TROY, N.Y. - Troy Savings Bank announced a new 30-year loan it calls a Designer Mortgage that combines both an adjustable and a fixed rate mortgage in one loan.

A customer chooses the proportion of fixed to adjustable rate. The combination is in effect for the first five years of the loan. After that, it reverts to a one-year adjustable for the remainder of the mortgage.

The loan will be offered with no points at a below-market rate during an introduction period.

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BRATTLEBORO, Vt. - Mortgage Service Center of New England has acquired the $135 million servicing portfolio of Cumex Mortgage Corp., Wakefield, Mass.

The agreement includes the purchase of the Cumex name and its production network in Massachusetts, New Hampshire, Connecticut, Maine, and Rhode Island.

Mortgage Service Center will use the acquisition to expand its business with credit unions in the New England area.

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COLUMBIA, Md. - Wholesale Access, a research and consulting company, has begun a study of the impact of the current mortgage origination downturn on production costs.

The research, funded by 21 mortgage companies, will compare the costs of table funded, closed loan and retail mortgages. It will also examine business strategies of mortgage brokers in the tight market. The report is expected to be completed in April.

In the past, Wholesale Access has studied the growth and demographics of the brokerage industry and the cost structure and economics of brokering.

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FALLS CHURCH, Va. - Paul Paquin, who recently left the Federal National Mortgage Association after 22 years, has joined Capital One Financial Corp. as vice president in charge of investor relations.

His last position at Fannie Mae was as senior vice president of investor relations. Capital One is the newly formed credit card company that will be spun off from Signet Banking Corp. at the end of this month. Mr. Paquin will work in Capital One's headquarters in Falls Church.

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WATERBURY, Conn. - Centerbank Mortgage Co. opened a regional wholesale office in Chicago in December. It is Centerbank's 10th regional office, and the opening was the third of a new wholesale office for the company in 1994.

The office, headed by Shelley Leamon, will serve clients in Illinois, Indiana, Minnesota, and Wisconsin. With a staff including an underwriter and a closing team, the office will operate independently of Centerbank's Connecticut headquarters.

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