Thinking Outside the Mortgage Marketing Box

Join us as we Bike for Cancer in Ulster County

M & T Bank — Mon, 06 Jul 2009 10:21:27 -0500

September 20th marks the 6th anniversary of the Rosemary D. Gruner Memorial Fund’s Bike for Cancer. The Rosemary D. Gruner Memorial Cancer Fund, in partnership with the Thomas A. Dee Cancer Center at Benedictine Hospital and the Benedictine Health Foundation, provides financial assistance to cancer patients seeking treatment in Ulster County who are in financial need, and frequently have no place else to turn. The fund provides for products and services not covered by medical insurance- nutritional products, prostheses, and gift cards to purchase groceries and gas just to name a few. The event honors Rosemary Gruner, who passed away from lung cancer in 2002.

In the first half of this year, the demand for financial assistance increased by a staggering 400% compared to last year. In 2009 alone, they anticipate distributing $75,000 in direct financial support to over 150 cancer patients and their families. Every $500 provides assistance to one cancer patient and their family for a year.

The event has three courses, 5, 25 and 50 miles. Martine Brown and I will be riding the 50-mile course that day. We are looking for more team members, and also your support. If you have a family member that has succumbed to cancer and would like to honor their memory, we will place their name on our ride shirts for a $10 donation to the fund. We anticipate placing 20 names on each jersey.

To find out more about the Rosemary D. Gruner Fund and to donate go to http://www.bikeforcancer.org If you would like to have your family member ride with us, please email me their name and make a $10 donation on line to the fund. Specify that the donation is for John and Martine’s ride and we will help you honor their memory.

If you would prefer, you can mail a check payable to the The Rosemary D. Gruner Fund to The Benedictine Health Foundation, Rosemary Gruner Fund, 105 Mary’s Avenue, Kingston, NY 12401.

We are looking forward to your support. Please pass this post on as you feel appropriate.

SBA Assistance for Veterans

M & T Bank — Sun, 23 Nov 2008 10:51:41 -0600

The Small Business Administration (SBA) has a variety of services available to American veterans who are looking to transition from the military to small business owner in the private sector. Each SBA office has a designated Veterans Business Development Officer. Their role is to help veterans prepare and plan for their new business venture. The Veterans Business Outreach Program provides business development training, counseling and mentoring to eligible veterans. Small Business Development Centers (SBDC) and SCORE (Service Corps of Retired Executives) provide management experience to veterans whoa re current or prospective business owners.

The Patriot Express Loan program is one of steps the SBA has taken to increase their ability to help veteran owned businesses. The following groups are eligible for the Patriot Express Program:
* Veterans;
* Service-disabled veterans;
* Active-duty service members who are participating in the military's Transition Assistance Program;
* Members of the Nation Guard and Reserve;
* Current spouse of any veteran, (except if dishonorably discharged)

The Patriot Express Loan can be used for most business purposes. These include start-up expenses, equipment purchase, working capital and inventory. In some cases real estate purchases related to the business may also qualify. Follow this link to find out more. http://www.sba.gov/patriotexpress

The SBA also offers special assistance for Reservists and National Guard soldiers who are called to active duty. Reservists and National Guard members who have an SBA loan for their business my request rate reductions and loan payment deferrals from their lender after they receive activation orders.

The Military Reservist Economic Injury Disaster Loan Program provides low interest rate loans to eligible small businesses to cover their operating costs as a result of the loss of a key employee who is called to active duty. The SBA has set up a special web page to provide more information about this program. Click on the following link to learn more. http://www.sba.gov/aboutsba/sbaprograms/reservists/index.html

The SBA has also established the Office of Veterans Business Development (OVBD). The OVBD develops and distributes materials such as the Veterans Business Resource Guide, VET Gazette and Getting Veterans Back to work. These resources can be accessed on line at http://www.sba.gov/VETS

Hopefully these resources are helpful for your new business or are able to provide assistance for your existing business. Please cal or email me with any questions. Like you, I am a Veteran and would like to help you navigate your way to the right program for you. You can visit my Business Banking Blog at http://businessbanking.wordpress.com.

