TABLE OF CONTENTS

*  Appraisal Standards Revised

* Review of the May 2006 Annual Dinner

* Carolyn Sandford Receives Distinguished Service Award

* People on the Move

* Six Earn Loan Originators and Presidents Awards

* New CMP's:  Beaurivage and Godin

* College Bound High School Seniors Obtain Grant

* Program Schedule
 

The MBBA-NH office has moved
to another location with a
NEW ADDRESS:  P.O. Box 6
Weare, NH  03281
NEW PHONE:  (603) 529-5001
NEW FAX:  (603) 529-5005
Email and Web site are unchanged.
 

Interest payable on escrow accounts is 0.12 percent, effective from February 1, 2006, through August 1, 2006.

 

 

Rural Housing has issued the April 2006 Adjusted Income Limits in New Hampshire for the Guaranteed Housing Program.  Click here for information on those limits.  (PDF35/MB)

Appraisal Standards Revised
by Peter Stanhope, Certified General Appraiser

The 2006 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) will take effect on July 1, 2006. There are important changes that will impact the mortgage banking industry. 

These changes were recently addressed in a national teleconference program entitled, “Scope of Work: Burden or Blessing” hosted by the American Bankers Association and the Appraisal Institute. The program is available on disk through the American Bankers Association at www.aba.com/Conferences+and+Education/tb_042506.htm. 

The changes eliminate the terms Complete and Limited appraisals that, under the existing standards, allowed a lender to order one of the two. The Limited appraisal allowed the appraiser to depart from some of the steps in the appraisal process. For instance, a limited appraisal might only include the Sales Comparison Approach. 

These terms were often found confusing - for example, it was not a Limited appraisal if the process did not include an interior inspection or the development of the Cost or Income Approaches if they were not appropriate to a particular appraisal. 

Additional confusion related to the reporting format that had no relationship to either a Complete or Limited appraisal. The appraisal report requirements in USPAP ’06 still call for one of the three formats, Self-Contained, Summary, or Restricted Use. The Self-Contained and Restricted Use formats are typically not utilized by the mortgage banking industry. It is important to note the reporting format requested by a lender does not change what is required of the appraiser in the appraisal process. 

One of the greatest misconceptions is that a “drive-by” appraisal requires less work by the appraiser. In some cases, it may require the appraiser to spend more time doing research to identify the characteristics of the property required by USPAP. 

USPAP ’06 replaces Complete and Limited appraisals with a greater focus of scope of work. This concept has been a part of USPAP prior to ’06, but now takes a prominent role in determining what process the appraiser will follow in the steps outlined in the appraisal process.

Scope of work is defined as the type or extent of research and analysis in an assignment. It can include the type of inspection, as well as the extent of research and approaches applied to arrive at the opinion of value. Again, this does not relate to the report format, but only the process. 

This change does not allow an appraiser to accept an appraisal where the scope of work is so limited that it is not appropriate for the engagement or could be misleading. The scope of work must include research and analysis necessary to develop credible assignment results. USPAP ’06 defines Credible as, “worthy of belief” placing the responsibility for determination of a credible scope of work on the appraiser. The appraiser must disclose the detail of his/her scope of work in his/her appraisal report and, when appropriate, include a description of research and analysis not performed. 

As often is the case, USPAP changes require adjustments in the appraiser-mortgage banker relationship. Two suggested references in developing policies and procedures can be found at the Appraisal Foundation’s website www.AppraisalFoundation.org under News: ASB 2006 USPAP & Scope of Work Q&A link and a new publication Scope of Work authored by Stephanie Coleman, MAI, SRA, Director of Screening, Ethics and Standards Counseling Program, from the Appraisal Institute at www.AppraisalInstitute.org. 

Peter Stanhope is a Certified General Appraiser and Chief Appraiser with The Stanhope Group, a multi office firm offering residential, commercial, and litigation appraisal services throughout northern New England.
 

Review of the May 2006 Annual Dinner

Carolyn Sandford, CMP, Receives Distinguished Service Award

The Distinguished Service Award was presented to Carolyn Sandford at the May 3, 2006, Annual  Dinner.

