It’s been a very busy month in our industry. Record volumes of refinances, strategic planning for our association, new board members and committees, and always being flexible to meet the needs of our association.
In July, the Executive Team along with the Chapter Presidents from the Milwaukee and Madison chapters met for our annual Strategic Planning meeting. We discussed ways to engage members throughout the state through our current and future events and educational opportunities. Watch for more details as we move forward.
We made a difficult decision to postpone our Best in Business award ceremony and dinner to April 28, 2021. We will continue with the 2020 nominations, finalists and voting for the award categories. The 2020 winners will be announced at the April 28 evening event. This event will be the night before our Real Estate & Finance spring conference. The day long conference will take place on Thursday, April 29, 2021. Save the Date for both of these exciting events. Nominations are still open for the 2020 Best in Business and you can nominate someone here.
If you are planning to golf in the WMBA Golf Outing on September 10th, we need to know NOW! We are at a critical stage of securing golf registrations by Friday, August 7th. We have had a record number of sponsorships this year and want to deliver value to our sponsors with a full roster of players.
Enjoy a fun day on The Brute course at a golf scramble (no golf experience necessary). We have had a record number of sponsorships this year and want to deliver value to our sponsors with a full roster of players. Please register by August 7th. If we don’t get enough golfers registered by August 7th, we may have to cancel this event.
Remember to renew your WMBA dues and I look forward to working with our members during my term as President.
Best wishes, Rob Helvey
WMBA President 2020-2021
Manager of Mortgage Lending
Waukesha State Bank
Legislative Update - Buddy Julius
Spike in cases levels-off while hospitalizations decrease.
As of Wednesday, the state has recorded 51,049 total cases with 911 deaths. 40,416 of those cases have recovered with 9,704 still active. The seven-day average for new cases stands at 886, compared to 270 in the middle of June.
The WI Hospital Association reports 312 current hospitalizations including 60 ICU patients. Both are declining for the seven day period. Two-third of the hospitalizations and half of the ICU patients are in the SE Wisconsin region.
Wisconsin visitors to Washington, DC, New York and Chicago have been added to list of mandatory quarantines.
Those communities are requiring anyone visiting from Wisconsin, or returning from Wisconsin, to quarantine for 14-days due to the rise in case levels in the state.
Health departments behind in processing negative tests, affecting daily COVID-19 data.
Local health officials are experiencing backlogs in processing negative tests, which pushed Dane County this week not to calculate its percentage of positive tests — a data point the public uses to determine how intense infection is in an area.
While positive test results are being processed and their number reported quickly, negative test results are taking days in some cases to be analyzed before they are reported to the state. Health Services Secretary Andrea Palm said the public should instead, for now, rely on a seven-day average of the percentage of positive tests to find the most accurate picture of the virus spread in Wisconsin.
While Evers has said a statewide mask mandate would be unlikely, he said last week the surge in positive cases of COVID-19 had “accelerated” his consideration of such an order. Legal experts disagree on whether the Governor has the power to enforce such an order and it would likely be challenged by the Republican Legislature.
Barron County reports COVID-19 outbreak at food processing plant.
In the last two weeks, Barron County has seen 150 new confirmed cases of COVID-19, bringing the county's total to 206 as of Wednesday. The health department said this week that it is working with Seneca Foods in Cumberland to respond to a "cluster" of positive COVID-19 cases.
UW-Madison will waive its ACT/SAT standardized test requirement for all fall semester applications.
In a statement, the university said it wouldn't expect standardized test scores since "testing has not been universally available or easily accessible" because of the ongoing COVID-19 pandemic.
Madison school district won't have sports in Fall.
The district will look to provide opportunities in the spring based on WIAA guidance for schools that cannot play fall sports and that reflects the district’s school model and public health guidance, according to a release from the school district.
In Other News...
Federal agents to be deployed in Milwaukee.
The US Attorney for Eastern Wisconsin announced the agents will be addressing an increase in illegal gun cases and homicides, not as a response to protestors. The federal agents will be trained investigators, not street patrols, and are among five cities nationwide receiving the deployments. They are expected to arrive in Milwaukee in 2-3 weeks. Gov. Evers and a number of other elected Democrats expressed their opposition.
New opioid, known as iso, found in seven overdose deaths in Milwaukee County.
The new drug contributed to at least seven deaths in the county this year as opioid overdoses skyrocket across the state. Isotonitazene, known as "iso," is a synthetic opioid as powerful as fentanyl and technically remains legal in the United States, though Wisconsin already has banned it at the state level.
Protests at Dane County District Attorney's home.
Protestors gathered for the second time at DA Ismael Ozanne's Madison home with loudspeakers and bullhorns. The protest lasted more than six hours while Ozanne, his wife, and their two young daughters were home. Among their demands is that Ozanne drop charges against two men accused of looting State Street businesses during June protests downtown.
Two women arrested in assault on state senator.
