After spending greater than a decade in the automotive service industry, John felt the need for a change in career to support his growing family and expand on his work experience.  It was in 2008 that John had decided to learn more of the personal finance industry and became employed by a local mortgage loan consulting company.  After learning the industry and the various ways that he could assist homeowners, John decided to open his own company, Northeast Settlement Group of Norton, Massachusetts. 

For several years, John in conjunction with his business partner had assisted hundreds of local distressed homeowners secure the dream of homeownership.  It was he and his partners experience in the industry, understanding of the housing market and willingness to assist that awarded them the opportunity to restructure mortgage loans that were in default or in foreclosure to more favorable terms, allowing families to stay in their homes.

It was his personal drive and commitment to assisting people that ultimately led him to the mortgage origination industry in 2011.  “I realized, after helping so many distressed homeowners, just how important owning a house was to them, it’s not merely wood and shingles, it’s their home, a place to raise their family, a place to feel warm, safe and secure, each home telling its own story.  To have the ability to assist in the realization of the dream of homeownership is incredibly rewarding” said John when asked of his interest in the mortgage loan origination industry. 

Now a licensed mortgage loan originator, John has the opportunity to do so, and after careful review and consideration was offered a position within Province Mortgage Associates.  “This company is different from any other mortgage company I had spoken with, from the moment I met Dave and Alan, I could tell they possessed a unique  drive and dedication to their work, It was obvious they cared about the service they provided to their customers.  These are traits that I not only admire but strive to personify.”

John has an uncanny ability to relate to new and existing homeowners needs and desires, being new to the industry, he is eager to do whatever it takes to get the job done, leaving no stone unturned.  He is young, driven and committed, and ready to roll up his sleeves and go to work for you. 

John is a proud father of two children and now lives in Plainville, Massachusetts with his wife Jessica, and children Vincent and Chloe.  He enjoys spending time with his family, hiking, camping, canoeing and mountain biking.

Government’s various efforts to keep homeowners homeowners

 The original Making Home Affordable program was enacted by the US Government by means of the Financial Stability act of 2009, with the intention of blunting the blow foreclosures were causing to the housing market. It contained two components that have had mixed success and was the subject of a recent announcement of additional support.

Here is a brief review of the two original components and the recent news.

 Home Affordable Modification Program

This program was released with the intent of assisting homeowners delinquent on their mortgages and those in imminent danger of default by modifying the terms of the original loan to achieve sustainable monthly payments. The program has been widely criticized for the difficulty of successfully completing the documentation process, and for the perception that many homeowners re-default. As of September, of 3.9 million estimated homeowners who could be helped, 850,000 had received a permanent modification.

Home Affordable Refinance Program

 This program was designed to help homeowners on time with their payments to refinance in spite of reduced home equity caused by the crisis. Provided the original lien was 80% or less of the original appraised value of the home, the program offers to refinance existing balances even if a new appraisal reveals borrowing as high as 125% of the current value without mortgage insurance. It was also intended to provide assistance to homeowners with mortgage insurance, however, that has been very difficult to access, as it is available only to the current servicer of the loan, and many are not participating in the program. Province Mortgage has closed a substantial number of these transactions.

 2011 Changes to HARP

 An announcement on October 24^th, 2011 previewed several meaningful changes to HARP, which may improve eligibility options. While an announcement of actual specifications isn’t due until November 15^th, some enhancements that have been suggested include:

• Reduced appraisal requirements
• Higher maximum loan-to-value ratio (over 125%)
• Reduced pricing surcharges for various associated risks
• Extended program duration to December, 2013

While many details remain uncertain, the hope is that this will expand eligibility to more borrowers helping more homeowners remain in their homes and, hopefully, providing a bit of economic stimulus with the extra cash those homeowners will have to spend.

A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s Employment Situation Report.

Economic data has gradually worsened as the months of 2011 have passed, and at no time was that more apparent than last Friday, when total Gross Domestic Product growth since January 2012 was announced at less than 0.5%. This figure was far lower than expected, especially considering the downward revision of 1st quarter growth from 1.9% annual to 0.4% annual growth. While the 2nd quarter slowdown earlier believed to have been principally driven by supply interruptions precipitated by natural disasters, it now appears that the problems were farther reaching.

Another recent concern in the economy has been energy prices, which attracted significant attention in earlier months as the price of oil surged over $100 per barrel. This afternoon, oil sold off sharply, ending below $90 for the first time since February, as the US dollar was strengthened by the announcement that Japan will take action to weaken its currency versus the dollar. The Euro remains under significant pressure due to the continued concerns about its member nations’ sovereign debt. Worries have proliferated since July, as previously stable countries Spain and Italy have seven yields on their sovereign debt rise by hundreds of basis points in the last few weeks.

