In this Issue        

October 2019 Edition


Presidents Message

State News & Events

Legislative Update

WMBA 2019-2020 Dues Renewal 

WMBA Mortgage Boot Camp

Chapter News & Events

Milwaukee Chapter Holiday Party

Madison Chapter Holiday Party

MBA Updates

Upcoming Educational Webinars


Dear WMBA Members,
On Tuesday October 22nd we celebrated our members achievements at our 5th Annual Best in Business Awards.

Everyone who attended enjoyed great networking opportunities and a fun filled evening with coworkers and industry friends.

Please see the recap of this year’s award winners below:

2019 WMBA Best in Business Award Winners
Award Winner
Lifetime Achievement Award David Rouse, WHEDA
Mortgage Banker of the Year - Madison Amy Gile-Enge, Capitol Bank
Mortgage Banker of the Year - Milwaukee Randy Reese, Pyramax Ba nk
Mortgage Banker of the Year - Other Market Amanda Henschel, U.S. Bank Home Mortgage
Best Industry Service Provider Dave Taylor, Wisconsin title, Closing and Credit Services
Community Involvement Award Margaret Haagensen, WaterStone Bank
Rising Star Kristen Bulfer, Waukesha State Bank
Best in Servicing Linda Moncada, Waukesha State Bank
Best in Leadership Joe Theisen, Fairway Independent Mortgage Corp.
Best in Processing/Loan Support - Madison Shannan Shade, Summit Credit Union
Best in Processing/Loan Support - Milwaukee Vicki Ellenberger, First Ban k Financial Centre
Best in Underwriting Mary Breunig, Settlers Bank
Best in Underwriting Rosanne Elliott, WaterStone Mortgage
Best Loan Originator - Madison Dave Leeder, Inlanta Mortgage
Best Loan Originator - Milwaukee Jim Snyder, Inlanta Mortgage
Best Loan Originator - Other Market Eric Johnson, Inlanta Mortgage
To see pictures from the event, go to the Best in Business event page.

Take a minute to look at the upcoming events offered by our association.
  • Our 2nd annual Mortgage Bootcamp around the corner on November 12 & 13th in Delafield.  The lineup of presenters is fantastic and sure to be time well spent for those who attend.
  • On December 12th both Madison & Milwaukee will be hosting holiday Parties.
  • Save the date for our Spring conference on April  22nd & 23rd 2020.        
Warmest wishes to you and your families for the holidays, and Thank You for your membership!

Leo Spanuello
WMBA President 2019-2020
Regional Mortgage Sales Manager
North Shore Bank


Legislative Update - Buddy Julius


On October 29th, a Senate Republican leadership event was held at the office of The Firm. John Walrath representated the WMBA at this event. Please see photo below of John Walrath and Senate Majority Leader Scott Fitzgerald.

The following will be updated with a vote count after the committee acts on Tuesday.
The Remote Notary Bill (AB 293) received a vote out of the Assembly Committee on Local Government on October 29. The Senate Financial Institutions Committee will still need to act on the bill, but currently doesn't have any hearing dates scheduled for November. 

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WMBA 2019-2020 Dues Renewal 

Have you renewed your WMBA annual dues? The deadline for dues renewal is November 30, 2019. If your company has an Unlimited Regular or 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.

For more details about membership, go to the WMBA Membership page.

Upcoming Events

2019 Mortgage Boot Camp
November 12-13, 2019

Do you want to be a stronger mortgage professional? Join us for WMBA's 2nd Annual Mortgage Boot Camp!

This successful one-and-a-half-day workshop 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. There are many opportunities to learn and interact with your peers throughout the day.
See below for the timetable and presenters for the workshop. “Any and all” in the mortgage profession are welcome. This is not just for newbies!
Cost is minimal and registration is limited . . . Don’t wait.


Date:             November 12 - 13, 2019

Location:      Delafield Brew Haus
                      3832 Hillside Drive
                      Delafield, WI 53018

Time:             November 12, 2019 
                       8:30am - 5:00pm

                      November 13, 2019
                      8:00am - 12 noon              
Cost:           Early Bird Pricing through Nov 1, 2019

                     WMBA Members $150
                     Non-Members $300

                     Purchase from November 2 - 8, 2019
                     WMBA Members $170                     
                     Non-Members $340

Register by November 8, 2019

To see the full agenda with our guest presenters, go to the Mortgage Boot Camp event page.


Milwaukee Chapter Updates

Milwaukee Chapter Annual Holiday Party
December 12, 2019

The annual Holiday Party will again provide a chance to give toys or financial donations to Toys for Tots. The party is scheduled for Thursday, December 12th at 4pm at Albanese’s Roadhouse located at 2301 W Bluemound Rd in Waukesha.
An invitation to the event will be out in 4th quarter.


Madison Chapter 2019 Holiday Party

Please join us from 4 - 7pm for holiday cheer, drinks, appetizers and the return of the: 
Festive (we mean UGLY) holiday sweater contest!

