In this Issue 

November 2022 Edition


Presidents Message

Legislative Update

State News & Events

Annual Golf Outing

Peer Chat

Online Event Calendar

Chapter News & Events

Milwaukee Chapter News + Events 

Madison Chapter News + Events

MBA Updates

Upcoming Educational Webinars

Other News


WMBA Members,

The 5th Annual Mortgage Bootcamp is here! Our first session, taking place on December 7th, will kick off our virtual sessions, with the final two sessions in-person at the Best in Business Awards Ceremony. Interested in signing up? See the event information below or click here for the Mortgage Bootcamp website. 

The WMBA is also pleased to announce that nominations for the 9th Annual Best in Business Awards are open. Know of anyone who has gone above and beyond this year? Nominate them using the Nominations Survey! We have a great variety of awards to be given out this year so please consider taking a few minutes to nominate your peers. 

Speaking of the Best in Business Awards - this year the Ceremony will be hosted on April 6th at the Madison Concourse Hotel. Registration is not yet open, but our Sponsorship Opportunities are! We appreciate all of your support in helping us put on our wonderful events. All of the event information and sponsorship details can be found on the 9th Annual Best in Business Wesbsite.

Please continue to check your email for updates regarding your membership renewal. For those who have not yet renewed, a dues renewal reminder will be sent shortly. Thank you again to everyone who has renewed their membership for another year with WMBA. The continued support of our members is what makes our organization so great. Our administrators are busily working behind the scenes to process payments and update your organization’s member listings in the database. Questions about the renewal process, including dues and database info, can be directed to our association administrators at
We look forward to seeing you at the Annual Golf Outing!
Thank you,

Chad Laipple


Chad Laipple
WMBA President 2022-2023
Regional Manager
U.S. Bank Home Mortgage | (608) 827-3243
WMBA 5th Annual Mortgage Bootcamp

Registration for the 2022-2023 Mortgage Bootcamp is open! Who should attend? Bootcamp is designed for anyone who works in the mortgage industry. Our seasoned presenters will walk you through the mortgage loan cycle from start to finish to provide each participant with advanced knowledge of each step of the mortgage process. Test your knowledge today!

WMBA 2022 - 2023 Boot Camp Agenda 
Session #1

Wednesday, December 7, 2022
10:00am - 11:30am
Topic: Taking the Application

Regulations, documentation needs, setting expectations
and how to effectively interview a borrower
Presenter: Chris Boland – VP Loan Operations, Nicolet National Bank
Session #2

January 11, 2023

10:00am - 11:30am
Topic: Processing for Success

Develop great relationships and close more loans
Review best practices for communication both internally and externally through
the loan process and review the typical personality type differences between
operations and sales
Presenter: TBD
Session #3

Wednesday, February 15, 2023
10:00am - 11:30am

Topic: Understanding Secondary Market

High level overview of understanding the "big picture" - who are the players in the industry,
how do they relate to one another, what does it mean for me and my borrower?
Presenter: Robert Selingo - Senior VP of Secondary Marketing, Waterstone Mortgage
Session #4

March 15, 2023

10:00am - 11:30am

Topic: Underwriting Section 1 & 2

Who are the people behind the curtain?
Third party involvement, appraisal, and title review
Getting the coverage you need to get the approval you want
Coverage options and how mortgage insurance works
Explore the claims process and some delinquency scenarios where MI made the difference
Presenter: TBD
Sessions #5&6
Combined in-person session

April 6 , 2023

12:00pm - 4:00pm
Topic: Mortgage Lending Compliance

An overview of the top mortgage regulations you need to know as a mortgage lender
Regulator impact on lending environment

Who are the people behind the approval curtain?
A review of how an underwriter looks at a loan and what factors are included
4 Cs of credit, income quality

Topic: Business Development Planning

Best Practices to Grow Your Business
How to plan your sales activities for the next year
Walk away motivated with solid tips and ideas to use right away
Presenters: Heidi Wier, Michel Kopplin, and TBD


Legislative Update - Buddy Julius

State news...

State projects $6.6 billion surplus heading into next biennium.

The Evers administration now expects a nearly $6.6 billion budget surplus to end the fiscal year June 30, well above previous expectations that it would come in north of $5 billion.  Providing the first look at the 2023-25 budget, the Department of Administration today said it expects an additional $1.5 billion in revenue growth over the two-year period.

Meanwhile, state agencies have requested an increase of $3.6 billion in new general purpose revenue over the 2023-25 biennium.  The report also noted the state has more than $1.7 billion in its rainy day fund.