ADP released the results of its July survey of employers, saying that it believed private companies had added 114,000 positions to their payrolls in the most recent month. This is somewhat consistent with that company’s announced results last month, when it announced 157,000 jobs had been added. Last month, though, the Bureau of Labor Statistics announced only 18,000 jobs had been added, though, significantly off the figure announced by ADP. It is unlikely that 114,000 jobs is enough to meaningfully impact the current 9.2% unemployment rate.

Based on this data, my models have developed statistically significant predictions ranging from 82,000 to 93,000 jobs added by private employers. The correlation between ADP and BLS data again failed to achieve significance over the short term, and last month’s miss worsened the situation. As a result, the data derived from that method have been given reduced consideration. Last month, I believed that the ADP results might be anomalous, and I was later proven correct, although I underestimated the size of the error. That ADP shows 100,000 jobs added 2 months in a row suggests that there may be a trend starting. I have developed a prediction that tomorrow’s report will show 90,000 jobs added to private payrolls in July.

Governments are continuing to reduce employment. The most recent visible episode is the recent shutdown of the Federal Aviation Administration, which resulted in the layoff of tens of thousands of employees. Because of the reductions in government employment, the total number of jobs added in tomorrow’s report will be reduced by 25,000 positions, bringing the total to 65,000 jobs added.

The official unemployment rate climbed to 9.2% in July, and the situation hasn’t changed significantly since then. If anything, the barrage of negative news may have caused more of the long-term unemployed to give up their search for unemployment. I don’t believe this phenomenon has accelerated to the point where it will affect the unemployment rate in July. I expect the unemployment rate to hold at 9.2%.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates of Providence, RI, and has more than 10 years experience in the mortgage industry. He also serves as an Adjunct Professor of Finance and Economics with Roger Williams University and the University of New Haven. Extensive data was researched and compiled by Thomas Khoudary of Providence College.

The recipients of this award are chosen based on responses to a management questionnaire as well as a confidential employee survey. You can click below to read the original article on the Providence Business News website and see the entire list of companies honored.

Original Article: http://www.pbn.com/PBN-names-Best-Places-To-Work-for-2011,57996

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Original Article: http://www2.turnto10.com/lifestyles/2011/may/17/coffee-cup-salute-province-ar-492239/

A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s Employment Situation Report.

2011 has been characterized by a gradual worsening in the character of released economic data. While growth in 2010 was at its strongest in several years, GDP growth in the 1st quarter of 2011 declined to 1.9%. Economic growth was further questioned as that quarter drew to a close with the natural disasters in Japan and New Zealand, and the resultant interruption in supply of intermediate goods and raw materials. A spike in petroleum prices further threatened growth. It was thus unsurprising that manufacturing data, especially, retreated as May arrived. No where was this more noticed than in the Philadelphia and Empire State Manufacturing Indexes.

Oil prices have declined since then, principally driven by recent strength in the dollar relative to other currencies, especially the Euro. Still, at over $98 per barrel, oil prices have risen faster than nominal inflation, and the dollar is under pressure from the Euro again. While the immediate situation in Greece has been resolved, and while. if not so large,Portugal’s situation is at least as dire, threats on the stability of the currency remain, which have made the dollar more attractive. Threats against the dollar have not been completely eliminated, though, due to the ongoing debate regarding the US Treasury’s borrowing limit, which could severely damage the dollar’s strength.

ADP today released the results of its survey of employers, saying that it believed 157,000 positions had been added to private employer payrolls in June of 2011. This represents a quick reversal in employment, and is nearly high enough to be sufficient to lower the unemployment rate from its current 9.1% level. June’s growth, though is still well below the level of improvement seen in the first few months of this year.

Based on this ADP data, my models have produced reliable predictions ranging from 134,000 to 165,000, with most indicating highest confidence at approximately 140,000. The correlation between ADP and BLS data still failed to hold over the short term, although it has shows signs of improvement. As a result, data obtained using this method have been given reduced consideration. In spite of these figures, I believe that the ADP results may be anomalous, and have thus tempered my own predictions. I have developed a prediction that tomorrow’s report will show 130,000 total jobs added to private payrolls in June.

Governments are continuing to reduce employment, with no greater evidence of this the shutdown of the state of Minnesota that is currently in its 6th day.  Because of the impact of government employment reductions, government employment will reduce total employment gains by 20,000 positions to 110,000 jobs added total.

The official unemployment rate rose to 9.1% in May, as, in spite of meaningful increases in employed residents, even more previously discouraged workers returned to the labor force. I believe that the opposite effect will be seen in June, as the volume of negative news likely caused more workers to give up their searches. Due to this decrease in the labor force, the unemployment rate is expected to decrease to 8.9%.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates of Providence, RI, and has more than 10 years experience in the mortgage industry. He also serves as an Adjunct Professor of Finance and Economics with Roger Williams University and the University of New Haven. Extensive data was researched and compiled by Thomas Khoudary of Providence College.