A Flight to Quality

M & T Bank — Fri, 23 May 2008 06:51:43 -0500

Not the flight you think. The lending industry is full of this cliche. One that arises with each credit crunch yada yada.

The flight I am talking about is away from bad relationships to good relationships. Over the past few years there was so much business that we worked on a transactionaol basis and not a relational basis. Realtors and lenders became a commodity. When the bus crashed there was no one to call because we didn't build a solid foundation.

I recently began to qualify my clients and qualify my calls. I took old clients and began quarterly follow ups and updates with the top clients. I began rebuilding relationships. It works.

Take the time to do the same. All real estate and loan offices have a book of closed business. They also have loan officers and agents who have left the business. Take the time to call these people to thank them for past business and let them know of the changes that have occurred since they closed. THere is a tone of bad information. All provided by the news channels (ugh!!!). Overcome the angst by being proactive and letting people know what is happening locally. Real Estate is a local business. Don't let the national news keep them sitting on their hands.

When I started in the business I was told, "Work with the greedy, not with the needy". Busy people will use your time effectively. They will value your service and they will return to you for the next transaction. Needy people want it for free, won't value your expertise and if they do come back , they will base the relationship on price not value.

Lose those folks.

Happy Memorial Day. Rant is over.

This week at BNI's GAteway Chapter

M & T Bank — Tue, 22 Apr 2008 14:10:07 -0500

It has launched. The Gateway Chapter of Business Network Internation launched it web site. Please take a little time to check out the site and learn about our members.

The Gateway Chapter of BNI meets on Tuesday morings at the I-84 Diner in Fishkill, New York at 7 am. We are hosting a Visitor's Day onm May 6th at 7 am. If your profession is not one of those occuppied by one of our current memebrs, please contact and join us to find out more.

You can go to our site at http://bnigateway.bnihudsonvalley.com

Let us help you turn your contacts into contracts!

Another Quote from the Rate Sheet Author at Homestead Funding

M & T Bank — Thu, 06 Dec 2007 11:20:56 -0600

Along with good rates and great programs a little thought to apply these tools is always helpful.

"The problem is never how to get new, innovative thoughts into your mind, but how to get old ones out. Every mind is a building filled with archaic furniture. Clean out a corner of your mind and creativity will instantly fill it."

Dee Hock

Have a spectacular day.

This Week and the Fishkill Chapter of BNI

M & T Bank — Thu, 06 Dec 2007 09:59:16 -0600

Another busy week for the 25 members of the Fishkill Chapter of Business Network International. Our 10 minute speaker was Dr. Richard Huntoon of the Advanced Alternative Medicine Center in Newburgh, New York.

Doc Rick, as we like to call him, discuss preventive health activities. Proper diet, exercise for health and not for fitness and ensuring that your body works properly by providing the right fuel and positive mental attitude. Since many of our members are either self-employed ort are commissioned sales people it is critical to fell healthy asd it impacts how we feel emotionally and thus how we perform in our jobs.

If we exercise, eat right and feel good about our bodies, we are fueling ourselves to perform at a peak level. This translates into better performance on sales calls, the endurance to make more qualified sales calls which ultimately leads to better financial health. The myth of working late, drinking coffee etc...is that... a myth.

You can learn more about your health and fitness at Doc Rick's website. THe address is www.spineboy.com

The Chapter has passed over $580,000 in referrals among its members this year and is a great way to start your Tuesday morning.

To find out more about BNI in the Hudson VAlley go to www.BNIHudsonvalley.com.

HR 3915 Summary

M & T Bank — Mon, 03 Dec 2007 12:43:40 -0600

The Mortgage Action Alliance posted a summary of HR 3915 and forwarded it to their members. Many members of Active Rain, The MHVMBA and NAMB fought to have changes made so the bill became law as a more consumer and industry friendly law. It still needs to go to the Senate where it may be modified again and will go against legislation being proposed by Christopher Dodd (D-Ct).

Follow the lionk to the summary. HR 3915

To those in the industry who have remained involved and taken a few beatings, Thank you. For those of you who are sitting on the sidelines...please get involved.

