American Mortgage Specialists

Your Monthly AMS Newsletter

Inside This Issue
James Cadzow
Branch Manager James Cadzow shares the secret of his success.

Industry News Industry News
Read what is going on in the Mortgage Industry.

Holiday Ham with Cider Glaze
A Holiday Masterpiece.


Important Links
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Volume 2 - Issue 2  
December 2006  



AMS Bank Staff


AMS HR Staff

AMS Accounting Staff


AMS IT Staff


AMS Compliance Staff

AMS Office Support Staff




Due to AMS' license in Florida and the pending licenses with many of the states listed below; the following is a clarification of American Mortgage Specialists, Inc. Windstorm/Hurricane Insurance Policy:

Windstorm/Hurricane Insurance Policy

American Mortgage Specialists requires windstorm/hurricane coverage on their loans. Typically this coverage is included in the homeowner policy, but there are situations when it is excluded. Most states prohibit windstorm coverage from being excluded from homeowner policies. However, the following states do not have a prohibition regarding wind coverage exclusion:

Alabama Maine New York
Connecticut Maryland North Carolina
Florida Massachusetts Rhode Island
Georgia Mississippi South Carolina
Hawaii New Hampshire Texas
Louisiana New Jersey

If the hazard insurance policy in the above states does not disclose in writing that windstorm/hurricane insurance is included in the policy we will require one of the following:

1. The current hazard policy must be updated to reflect in writing that windstorm/hurricane insurance is included in the hazard policy.

OR

2. We will require a separate windstorm/hurricane insurance policy, with the same coverage requirements as hazard insurance.



AMS Spotlight

James Cadzow


James Cadzow & his daughter Alina

James Cadzow and AMS Branch Manger since August 2005, has really built his business on hard work. Since he joined AMS he has grown his branch to 12 loan officers, 2 processors and 1 assistant branch manager. The transition to an AMS branch manager wasn't all easy though, James said "When I decided to open my own branch it was a bit intimidating at first, however with the help and constant support of AMS I have been able to grow to my success where I am at today and drive toward my future success' of tomorrow! " So far this year the Cadzow branch has flourished and funded over 170 loans for over $38,000,000.

With all this business, the Cadzow branch has funded the majority of their loans through AMS. When asked why James said, "My experience with AMS has been absolutely phenomenal! I have the best coordinators a branch manager could dream of, Nora Twal. My two processors, Sherry Chambers and Patricia Rhodes, are highly dedicated employees that have helped me achieve my success." He also said, "Being able to get the tough loans done, when others want to quit on them is why I send all my loans through AMS and having the ability to reach out for support staff when I need it, such as Andy Truitt, Rod Frye and Nicole Fields. Also, David McMaster, Eric Weight and Scott Powers are very helpful when I need to talk to someone with more authority."

With new products added to the AMS line all the time James Cadzow is very excited about the future. The new AMS Q 500 FICO product opens up a huge market for AMS branches, James said, "I am SO excited that AMS has implemented a product such as this. Our first loan with "Q" got approved within 24 hours. I foresee at least 5-10 loans a month fitting into this program."

The secret to James Cadzow's success is hard work, dedication and never giving up on a loan. James said, "I hate to turn down business and I will do whatever it takes to make it work!"

In his spare time James says he loves to try to make more money through the stock market and real estate transactions. He also loves football and golf. James is the proud father of a beautiful 4 year old girl named Alina and he is happily engaged to one of his top Loan Officers, Ann-Marie Spilotro, who started his branch with him from the ground up. The future is looking bright for James he is currently building a 7000 square foot home only a mile away from his office. James said, "I couldn't have done all of this without AMS's help! I look forward to the future with American Mortgage Specialist, Inc."



Recipes

Holiday Ham with Cider Glaze


Ingredients:
• 1 5- to 6-pound cooked ham (rump or shank portion)

• 2 cups apple cider or apple juice

• 1 cup honey

• 1/2 cup cider vinegar

• 1/4 cup Dijon-style mustard

• 2 teaspoons chili powder

• 1 tablespoon butter or margarine

• 1/2 teaspoon apple pie spice


Directions:
1. Preheat oven to 325 degree F. Trim any excess fat from ham. Score ham with diagonal cuts in a diamond pattern. Place on a rack in a shallow roasting pan. Insert a meat thermometer. Bake until thermometer registers 140 degree F (1-1/2 to 2-1/4 hours).

