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REBMETPES 2002 A fo noitacilbuP srekorB dna sreknaB egagtroM .cnI ,erihspmaH weN fo noitaicossA HN-ABBM Refinancing Puts Mortgage Home Sales on Record Pace Reprinted from the August 19, 2002, MBA NewsLink, Industry on Track for Record A Publication of MBA of America Reprinted from the August 19, 2002, MBA NewsLink, A Publication of MBA of America NAR chief economist David Lereah predicts that the housing boom has sufficient steam to post sales records again this year, despite the Fannie Mae projects that the U.S. mortgage industry is on shaky economy. Low interest rates, a shortage of land suitable for track to issue $2.2 trillion in home loans to Americans this home building, and strong increases in newly formed households fu- year to either purchase a new home or refinance an existing eled partly by immigration were listed by Federal Reserve Chairman mortgage. This solid demand for home financing is critical to Alan Greenspan as the reasons for the continuing strength. Freddie the country's economy, as the U.S. housing market has Mac chief economist Frank Nothaft says mortgage rates should remain emerged as an economic anchor in light of a weak stock at or near record lows for the rest of the year. However, some analysts market. Fannie Mae's loan forecast is the highest yet for the have expressed concern that some local markets are seeing prices mortgage lending industry, which made around $2 trillion in rise too fast. new loans last year. Meanwhile, the Mortgage Bankers As- sociation recently estimated that mortgage lending volume would eclipse $1.7 trillion in 2002. Latest Round of Data Highlight Where are Home Prices Too Slowdown in Economic Growth Reprinted from the August 19, 2002, MBA NewsLink, A Publication of High? MBA of America Reprinted from the September 17, 2002, MBA NewsLink, A Publication of MBA of America The Federal Reserve says it is more concerned about slowing growth U .S. cities experiencing the greatest run-ups in residential than inflation these days. One indicator of slowing growth is the hous- property values may not necessarily be the most overpriced ing sector, which recently recorded a second-straight month of decline housing markets. While identifying the most over-inflated in the pace of new housing construction, according to the Commerce areas is a subjective skill that varies according to the ana- Department. With prolonged economic weakness, and as a sharp lyst, some of the industry's top experts point to Tacoma, slowing inflation rate moves into deflation, prices would fall across Wash.; Naples, Fla.; Boston; Denver; and San Diego as categories, says Atlanta economist Donald Ratajczak. As a result, places where a local housing "bubble" is in danger of pop- companies Inside this issue: ping. These markets may be affected by such factors as would have a difficult time Member Profile: Bj Cirnigliaro 2 steep land costs, a weak employment sector, increasing mortgage payments, or incomes that are lagging behind paying off NH Mortgage Banker Moves to Lone Star State 2 home-price gains. Michael Sklarz of Fidelity National Infor- debt, which Golf Update 3 mation Solutions says that housing appreciation in over- hurts the econ- MBBA-NH College Scholarship Awarded 4 priced cities will likely moderate soon, although the markets omy even Program Schedule 4 Member Profile Bj Cirnigliaro is an Account Representative at Radian Guaranty, Inc. and has been in the mortgage industry for 13 years. She resides in Dunbarton, New Hampshire, with her husband and young daughter and attended Manchester Memorial High School and the University of New Hampshire. How did you get into the mortgage industry? In 1989, I started at First NH Mortgage in the servicing depart- ment, and then moved into the secondary and processing departments. After that I worked for CrossLand Mort- gage, in 1996, as post closing manager, and then processing and underwriting. After Crossland Mortgage, I went into contract underwriting until I came to Radian in 2001, as a representative for Maine, New Hampshire, and Ver- mont. What do you enjoy doing? Although I have many hobbies and am now an amateur golfer and gardener, what I love doing most is spending time with my daughter, Taylor-Ann. Being a new mom is by far the most rewarding job and leaves little time for much else! Where did you go on your last vacation? My husband and I went to the White Mountains. I love the beauty and fun that New Hampshire has to offer: camping, hiking, biking, canoeing, and snowmobiling. I enjoy spending as much time up north as possible. I have traveled the country, but all else pales in comparison to New Hampshire. What do you like least about your job? Although I do travel quite a bit, I really do love my job because of the people I get to meet. I have been in this business through a number of merges and acquisitions and enjoy see- ing many of the familiar faces in new places. What advice would you give a new person in our business? Embrace change. Anticipate and investigate new opportunities. Move quickly to New Hampshire Mortgage Banker Moves to Lone Star State After five years at Beacon Mortgage Company, LLC, as vice president of correspondent lending and a total of 22 years in banking and mortgage banking, Lynn P. Simon has moved to Abilene, Texas, where she is working toward a degree in secondary education as a full-time student at the Abilene Christian University. Teaching is not new to Lynn. Throughout her ca- reer in mortgage banking, she spent a great deal of her time conducting public seminars for home buy- ers and Realtors, training management, and training loan processors and loan officers. She has also trained banks, credit unions, and bro- kers on mortgage loan financing options and secondary market policies. Lynn left New Hampshire at the beginning of August. Her brother and faithful, four-legged, Dalmatian companion, Molly, accompanied Lynn on her drive to Abilene, Texas, where she and Molly rent a house close to the university. We wish Lynn lots of success and happiness in her new life and career. To get in touch with Lynn, please contact the association. 