In developing his company, the Attleboro resident and Bryant University graduate has assembled a staff of experienced and top producing mortgage advisors, who are all committed to providing exceptional customer service.

“One of the biggest weaknesses I’ve seen in many companies is poor customer service and a failure by upper management to recognize that the employees were the true key to the organization,” Currie said. “I wanted to start a company where the customer service would be exceptional and the employees would all feel as if it were their company too, and they were not considered just another ‘employee’.

“Our clients have a number of choices when it comes to home financing,” he said. “If we don’t ‘WOW’ them when we have a chance and give them something to remember us by, then it is likely they will explore other alternatives. We want clients for life.”

With that philosophy, a strong background in mortgage lending, and an entrepreneurial spirit that he traces to his grandfather, Currie opened Province Mortgage Associates. Currie’s grandfather owned and operated a very successful dairy farm in Western Pennsylvania, where Currie and his family lived for about 10 years. It is his grandfather’s entrepreneurial spirit and drive that carried Currie to Bryant University, from which he graduated in 1993. After graduation he started a career in finance with Norwest Financial. He rose from trainee to managing offices in Orange, CT and Framingham, MA, and was recognized by the company as a “Star Performer.”

After five years with Norwest Financial he switched to the mortgage industry, moving to Champion Mortgage, where he was named a President’s Club producer three times in five years. Currie left Champion Mortgage for Loansnap.com, where he was named a President’s Club Performer twice in three years, managed two offices, and was promoted to vice president of sales before leaving in mid-2005 to open Province Mortgage Associates.

Province Mortgage Associates, Inc., with offices at Ten Davol Square in Providence, is licensed in Massachusetts, Rhode Island, New Hampshire and Connecticut. Its staff of mortgage advisors works with more than 100 lending institutions, finding solutions to a wide variety of lending possibilities.

NMLS # 12112

A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s Employment Situation Report.

While economic data in January and February suggested continued strong economic growth, the direction of that data began to turn in March, as war and natural disasters pressured commodity prices and interrupted material supplies. This trend continued in April, as elevated oil prices raised questions the cost of oil would itself impact economic growth. Those concerns began to play out in May, as several significant economic activity surveys, including the important Philadelphia and New York Fed surveys, showed a sharp decline in underlying economic growth. In addition, weekly claims for unemployment benefits have climbed significantly, a disturbing trend as it could eventually impact hiring.

While oil prices have moderated slightly, the price of oil, currently $100 per barrel, remains at a high enough level that it could continue to impair economic growth. A significant contributing factor in high oil prices is the weakness experienced by the US dollar in currency markets, which directly impacts oil prices because most oil is paid for and purchased in dollars. The dollar is not expected to strengthen in the immediate future given questions about the level of US Treasury debt and the significant supply of currency that has come about due to recent Federal Reserve stimulative measures.

ADP released the results of its survey of employers, saying that it believed 38,000 private payroll jobs were added in May, 2011. This represented a sharp decline in employment growth, and is a low enough gain that it could likely result in a meaningful increase in the unemployment rate, especially if discouraged workers resume their employment search. It also interrupts a period of over 5 months of greater than 170,000 jobs added.

My models produced reliable predictions ranging from 35,000 to 161,000 private payroll jobs added in May, with a higher confidence range between 100,000 and 130,000. The correlation between ADP and BLS private payroll data still failed to hold true in the short term, but it did continue to move closer to signficance. As a result, data derived from that method were given reduced consideration.  I have developed a prediction that tomorrows report will show 130,000 private payroll jobs added in May.

Governments are continuing to cut employment, which is dragging on overall jobs creation. These cuts will lower total job additions to 115,000 for May.

The official unemployment rate rose to 9.0% in April, as some discouraged workers did return to the labor force. I had previously predicted the unemployment rate would be moving higher because of returning workers. That will not be a meaningful contributor to tomorrow’s unemployment rate; rather the decline in jobs growth will be a more important factor, and that will cause the official unemployment rate to increase to 9.1% for May.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates of Providence, RI, and has more than 10 years experience in the mortgage industry. He also serves as an Adjunct Professor of Finance and Economics with Roger Williams University and the University of New Haven. Extensive data was researched and compiled by Thomas Khoudary of Providence College.

A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s Employment Situation Report.

Economic data in December, January and February suggested that the economic recovery was consolidating its momentum. Data turned slightly more mixed in March, as major natural disasters in New Zealand and Japan, and war in Libya have sapped consumer confidence and caused a sharp spike in energy prices. In the meantime, US manufacturing data showed continued growth and a healthy manufacturing environment, suggesting that employers may be hiring for those positions again.

