In this Issue

December 2017 Edition


Presidents Message

State News & Events

Legislative Update - George Klaetsch

Be a Sponsor for the 2018 Real Estate Finance Conference!

RaSmith Shares Educational Blog for Mortgage Loan Officers

Chapter News & Events

Madison Chapter Upcoming Events

Presidents Message


WMBA Members,
It’s hard to believe another year has come to a close.  2018 should provide a wonderful opportunity for our industry with tax reform and other positive legislative reform.

Please make sure to take a look at all of the success the WMBA Legislative committee has had in the past couple months. Special thanks to our legislative committee co-chairs Ken Dickson and Cheryl Paul along with our lobbyist George Klaetsch.
I wish you and your loved ones a very happy holiday season.
Thank you for your all your efforts to our association!

Joe Doyle
WMBA President 2017-2018

Legislative Update - George Klaetsch

Governor Walker Signs Appraisal Management Company Reform Legislation –
WMBA 2017-18 Legislative Priority Completed

Throughout late November and early December, Governor Walker signed dozens of bills affecting multiple policy areas of interest to Wisconsinites.  Included in the multiple bills signed into law was the WMBA’s number one legislative priority – Appraisal Management Company reform.
As WMBA membership is aware, The AMC bill implements requirements of the federal Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, relating to the regulation of appraisal management companies (AMCs).  Under the bill, AMCs are required to obtain a license before performing appraisal management services for compensation, advertising appraisal management services, or holding itself out as an AMC.
This two-year endeavor resulting in 2017 Wisconsin Act 113, would not have been possible without the leadership and efforts of past Legislative Committee Co-Chairs, Jan Brezina and Steve Hanson and current Legislative Committee Co-Chairs, Cheryl Paul and Ken Dickson

“WMBA Legislative Committee Co-Chairs Ken Dickson and Cheryl Paul join Governor Walker for the November 30 ceremonial bill signing of 2017 Wisconsin Act 113”

Additional Home Owners Bills Also Signed into Law
Led by the efforts of the WI Realtors Association, Assembly Bills 479 and 480 were signed into law earlier this month.  The package of bills promoted as the “Homeowner’s Bill of Rights” resulted in legislative passage that included the following highlights:
1.    Conditional use permits –Creates a statutory framework for conditional use permits (CUPs) and provide additional certainty for property owners by establishing a more fair and reasonable approval process by, among other things, requiring local governments to grant CUPs if the property owner satisfies or agrees to satisfy all CUP conditions.   
2.    Variances – Codifies current law with respect to use and area variances.
3.    Nonconforming structures – Prohibits local governments from requiring a variance to maintain, renovate, ore remodel nonconforming structures. 
4.    Vested rights – Clarifies that an application for a development permit is grandfathered from any changes to local ordinances at the time the application is submitted even if the local government has multiple permit requirements for the development. 
5.    Housing Impact Statement – Modifies the current housing impact statement requirement to more clearly outline the necessary procedures and analysis required for any administrative rule or legislation impacting the cost, availability, or development of housing.
6.    Right to challenge property tax assessments – Restores the fundamental right of all homeowners to challenge property tax assessments they believe to be incorrect, regardless of whether they deny assessors entry into their homes.

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Be a Sponsor for the 2018 Real Estate Finance Conference!

Many sponsorship opportunities available. Please visit for more information. We look forward to seeing you in April at the Hyatt in Milwaukee.

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RaSmith Shares Educational Blog for Mortgage Loan Officers

We welcome new member RaSmith to WMBA! RaSmith would like to share the blog below with WMBA members.

Flood Insurance: The documentation you need when purchasing a home or closing on a real estate transaction.

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Chapter News & Events

Madison Chapter Upcoming Events

The Madison Chapter already has many events scheduled for 2018. As mentioned in an earlier article the Women’s Council of Realtors and the Realtors Association of South Central Wisconsin are hosting an event Thursday March 8. More info to follow.  Happy holidays.
  1. Holiday Party-Thursday January 25 at The Vintage
  2. Down payment assistance-Wednesday February 21
  3. Economic Update-Thursday February 22
  4. Bowling Event-Thursday March 15
  5. Golf Outing Thursday May 17
  6. Talking about a program later in 2018 possibly to discuss in detail the new tax program and how it will affect those in our industry and/or other pertinent issues facing everyone


January 25, 2018
Vintage Brewing Company
674 South Whitney Way
4:00-7:00 p.m.


February 21, 2018

Lender's Down Payment Assistance Training
Dane County UW Extension Offices
5201 Fen Oak Drive
Two sessions to choose from!
Morning: 8:30-11:30 a.m. /Afternoon: 12:30-3:30 p.m.
Registration information coming soon!