2 egaP Lots of Fun + Great Turnout + Gorgeous Day + Good Cause = MBBA-NH 2002 Golf Extravaganza! MBBA-NH’s eleventh annual Golf Extravaganza on Friday, Septem- ber 6, 2002, at Passaconaway Country Club, Litchfield, New Hamp- Second Place Team shire, was a successful event. The 109 golfers enjoyed a perfect day of golf with bright sunshine and comfortable temperatures. Hazel Cook, Steve Weeks, Mike Keeler, and First place team with the lowest net score included Ralph Coppola, Bob Gunther Jim Campbell, and Chris Evanson of Equity America Mortgage Services, Inc; second place included Hazel Cook of Fleet Mort- program. Because of Brenda’s gener- gage, Steve Weeks of Fleet Mortgage, and Realtors Mike Keeler osity, the association was able to col- and Bob Gunther; and third place included Frank Hilliard of MGIC, lect $500 for the college scholarship Alan King of MGIC, Lowell Hart of Beacon Mortgage, and Paul program. Thank you, Brenda! Godbout of Beacon Mortgage. Congratulations to all the winning teams! MBBA-NH’s golf outing also raises money for New Hampshire Housing A 50/50 raffle, which benefited MBBA-NH’s college scholarship Finance Authority’s First Time Home Buyer Seminars. During the barbecue, Mark Chalifour, President, MBBA-NH, presented to Liz Lamoureux, Direc- tor of Home Ownership Programs, NHHFA, a check for $3,000 to help support the seminars. In addition, we would like to express an important “thank you” to all of our sponsors for making the golf outing and MBBA-NH’s donation to NHHFA possible. DIAMOND GOLD Equity America Mortgage Services Old Republic Nat’l Title Ins. Fannie Mae Radian Guaranty, Inc. First American Title Insurance Co. Summit Title Services, Inc. Stewart Title of Northern New England SILVER CORPORATE SPONSORS Credit Bureau Services of NH Credit Bureau Services of NH Fleet Mortgage Freddie Mac Mathes Associates, Inc. MGIC PENSCO Trust M. H. McKeon Appraisal Services RMIC United Guaranty Res. Ins. Corp. Webster Bank HOLE SPONSORS Chicago Title Insurance Co. Merrimack County Savings Bank Connecticut Attorneys Title Ins. Co. Merrimack Title Company, Inc. Equity America Mortgage Services Old Republic National Title Ins. Fannie Mae Radian Guaranty, Inc. First American Title Insurance Co. Stewart Title of Northern NE Mathes Associates, Inc. Summit Title Services, Inc. SPONSORS Finally, we would like to thank Fleet Mortgage Chicago Title Insurance Co. PENSCO Trust Company for sponsoring the continental RMIC breakfast. United Guaranty Residential Ins. Corp. 3 egaP A FO NOITACILBUP PRSRT STD U.S. POSTAGE PAID SREKORB DNA SREKNAB EGAGTROM CONCORD, NH .CNI ,ERIHSPMAH WEN FO NOITAICOSSA PERMIT #1551 teertS etatS htroN 19 101 etiuS 10330 HN ,drocnoC 6844-622-306 :enohP :xaF 5885-622-306 gro.hn-abbm@ofni :liamE gro.hn-abbm.www :etis beW MBBA-NH College Scholarship Program Schedule Awarded to Two Freshmen September 18, 2002 – November 13, 2002 - Course I: An MBBA-NH has awarded two college freshmen, Introduction to Residential Mortgage Lending at Hesser Col- cash scholarships of $1250 each. The recipi- lege for nine consecutive Wednesdays, from 2:00 p.m. to 5:00 ents are Julie Steele and Brendan Karanasios. p.m. There is ongoing registration for individual classes. For Julie graduated from Manchester Memorial more information, contact MBBA-NH. High School. She is now a freshman at the University of New Hampshire, majoring in en- October 4, 2002 - Loan Officers: Licensed or Registered in gineering. Brendan graduated from Manches- New Hampshire? at the Manchester Country Club, from 8:00 ter High School Central and is now a fresh- a.m. to 10:00 a.m. Contact MBBA-NH for more information. man at Virginia Tech. His major is undeclared but is leaning toward bio-chemistry. Congratulations to both recipi- ents, and we wish them good luck in their college careers! November 2002 – Ins and Outs of DU and LP from a Lender’s Perspective with Mary K. Scully, GE Mortgage Insur- If you know of a senior high school student who would be interested ance Corp. Date, place, and time TBA. in receiving a college scholarship, please contact us. We have ap- plications all ready to go. Applications will be reviewed in the spring December 4, 2002 – Holiday Get-Together at C. R. Sparks, of 2003. Bedford, New Hampshire, from 5:30 p.m. to 9:00 p.m. Public Relations Committee Welcomes Your Comments MBBA Public Relations Committee meets monthly to discuss the newsletter’s appearance and content. If you have any suggestions or comments about the newsletter, please contact Meg Malette at the MBBA-NH office or one of the following committee members: Stephen Sessler of Webster Bank (Co-Chair), Eric Marshall of AQM Information Solutions (Co-Chair), Barbara Cunningham of St. Mary’s Bank, Pam Ordway of Merrimack County Savings Bank, Cathy Bickert of Accurate Title, Vicki Mulligan of First American Title Ins. Co., and Bj Cirnigliaro of Radian Guaranty, Inc. Thank you.
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