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Refinancing Puts Mortgage Indus by chenshu


									                                                                                                    REBMETPES          2002

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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-

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.

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            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

                                                                     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
                                                                     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
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                                                                                                                       U.S. POSTAGE
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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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