A school social worker and a licensed physical therapist, both from the Madison-area, were arrested this week for the June 23rd beating of State Senator Tim Carpenter (D-Milwaukee). Video taken by Carpenter just before the assault showed two women matching their appearance running towards him.
Campaigns and elections...
Legislative fundraising hits new record in Wisconsin.
Candidates and committees have in the first half of the year raised more than $7.1 million, compared to the previous record of $5.1 million set over the same period in 2016, according to the nonprofit Wisconsin Democracy Campaign, which tracks campaign spending. The group also found state candidates and fundraising committees had a record $11.3 million in their campaign accounts, more than the previous record of $7.3 million set in 2016.
Stringent health protocols released for 2020 DNC in Milwaukee; local law enforcement agencies withdraw from event.
Face masks, questionnaires and daily tests for COVID-19 are part of the health protocols for attendees at next month's Democratic National Convention in Milwaukee.
Everyone, from presumptive nominee Joe Biden on down, will have to wear a face mask. But Biden and other main speakers will be able to take off their face masks when addressing the convention from the podium, which will be set 20 feet away from other people.
Meanwhile, At least 100 law enforcement agencies have withdrawn agreements to send personnel to next month's Democratic National Convention, some of them citing orders to Milwaukee's police chief to cease the use of tear gas and pepper spray during demonstrations.
Former GOP Lt. Gov. Rebecca Kleefisch launches PAC.
Kleefisch is widely expected to explore a gubernatorial bid in 2022. She says she will use the PAC to support Republican legislative candidates.
Stay safe out there,
Ryan, Buddy & Cynthia
The Firm Consulting
WMBA 2020-2021 Dues Renewal
Have you renewed your WMBA annual dues? Emails were sent via the database to all current members with a link to your online profile for payment. If your company has an Unlimited Regular or Unlimited Associate membership, your Bundle Administrator received the renewal email.
Payments can be made by credit card online or by company check. If you prefer to renew by mail, complete the application form and submit with your payment.
2020 Best in Business Award Ceremony/Dinner
NEW DATE - April 28, 2021
The night before the Spring Conference!
We have made the difficult decision to postpone the Best in Business award ceremony and dinner to April 28, 2021. We will still continue with the 2020 nominations, finalists and voting for the award categories. The 2020 winners will be announced at the April 28, 2021 evening event.
Attend the BIB dinner and award ceremony and then join us the next day for the Real Estate & Finance Conference on Thursday, April 29, 2021. It will be a jam packed night and next day event. Both events will be held at the Milwaukee Hyatt Hotel. Special hotel room rates will be available.
More details to follow but please SAVE THE DATES on your calendar.
Watch for future opportunities to support both of these events through Sponsorships and Registration.
2020 Best in Business award nominations are still open!!
To nominate someone for one of the Best in Business awards, click on the survey link below.
September 10, 2020
Grand Geneva Resort
Lake Geneva, WI
We know everyone is very busy right now and may not have taken the time to register online for this event. We’ve also heard that several member companies will not allow their employees to attend gatherings this summer and fall due to COVID-19.
If you are planning to golf with us, we need to know NOW! We are at a critical stage of securing golf registrations by Friday, August 7th. We have had a record number of sponsorships this year and want to deliver value to our sponsors with a full roster of players.
Will you be ready for a fun day on The Brute course at a golf scramble (no golf experience necessary) on September 10th? Please register by August 7th and help us put on a great event for the WMBA. If we don’t get enough golfers registered by August 7th, we may have to cancel this event.
Hotel room block with special rates ends on August 11, 2020.
Call Reservations Office directly at (262) 248-8811 and mention the WMBA Golf Outing to book your room.To reserve online, click on the link below:
$150 Individual Golfer
$40 Dinner Only
10:30 - 11:45 am ..... Registration
11:00 - 11:45 am ..... Box Lunch
11:45 am ................. Golfers to Carts/Announcements
12:00 pm ................. Shotgun Start
Following Golf ....... Cookout Buffet Dinner / Prize Announcements Dinner will be served immediately following golf. The program will begin when the last group begins dinner.Registration
Registration Deadline is September 1, 2020 PLEASE REGISTER BY AUGUST 7TH.
2020 Sponsorship Opportunities
Hole Sponsor Representative may be present at the hole on event day. Company MUST provide a gender neutral prize valued between $50 and $100 for hole event.
Pre-Golf Lunch Sponsor
Post-Golf Dinner Sponsor
Cart Sponsor (1 available) - SOLD OUT Your logo on the golf cart assignment tags
Beverage Cart Sponsor
Scorecard Sponsor (2 available) - SOLD OUT Your logo on each group's scorecard
Thank you to our sponsors so far:
Golf Cart Sponsor
2020 Statewide Peer Chat
A new feature on the member website page is a discussion forum where you can add your comments to a posted topic or suggest another topic. There are currently three topics posted including:
- eClosings - Remote Online Notarization
- Closings at your bank or company
- How are you effectively managing your remote staff?
Check out the new Online Event Calendar on the WMBA website that will include Statewide events, Board Meetings, Chapter Events and Educational Events. If you have an event to add, use the Suggest Event feature to give us the details to add to the calendar.