Location:   Buck and Honey's, Monona
                    800 West Broadway
                    Monona, WI 53713
Date:           Thursday, December 12, 2019

Time:           4:00pm      Registration
                     6:00pm      Ugly Sweater Contest - Cash prizes for 1st, 2nd and 3rd place
                     7:00pm      Event ends

Cost:           Member Registration by December 6, 2019: $25
                    Member Registration After December 6, 2019 and On site Registration: $30
                    Non-Member Registration by December 6, 2019: $25
                    Non-Member Registration After December 6 and On site Registration: $30

Registration includes 2 drink tickets and heavy appetizers.

Register by December 6, 2019 for best rates!

MBA Update

 Security experts: Cybersecurity threats aren’t going away, they’re doubling.

Experts emphasize the need for companies to have a process in place for ransomware attacks.

October 29, 2019, 6:18 pm By 

Every 14 seconds, a company falls victim to ransomware attacks. 

Richey May Executive Director of Cybersecurity Services John-Thomas Gaietto presented this alarming statistic, which was originally reported by Cybersecurity Ventures, during a tech session at the Mortgage Bankers Association’s annual convention in Austin, Texas. 

During the session, titled “Ransomware and Other Security Threats in Your Backyard,” Gaietto was joined by CyFIR chairman Andrew Ward, FBI supervisory special agent Holly Easter Kelley and Scott Riddick senior special agent for the U.S. Secret Service

The resounding message from the panelists: cybersecurity threats are only increasing, so companies need to be prepare for them now.

Gaietto was quick to point out that traditional firewalls are not enough to protect companies from ransomware attacks. According to Ward, these attacks doubled from 2017 to 2018, and he predicts this trend will continue.

“In most cases, most organizations have up-to-date antivirus in place, and so your traditional controls are not very effective against these types of attacks,” Gaietto said. “Having a back up is a good strategy, but oftentimes organizations fail to either test those backups periodically, or in some cases, what we found is that all they have their backups in the cloud it’s taking them too long to download all that data for their internet connection again, and that’s another issue that is impacting their time.”

In response to this, he recommended having a process in place for “not if an attack occurs, but when.”

This process, he said, should include having a plan and regularly testing it, as well as knowing when to contact law enforcement and service security insurance. Ward agreed, emphasizing that having insurance for these types of attacks is paramount. 

“Oftentimes I think that the biggest objection to really being prepared is this budget and cost to think to that insurance, you know, the attacks not in front of you so you tend to prioritize other things and budget,” Ward said.

“But it really doesn’t cost as much as you would think, and I think if organizations had an understanding of the risks, they might be in a better spot but just simple things,” Ward continued. “Just in the training of the personnel, you see a big difference in organizations that do it and those that don’t.”

And while the FBI and Secret Service can potentially intervene after an attack, Riddick was quick to explain that the government does not play an active role in prevention. 

“It may surprise some that the federal government defense does not have an active role in prevention,” Riddick said. “The internet has no borders. There are no checkpoints for us to monitor. Our main focus tends to be on education like we’re doing here today as well as providing resources and partnering with private industry in order to develop software tools to decrypt these ransomware variants.”

When it does come to intervention, particularly in the cases of wire fraud, Kelley, who has worked with municipalities that have come under cyberattacks, emphasized the need for companies to report them quickly. 

“Usually, within 24 hours we have about 70% rate of getting wired money back,” she said. “We can’t guarantee it but by the time you get to two days expect down to 38%.”

When it comes to actually paying a ransom, the panelists agreed that the choice comes down to an independent business decision. 


Home Purchases to Remain Solid in 2020, Thanks to Low Interest Rates


October 29, 2019
By Megan Henney/FoxBusiness

Thanks to historically low-interest rates — and cheap mortgage rates — home purchases are expected to continue to increase in 2020, according to a new forecast from the Mortgage Bankers Association.

The Washington, D.C.-based organization estimated that mortgage originations will grow 1.6 percent next year to $1.29 trillion. That’s a slight drop from 2019, which could post the biggest gain since 2007 at $2.06 trillion.

Interest rates are expected to remain low next year, with the Federal Reserve poised to reduce borrowing costs for the third time this year on Wednesday. And as the economic outlook remains cloudy, policymakers at the U.S. central bank seem unlikely to raise rates anytime soon.

"Interest rates will, on average, remain lower for longer given the somewhat cloudy economic outlook," MBA's chief economist Mike Fratantoni said in a statement. "These lower rates will in turn support both purchase and refinance origination volume in 2020."

Lower-than-expected mortgage rates gave a huge bump to the refinance market in 2019, resulting in the strongest year since 2016.

"Given the capacity constraints in the industry, some of this refinance activity will spill into the first half of next year," he said.

Sales could also increase thanks to lower prices. After several years of home cost surpassing average wage gains, home prices are also expected to fall next year, as the number of available houses for consumers grows, MBA said.

"Moderating price growth is healthy, as it allows household incomes to catch up with home values," Fratantoni said. "This improvement in affordability will lead to more home sales – especially given the rise in household formation and growing demand from first-time homebuyers."

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Upcoming Educational Webinars

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