2. Meanwhile, in a large saucepan combine apple cider, honey, vinegar, mustard, and chili powder. Bring to boiling; reduce heat. Boil gently, uncovered, about 15 minutes, stirring frequently. (Watch carefully, as mixture will bubble up.) You should have about 2 cups of mixture. Remove half of the mixture to a small bowl. Stir in butter and 1/4 teaspoon of the pie spice. Set aside for sauce. Bring remaining mixture in saucepan to boiling; reduce heat. Boil gently for 5 minutes or until mixture is thickened and reduced to about 1/2 cup, stirring frequently. Stir in remaining 1/4 teaspoon pie spice; use for glaze. If glaze should set up before using, cover and reheat in a microwave-safe dish on 100 percent power (high) for 1 minute or until warm.

3. Brush ham with glaze the last 20 to 30 minutes of baking. Reheat cider sauce in a small microwave-safe bowl for 1 minute on 100 percent power (high) or heat in a small saucepan. Pass sauce with ham. Makes 16 to 20 servings.

Steve's Beverage Recommendation

With this meal Steve recommends:

Beaujolais Nouveau

I like to marry France’s Beaujolais Nouveau release with my Thanksgiving meal. The third Thursday of November every year is always the splashy arrival date for the first wines of the new vintage. Beaujolais Nouveau is a simple, fresh, non-egoistic fruit bomb of a red wine and is almost always 10 bucks or less. Made from the lighter Gamay grape, it’s aromatic and laden with bright cherry candy or jam. Serve it chilled for the best results. My favorite producers in past releases have been Mommessin and Drouhin.




Weekly Joke

Joke Of The Month

The Angel Atop The Tree Tradition

One Christmas, Santa was having a really bad day. The local elves union was up in arms over their contract and were threatening a walk-out. Mrs. Clause was pissed that Santa was never around to appreciate all of the hard work she had been doing around the house. Santa decided he needed to go home, sit in front of a fire and relax.

When he got there, Miss Clause was all up in his face and wouldn't let down. Then, there was a knock on the door. It was Rudolph. He said the reindeer were sick and tired of Santa not upgrading to the new lightweight sleigh and they were joining the elves walkout. Santa slammed the door and threatened "The next person who knocks on that door is gonna get it!"

At that time, there was a knock on the door. Santa flung the door open and there stood a tiny little angel. The angel had been searching for the perfect Christmas tree for Santa's house all day long, until it found the perfect one. The little angel asked, "Santa, I was wondering where you would like me to stick this tree?"

And that is the story of how the angel atop the tree tradition began.




Cyber Chat

Cyber Chat

By Steve Bradshaw

Hello AMS!!

I hope everybody had a great November. It has been a busy month in your I.T. Department.

We just finished a reorganization of the bank layout to create more synergy and efficiency for better service and turn around times for your loans!

We are also designing and hosting more branch websites. If you currently have one and we are not hosting, you will be hearing from us to move it to one of our secure servers. If you would like a web site, send us an email and we will be happy to go over all of the options with you.

I am going to grab some loose fitting pants and get ready for Thanksgiving.

Talk to you next month.


Steve Bradshaw
Vice President
Information Technology



You must only use a licensed location on your 1003. All Teams and CLO’s can only use the corporate address on the 1003. The Teams and CLO’s in Nevada use the 3265 N. Fort Apache Ste 110 address.

If you do a loan outside the state of Arizona, it is your responsibility to know the LAW. Several states require a loan officer to hold an individual license for that state as well as passing a test. Some states require the loan officer to be registered and to complete ongoing education courses.

If you are unsure checkout our website at amsbank.com and look for the state map. Click on the state and the procedure is included. You can also call Carol Baez or me at the corporate office.


Vicki Oania
Compliance Manager





HR Headlines

AMS Revised Compliance Training

As many of you are aware, we have been scheduling you for a one time required compliance training class. This updated compliance class is required for all Branch Managers, Team Managers, Office Managers, Processors and Corporate Loan Officers! It is required as a result of our ongoing effort to meet mortgage lending requirements on the state and federal level.

Many of you have already attended, but we have quite a few that have not responded!! Corporate Loan Officers must turn a new compensation agreement as well and there are quite a few that we still need.