Madison Chapter Annual Golf Outing October 1, 2020
Please join us at beautiful URidge for our annual golf outing and a day outside on the links! In addition to golf, we will be presenting the honors for this year’s Distinguished Service Award winner and Past President, prior to tee-off. We can’t wait to see all of you!
MBA: 2019 Multifamily Lending Up 7% to Record High
July 28, 2020
Fueled by strong market fundamentals and low interest rates, 2,589 different multifamily lenders provided $364.4 billion in new mortgages in 2019 for apartment buildings with five or more units, according to the Mortgage Bankers Association’s annual multifamily lending market report.
Last year’s $364.4 billion in multifamily lending volume is a 7 percent increase from the previous record high in 2018 of $339.2 billion. Forty-four percent of active lenders made five or fewer multifamily loans over the course of last year.
“Multifamily borrowing and lending hit a new record in 2019, driven higher by strong fundamentals, rising property values and low interest rates,” said MBA Vice President of Commercial Real Estate Research Jamie Woodwell. “By loan count, multifamily lending came from a wide range of firms, with many making only a handful of loans. By dollar volume, activity was once again driven by a relatively small number of dedicated multifamily lenders.”
Woodwell said last year’s numbers pointed to a “robust and diverse” multifamily lending environment. “But conditions have changed with the onset of the COVID-19 pandemic, the greatest being increased uncertainty,” he said. “Interest rates are now lower than they were a year ago, and data have yet to show any marked changes in property incomes or values. Demand for refinancing because of low rates, particularly for government-backed loans, is unlikely to overcome a drop in sales transactions, which means multifamily borrowing and lending is likely to drop this year.”
The MBA report is based on its surveys of larger multifamily lenders and recently released Home Mortgage Disclosure Act data that covers multifamily loans made by many smaller lenders, particularly commercial banks.
The $364.4 billion of multifamily mortgages originated last year went to a variety of investors. By dollar volume, the greatest share (38 percent of the total) went to the government-sponsored enterprises, Fannie Mae and Freddie Mac.
The top five multifamily lenders in 2019 by dollar volume were JP Morgan Chase & Company, Wells Fargo, CBRE, Berkadia and Walker & Dunlop.
The MBA 2019 Multifamily Lending Report is the most comprehensive view available of the multifamily lending market and includes:
A detailed summary of the $364.4 billion multifamily market;
Profiles of distinct market segments, including the very-small loan (loans of $1 million or less) lender segment;
A breakout of 2019 multifamily lending volume by investor group;
A listing of 2,589 lenders who made multifamily loans in 2019, including their lending volume; number of loans made and average loan size; and
A listing of metropolitan areas and the volume of very-small loans made in each in 2019.
The report is based on data from the MBA 2019 Commercial Multifamily Annual Origination Volume Summation and HMDA. The MBA survey targets dedicated commercial/multifamily originators and covered $601 billion in commercial/multifamily loans in 2019. HMDA data adds multifamily loans from banks, thrifts and other institutions that meet certain single-family origination thresholds. The two datasets combined provide the most comprehensive assessment of the multifamily lending market available.
Pending home sales jumped for the second straight month in June, the National Association of Realtors reported yesterday.
The Pending Home Sales Index, a forward-looking indicator of home sales based on contract signings, rose by 16.6% to 116.1 in June. Year-over-year, contract signings rose by 6.3%.
All four regions saw growth in month-over-month pending home sales transactions, while the Northeast was the only region to not record increases in year-over-year pending transactions. The Northeast increased month over month by 54.4% to 95.4 in June, but fell by 0.9% from a year ago. In the Midwest, the index rose by 12.2% to 110.9 last month and by 5.1% from a year ago.
Pending home sales in the South increased by nearly 12% to 140.3 in June and improved by 10.3% from a year ago. In the West, pending sales jumped by 11.7% in June to 99.6and rose by 4.7% from a year ago.
“The Northeast’s strong bounce back comes after a lengthier lockdown, while the South has consistently outperformed the rest of the country,” said NAR Chief Economist Lawrence Yun. “These remarkable rebounds speak to exceptionally high buyer demand.”
Joel Kan, Associate Vice President of Economic and Industry Forecasting with the Mortgage Bankers Association, said strong housing demand and low mortgage rates drove purchase activity. “While this is another piece of positive news for the housing market, there is some uncertainty ahead,” he said. “COVID-19 cases are rising in many parts of the country, the unemployment benefits extension remains in doubt, and housing inventory remains tight.”
Yun said as house hunters seek homes away from bigger cites – likely in an effort to avoid the coronavirus – properties that were once an afterthought for potential buyers are now growing in popularity.
“It is quite surprising and remarkable that, in the midst of a global pandemic, contract activity for home purchases is higher compared to one year ago,” Yun said. “Consumers are taking advantage of record-low mortgage rates resulting from the Federal Reserve’s maximum liquidity monetary policy.”