Doing Good Work at Home

M & T Bank — Sun, 02 Dec 2007 12:11:09 -0600

I had a few thoughts this hoilday season. As we have just passed Thanksgiving and are approaching Christmas it is a good time to take a moment to ponder what I have done this past year. Not only for myslef and my business, but for my family and for those who I come in contact with.

My reminder was a call I received from a Not for Proft group through a call center. They promised that 90% of the money I sent would go back to my community. I don't remember who they were, Iassume they do well intentioned work and that it is necessary work. Given the year we have had I realized that I didn't have the cash to send even if I wanted to. It did cause me to realize one thing. I do have time to give each month. Time and expertise to help an organization in need or the community in general. As I look around my town and region, there are many worthwhile causes that need money. They also need volunteers. People to help clean, to help care and to share their expertise. These are often ordinary tasks, nothing heroic. Limited heavy lifting. But nonetheless thisngs that need to be done.

I started on the day prior to Thanksgiving and I am giving up to 4 hours each month. I can pick up trash on the side of the road, help clean a museum, coach children, help at a fund raiser, serve on a board of directors. These things need to be done in every town. Take the time to find out what you can do.Not only will it make you fell good, you will meet new people and make friends that you may miss out on.

I do not want to diminish the importance of contributing money. It is VERY important. There is no amount of sweeping and coaching I can do to eliminate Diabetes or Aids or Cancer... just to mention a few. Contributing money to these orgaizations will help millions. You can do both and everyone wins.

There are 59,954 members of Active Rain that live in communities thropugh the United States and Canada. If each of us commits to 4 hours per month that would be 239,816 hours per month and 2,877,792 hours per year. There are 720 hours in each month. 4 hours is a little more than 1/2 percent of those ours.

Think of what could be accomplished with this effort.

Talk about a WOW effect.

My Isla del Sol Rental

M & T Bank — Sun, 02 Dec 2007 11:28:41 -0600

I have just launched my vacation rental web site. www.isladelsolrental.com. It is our vacation condo in St Petersburg Florida.

We purchased this condo a couple of years ago and have enjoyed many warm falls and Christmases. We are looking to rent the condo to vacationers looking fr a few days to relax in the sun. Since I have gotten many ideas from fellow Active Rainers, I wouyld like to add your lionks to the site. I have an Active Rqin page there.

Please let me know if you would like to be linked. Send me you information and I would be glad to link you to the page. Please, Active Rainers only.

This week in BNI

M & T Bank — Tue, 27 Nov 2007 15:23:50 -0600

I have been a member of the Gateway Chapter of Business Network International for over 12 years now. This year we set a record and have passed over $568,000 in referrals among chapter members. Fortunatrely for me BNI has contrinued to provide me with a steady stream of referred business. This while many other loan officers are suffering.

To find out more about BNI and the Gateway Chapter go to www.bnihudsonvalley.com or to www.bni.com.

Mid Hudson Valley Mortgage Bankers Association Dinner Meeting

M & T Bank — Mon, 12 Nov 2007 15:04:36 -0600

The Mid Hudson Valley Mortgage Bankers Association

General Membership Meeting

November 15^th 2007

Hudson's Ribs and Fish

Route 9

Fishkill, NY

Cash Bar at 5:30pm

Dinner and Program begin at 6:30pm

Foreclosures and The Home Equity Theft Protection Act

Presented by Lawyers Title Insurance Company

Members $40

Non-Members $45

To Register Click Here

(There will be an additional charge of $5 if you pay at the door.)

Credit Cards are being accepted on line. Please call John Klassen at 914-388-2749 with questions.

If paying by check make them payable to:

MHVMBA

Remit them to:

MHVMBA

c/o David Ellicott

14 Kuchler Drive

LaGrangeville, NY 12540

Mid-Hudson Valley Mortgage Bankers Association

Serving Hudson Valley Mortgage Bankers since 1985

Another fun week...here's a new quote

M & T Bank — Thu, 08 Nov 2007 14:43:11 -0600

The rate sheet ponderer strikes again. I think this sums up part of the attitide in the markets.

