Conference Providence
 The Mortgage Bankers and Brokers Association of New
Hampshire (MBBA-NH) is pleased to announce the 18th
Annual New England Mortgage Banking Conference in
Providence, Rhode Island. This conference provides you the
opportunity to network, gather valuable information,
interact with vendors, play a round of golf at the historic
Newport Country Club, and enjoy Providence’s Waterfire,
nightlife, and fine
restaurants.
The conference planning committee, which included people
from each of the six New England states, created a wide
range of events from golf to culinary activities, a winery
tour, and sailing on Narragansett Bay.
On Wednesday, the conference highlights include the golf
tournaments at the Newport and Pawtucket Country Clubs,
sailing the Brandaris on Narragansett Bay, the marketplace
and reception, and a welcoming reception at Bella Vista and
Café Nuevo restaurants with Water Fire Providence.
On Thursday, the day is filled with workshops, the NEMBC
Learning Center for sales professionals, and ABC’s highly
acclaimed political analyst, Cokie Roberts, as the keynote
luncheon speaker. Visit the marketplace throughout the day
and join their reception in the exhibit hall before you go
out to dinner. If you have time, stop by the Studio 54
Nightclub & Casino at the Biltmore Hotel before you retire
for the night.
MBBA-NH is pleased and honored to sponsor the Thursday
morning state regulators panel from 10-11 A.M. Come and get
your questions answered as you hear from a panel of New
England state regulators who will discuss their respective
audit, licensing,
compliance, rate lock, and lending viewpoints.
Friday concludes with a buffet breakfast followed by MBAA’s
Doug Duncan, a nationally recognized economist, and his
views of the national and New England economy. His remarks
will help you fine-tune your 2006 business plans.
The MBBA-NH is proud to be part of this very exciting and
worthwhile conference. We want to thank the NEMBC Planning
Committee and especially Kevin Cuff and Debbie Sousa of the
MMBA. We look forward to seeing you there and wish you a
successful conference.
Reprinted from the State of New Hampshire
Banking Department's
The Banking Department Newsletter, Spring 2005 (www.state.nh.us/banking)
12 CFR 226.17 addresses who is required to provide the truth
in lending disclosure (herein after "TIL"). It states
that the "creditor" is required to provide the TIL.
The creditor is the one making the credit decision and to
whom the obligation is payable (which means the lender not
the broker). During the New Hampshire Banking
Department examination, the examiner will look for a copy of
the initial and final TIL to be maintained in the file
regardless of your role in the mortgage process (lender or
broker). New Hampshire Banking Department doesn't
require the broker to provide the TIL, but we require the
broker to obtain a copy of the TIL to maintain in the loan
file.
Reprinted from the State of New Hampshire
Banking Department's
The Banking Department Newsletter, Spring 2005 (www.state.nh.us/banking)
The department recognizes the need to find new and creative
ways to advertise. We would remind licensees of their
obligation to ensure that all advertising complies with both
state and federal advertising laws.
Direct mail marketing appears to be on the rise in New
Hampshire. While direct marketing is not new, we are
seeing an increasing amount of borderline statements within
these ads.
The ads
in question are mailed under the auspices of a consumer's
current mortgage holder. The solicitation often states
the current mortgage holder's name or a variation of it.
The consumer is lead to believe that their current lender is
sending the solicitation. In reality, it is an offer
from a competitor to refinance the consumer and the company
making the solicitation is simply using the current mortgage
holder's name (or variation) in the ad.
In all instances brought to the department's attention, the
original mortgage holder's name or trademark is being used
without authorization. The fine print on the marketing
piece often discloses the true identity of the company
making the solicitation, this may not be sufficient to
clearly identify who is making the offer to consumers.
When these types of ads are brought to the department's
attention, a Cease and Desist Order is sent under RSA
384:67. In addition, if the offending company is a
licensee, the activity is reviewed at the next scheduled
examination to ensure compliance.
While the direct mail marketing is not prohibited, please
ensure that any advertisements or direct mail pieces clearly
identify the company making the solicitation and who the
consumer is dealing with.
Effective on September 12, 2005, SB 223 Combines the Chapter
in State Law that Regulates the First Mortgage Banker and
Broker
Reprinted from New Hampshire Bankers
Association's 2005 Legislative Update
This
act combines the chapter in state law on the regulation of
first mortgage bankers and brokers with the statute on the
regulation of second mortgage bankers and brokers, creating
a single chapter - RSA 397-A.