Training is being held in Suite 152 training room from 9:00am - 12:00 pm on Wednesdays through out November and December. Time is running out, and those who have not attended may have delay of loan payroll disbursement due to lack of knowledge of ongoing changes.

Please contact Patrick Marshall, our Corporate Trainer, or any one of us in the HR Department if you have any questions at all.


End of the Year Reminder

It is once again time to remind everyone to be sure that we have your current address on file as we are quickly approaching the time to send out W-2's! Please forward any changes and updates to rhondajohnson@amsaz.com or schellenekonicke@amsaz.com.

Have a wonderful Holiday Season!!


Rhonda Johnson
HR Manager


Troys Tech Tips

Troy's Tech Tips

Windows Vista

Windows users won’t see the upgrade to Windows XP for another couple of months. Windows Vista will be released in January at the earliest – more than five years after its predecessor.

Delays in its release mean computer retailers will miss the critical holiday shopping season, during which they had HOPED to showcase new computers with Vista already installed. But just because the software won’t be there BEFORE the holidays, doesn’t mean you can’t take advantage of it now. Be on the lookout for deals on new computers that include free upgrades to Windows Vista, when it’s eventually released. Retailers will be looking to move computers out the door, and may be willing to offer Vista as a coupon now, rather than miss their numbers for 2006.

And that could save you money. Recently, Microsoft’s Canadian site leaked the pricing scheme for Vista. According to the preliminary numbers, an upgrade could cost you at least $99… and as much as $400 for a full version of the high-end Vista Ultimate.

Just Do I.T.




AMSU

Calendar

You can download a full version of the calendar at: www.amsbank.com/AMSU/AMSU Brochure.doc


November 20th 2006 -Internship 10-12
                  AMS Express 2/ Rate Sheet Training 1-3

January 2nd 2007 - AMS Elite Training 9-11
                      Bank Orientation 1-3

January 3rd 2007 - Compliance 9-12
                      CLO Orientation 1-4

January 4th 2007 - Branch Orientation 10-4
                      Internship 10-12

January 5th 2007 - Internship 10-12
                      Calyx Point 101 1-4

January 8th 2007 - Internship 10-12
                      LO Training 1-5

January 9th 2007 - Internship 10-12
                      LO Training 1-5

January 10th 2007 - Compliance 9-12
                      LO Training 1-5

January 11th 2007 - Branch Orientation 10-4
                  LO Training 1-5

January 12th 2007 - LPA/BM 9-10
                  LPA/Realtor 10-11

January 16th 2007 - AMS Elite Training 9-11
                              Bank Orientation 1-3

January 17th 2007 - Compliance 9-12
                              CLO Orientation 1-4

January 18th 2007 - Branch Orientation10-4





Business Etiquette for the Holidays

BY DINAH ENG

This festive time of year offers no shortage of opportunities to network, celebrate with colleagues, and show your appreciation to clients with holiday cards and gifts. Yet with all of these cheery occasions comes the potential for etiquette mishaps. Here, manners experts and real estate pros answer some common questions and provide tips that will help you make a great impression this holiday season.

Sending Cards: Is E-mail Acceptable?

It seems everyone in the real estate business is connected to their computers. So it would certainly be convenient — and affordable — to send electronic holiday cards to clients and colleagues. But is that acceptable?

“E-mail cards are being done a lot,” says Beverly Langford, author of “The Etiquette Edge: The Unspoken Rules for Business Success” and a principal of LMA Communication in Atlanta. “But there are people who would think that’s the easy way out, so it depends on your audience. I wouldn’t send e-cards to everybody. But something is better than nothing, and sooner is better than later.”

Charles Price, a broker with Coldwell Banker Mountain West Real Estate in Salem, Ore., says it’s always better to do cards the old-fashioned way. People love getting mail during the holidays, and it will make your message more cherished. “Handwritten notes are like gold,” he says. “It’s one of the best things you can do. You need to stay in contact with people at every opportunity, and the holidays are a season where you can market yourself with cards and gifts.”

Gift-Giving Dilemmas: What to Buy?

Shopping for your valued clients and most trusted colleagues can be tough. You know them on a professional level, but do you really know what they’d enjoy as a gift? Luckily, there are plenty of options that will please just about anyone. (Check out REALTOR® Magazine’s holiday gift guide for ideas.)