"Too many people are thinking of security instead of opportunity. They seem more afraid of life than death."

James F. Byrnes, US Juirist and Politicain (1879-1972)

Lets start looking at the market from that stand pointof what it has to offer, not what it isn't offering.

Have a great day.

Socrates weighs in on Sub-Prime...

M & T Bank — Thu, 01 Nov 2007 11:28:36 -0500

Regard your good name as the richest jewel you can possibly be possessed of - for credit is like fire; when once you have kindled it you may easily preserve it, but if you once extinguish it, you will find it an arduous task to rekindle it again. The way to gain a good reputation is to endeavor to be what you desire to appear.

Socrates

Courtesy of the Homestead Funding Rate sheet.

Here is some good advice...

M & T Bank — Thu, 01 Nov 2007 08:44:55 -0500

I was watching Oprah the other day...could have been yesterday and she had a financial advisor that spoke about affording a home payment.

Her advice was pretty simple. Take the PITI payment quoted by the lender and add 40% to it. This would cover electric, cable, garbage pick up etc. She had been through the process and had nearly lost her home and was able to get it together and stay on track.

I will have to look up her name, but I thought it was an interesting piece of advice.

Big things come in small packages

M & T Bank — Wed, 31 Oct 2007 15:54:57 -0500

I am one of thoise annoying dog owners. I have a Dachshund by the name of Fritz. He is the best little guy in the whole world and as you can see, I am quite willing to take time out of my day to tell you.

Well last night he earned his weight in whatever food he would like.

After a long day at work I arrived home and around 11 pm decided to turn into go to sleep. My wife having had a long day was out quickly as well. At 1 am the dog is whining and really bugging me to get up. More than usual. I thought it strange as he had been out at 11pm and usually doesn't want to get up until 3 am.

I went outside with him since I thought there was an animal that he would get involved with and there was notheing. Nor did he want to go potty in the yard. He kept starting at the road in front of my house and looking at. You know the "Hey Dummy don't you see that?' look.

Finally he barked and I heard a woman scream for help. She had run off the road to avoid a deer and drove into a ditch. The car was nose down so you could not see her headlights.

Thanks to "Wonder Fritz" as he now insists to be called, I was able to call 911 and get her help. I am glad to report that despite a couple of bumps and stiffness the young lady is fine. I guess "mans best friend" is true.

Mid Hudson Valley Mortgage Bankers Association Seminar

M & T Bank — Sat, 27 Oct 2007 12:15:16 -0500

The Mid Hudson Valley Mortgage Bankers Association held an educational seminar on October 24^th and the M & T Bank Regional Headquarters in Fishkill New York. The quest speaker was Jack Massaro of the New York State Banking Department. The purpose of the seminar was to provide information regarding the implementation of the new Mortgage Loan Officer Licensing Bill which was passed at the end of 2006.

As of January 1^st, 2008 mortgage brokers and bankers in New York State will be required to register and become licensed. In addition to the licensing there will be a continuing education requirement. The requirement is 18 hours every two years. The education component has not been completed yet and additional information will follow from the New York State Banking Department.

Loan officers for Mortgage Brokers and Mortgage Bankers will be required to register starting on January 1, 2008. The registration fee will be $125 for each applicant and there will be a $100 fee for fingerprinting. It has not been determined if prior fingerprinting for principal will be able to be used since they are already in the system.

Once you are registered you may originate loans while the file is reviewed. Once the loan officers file is reviewed and approved they will be able to continue originating loans. Mortgage companies are encouraged to review their hiring procedures and reference and background checks to aid then in hiring of loan officers.

We were also provided with some helpful web sites for additional information.

The Conference of State Banking Supervisors

American Association of Residential Mortgage Regulators

The New York State Banking Department Site

Gateway BNI Chapter Passes Milestone

M & T Bank — Sat, 20 Oct 2007 14:19:27 -0500

The Gateway Chapter of Business Network International was formed in 1995 and currently meets at the I-84 Diner in Fishkill, New York. We have 26 members and this past month we passed the $500,000 mark in revenue generated.