Data in April have been substantially more mixed. While manufacturing continues to remain strong, unemployment claims have spiked to the highest level in 2011, and the outlook for services has worsened. Productivity remains strong, another indicator that businesses are getting more work from the same number of employees. Throughout April, commodity prices remained elevated, although this reversed sharply on May 5th with a 10% decrease in prices for oil, and similarly large changes in prices for gold, silver, and other precious metals. Federal Reserve Chairman Ben Bernanke suggested in comments he gave April 27th that he believed the spike in prices was transitory; while this is only a single day’s trading, a continued downward trend in prices would confirm his assertion.

Yesterday, ADP released its survey of employers, stating it believed 179,000 payroll jobs were added in April, 2011. This represented a significant decline in job creation from that firm’s revised estimate of 207,000 jobs added in March, 2011. This is the first time in 2011 that estimate has been below 180,000. While 179,000 new positions still represents meaningful growth in jobs, it is not enough to meaningfully reduce the unemployment rate.

My models produced reliable predictions ranging from 159,000 to 194,000 jobs added in April, based on this data. Recent data suggests that the result of tomorrows employment situation report will fall to the lower end of that range, especially the sharp increase in unemployment filings, which often lag the termination or layoff by 1-2 weeks. My data have retained strong statistical significance over the long term. That significance is returning over the short term, and data for one of the data sets used achieved sufficient significance for inclusion in this estimate. After review of available data, I have developed a prediction that tomorrow’s report will show 170,000 jobs were added to private payrolls in March.

Governments continue to cut positions, however, given the magnitude of government job cuts in 2010 and the first few months of 2011, it appears unlikely that trend will continue. I believe government layoffs will still result in the reduction of the total non-farms payrolls to 168,000.

The official unemployment rate declined to 8.8% in March as over 300,000 Americans reported they had started work. Still, labor force participation remains exceptionally low, and will likely result in challenges in reducing the unemployment rate, as discouraged workers come back into the labor force. Given other conditions, especially high gas prices, the return will not be strong in April. For tomorrow, the I expect the reported unemployment rate to increase to 8.9%

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates of Providence, RI, and has more than 10 years experience in the mortgage industry. He also serves as an Adjunct Professor of Finance and Economics with Roger Williams University and the University of New Haven. Extensive data was researched and compiled by Thomas Khoudary of Providence College.

A meaningful correlation exists between the ADP Private Payrolls report and the Bureau of Labor Statistics monthly Employment Situation Report. I have used data from the past 5 years reports to develop a prediction for tomorrow’s Employment Situation Report.

Economic data in December, January and February suggested that the economic recovery was consolidating its momentum. Data have turned slightly more mixed in March, as major natural disasters in New Zealand and Japan, and war in Libya have sapped consumer confidence and caused a sharp spike in energy prices. In the meantime, US manufacturing data have showed continued growth and a healthy manufacturing environment, suggesting that employers may be hiring for those positions again.

Last month, the rising price of oil was a meaningful concern for continued growth. At that time oil traded at $105 per barrel. Since then, tensions in Libya erupted, sending that country into civil war, and effectively disabling over 1% of the worlds oil supplies. Significant concerns remain in Yemen, Syria, and other oil producing countries, and the price of oil has remained over $105 per barrel. Oil prices at this level will eventually affect hiring and employment.

Yesterday, ADP released the results of its survey of employers, stating it believed 201,000 private payroll jobs were added in March, 2011. This represented a decline in jobs growth over February’s estimate, but held the 4-month average of 200,000 jobs added that has existed since December. At that time, job markets made a significant break from their trend in 2010, where job gains averaged closer to 80,000 per month.

My models produced reliable predictions ranging from 152,000 to 161,000 jobs added in March. I felt recent data suggest these figures are too low, especially recent unemployment claims filings. Filings have been on a steady decrease since early 2010. For the third month in a row, the correlation between ADP and BLS data did not hold over the short term, although there was a marked improvement. As a result, data from that method was discarded when preparing this estimate. I have developed a prediction that tomorrow’s report will show 170,000 jobs were added to non-farms payrolls in March.

Governments are continuing to cut employment, but recent data suggests that trend is slowing gradually. Reductions in government employment will lower total job additions to 165,000 in March.

The official unemployment rate held in February, declining slightly to 8.9% from 9.0% in January. This is solely the result of the more than 1 million workers who left the labor force in 2010. I predict we will see the unemployment rate tick higher again as those discouraged workers return to the labor force, but it will not happen in March. For tomorrow, the official unemployment rate will hold at 8.9%.

Dan Hartman is a Senior Mortgage Advisor with Province Mortgage Associates of Providence, RI, and has more than 10 years experience in the mortgage industry. He also serves as an Adjunct Professor of Finance and Economics with Roger Williams University and the University of New Haven. Extensive data was researched and compiled by Thomas Khoudary of Providence College.