The act also permits the banking department to conduct a
nationwide criminal records check for all new "consumer
credit" licensees regulated by the bank commissioner;
increases the fee for mortgage banker and broker licensees;
adds agents and originators to persons covered by mortgage
licensees; and adds an experience requirement for all
mortgage licensees, requiring them to employ at least one
full-time supervisory person who has been actively engaged
in a supervisory capacity in the mortgage business for three
of the last five years. In addition, the new law
allows the bank commissioner to accept examinations of
financial condition conducted by regulators in other states
and the federal government; allows the commissioner to share
information with regulators in other states and the federal
government; and repeals the chapter relative to second
mortgage home loans.
Fair Credit Reporting Act (FACTA) Takes
Effect in New Hampshire on September 1, 2005
As of September 1, 2005, residents of New Hampshire will be
entitled to receive one free credit report annually from
each of the three major credit reporting agencies by calling
1-877-322-8228 or by going online to
www.annualcreditreport.com.
The Fair Credit Reporting Act (FACTA) was created to help
consumers maintain and understand their credit. The
Mortgage Bankers and Brokers Association of New Hampshire (MBBA-NH)
applauds this recent change to the Fair Credit Reporting Act
and encourages all potential home owners to get a free copy
of their credit report and to check it carefully for
accuracy.
"This free service will enable consumers to monitor their
credit file, identify any errors, and seek credit with full
knowledge of their credit standing,” states Ben Niles,
President of the Mortgage Bankers and Brokers Association of
New Hampshire. “With more information, the consumer is in
a better position to obtain the best credit terms for which
they qualify."
Very Popular Second Annual Wentworth By The Sea
Golf Outing Between MBBA-NH and Mass. MBA
This year's Ryder Cup Golf Outing between MBBA-NH and Mass.
MBA was a huge success! Golfers enthusiastically
showed up at the country club early in the morning on July
28, 2005, for a great day of golf, a lobster/clambake for
lunch, raffles, prizes, and beautiful summer weather.
We're disappointed to announce that the state to our south
clinched the Ryder Cup for the second consecutive year.
Great golfers in New Hampshire are needed for next year's
tournament! Make sure you sign up early, though.
The tournament sold out this year!
 
Picture Perfect Evening on the Big Lake
 This
year’s summer outing took place on Thursday, July 28, 2005,
for a cruise on Lake Winnipesaukee. The boat’s captain rated the
evening as a number 10, out of a possible ten, of course!
Visibility was crystal clear. This perfect evening
gave everyone a wonderful view of the beautiful mountains that
surround Lake Winnipesaukee.
Everyone agreed that it was an evening to remember with the
exquisite scenery, good food, and enjoyable conversation
with friends and colleagues.
We would like to take this opportunity to thank our bus
sponsors:
Paramount Settlement Services
and
Warranty Title.
Each company provided a bus to transport the partygoers to
and from the boat. There were two bus stops: one in
Bedford and the other in Concord. While on the bus,
Paramount Settlement Services
and
Warranty Title
made everyone feel comfortable and welcomed by providing
snacks and drinks for everyone. Many people rode the bus;
it was a great success and lots of fun!
MBBA-NH’s Preferred Corporate Partners (PCP) helped make
this cruise possible with their generous sponsorships. We
thank our GOLD and
SILVER PCP’s for the
2005—2006 year:
GOLD
 
SILVER
Programs Schedule
September 8, 2005 - 14th Annual Golf
Extravaganza at the Stonebridge Country Club to benefit
first time home buyers.
Click here for more
information, to register, and pay by credit card.
September 14, 2005 - What to Expect from a
State Mortgage Examination from 9 A.M. to 10 A.M. at the
Center of New Hampshire/Radisson Hotel, Manchester, New
Hampshire. Click
here for more information, to register, and pay by
credit card.
October 2005 - (Tentative) Condo's:
Warrantables and Non-Warrantables with Fannie Mae, Freddie
Mac, mortgage insurance company, and investor. Date,
time, and place to be determined.
November 2005 - (Tentative) Reverse
Mortgages. Date, time, and place to be determined.
December 13, 2005 - Holiday Get-Together at
the Manchester Country Club.
February 8 and 9, 2006 - Annual Mortgage
Conference at the Center of New Hampshire/Radisson Hotel,
Manchester, New Hampshire. New location and format:
Marketplace from 3:00 P.M. to 7:00 P.M. on Wednesday,
February 8, 2006, and full day of educational sessions on
Thursday, February 9, 2006. Three prices, instead of
one will be offered: One price to attend full
conference, an affordable price to attend the marketplace
only, and another price to attend the educational sessions
on Thursday. This new format will attract
mortgage bankers, mortgage brokers, and bankers. More
information will be available in November/December.
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