BNI is an internationally known business networking organization with chapter through the world. Each chapter limits memebrship to one memebr per profession. It is the goal of the members to develop relationships that result in buisness referrals, not leads.

We are part of the Hudson Valley Region of BNI. The local web site is www.bnihudsonvalley.com.

We are currently seeking application for professionals in healthcare and pharmaceutical sales, office supplies and office equipment sales, window replacement contractors and a home inspector.

I have been a member of the chapter since 1995 and would be happy to answer your questions. We meet every Tuesday morning from 7 am to 8:30 am.

Hope to see you there.

Another Quote from the Homestead Rate Sheet Man

M & T Bank — Wed, 17 Oct 2007 14:22:04 -0500

Time to thank our rate sheet guru Bob Bradley. I liked thgis one and thought it worthy of a posting...

The path to our destination is not always a straight one. We go down the wrong road, we get lost, we turn back. Maybe it doesn't matter which road we embark on. Maybe what matters is that we embark.

Barbara Hall, Northern Exposure, Rosebud, 1993

Hope you are all having a great day.

Mid Hudson Valley Mortgage Bankers Education Seminar

M & T Bank — Fri, 12 Oct 2007 12:06:41 -0500

The Mid Hudson Valley Mortgage Bankers Association

Education Seminar

October 24^th 2007

M and T Bank Regional Headquarters Training Room

1769 Route 52, Fishkill, NY

Speaker

Jack Massaro of the New York State Banking Department

Subject

Implementation of the Mortgage Loan Officer Licensing Law and its impact on continuing education requirements for Mortgage Brokers, Bankers and Loan Officers.

Doors Open at 5:30 pm.

Light Refreshments and Fare

Program begins at 6:00pm

Members $10

Non-Members $15

(You may register on line and pay by cash or check at the door. Credit Cards will not be accepted for this event.)

If paying by check make them payable to:

MHVMBA

Mid-Hudson Valley Mortgage Bankers Association

Serving Hudson Valley Mortgage Bankers since 1985

A Jewel on the Banks of the Mighty Hudson River

M & T Bank — Sun, 30 Sep 2007 12:05:22 -0500

The Mid Hudson Childrens Museum is located at 75 North Water Street in Poughkeepsie, New York. The Museum offers parents and children a place where they can relax, play and learn in a safe and friendly environment.

The museum has many exibits. A water table that explains the tides in the Hudson, a bubble machine (my personal favorite), a dive bell and a Radio Booth where they can spin tunes for the museum.

The upstairs is for children from 4 to 11 and the downstairs is for the younger children. There are many exhibits and play areas in this great place. The pavilion, which has recently been added is a great place to host a birthday party or other family event.

Spend Thursday's with Grandpa and Grandma? Thursday is Grandparent and me day. Grandparents get in free with their grandchildren. This one's on the young one.

Like any great place, funds are not unlimited and the museum needs your support to remain open. You help by joining, an annual membership is $70. You can also help by sponsoring an exhibit or making a donation. Call Sarah Capazolli at (845)-471-0589 ext 14 to find out how your donation will help keep this jewel available to another generation of children.

Thanks for your support. To learn more find the museum on the web at www.mhcm.org.

VA Loan Debt Ratios

M & T Bank — Mon, 24 Sep 2007 15:02:48 -0500

This is another blog post with information that is important to reviewing in your VA loan file.

VA loans are a great way to assist Veterans. The posts are taken from my VA loan handbook that I share with Realtors who attend my VA for Realtors Course. Please feel free to contact me with any questions regarding VA loans. You can also go to the VA web site for additional information. It is on my blog roll.

VA Loan Debt Ratio Calculation

According to VA guidelines, borrowers and / or their spouse must qualify according to set debt ratios which are used to determine whether the borrower can reasonable be expected to meet the expenses involved with home ownership.

