Luann Klimchock Question and Answer

Luann Klimchock AMS Branch Manager

AMS Insider:
How long have you been with AMS?

Luann Klimchock:
I have been working with AMS since October, 2001.

A:
Where did you attend college?

L:
I majored in communications at ASU on a tennis scholarship.

A:
How has your experience been working with AMS?

L:
Everybody who works for AMS is very professional, motivated and a pleasure to work with. My experience with AMS has been very positive and you truly feel like it is a team working together.

A:
What do you like most about banking with AMS?

L:
What I like most about banking with AMS is the knowledge of the staff, from the loan being set up all the way through to funding. Because of everybody knowing what their tasks are, the turn around times are great. Once again, it feels like everybody is on your team trying to achieve the same goal.

A:
What do you enjoy doing when not at work?

L:
I enjoy spending time outdoors….playing tennis, hiking, and running. Also, most of my family lives in Arizona, so I enjoy spending time with them.

A:
How is it working with Cami?

L:
I have worked with Cami for a couple of years now. She used to work with First Magnus and was my coordinator there. When I heard she was working with AMS, I was ecstatic. She is very professional, knowledgeable and always goes above and beyond to get the job done. She makes my job so much easier.

A:
How has your quality of life improved since joining AMS?

L:
When you work with professional people who know what they are doing, and get the job done efficiently and quickly, that takes the stress and pressure off of me. That definitely improves the quality of life in an individual.

A:
How do you do your business?

L:
I work out of my house and have no problem working after hours and during the weekend. My clients love that I have this flexibility. I process and originate my own loans. I like doing both, because I am familiar with the client/file 100% of the time.

A:
How do you rate turn times?

L:
The turn times at the AMS bank are great.

A:
How many transactions a month have you historically done?

L:
I will do 5-8 transactions a month, but have done as many as 15.

A:
What type of loans do you normally do?

L:
The majority of my clients are A paper and are conservative. So I normally do conventional 30 year fixed (I/0). I did have a sub-prime loan that I just sent to AMS, and it was a very positive experience. It makes me confident to start tapping more into that market.

A:
You have been with us 4 years now and just started banking with us, what was your reluctance?

L:
My reluctance with banking with AMS initially was because of the feedback I was getting from the other branches that were using AMS. I heard the turn times were not great and they were out of the ballpark with pricing. I am glad I finally used AMS for some of my deals, because I found that this is not the case anymore.

Matt's Irish Stew

Ingredients:
12 ounces lean, boneless lamb, cut into 1-inch cubes

2 cups beef broth

1/4 teaspoon salt

1/8 teaspoon pepper

1 bay leaf

3 medium potatoes, peeled and cut into 1-inch chunks

2 medium onions, cut into wedges

1-1/2 cups sliced carrots

1/2 teaspoon dried thyme, crushed

1/2 teaspoon dried basil, crushed

6 Pints Guinness 1/2 Pint for recipe, rest for self consumption.

2 tablespoons all-purpose flour

1/3 cup dairy sour cream

2 teaspoons snipped fresh mint

Directions:
1. In a large saucepan or pot combine lamb, broth, salt, pepper, and bay leaf. Bring to boiling; reduce heat. Cover and simmer for 30 minutes. Skim fat off meat mixture. Add potatoes, onions, carrots, thyme, and basil. Cover and simmer for 30 minutes more or until vegetables are tender. Discard bay leaf.

2. In a small bowl stir together beer or water and flour. Stir into meat mixture. Cook and stir until thickened and bubbly. Cook and stir 1 minute more.

3. To serve, stir together the sour cream and mint. Spoon some of the sour cream mixture atop each serving. Makes 4 servings.

COMPLIANCE ASSISTANT
Job Duties
• Perform review of documentation used to close the loan
• Set up files per company requirement
• Screen for fraud
• Complete quality control checklist
• Prepare loan files as required for imaging after funding and assist other co-workers in delivery of loan files to imaging department
• Prepare reports
• Assist as needed and perform other related duties and special projects as required
Competency:
Demonstrates professional behavior and teamwork, is punctual, dependable and adheres to company policies and procedures. Working knowledge of closing practices and loan documents. Has a clear understanding of compliance regulations. Proven organizational and communication skills. Demonstrates a strong PC skill with proficiency in software such as Excel and Word. Ability to present a professional image and demeanor to internal and external customers. Ability to communicate effectively both orally and in writing. Working extended hours may be necessary as needed. Must be able to sit for a long period of time.
Please email Vicki Oania at vickioania@amsaz.com to apply or to request further information.

Troy's Tech Tips

Computer-On-A-Stick

No longer are flash memory hard drives reserved for just documents or mp3 files. Now, thanks to the folks at Fingergear, you can carry a mini computer with you. The aptly named “Computer-On-A-Stick,” is a small lighter-sized USB drive that carries its own operating system (Linux), a complete Microsoft Office-compatible suite of office software, a web browser, calculator, AOL-compatible chat program, email program... basically, everything in your current computer, only a lot smaller.

It works beautifully. Simply tell your computer to boot to the USB drive. You can do this even if your hard drive is fried, since you'll be working in the BIOS, which loads before any hard drive-based information. Your machine will boot to the Computer-On-A-Stick, and you'll soon be doing everything you want to do without using your hard drive at all.

Mortgage Rates Mixed But ARMs Not Much Of A Bargain

Freddie Mac's Primary Mortgage Market Survey for the week ended February 16 reported mortgage interest rates at their highest levels of the New Year.

30-year fixed mortgage rates averaged 6.28 percent, an increase of 4 basis points since the previous week's report. The 15-year fixed rate product increased from 5.84 to 5.91 percent. Fees and points for both types of fixed rates dropped from 0.6 to 0.5.

The 5/1-year adjustable rates mortgage increased to 5.95 percent from 5.89 percent with fees and points down to 0.5 from 0.7 and the 1-year ARM also rose slightly from 5.34 to 5.36 percent. Fees and points were up 0.2 to 0.7 since the previous week.

The Mortgage Bankers Association's Weekly Mortgage Applications survey for the week ending February 17 reported decrease in fixed rate products.

The 30-year fixed rate mortgage declined to 6.22 percent from 6.25 percent with fees, including the origination fee, decreasing from 1.23 from 1.34. The 15-year fixed rate also declined from 5.92 percent to 5.87 percent although those fees increased to 1.21 from 1.17. The 1-year ARM, however, increased from 5.52 percent to 5.60 with points decreasing slightly from 0.99 to 0.97. All MBA figures are for 80 percent loan to value mortgages.

Applications increased 0.8 percent on a seasonally adjusted basis from last week and 3.4 percent on an unadjusted basis but were to 80 percent of the volume the same week one year earlier. Refinancing activity dropped from 41.2 percent of total applications to 38.2 percent in a week.

It is worth noting that the differential between the 1-year ARM and the 30-year fixed rate mortgage in Freddie Mac's survey is only 92 basis points while the Mortgage Bankers survey had the different in interest rates at 62 basis points. The same week last year the differential in Freddie Mac's survey was 1.47 percent. The 5/1 ARM rate is 4 basis points higher than the rate for a 15-year fixed mortgage and only lags the 30 year by 33 basis points. Nonetheless, adjustable rate mortgages, while down from 29.6 percent of all mortgage activity to 29.1 percent is still holding on to a significant market share. Freddie Mac has theorized that many lenders are discounting the adjustable rate in order to keep that segment of the market alive - otherwise it is hard to explain why so many borrowers are willing to assume the risk of an ARM for such a small and probably temporary saving.