Edible gifts are always a safe bet, Price says. “Food or wine — if the client drinks — make appropriate gifts during the holidays because there’s a lot of entertaining going on,” he says. But any thoughtful present will do.

“A doctor and his wife recently closed on a house, coming here from Southern California in the middle of our rainy season. So I gave them two automatic umbrellas from Nordstrom, and a $50 bottle of wine to the doctor who referred them to me. It’s good to show your gratitude.”

If shopping for clients who just bought or sold a house, use the price of the listing as a guide, Langford suggests. “If you’ve just sold a $3 million house, you might want to do something like a lavish gift basket from Godiva.”

When it comes to your broker, what gift is best? Peggy Post of the Emily Post Institute Inc. in Burlington, Vt., says it’s not necessary to give gifts to bosses, in general. “You don’t want to look like you’re currying favor,” she says. “But if you feel like you really want to do something, you can bake something or buy something very simple. Another way to handle it is to get several people to pitch in for something.”

If a colleague buys you a gift, but you didn’t buy him one, don’t fret. Just graciously thank him for it, Langford says. It’s not necessary to reciprocate, but you may want to make a note to yourself to get something for that person next year.

Going to the Party: What to Wear, Bring?

So, you’ve received an invitation to a holiday party. Now comes the tough decision — what to wear. Don’t make assumptions, especially if you’ve never been to that party before. “If the invitation doesn’t state the attire, call and ask,” Langford says. You don’t want to show up underdressed to a black-tie event. Likewise, “If it’s strictly a professional party, don’t go in sparkling like a Christmas tree.”

To arrive to a party at someone’s home in style, there’s one accessory you can’t forget: a gift for the host. Post recommends a small box of high-quality chocolates. “Or, you could bring something you’ve made, like muffins for the hostess’ breakfast the next morning, a decoration for the tree, or bulbs if they’re gardeners,” she says. “Just something simple to denote your gratefulness for the invitation.”

One thing to avoid bringing: cut flowers, Langford says. The flowers may be pretty and smell great, but the host will have to abandon her guests in order to arrange the flowers into a vase. After the party, a thank you note to the host will be well appreciated.

Conversation Starters: What’s Off Limits?

As a real estate practitioner, you probably have no problem striking up conversation in social situations. However, at a work-related party, you should make an effort to veer away from “shop talk” and include spouses in the conversation. “Talk about noncontroversial current events, holiday plans, or people’s families,” Langford suggests. “Ask open-door questions that let the other person talk.”

To be on the safe side, avoid talking about issues that may lead to heated debates or get too personal. If you plan to broach more touchy topics, such as politics or religion, “know who you’re talking to and whether they’ll enjoy a spirited conversation,” Price says. “You need to be careful not to get into an argument that leads to hurt feelings.”

Price also adds that you should keep the conversation positive, and never gossipy. “You should never say anything negative about other colleagues in a public situation,” Price says.

Making a Toast: What Should I Say?

Whether you’re moved to make a toast at a friend’s party or you’re hosting a gala and would like to say a few words, keep a few pointers in mind.

For example, the host or hostess offers the first toast at a formal occasion such as a dinner party. Around a dinner table with friends, a guest can propose the first toast and often does so to thank the host for bringing everyone together, according to the Emily Post Institute.

Keep it short and to the point, focusing your remarks on the event being celebrated. A joke or short story is OK, as long as it’s clean. For a boost of confidence, write out what you wish to say and then practice it ahead of time, the Institute recommends.

Too Many Places to Be: How to Decide?

As party invitations start rolling in, you realize just how popular you are. Unfortunately, the season is short and parties inevitably will conflict with one another. If invited to several occasions on the same day, what should you do?

“Go to all three,” Langford says. “People understand during the holidays that you’ll have many commitments. I’d much rather guests come by for 30 minutes and leave than say you can’t come because you’ve got to go to another party.”

Post, on the other hand, says you may decline two of the invitations by simply saying, “Sorry, I can’t make it.” No explanation is necessary. What’s key, she says, is that if you say yes to one person, you honor that commitment even if a more desirable invitation arrives later.

“You could try to attend two of the parties,” Post adds. “But if the invitation is to a sit-down dinner, you need to sit and stay.”

