In this Issue
Thank you to all of our members and non-members alike for attending our 9th Annual Best in Business Awards Ceremony. The turnout was fantastic with over 180 in attendance from a multitude of Banks, Credit Unions, and Financial Institutions. A huge thank you to our Best in Business Committee for making this event so wonderful!
Congratulations to all of our Best in Business Award Winners - see below for the complete list. What an honor to be recognized amongst hundreds of your peers! And congratluations to all of our nominees this year as well. Be honored.
The WMBA is proud to announce our upcoming events. We will be hosting our Annual Installation Meeting on June 8th, our Statewide Golf Outing on September 7th, and our 49th Annual Real Estate & Finance Conference on October 25-26. All the details for these upcoming events can be found on our Event Calendar or can be found below.
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 firstname.lastname@example.org.
We look forward to seeing you at the all of our upcoming events!
WMBA President 2022-2023
U.S. Bank Home Mortgage
email@example.com | (608) 827-3243
WMBA 9th Annual Best in Business Awards Ceremony
Thank you for attending our 9th Annual Best in Business Awards Ceremony! Our Award Winners and 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.
Mortgage Banker of the Year Madison
Amy Gile-Enge, Capitol Bank
Mortgage Banker of the Year Milwaukee
Kristen Bulfer, Waukesha State Bank
Mortgage Banker of the Year Other
Dana Vandenack, Nicolet National Bank
Best Industry Service Provider - Statewide
Todd Snodgrass, Essent Guaranty
Best Industry Service Provider - Madison/Milwaukee
Lori Ortgiesen, First American Title
Jordan Daul, Bell Bank Mortgage
Best in Servicing
Connor Daugherty, Summit Credit Union
Best in Leadership
Rob Helvey, Waukesha State Bank
Best in Processing/Loan Support Madison
Danielle Brown, Fairway Independent Mortgage Corp.
Best in Processing/Loan Support Milwaukee
Michele Martin, Great Midwest Bank
Best in Processing/Loan Support Other
Deanna Respalje, National Exchange Bank & Trust
Best in Underwriting
Craig Robertson, Landmark Credit Union
Best Loan Originator Madison
Mike Zilli, Fairway Independent Mortgage Corp.
Best Loan Originator Milwaukee
Kyle Geis, Waukesha State Bank
Best Loan Originator Other
Amanda Henschel, U.S. Bank
Jonathan Peterson, Nicolet National Bank
Community Involvement Award
Brenda Mosehart, Waukesha State Bank
Lifetime Achievement Award
Marcia Howe, Monona Bank
WMBA 2023-2024 Board of Directors Installation
It's that time of year for some of our 2022-2023 Board of Directors to step down and for the WMBA to install our new Directors!
Join us on June 8th from 5:30 p.m. - 8:00 p.m. as we host a networking happy hour. This will be taking place at the Fairway Independent Mortgage Corp. Headquarters in Madison. All event information can be found on our 2023-2024 WMBA Board of Directors Installation webpage or click below to register!
Enjoy some drinks, food, and conversation on June 8th - see you there!
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:
You can find the Peer Chat at: https://wmba.wildapricot.org/MemberChat/
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.
There are no current upcoming events for the Milwaukee Chapter at the moment. Please stay tuned!
Please join us for our annual golf outing on June 1st! Registration includes 18 holes of golf w/cart, lunch, two drink tickets per person and one raffle ticket per person for awesome prizes! Additional prizes for hole events, the winning team, second place team and one randomly drawn team. Registration begins at 9:15 with tee times starting at 10am.
Registration and Sponsorship opportunities are available! Your registration includes 18 rounds of golf w/cart, lunch, two drinks tickets per person, and one raffle ticket per person for a chance at awesome prizes!
MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the Federal Housing Finance Agency's (FHFA) announcement of its enhancements to Fannie Mae’s and Freddie Mac’s (the GSEs) radon standards for multifamily properties:
“MBA and its members fully support safe and healthy multifamily housing and appreciate FHFA’s willingness to work closely with scientists and industry stakeholders during this process. We hope that these new radon testing standards strike the appropriate balance of ensuring tenant safety without leading to significant delays and added costs to multifamily projects.
“We ask FHFA to remain flexible on the six-month implementation date if it becomes apparent that the new standards will impact the current lending pipeline.
“Industry participants, FHFA, the GSEs, and HUD – which has its own testing protocol – should continue to collect data on radon and strongly consider adjustments to these standards, if necessary, to ensure they align with tenant risk.
“MBA will continue to work with FHFA, the GSEs, and HUD to increase safe and affordable multifamily housing in communities across the country.”
MBA Statement on FHFA Updates to the GSEs’ Pricing Framework
Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement regarding today’s Federal Housing Finance Agency (FHFA) announcement of updates to Fannie Mae’s and Freddie Mac’s pricing framework:
“FHFA’s holistic review of the GSEs’ up-front pricing framework has led to extensive reworking of the grids, and it will take some time to assess the full impact on borrowers and the market.
“Our initial review indicates that the new framework results in a modest net increase in overall pricing, which is a concern given ongoing affordability challenges and the higher interest rate environment.
“With the peak homebuying season coinciding with these changes, FHFA should consider additional program changes to improve affordability, including raising the area median income threshold for the GSEs’ low down payment products. This move would expand eligibility for borrowers who can meet the monthly obligation of a mortgage payment but do not have significant savings to make a large down payment.
“We also urge FHFA to be flexible with its May 1, 2023, implementation date should the industry need more time to integrate these updates and the recalibration of the upfront fee matrix into mortgage pricing.
“MBA will continue to work with FHFA, the GSEs, and the Biden administration and advocate for policies and actions that expand homeownership opportunities for all qualified borrowers.”
MBA Statement on FHFA’s Announcement to Lower the Fee for Commingled Securities
Bob Broeksmit, CMB, President and CEO of the Mortgage Bankers Association (MBA), issued the following statement regarding today’s Federal Housing Finance Agency (FHFA) announcement reducing the fee for commingled securities from 50 basis points to 9.375 basis points:
“FHFA’s move to lower the fee significantly for commingled securities is a sound decision and should remove much of the friction observed in the UMBS market since the fee was implemented last summer. The UMBS is intended to increase liquidity in the market, but the high fee was having the opposite effect.
“While MBA continues to believe that there should not be any fee for commingled securities, we appreciate FHFA’s receptiveness to industry feedback and its willingness to make an adjustment that better reflects any perceived risk.
“We remain focused on ensuring a well-functioning UMBS market and will continue to work with FHFA, the GSEs, and industry stakeholders on this issue.”
For more information, please contact Adam DeSanctis at 202-557-2727
December New Home Purchase Mortgage Applications Decreased 25.2 Percent
The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for December 2022 shows mortgage applications for new home purchases decreased 25.2 percent compared from a year ago. Compared to November 2022, applications decreased by 5 percent. This change does not include any adjustment for typical seasonal patterns.
For additional information on MBA’s Builder Application Survey, please click here.
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
“It’s a little bit of getting whatever you can get your hands on right now,” Clermont said.