Speaker Vos says Legislature and Governor should decide the fate of Wisconsin's 1849 abortion ban, not the courts.

In an interview this week, Assembly Speaker Robin Vos said he's open to adding exceptions for rape and incest to Wisconsin's abortion ban, which went back into effect after the US Supreme Court overturned Roe v. Wade earlier this year.  The law, enacted one year after Wisconsin became a state, only makes an exception when the mother's life is in danger.

Democratic Gov. Tony Evers has previously said he would veto any bill that doesn't fully codify the abortion access available under Roe, even if it expands the current exceptions.

Next year's race for the State Supreme Court, where the ideological balance of the court is at stake, is widely expected to focus on abortion rights.  Conservatives currently control the court 4-3, but conservative justice Pat Roggensack is retiring.

Speaker meets with Jan. 6th Committee.

Assembly Speaker Robin Vos said this Wednesday's meeting with the Jan. 6th Select Committee was brief as he answered lawmakers' questions on Wisconsin's 2020 presidential election.

Vos filed a lawsuit in September seeking to block the committee's subpoena seeking information on former President Trump's efforts to pressure him into voting to overturn the 2020 election results. He didn't indicate why he decided to meet with the committee despite the lawsuit.

Vos has been targeted by former President Trump for not agreeing to overturn the results of the 2020 election, something Vos has maintained is illegal.  Trump backed Vos' opponent in this fall's GOP primary, which Vos won narrowly and then backed the same opponent as a write-in candidate for the general election, which Vos won easily.

Audit shows 12% of pandemic business grants awarded improperly.

The LAB reviewed a sample of 172 grants totaling $4.1 million in both programs. It found 45 grants totaling $475,000 that didn't meet eligibility requirements.  In total, nearly $600 million in federal pandemic relief funds were distributed to Wisconsin businesses.

While the review was ongoing, the Department of Revenue began efforts to recover some of the grants that were improperly awarded.

UW-Platteville Richland Center Campus to close.

In 2014, the campus saw 567 enrolled students, according to UW System data. But as of September, that number dwindled to 64.  The campus has been serving students since 1967.  The campus will continue to provide online learning opportunities.

Other two-year campuses have also seen steady declines in enrollment. At the UW-Stevens Point campus in Wausau, the fall enrollment totaled 1,140 in 2010, compared with 447 last September. And the UW-Milwaukee at Washington campus dropped from 1,117 in 2010 to 387 last September.

Wisconsin local government debt reaches record level.

The report from the Wisconsin Policy Forum, a non-partisan think tank, found that total debt owed by the state's cities, counties, villages and towns rose by 5.4 percent to $11.04 billion in 2020 — the highest amount on record.  Cities including Milwaukee, Madison and Kenosha hold the most debt, but Wisconsin towns have seen the fastest growth in borrowing since 2015.

The Policy Forum looked at Wisconsin Department of Revenue data from more than 1,920 local governments from 2000 to 2020. According to the report, on Dec. 31, 2000, local governments owed a total of $5.23 billion — or $7.86 billion in 2020 dollars. Twenty years later, those same local governments owed $11.04 billion — a more than 40.5 percent increase after adjusting for inflation.

Deer harvest 14% higher than last year despite fewer licenses sold.

The Department of Natural Resources this week said hunters registered 203,295 deer during the season, outpacing 2021 by 14.4%. The DNR also said license sales were down 1.4%, but the harvest could be up due to good weather conditions, rising meat prices and hunters having more freezer storage space.

Campaigns & elections...

Sen. Alberta Darling retires; Rep. Dan Knodl announces campaign for her seat.

State Sen. Alberta Darling was first elected to the Assembly in 1990 and has served in the Senate since 1992.  She was the longest serving female Co-Chair of the powerful Joint Committee, serving for six two-year sessions.  The 78-year-old had been suffering from lingering health effects from a fall in Washington, DC three years ago.  Her retirement took effect on Thursday.

Meanwhile, State Rep. Dan Knodl (R-Menomonee Falls) announced his campaign for her seat in what is expected to be a special election in the spring.  Republicans currently hold a 21-12 majority with one vacancy.  The 8th Senate District is considered a fairly safe Republican seat but in a low turnout special election Democrats could be competitive.  More candidates are expected to announce in the coming weeks.

Waukesha parade killer trial judge announces campaign for State Supreme Court.