The award is given to a member that has shown unwavering commitment to MBBA-NH throughout his/her mortgage banking career.

The MBBA-NH recognizes Carolyn for her generosity of time and sharing of her vast amount of knowledge.  

Carolyn has been involved with the MBBA, practically since its inception in 1984.  Initially, she was a member of the Young Mortgage Bankers Association, and, after that was dissolved, continued with MBBA.

Over the years Carolyn has worked her way up through the ranks of the MBBA as committee member, committee chair, member at large of the board, and now secretary of the board. 

  Her latest position, which she has held since 2000, is chair
  and co-chair of the education/programs committee.
 
Past President Ben Niles Presents Carolyn Sandford        She leads the committee every month with relentless pokes
     with her Distinguished Service Award Plaque              and prods and lots of brainstorming to find out what the hot
                                                                      topics are in the mortgage industry. 

Recently, she and Donna Howard of Merrimack Mortgage, lead a committee that put into place major updates and changes to Course 1 and Course 2.   

Ms. Sandford is a veteran of the mortgage finance industry.  Recently, she was in management at Beacon Mortgage Co. LLC, Manchester, New Hampshire, for many years.

MBBA-NH is proud to honor Carolyn Sandford, CMP, for her outstanding work on the education committee and involvement in the association by presenting her with the Distinguished Service Award.

Thank you. . .
 

People on the Move

Direct Mortgage Services has become Direct Capital Mortgage Services, Inc.  Its new address is 155 Commerce Way, Portsmouth, New Hampshire  03801, Phone:  (877)427-6083, Fax:  (603) 430-8331, Web site:  www.directcapitalmtg.com.

Please click here to submit information for our next newsletter.

Six Earn MBBA-NH's Loan Originators and Presidents Awards

We are pleased to acknowledge and congratulate Lisa Capicchioni, Senior Loan Officer, Guardian Mortgage; Deborah L. Austin-Brown, Senior Loan Officer, Branch Manager, Merrimack Mortgage Company, Inc.; Judy Kurisko, Assistant Vice President, St. Mary's Bank; and Kurt W. Strandson, President, Radiant Mortgage, Inc. for achieving the platinum level of the Loan Originators Awards Program for the 2005 year.  The platinum level requirements are $15 million in closed loans up to
                $29.9 million or 150 units.                               

      Judy Kurisko                                                                    Lisa Capicchioni                                                           Kurt Strandson
    St. Mary's Bank                                                                  Guardian Mortgage                                                       Radiant Mortgage

Lawrence George, Mortgage Loan Originator, of St. Mary's Bank, was honored for achieving the gold volume level of the Loan Originators Awards Program for the 2005  year.  Mr. George fulfilled the gold level requirements by closing a minimum of $10 million in closed loans up to $14.9 million or 100 units.

The Loan Originators Awards Program recognizes loan originators who demonstrate excellence in mortgage banking through production, continuing education, involvement with MBBA-NH, and professional ethics.

  Loan originators who successfully fulfill all the requirements are given a logo,
  Lawrence George          suitable for use on their business cards, representing the gold, platinum, or
    St. Mary's Bank           diamond award. The award year will be listed on the logo.  All awards
                                  recipients are listed on the MBBA-NH Web site and in prominent newspapers
                                  in the state.

The Presidents Award recognizes the top ten producers who have demonstrated their commitment to MBBA-NH by attending social events, educational programs, and volunteering. 

Gregory Fischer, Senior Mortgage Advisor, Radiant Mortgage Corp., is a recipient of MBBA-NH's Presidents Award for the 2005 year.

   
      Gregory Fischer
      Radiant Mortgage

New CMP's:  Beaurivage and Godin

At the Mortgage Bankers and Brokers Association of New Hampshire's (MBBA-NH) annual dinner on May 3, a ceremony took place to honor two mortgage lending industry professionals who earned MBBA-NH's Certified Mortgage Professional (CMP) designation, a symbol of professional competency, experience, and ethics.  The recipients received a plaque and lapel pin at the ceremony, and the letters "CMP" may be used after their names on their business cards, identifying the designation. 


