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In this Issue |
January 2023 Edition |
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Legislative Update
Other News |
![]() ![]() Happy New Year! The 9th Annual Best in Business Awards are here! The WMBA is inviting you to attend on April 6th at the Madison Concourse. Registration and Sponsorship opportunities are open, so please consider signing up today! Check out the 9th Annual Best in Business Wesbsite for more information. Additionally, 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. The 5th Annual Mortgage Bootcamp is in full swing! So far, we have hosted 2 of our virtual sessions and I can say that they have been extremely useful to our attendees. Registration is still available! If you or anyone you know is interested in joining, our sessions have been recorded and anyone can join and catch up! See the event information below or click here for the Mortgage Bootcamp website. 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 wmba@morgandata.com. 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 chad.laipple@usbank.com | (608) 827-3243 ![]() WMBA 9th Annual Best in Business Awards Ceremony ![]() 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. Join us to celebrate the great things our industry does every day!
Event InformationThe Best in Business Awards will be taking place on April 6th at the Madison Concourse. The agenda for that day is below.
RegistrationRegistration is now available for the Best in Business Awards!WMBA members and guests will have the option of registering for a table of 8 or individually. Interested in attending? Use the button below to complete your registration. ![]() Sponsorship opportunities are also available! Please look below for more information. Event LocationThe Best in Business Awards dinner will be held at the Madison Concourse Hotel in Madison.![]() Madison Concourse Hotel 1 W Dayton St Madison, WI 53703 414-276-1234 Conference Center Website SponsorshipSponsorship opportunities are now available for the 8th Annual Best in Business Awards Ceremony. This year, the WMBA is offering one sponsor option:Event Sponsor- $350
![]() 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
State news...
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Time |
Function (registration, reception, lunch, program, etc.) |
Room/Location |
1 PM |
Set Up |
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1:45 PM |
Registration |
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2:00 |
Event Begins |
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4:00 - 4:30 |
Event Ends |
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Parking Instructions:
When you arrive, please plan on parking closer to the BBB side (South) and enter in through the BBB entrance. Do NOT Park in the credit union spots.
Visit the Milwaukee Chapter Webpage for new events + chapter updates.
Join the Madison Chapter of the WMBA, RASCW, and the Women's Council of Realtors as we host an informational session on February 16th at the TDS Conference Center in Madison.
You will obtain bulletproof answers on how to thrive today by leveraging social media, value proposition, and mindset. You'll also learn how to generate more leads, and increase your productivity/profit in this coming year.
Speaker Info:
Glenn Bill is an Amazon #1 International bestselling author who has been a business owner since he was 23 yrs. old and is recognized as one of the Top 10 sales people in the nation. He has also coached a high school football team to 11 state Championships. For the past ten years, Glenn has been giving keynote addresses to clients (MetLife, Wells Fargo, Chase, CENTURY 21, and National/State Associations) and creating High Performance as it relates to sales, leadership, sales management, customer service and disruption (change). His message is uncanned and real and will speak to every attendee in the room regardless of their background or position.
Location Info:
City Center West/TDS Conference Center
525 Junction Rd, Madison, WI
Registration Info:
Early-Bird Registration is available! Be sure to register before February 6th to lock-in your rate. Your registration includes the learning session, networking, and a happy hour with cash bar and light appetizers.
Agenda:
Time |
Function |
Room/Location |
1:00 – 1:30 |
REGISTRATION |
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1:30 – 2:45 |
PRESENTATION |
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3:00 – 5:00 |
NETWORKING - light appetizers at World of Beer, 8225 Greenway Blvd Ste. 140, Middleton, WI 53562 |
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.”
For more information, please contact Adam DeSanctis at 202-557-2727
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.”
For more information, please contact Adam DeSanctis at 202-557-2727
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.”
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.
“December new home purchase activity – both for applications and estimated sales – ran more than 20 percent behind last year's pace,” said Joel Kan, MBA’s Vice President and Deputy Chief Economist. “The decline in activity was in line with single-family housing starts that were 32 percent lower than a year ago. Higher mortgage rates and a weakening economy held back buyers at the end of last year.”
Added Kan, “This week’s builder sentiment index from the NAHB reflected an improving outlook and increased buyer traffic, as mortgage rates have backed off from recent highs. The housing market is still in need of more starter and entry-level homes, especially when current demographic trends point to the potential for more younger households to enter homeownership in the near future. New construction of these units will help these buyers entering the housing market.”
MBA estimates new single-family home sales, which has consistently been a leading indicator of the U.S. Census Bureau’s New Residential Sales report, is that new single-family home sales were running at a seasonally adjusted annual rate of 641,000 units in December 2022, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.
The seasonally adjusted estimate for December is a decrease of 2.9 percent from the November pace of 660,000 units. On an unadjusted basis, MBA estimates that there were 45,000 new home sales in December 2022, a decrease of 8.2 percent from 49,000 new home sales in November.
By product type, conventional loans composed 69.1 percent of loan applications, FHA loans composed 20.0 percent, RHS/USDA loans composed 0.3 percent and VA loans composed 10.5 percent. The average loan size of new homes increased from $392,465 in November to $399,555 in December.
MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.
For additional information on MBA’s Builder Application Survey, please click here.
For more information, please contact Falen Taylor at 202-557-2771
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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