Waukesha County Judge Jennifer Dorow this week announced her campaign for the State Supreme Court.  Dorow presided over the trial of Darrell Brooks Jr., who was found guilty of six counts of murder after ramming his vehicle through last year's Waukesha Christmas Parade.  The trial had been widely covered by the national media.  Dorow sentenced Brooks to six consecutive life terms with no option for parole.

Dorow will face three other candidates in the non-partisan primary.  She is considered a conservative candidate and will join fellow conservative former justice Dan Kelly and liberal candidates Dane County Judge Everett Mitchell and Milwaukee County Judge Janet Protasiewicz.  The February primary will narrow the field to two candidates for the April general election.  

Kelly is widely backed by major GOP donors but Dorow's national celebrity status is expected to upend the race.  Ideological control of the court is at stake, with conservatives currently controlling it 4-3.  If liberals take control, they could impact issues such as redistricting and abortion.

Covid-19 news...

Latest numbers.

The 7-day average for daily cases increased to 860 per day from 720 two weeks ago.  The 7-day average for daily confirmed Covid-19 deaths decreased to 3 per day from 6 per day two weeks ago.

The WI Hospital Association reports 552 people hospitalized with Covid-19, up from 474 two weeks ago.  Of those, 64 are in ICUs, down slightly from 66 two weeks ago.

Have a great weekend,

Ryan, Buddy & Cynthia
The Firm Consulting

Upcoming Statewide Events 

2023 Best in Business Awards

Save the Date! Thursday, April 6th, 2023

We’re honored to celebrate our members at the 9th Annual Best in Business Awards! The finalists have been recognized by their peers for their contributions to our organization + the industry. They are knowledgeable and hardworking. They are producers and go-getters with amazing service skills. They are shining examples of greatness.

A cocktail reception will be held to honor these finalists, followed by a plated dinner and an awards program to announce the winners. Mortgage Bootcamp graduates will also be recognized at this event. 

Awards will be given out in the following categories:

  • Mortgage Banker of the Year (Madison, Milwaukee, and other markets)
  • ​Best Industry Service Provider
  • Rising Star
  • Best in Servicing
  • Best in Leadership
  • Best in Processing/Loan Support (Madison, Milwaukee, and other markets)
  • Best in Underwriting
  • Best Loan Originator (Madison, Milwaukee, and other markets)
  • Community Involvement Award

Sponsorship is Open!

 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?

You can find the Peer Chat at:

Online Event Calendar

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.

The calendar can be found at:

Milwaukee Chapter Events


Visit the Milwaukee Chapter Webpage for new events + chapter updates.

Madison Chapter Events

Madison Chapter Scholarship Award

The Madison Chapter of the WMBA started a new Scholarship Award program this year to give students pursuing careers in the Financial, Real Estate, and Construction fields. Each scholarship was worth $1,000 and were awarded to 3 students. Those winners are: Lillian Hamilton, Avery Lettman, and Lawson Kuhn. 

Pictured are Madison Chapter President Kristin Nesbitt, Past President Debbie Hodge, and the scholarship co-chairs Trevor Stebbins and Carissa Peterson.

Congratulations to our Scholarship Winners!

Visit the Madison Chapter Webpage for new events + chapter updates.

MBA Update

November Jobs Report Commentary from MBA's Mike Fratantoni

The following is MBA SVP and Chief Economist Mike Fratantoni’s reaction to this morning’s U.S. Bureau of Labor Statistics report on employment conditions in November.  


“Job growth slowed, and the unemployment rate was unchanged in November. Despite this better-than-expected report, MBA is holding to its forecast of a recession in the U.S. in the first half of 2023. While the payroll survey showed a slower pace of growth, the household survey again showed an outright decline in employment – with a drop of 138,000 in November. With other data showing declines in job openings and increases in announced layoffs, we do expect further weakening ahead, with the unemployment rate likely to reach 5.5 percent by the end of 2023.

“Although wage growth picked up last month, it remains below the pace of inflation, meaning that households will increasingly have a difficult time managing these higher costs.

“A weakening job market will eventually be a negative for the housing market, as it will reduce demand. However, reaching the Federal Reserve’s goal of reducing inflation will be a benefit to those still in a position to buy a home, as it will bring down mortgage rates and improve affordability.”

For more information, please contact Falen Taylor at 202-557-2771

Mortgage Applications Decrease in Latest MBA Weekly Survey

Mortgage applications decreased 0.8 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 25, 2022. This week’s results include an adjustment for the observance of the Thanksgiving holiday.

