Founders' Award

For Pioneering
The Original Industry Newsletter;

Establishing The First
National Convention For Note Brokers;

For Leading Where Others Have Followed; And

For His Significant Role
In A Developing Industry;

The Founders' Award Is Conferred Upon

WILLIAM J. MENCAROW, JR.

President and Editor of THE PAPER SOURCE

Who Is Hereby Inducted Into The

MORTGAGE REPORT HALL OF FAME

This 11th Day Of July, 1997

The Note Industry's Hall Of Fame

In Appreciation
Of His Many Years Of
Unswavering Dedication
And Outstanding Contributions

WILLIAM J. MENCAROW, JR.

President and Editor of THE PAPER SOURCE

Is hereby Inducted Into The

NOTE INDUSTRY'S HALL OF FAME

Metropolitan Mortgage and Securities Company, Inc.