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In this Issue |
July 2020 Edition |
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State News & EventsLegislative Update |
 Dear WMBA Members, 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  Rob Helvey WMBA President 2020-2021 Vice President Manager of Mortgage Lending Waukesha State Bank rhelvey@waukeshabank.com 262-549-8527 |
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Hole Sponsor |
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Cart Sponsor (1 available) - SOLD OUT |
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Beverage Cart Sponsor |
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Scorecard Sponsor (2 available) - SOLD OUT |
Thank you to our sponsors so far:
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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?
You can find the Peer Chat at: https://wmba.wildapricot.org/MemberChat/
2020 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: http://wimba.org/Events
Milwaukee Chapter Event Highlights
Please check our Milwaukee Chapter page for future news and events.
Madison Chapter Event Highlights
Madison Chapter Annual Golf Outing
October 1, 2020
University Ridge
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!
Thursday, October 1, 2020
For all details and to register, go to: Madison Golf Outing Event Page.
Thank you to our lunch sponsor: Essent Guaranty 
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.
To purchase the report, visit https://www.mba.org/news-research-and-resources/research-and-economics/commercial/multifamily-research/annual-report-on-multifamily-lending.
Pending Home Sales Jump Nearly 17%
July 29, 2020
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.”
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