The Market Composite Index, a measure of mortgage loan application volume, decreased 0.8 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 33 percent compared with the previous week. The Refinance Index decreased 13 percent from the previous week and was 86 percent lower than the same week one year ago. The seasonally adjusted Purchase Index increased 4 percent from one week earlier. The unadjusted Purchase Index decreased 31 percent compared with the previous week and was 41 percent lower than the same week one year ago.

“Mortgage rates declined again last week, following bond yields lower. The 30-year fixed mortgage rate decreased to 6.49 percent and has now fallen 57 basis points over the past four weeks. Additionally, mortgage rates for most other loan types declined,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The economy here and abroad is weakening, which should lead to slower inflation and allow the Fed to slow the pace of rate hikes. Purchase activity increased slightly after adjusting for the Thanksgiving holiday, but the decline in rates was still not enough to bring back refinance activity. Refinance applications fell another 13 percent, and the refinance share of applications was at 26 percent. Both measures were at their lowest levels since 2000.”

The refinance share of mortgage activity decreased to 26.1 percent of total applications from 28.4 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 9.0 percent of total applications.

The FHA share of total applications decreased to 12.2 percent from 13.4 percent the week prior. The VA share of total applications increased to 11.2 percent from 10.5 percent the week prior. The USDA share of total applications decreased to 0.5 percent from 0.6 percent the week prior.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) decreased to 6.49 percent from 6.67 percent, with points remaining at 0.68 (including the origination fee) for 80 percent loan-to-value ratio (LTV) loans. The effective rate decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 6.35 percent from 6.30 percent, with points decreasing to 0.61 from 0.74 (including the origination fee) for 80 percent LTV loans. The effective rate increased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 6.57 percent from 6.66 percent, with points increasing to 1.14 from 1.01 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 6.02 percent from 6.08 percent, with points decreasing to 0.69 from 0.70 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 5.48 percent from 5.78 percent, with points increasing to 0.89 from 0.73 (including the origination fee) for 80 percent LTV loans. The effective rate decreased from last week. 

If you would like to purchase a subscription of MBA’s Weekly Applications Survey, please visit, contact or click here.

The survey covers over 75 percent of all U.S. retail residential mortgage applications, and has been conducted weekly since 1990. Respondents include mortgage bankers, commercial banks, and thrifts. Base period and value for all indexes is March 16, 1990=100.

For more information, please contact Falen Taylor at 202-557-2771

MISMO Launches New Bids Wanted in Competition Template

WASHINGTON, D.C. (November 22, 2022) – MISMO®, the real estate finance industry's standards organization, today announced the release of the Bids Wanted in Competition (BWIC) standard template to facilitate the bidding process for mortgage-backed securities (MBS) between mortgage originators and dealers. The standard has achieved “Candidate Recommendation” status, which means that it has been thoroughly reviewed by a wide range of organizations and industry participants and is available for use across the industry.

Mortgage originators are increasingly utilizing MBS execution and are distributing BWICs, a formal request for bids on a package of securities, to securities dealers. However, the information transmitted to dealers is not currently standardized. As a result, dealers are struggling to keep up with the increased volume of BWICs, which often leads to delays, lower pricing, and lower rates of participation in the BWIC process.

“The creation of this data standard will allow MBS sellers to consistently present BWIC data to dealer desks to facilitate increased accuracy, liquidity, and rapid pricing by the dealers for the BWIC lists,” said Seth Appleton, President of MISMO. “Development of this tool is part of MISMO’s ongoing efforts to increase efficiency across the mortgage finance industry.”

MISMO’s work to solve key business challenges is made possible due to lender support of the MISMO Innovation Investment Fee. For more information about MISMO and how to join, visit

For more information, please contact Caitlin Groves at 202-557-2849

Mortgage Application Payments Rise 3.7 Percent to $2,012 in October


Homebuyer affordability continued its downward trajectory in October, as the national median payment applied for by applicants increased 3.7 percent to $2,012 from $1,941 in September. This is according to the Mortgage Bankers Association's (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).

“Prospective homebuyers continued to feel the effects of higher mortgage rates in October, with the 70-basis-point jump in rates leading to the typical monthly mortgage payment rising to a new survey high of $2,012,” said Edward Seiler, MBA’s Associate Vice President, Housing Economics, and Executive Director, Research Institute for Housing America. “Higher mortgage rates are also squeezing the purchasing power of prospective buyers. The median loan amount last month decreased to $295,000 – the lowest level since January 2021. Weakening affordability and increased economic uncertainty are expected to slow homebuying activity in the final two months of the year.”  

