march 2006
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for a printable version (PDF/428MB).
 
Building a
Strong
Foundation
TABLE OF CONTENTS
*
Standardized Credit Score Unveiled
*
From the First Person: Certified Mortgage
Professional
*
Important Dates to Remember
*
My Story as a New Loan Officer
*
Welcome New Members
*
Program
Schedule
 Interest payable on
escrow
accounts is 0.12 percent,
effective from February 1, 2006, through August
1, 2006.
 The
State of New Hampshire Banking Department
requires borrowers to sign a balloon contract
disclosure, if they are using a balloon
payment loan to finance their mortgage.
For more information on BAN 2504,
click here.
Standardized Credit Score is Unveiled
Los Angeles Times (03/15/06) P. C3; Kristof, Kathy M.
 In an
effort to make it easier for lenders and borrowers to
understand consumer credit scores,
Equifax Inc.,
Experian
and TransUnion
have banded together to standardize the method of
calculation. The joint system,
VantageScore,
will offer ratings ranging from
501 to
990,
with those over 900 earning an "A" rating. Though the
credit-reporting firms will use the same formula to
calculate the scores, they will continue to collect credit
data individually. VantageScore reportedly will make it
easier for consumers with limited credit histories to obtain
financing; and just like the traditional FICO credit-scoring
system by Fair
Isaac Corp., borrowers will score higher by
making timely bill payments, keeping balances low and
showing a history of paying different types of debt.
From the First Person:
What Impact has the Certified Mortgage Professional
Designation had on My Career as a Loan Officer?
by Carol M. Jordan, Loan Officer, First Horizon Home
Loans of Concord
 I
have been asked several times by different people what
it meant to me personally and professionally to have
earned the Certified Mortgage Professional (CMP)
designation.
I
really had to think about the impact this designation
has had on me. Was it worth the time, effort, and
money to obtain it?
As I
review all of the requirements that had to be fulfilled
to become a CMP, I realized just how far I had come in
my profession.
I had
to continue educating myself with the new technology,
trends, and guidelines of the mortgage industry. I had
to contribute to the general public and to MBBA-NH. I
had to remain active in the MBBA-NH and participate in
the events and seminars, keeping the organization vital
and alive. I had to interact with my peers. The list
goes on and on. All of these requirements helped me
grow and achieve.
Now
that I have completed all of the requirements, I am able
to set myself apart from other mortgage professionals,
with the general public, builders, and REALTORs. It has
opened doors that would have been otherwise closed to
me. I have a designation that says to others that I am
vested, a professional, and serious about what I do.
The
answer to the question is "Yes" it has been worth it.
The designation has paid for itself many times over.
 
Important
Dates to Remember . . .
 Loan Award Program
Application Deadline is Monday, April 3, 2006. The
Loan Award Program is based on volume and
participation in 2005 MBBA-NH events. However, please note
that we are accepting 5 points if you attend the 2006 Annual
Joint Mortgage Conference. For more information please
click on
www.mbba-nh.org/membership/loap.htm.
 Certified Mortgage Professional (CMP)
Designation Deadline is May 1, 2006. A CMP is a
designation bestowed upon a career-minded individual in the
mortgage finance industry who has met the requirements of
the CMP program. For more information on the CMP
designation, please click on
www.mbba-nh.org/membership/cmp.htm.
 
My Story as a New Loan Officer .
. .
by Greg Fischer, Loan Officer, Radiant Mortgage of
Hooksett
Twenty-six months
ago I was working in the product management
department of PC Connection, my latest position in
consumer-tech sales and marketing. If someone had
suggested then that I enter the financial world, I
would have struggled to find a reply that was clever
enough.
Like many people in
the mortgage industry, I found myself here by
accident - I was the victim of another layoff, in
need of a new opportunity, and was introduced to
someone looking for smart people who could be
taught.
The only thing I
knew about
mortgages when I began working at a mortgage company
was that I had one. Within six hours of starting my
new career, I had already learned enough to know
that the originator who had taken my application
didn't do everything he could have to assist me
through the process - and that I was paying a
mortgage that was entirely wrong for me.
Since then I have
striven to learn everything I can about the varied
aspects of our business and to offer my customers
the most complete set of information and options. I
have always been a nut for education, and it is
important to me to possess as much knowledge about
as broad a set of information as possible - and to
share that knowledge with the people with which I
come into contact. I aim to be a resource to my
peers and a source of education to my clients.
On March 1, 2006, I
celebrated my two year anniversary as a
loan officer. I am currently launching a consumer
credit education series and am working on a seminar
detailing cash flow options.
I have already
attended many MBBA-NH educational programs,
successfully complete Course 1, and am in the
processing of finishing up Course 2. MBBA-NH is
always there to help me further my education and
make me a more valuable resource to my colleagues,
clients, and friends.
Welcome
New Members!
-
A-1 Title Services
Action Title Services
Allied Home Mortgage Capital Corp.
Arista Lending Solutions
Broker's Title & Closing, LLC
Countrywide Home Loans, America's Wholesale Lender
Elite Settlement Services
Emigrant Mortgage Company
GMAC Residential Funding
HSBC Mortgage Corp.
Imperial Capital Bank
Novaya Mortgage
Smart Choice Mortgage LLC
TriCity Mortgage and Associates
World Savings
Please click here
to view each new member's contact information.
Programs Schedule
April 19, 2006 - Mortgage
Banking Roundtable Discussion at the Manchester Country
Club, 180 South River Road, Bedford, New Hampshire, from 9
A.M. to 12 P.M. Registration and continental breakfast
is from 8:30 A.M. to 9 A.M. Cost to attend is
$25/members and $50/non-members. Topics include Fraud,
Ethics/RESPA, Mortgage Insurance, Technology, EasyLiving
Home of New Hampshire, and Reverse Mortgages. Please
click here for more
information and to register.
May 3, 2006 - Annual Dinner with Silent
Auction at the Holiday Inn, 172 North Main Street, Concord,
New Hampshire, from 5:30 P.M. to 9 P.M. Cost to attend
is $55/members and $90/non-members. All proceeds from
the silent auction raises money for MBBA-NH's college
scholarship fund. MBBA-NH's college scholarship has
been in existence since 2001 and has helped ten college
students with their college expenses. Please
click here for more information on MBBA-NH's college
scholarship program. In addition to the silent
auction, there will be an awards ceremony for the Loan Originators Award
of 2005 and
Certified Mortgage Professional designation. |