TOTAL FIXED PAYMENT TO EFFECTIVE INCOME

Add up the total mortgage payment (principal and interest, escrow deposits for taxes, hazard insurance, homeowners' dues, etc.) and all recurring monthly revolving and installment debt (car loans, personal loans, student loans, credit cards, etc.). Then, take that amount and divide it by the gross monthly income. The maximum ratio to qualify is 41%. In the event the number exceeds the 41%, the VA has a residual income guideline which can allow approval, yet are not considered a compensating factor.

Example:

Total Amount of New Housing Payment	$650.00
Total Amount of Revolving Debt	$300.00
Total Monthly Recurring Debt	$950.00
Borrowers Gross Monthly Income	$2,400.00
Dive House Payment by Income	$950/$2400
Debt to Income Ratio	39.58%

Please note that the above indicators do not exclusively determine whether or not a veteran will qualify for a VA loan. Compensating factors may affect the loan decision. These factors are especially important when reviewing loans which are marginal with respect to residual income or debt-to-income ratio. They cannot be used to compensate for unsatisfactory credit.

Some compensating factors include, but are not limited to the following:

Excellent credit history
Conservative use of consumer credit
Minimal consumer debt
Long-term employment
Significant liquid assets
Military benefits and more

VA loans are underwritten and approved by the lender. The VA reviews the file and then issues the loan guaranty. If you feel strongly about a loan exception, make sure you provide documentation for the compensating factors you are using. The VA will provide a guaranty if the documentation supports your reason to go outside of guidelines.

Best of luck helping America's finest and bravest.

Is it just me...or is this just plain dumb

M & T Bank — Mon, 24 Sep 2007 11:45:25 -0500

I met with a client this past weekend. They have a 2 year ARM and an adjustable Home Equity loan, both of which are about to adjust. Between the two they have a high ltv and I felt they would fit right into an FHA loan. Their ratios are a bit high, but consolidating their debt would actually put them in a better positon. Since they have one of these targetted programs and the adjustment is near, I figured FHA woyuld be a solution before they began having trouble with delinquent payments.

WRONG ANSWER JOHNNY!

With the new rules they will have to wait for the loan to adjust, become delinquent, wreck their credit and then I can refinance them through FHA. They feel bad enough that they have to do this since they should have gotten a fixed rate loan a couple of years ago, but now I get to tell them this? By the way, I did not originate the previous loan so I have not created my own hell.

So basically unless they want to kill their credit we can't offer a reasonable solution.

Does anyone have a reasonable way for me to explain this to my clients?

Hi, I am from the government and I am not here to help.

Mid Hudson Valley Mortgage Bankers Association Installation Dinner

M & T Bank — Wed, 19 Sep 2007 12:34:07 -0500

Last night the Mid Hudson Valley Mortgage Bankers Association installed their President and Directors for the 2007-2009 term. 71 members and guests attended the event at the Ships Lantern Inn in Milton New York.

The past year has been a time of great turmoil in our industry and it was good to see many friends, co-workers and competitors get together for the good of the organization and the industry.

In additon to the installation of offiers we were entertain by Comedian Paul Bond. Paul has been seen on the Tonight Show with Jay Leno and Premiun Blend on the Comedy Channel.

IT was good to see that in an off year we had many people who were not fair weather professionals.

VA Loan Eligibility Requirements

M & T Bank — Tue, 18 Sep 2007 11:41:16 -0500

Those of you still looking for 100% financing will be glad to know it is still provided the the VA Home Loan program.

Many Veterans are unsure if they qualify. Here are the eligibility requirements.

VA Loan Eligibility Requirements

General Rules for Eligibility

You are eligible for VA home loan benefits if you served on active duty in the Army, Navy, Air Force, Marine Corps or Coast Guard and were discharged under conditions other than dishonorable after either:

•· 90 days or more, any part of which occurred during war time, OR

•· 181 continuous days or more (peacetime)

Two Year Requirement

If you:

•· enlisted and began service after September 7, 1980, OR

•· Were an officer and began service after October 16, 1981.

You must have completed either:

•· 24 continuous months or more, OR

•· the full period for which ordered to active duty, but not less than 90 days (any part during wartime) or 181 continuous days (peacetime).