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Milwaukee Chapter

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MBA Update

MBA Advocacy Update - End of 2017 Report

Click here for the report

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Congress Passes Tax Reform

Congress passed H.R. 1, the Tax Cuts and Jobs Act. The bill is now with President Trump who has indicated his intention to sign it into law. This comprehensive tax bill has a variety of components that affect both the single-family and commercial/multifamily industries. Of particular note, this bill preserved the option of deductibility of up to $10,000 in property taxes, and it also preserves the mortgage interest deduction for both first and second homes (though the cap on deductibility was lowered to $750,000).
MBA worked tirelessly throughout the debate on tax reform. Because of the hard work by our legislative, policy and research departments, we secured a number of vital wins for our members that I wanted to share:
  1. Preserved the MSR Fix
    Section 13221 of the Senate bill would have required mortgage servicers to pay tax on the mortgage servicing right (MSR) when it is created, not when the payment is received as under current law. The final bill incorporates an amendment to Section 13221 of the original Senate-passed bill offered by Senator Mike Rounds to create an exception for “any item of gross income in connection to a mortgage servicing contract.” Had this language not been included, the change in tax accounting for mortgage servicing rights would have had a devastating impact on the flow of capital that supports a robust and competitive real estate finance market, both single-and commercial/multifamily.

  2. Preserved the Business Interest Deduction for Real Estate and Like-Kind Exchange Rules for Real Property
    The final bill preserves business interest deductibility for real estate, as well as Section 1031 like-kind exchanges for real property, which will ensure that the cost of financing remains affordable and real estate activity remains a vibrant portion of the economy.

  3. Preserved the Capital Gains Treatment for Home Sales
    The final bill preserves current law allowing homeowners to exclude up to $500,000 of the gain on the sale of a principal residence.

  4. Preserved the Low-Income Housing Tax Credit (LIHTC) and the Tax-Exempt Status for Private Activity Bonds (PABs)
    The final bill preserves the Low-Income Housing Tax Credit (LIHTC) and the tax-exempt status for private activity bonds (PABs), provisions that – in combination – help ensure the continued development of affordable multifamily housing, as well as access to affordable mortgage credit.

MBA is currently developing a thorough analysis of the bill which we hope to have completed soon.

Once the bill has been signed, the process moves to the rule-writing phase. Please know that the MBA team will be following this process closely to ensure that gains made during the legislative process are preserved, and that unintended consequences are prevented. As you assess the impact of the bill on your companies, your involvement and communication with MBA is as important as ever.

Written by David Stevens, CMB
President and Chief Executive Officer, MBA


HUD Releases MBA-Sponsored Guide to Help Homeowners Avoid Foreclosure

(December 22, 2017) - HUD this week released the Homeowners Guide to Success as part of a public-private partnership between federal agencies and industry partners, including the Mortgage Bankers Association.

The guide provides homeowners with information on the critical first steps to take if they are at risk of missing a mortgage payment or facing foreclosure.

"This guide arms consumers with easy to understand, reliable information about the assistance available to help them keep their homes," said HUD Secretary Ben Carson. "Valuable information like this can make a tremendous difference in the lives of homeowners who may be faced with foreclosure."

This guide ensures homeowners will have resources at their fingertips and will be ready and responsible for the next steps. The guide also covers the value of HUD-approved housing counseling agencies, which offer free assistance to consumers and help borrowers find housing counselors and avoid scams.

As families recover from the recent hurricanes and are more likely to be targeted by scams, a HUD-approved housing counselor can assist them through the process of purchasing or keeping a home. Independent research shows that borrowers working with a HUD-approved housing counseling agency are more likely to avoid foreclosure than borrowers who do not seek housing counseling.

"Steering consumers away from fraudulent schemes is especially important when they are already facing the difficult situation of not being able to make their mortgage payment," said Sarah Gerecke, Deputy Assistant Secretary for the Office of Housing Counseling at HUD.

As part of the partnership between HUD, Department of Veterans Affairs, Department of Agriculture, the Treasury Department, the Consumer Financial Protection Bureau, Federal Housing Finance Agency, MBA and housing counseling agencies, the guide will be available on federal agency and industry partner websites.

The Guide is available at

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Upcoming Educational Webinars

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Wisconsin Mortgage Bankers Association Online Store

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For every product purchased through the WIMBA-MBA store the WMBA receives a % back.  

Please use the link below to help support our Association!

Wisconsin Mortgage Bankers Online Store

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