The CMP designation attests to a high level of knowledge and professionalism in the residential mortgage lending industry, demonstrates achievements and accomplishments, acknowledges interest in education, MBBA-NH participation, and membership in other organizations.

The 2006 CMP’s are Denise Beaurivage, Lending Analyst, New Hampshire Housing; and Robert H. Godin, Loan Officer, Downeast Mortgage Corp.

       Denise Beaurivage, CMP                                                                                                                                      Bob Godin, CMP
       New Hampshire Housing                                                                                                                                     Downeast Mortgage

Senior High School Students Receive
College Grant from MBBA-NH

Each spring MBBA-NH reviews scholarship applications from senior high school students who are entering college in the fall.  This year three grants were awarded to Victoria DeChane, Jillian Bielinski, and Katelyn Drouin.

Victoria DeChane is a senior at Manchester Memorial High School.  She is accepted to two colleges.  Franklin Pierce College and Keene State College, and wishes to major in graphic design.  Her school counselor describes Tori as "Creative, responsible, and hardworking."

Tori likes to play softball, downhill ski, and baby-sit.  A little over a year ago, she began working part-time at JCPenney in Manchester as a sales associate.
                Victoria DeChane 
       with Mother, Suzanne DeChane         Tori's mother, Suzanne DeChane, works at Beacon Mortgage in Bedford.
     

Jillian Bielinski is interested in the field of athletic training and is accepted at the University of Southern Maine and Keene State College.

She is currently a senior at Londonderry High School where she's played soccer, basketball, softball, and is a member of the marching band.  Her guidance counselor says that Jill "has a sincere quality that runs from here to the moon and back, and she loves people, sports, and music."

                Jillian Bielinski            Jill has a job after school in a store at the YMCA Camp Lincoln in Kingston, New
  with Mother, Johanne Bielinski   Hampshire, where she interacts with children.  Her supervisor says, "Jill is
                                           very outgoing and bubbly; she always has a smile on her face."
                                          
Her mother, Johanne Bielinski, is employed at Merrimack Mortgage Company in Manchester.

Katelyn Drouin is a senior at Laconia High School, where she is very involved with the school community.  She is a member of the National Honor Society, Interact Club, Pep Band, and an integral part of the very successful Symphonic Band.  Kate's music department chair says, "She is a leader in our group.  Our motto for band is "lead by example."  Kate does that through her volunteering as an officer, working in activities, and her dedication to her practice that she puts in on her clarinet."

After school Kate is employed at String 'Em Up, a bead shop, where she teaches classes and helps with the everyday operation of the store.

Kate's father, Tom Drouin, works in the mortgage department at Laconia Savings Bank.

In the fall Kate will be attending Colby-Sawyer College in New London.

Eligible scholarship applicants are 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 next year is Friday, March 30,2007.

We wish all of our scholarship recipients the best of luck in their college careers!


Programs Schedule 

July 11, 2006 - Golf outing at Wentworth By The Sea with the Massachusetts Mortgage Bankers Association to benefit first time home buyer seminars.  Please click here for more information.

July 19 2006 - Summertime dinner cruise on Lake Sunapee.  SPACE IS LIMITED!  Please click here for more information.

September 7, 2006 - Annual Golf Outing at Stonebridge Country Club to benefit first time homebuyer seminars.  Details to be announced.

September 20 - 22, 2006 - New England Mortgage Banking Conference at the Westin Hotel, Providence, Rhode Island.  Click here for more information.

October 10 - November 14, 2006 - Course 1:  Fundamentals of Mortgage Lending on six consecutive Wednesdays from 9 A.M. to 12 P.M. at New Hampshire Housing, 32 Constitution Drive, Bedford, New Hampshire.  Entire six week course $195/members and $250/non-members.  Individual classes $30/member and $50/non-member.  Details to be announced.

February 13 and 14, 2007 - Joint Mortgage Conference with the New Hampshire Bankers Association at the Radisson Hotel, Manchester, New Hampshire.  Click here to inquire about booth and sponsorship information.