Wartime and Peacetime

Wartime

Peacetime

World War II

9/16/40 - 7/25/47

Post World War II

7/26/47 - 6/26/50

Korean War

6/27/50 - 1/31/55

Post Korean War Period

2/1/55 - 8/4/64

Vietnam Era

8/5/64 - 5/7/75*

Post Vietnam Era

5/8/75 - 8/1/90

Persian Gulf War

8/2/90 - undetermined

*The Vietnam Era begins 2/25/61 for individuals who served in the Republic of Vietnam.

You may also be eligible if you:

•· were discharged for a service connected disability, or

•· were discharged for the convenience of the government after completing at least 20 months of a 2 year enlistment, or

•· completed not less than 90 days (any part during wartime) or 181 continuous days (peacetime), and

•· were discharged because of hardship, or

•· were determined to have a service compensable disability, or

•· were discharged or released from active duty for a medical condition which pre-existed service and has not been determined to be service connected, or

•· received an involuntary discharge or release from active duty for the convenience of the government as a result in a reduction if force, or

•· were discharged or released from active duty for a physical or mental condition to characterized as a disability and not as the result of misconduct but which did interfere with your performance of duty

•· are an unremarried spouse of a veteran who died while in service or from a service connected disability, or

•· Is a spouse of a serviceperson missing in action or a prisoner of war.

Active Duty Service Personnel

If you are now on active duty, you are eligible after having served on continuous active status for at least 90 days. When and ending date is established for Persian Gulf War service, a minimum of 181 days of continuous active duty will be required for persons who did not have war time service.

Selected Reserve

"Selected Reserve" means the Selected Reserve of the Ready Reserve of any of the Reserve Components which consists of units and individuals who participate actively in paid training and serve on paid active duty for training each year.

Six Year Requirement

A veteran, who isn't otherwise eligible, who completes a total of 6 years as a member of the Selected Reserve (need not be ordered to active duty) is eligible if they either:

•· Received an honorable discharge

•· Was placed on the retired list

•· Was transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service in the Selected Reserve characterized as honorable

•· Continues to serve in the Selected Reserve

The 6 years need not be continuous nor in the same Reserve or National Guard unit. However, active duty regular military service cannot be combined with Reserve service to reach the 6 year requirement.

Eligibility may also be established for:

•· Certain United States citizens who served in the armed forces of a government allied with the United States in World War II.

•· Individuals with service as members in certain organizations, such as Public Heath Service Officers, cadets and midshipmen at service academies, officers of the National Oceanic and Atmospheric Administration and, merchant seaman of World War II.

You can find out more at the VA web site. The address is htp://www.va.gov.

The form to complete to receive your eleigibility certificate is the VA Form 26-1880. You can download it from theri site.

Don't be a Fair Weather Professional

M & T Bank — Mon, 17 Sep 2007 14:45:08 -0500

It is easy to be part of a professional organization when times are good. When home prices are on the rise and rates on the decline. During these up times the local Realtor, Mortgage Bankers, Brokers and Builders Association experience growth from the influx of targeted members and affiliates. They feed on the euphoria of success. These are great time to build membership numbers.

It is just as important to maintain these numebrs for down periods. Right now we are all going through a down cycle in the market. Our organizations need to keep our numbers up and use our combined strenght to combat adverse legislation and publicity. If we are each able to contribute a little the whole of the group grows. This will enhance our next up cycle.

Take part in a professional organization in your field. The boards can use the help of the volunteers and you will make contacts that will be helpful in all cycles. You will also develop a reputation as a professionals in your industry and you will be exposed to others who are the same.

I am a member of the Mid Hudson Valley Mortgage Bankers Association and have been since I joined the industry in 1995. I have made valuable contacts through this and have become a go to person for many other industry professionals. One of the projects we were able to complete was our web site which has done much to keep our organization informed about tchanges in the industry. Check it out at http://www.myvmba.com.

My message is that we need to take the time to protect our industry by staying involved in our industry. Working together with your competition will help you to build better relationships with them. The career you save, could be your own.

It is easy to celebrated in a hot market. It takes strength to help your indusrty when times are tough.