An increase in MBA’s PAPI – indicative of declining borrower affordability conditions – means that the mortgage payment to income ratio (PIR) is higher due to increasing application loan amounts, rising mortgage rates, or a decrease in earnings. A decrease in the PAPI – indicative of improving borrower affordability conditions – occurs when loan application amounts decrease, mortgage rates decrease, or earnings increase.

The national PAPI (Figure 1) increased 2.7 percent to 167.9 in October from 163.6 in September. The index eclipsed the previous high of 164.2 in May 2022. The index has jumped 36.0 percent in the first ten months of 2022 and is up 38.1 percent compared to October 2021 (121.6). For borrowers applying for lower-payment mortgages (the 25th percentile), the national mortgage payment increased to $1,323 in October from $1,271 in September.

MBA’s national mortgage payment to rent ratio (MPRR) increased to 1.46 at the end of the third quarter (September 2022) from 1.44 at the end of the second quarter (June 2022), meaning mortgage payments for home purchases have increased relative to rents. The national median asking rent in third-quarter 2022 increased 1.5 percent on a quarterly basis to $1,334 ($1,314 in second-quarter 2022). The 25th percentile mortgage application payment to median asking rent ratio was 0.95 in September, up from 0.94 in June.

“Median asking rents increased at an annualized 6.2 percent between the second and third quarters of 2022, but have shown some deceleration in recent months. Despite the increasing mortgage rates in the third quarter, elevated rental payments kept the MPRR under one for many potential first-time homebuyers who may be looking for a smaller mortgage amount,” added Seiler.

Additional Key Findings of MBA's Purchase Applications Payment Index (PAPI) – October 2022

  • The national median mortgage payment was $2,012 in October, up from $1,941 in September and $1,839 in August. Mortgage payments are up by $629 in the first ten months of the year, equal to a 45.5 percent increase.
  • The national median mortgage payment for FHA loan applicants was $1,666 in October, up from $1,566 in September and $1,056 in October 2021.
  • The national median mortgage payment for conventional loan applicants was $2,047, up from $2,003 in September and $1,431 in October 2021.
  • The top five states with the highest PAPI were: Nevada (279.7), Idaho (269.7), Arizona (241.7), Washington (219.7), and Utah (218.9).
  • The top five states with the lowest PAPI were: Alaska (113.6), Washington, D.C. (114.2), West Virginia (115.1), Connecticut (120.9), and Louisiana (125.6).
  • Homebuyer affordability decreased for Black households, with the national PAPI increasing from 164.0 in September to 168.4 in October.
  • Homebuyer affordability decreased for Hispanic households, with the national PAPI increasing from 149.9 in September to 153.9 in October.
  • Homebuyer affordability decreased for White households, with the national PAPI increasing from 163.9 in September to 168.3 in October.



For more information, please contact Falen Taylor at 202-557-2771

Upcoming Educational Webinars

Click here to view the calendar to register for upcoming webinars

Other News...

The New American Homebuyer

Even with the massive gains of the last year, mortgage industry experts say that any plateau for the residential real estate market is nowhere in sight.

Due to a persistent short supply of homes, low interest rates, and readily available credit, single-family homes are commanding multiple offers replete with various sweeteners, such as inspection waivers, offers to cover any appraisal shortfall, etc.

However, homeowners who get too greedy and list their homes at too high a price can still run up against issues of appraisals coming in too low and buyers recognizing the house is overpriced to start with. That’s according to Brian Koss, EVP, Mortgage Network.

Housing affordability declined in May (the latest figures available as of this writing) compared to a year ago, according to National Association of Realtors (NAR) Housing Affordability Index. Median family incomes rose modestly by 1.2%, while the monthly mortgage payment increased 20%. The effective 30-year fixed mortgage rate was 3.01% this May compared to 3.29% one year ago, but the median existing home sales price rose 24.4% year over year.

Compared to the prior month, affordability also worsened as the monthly mortgage payment rose by 1.7% while the median family income declined by 1%.

With all these factors in play, what does the face of the modern American homebuyer look like in 2021? MReport spoke to the experts for insights into the qualities, priorities, and needs of those on the road to the American Dream.

The State of the Market

The adage about the critical importance of location still applies to this current market, said Yvette Clermont, Branch Manager, Inlanta Mortgage. Where homes are available, buyers want to be in good school districts, near shopping, and so forth.

“It’s a little bit of getting whatever you can get your hands on right now,” Clermont said.


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