Regardless of whether you go or not, you absolutely must RSVP. If you’ve ever planned a party before, you know how frustrating it is to be in the dark about who is coming.

Stating the Obvious: Watch What You Drink

Among all holiday etiquette faux pas, having too much alcohol to drink always tops the list, experts say. Your professional reputation and your friendships are at stake.

“I had a cocktail party one afternoon, and somebody broke a Waterford flute and didn’t bother to tell me,” Langford recalls. “I found it stuck in a corner afterwards. I was really surprised, given the people who were invited.”

To avoid embarrassing situations, either don’t drink alcohol or limit your intake. The days of work parties where coworkers let down their hair, got drunk, and ended up wearing lampshades on their heads are out of style, the Emily Post Institute says.





LOAN LOGS ARE DUE TO COMPLIANCE BY THE 5TH OF EVERY MONTH.


A LOAN LOG IS NEEDED EVEN IF YOU DID NOT CLOSE ANY LOANS. JUST PUT ON THE LOG “NO LOANS”. Also cancelled/ Denied files must be turned in monthly to suite 288 along with a loan log for the files turned in.

Fax your loan log to (480)777- 4195 or email directly to compliance at Compliance@amsaz.com


Download Loan Log Form






In The Industry

Mortgage Rates Remain Low While Applications Reach Recent Highs

Article obtained from Mortgage News Daily

Mortgage rates declined yet again in the results of the Primary Mortgage Market Survey for the week ended December 7. Freddie Mac reported that the 30-year fixed-rate mortgage reached the second lowest point of the year at 6.11 percent with an average 0.5 point. This was a drop of 3 basis points from the previous week and was only higher than the 6.10 percent rate for the week of January 19.

The 15 year FRM averaged 5.84 percent with 0.5 point. The week ending November 30 the 15-year averaged 5.87 percent and one year ago it was at 5.87 percent as well.

The five-year Treasury-indexed hybrid adjustable rate mortgage (ARM) carried an interest rate of 5.92 percent with 0.5 point. This was a drop of 3 basis points since the previous week and again represented an inversion of the yield curve as it was 8 basis points higher than the 15-year fixed

One-year Treasury-indexed ARMS carried an average rate of 5.43 percent with an average 0.7 point, down from 5.46 percent the previous week. This is the lowest this product has been since March 23 when it averaged 5.41 percent but substantially higher than the 5.15 percent of one year ago.

"Continued signs of slowing in the housing market and weakness in the manufacturing sector helped keep mortgage rates down this week," said Frank Nothaft, Freddie Mac vice president and chief economist. "Looking forward in the housing market, we think that housing is about 2/3 of the way through the correction, and should stabilize by mid-year 2007."

The Mortgage Bankers Association, however, saw most rates heading in the opposite direction. Its Weekly Mortgage Applications Survey for the week ending December 8 reported that the average contract interest rate for 30-year fixed-rate mortgages increased to 6.02 from 5.98 percent, with points, including the origination fee, increasing to 1 from 0.91.

15-year FRMs carried an average interest rate of 5.75 for the week, up from 5.66 percent a week earlier. Points decreased to 1.01 to 1.

The one-year ARM, however, bucked the MBA trend, decreasing to 5.76 percent from 5.79 although points increased to 0.81 from 0.77. This was the lowest level for the one-year ARM since March.

There was good news for lenders. Mortgage application volume increased 11.4 percent on a seasonally adjusted basis from one week earlier and 10.2 percent when unadjusted. The Market Composite Index which measures this volume was up 22.2 percent compared to the same week one year earlier. This represented the highest level of activity for the Market Index since October 2005.

MBA's Senior Economist Mike Fratantoni said that the 80 basis points plus drop in mortgage rates since summer has led to a significant increase in refinance activity and "additionally, we are seeing a steady increase in purchase applications."

In fact, the refinance share of mortgage activity increased to 52.6 percent of total applications from 50.1 percent the previous week, the highest level for refinancing since April 2004. The ARM share of activity increased to 24.9 from 23.9 percent of total applications from the previous week.

The Federal Reserve voted on Tuesday to leave the federal funds interest rate unchanged. While this decision does not directly affect mortgage rates, it will probably result in them remaining near their recent lows over the short term.