In this Issue        

March 2020 Edition

     
 

Presidents Message

State News & Events

Legislative Update

Board Nominations are now open.

Installation Breakfast Meeting

Chapter News & Events

Milwaukee Chapter  Duck Pin Bowling Social

Madison Chapter 17th Annual Bowling Event

Madison Chapter Golf Event

MBA Updates

Upcoming Educational Webinars


 
 
 
Dear WMBA Members,

The proverb “March comes in like a lion and out like a lamb” doesn’t seem to be holding very true these last few weeks. We are in very tumultuous times right now. We are experiencing record lock volumes, along with the challenges of getting those loans to the closing table. Now with COVID-19 in our world, we have to figure out how to negotiate our business to keep our associates and clients safe and still keep our business strong.
 
The WMBA has been working hard to provide you with resources to keep you informed during this time including a COVID-19 Resource page at http://wimba.org/COVID-19Resources. The MBA also has a resource page updated frequently. We put a link to this page on our website home page at http://wimba.org/. We are also very fortunate to have William Kooper “Koop” from the MBA who is doing a fantastic job with keeping our industry informed and on the leading edge of new enhancements for the industry and clients.
 
As you know we had to cancel our 2020 Real Estate & Finance conference. Thank you to all of our sponsors, registrants, the committee and keynote speakers/breakout speakers. We look forward to bringing you a great event next year.
 
In the meantime, there are many ways that the WMBA can provide you with information and education. Last week we offered a webinar “COVID-19: Creating your Action Plan for Digital Closings” to members. The recording is available for on-demand viewing at: http://info.eoriginal.com/W-MAR-COVID-20_On-Demand-General-TP.html?_panelist
 
Watch for an online discussion forum where you can discuss topics with your peers to help everyone get through these times.
 
Lastly, nominations are now open for three open Board positions and the Secretary role on the Executive Committee for the 2020-2021 term. To nominate yourself or another, go to: https://www.surveymonkey.com/r/2020-2021BODNominations
 
Please do your best to keep your associates, clients and yourself safe and healthy during these times.
 
Best wishes,
Leo Spanuello





Leo Spanuello
WMBA President 2019-2020
Regional Mortgage Sales Manager
North Shore Bank
lspanuello@northshorebank.com
262-787-6872

 

Legislative Update - Buddy Julius


 


On March 2, 2020, Governor Evers signed AB 293 the Remote Online Notarization bill into law. Below are photos from the signing that Leo Spanuello and Rob Helvey attended. This marked the second bill the WMBA played a role in passing this session. SAFE ACT was the first.

Governor Evers suspended Foreclosures during the current public health emergency. The order prohibits ortgages from commencing a civil action to foreclosure on real estate for 60 days. The order does not in any way relieeve a person't obligation to pay their mortgage.

 


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WMBA 2020-2021 Board of Directors
Nominations are now open!

As the designated member representative for your company, you have the opportunity to nominate candidates for open director positions on the WMBA Board of Directors.
 
There are three (3) open Board of Directors positions and one (1) Executive Committee position - Secretary available.

Please click on the link below for more information to nominate yourself or another for a position.
 
2020-2021 Board of Directors Nomination Survey
 
All nominations are due by Friday, April 10, 2020. 


Upcoming Statewide Events

WMBA 2020 Installation Breakfast meeting
June 10, 2020

Join us at the Ingleside Hotel for the Installation of our incoming WMBA President Rob Helvey for his 2020-2021 term along with the new Secretary and three new Directors on the Board.

Watch for details on registration soon!

 

Milwaukee Chapter Event Highlights

Duck Pin Bowling Social
March 11, 2020

The Milwaukee Chapter met  on March 11th for a Board meeting followed by a social and Duck Pin Bowling! The Duck Pin Bowling was sponsored by Genworth Mortgage.

Below are a few photos from this event.
 
 


Madison Chapter Event Highlights

17th Annual Bowling Event
March 12, 2020

The Madison Chapter held their 17th Annual Bowling Event at Village Lanes on March 12th. The event Beverage Sponsors were First American, Knight Barry Title and Preferred Title. The Appetizer Sponsor was State Bank of Cross Plains.

See photos below from this event.

 

Look for more photos on the Madison Chapter web page.

 

MADISON CHAPTER FUTURE EVENT
Annual Golf Outing

 

Watch for newly scheduled date coming soon!



 

MBA Update

 Letter from MBA President and CEO, Bob Broeksmit, CMB

March 26, 2020
 





Dear MBA Members,

Today is a significant day in American history, as the $2 trillion COVID-19 stimulus bill has passed the
Senate and awaits House passage (expected tomorrow) before going to President Donald Trump's desk for his signature.

The COVID-19 pandemic changes our nation forever, and that's why I continue to emphasize these are extraordinary times. Just as extraordinary is the way our industry continues to deliver on behalf of those most affected by the tsunami occurring in the financial, housing, and retail sectors: American homeowners and borrowers, as well as our industry professionals who make and service loans.

As it relates to mortgage forbearance, the most important language in the bill is on pages 567-570 (single-family) and 570-574 (commercial/multifamily). Highlights of the bill include:

Liquidity Facility: $454 billion for loans, loan guarantees, and investments in programs or facilities established by the Federal Reserve for the purposes of providing liquidity to the financial system that supports lending to eligible businesses, states, or municipalities. This funding would enable Treasury and the Fed to establish a liquidity facility for loan servicers to access for advancing payments, and we continue to press hard on all fronts for a speedy announcement of such a facility.

Consumer Right to Request Forbearance: Applies to federally backed mortgage loans (Fannie/Freddie/FHA/VA/USDA) for those directly or indirectly impacted by the COVID-19 virus (if the borrower requests and affirms hardship). No signature or documentation is required, and the initial period is up to 180 days initially, with the option to extend for up to an additional 180 days.  This broadly mimics the programs Fannie Mae and Freddie Mac have already announced.

Multifamily Mortgage Forbearance: A total of 90 days of forbearance (30-day forbearance on initial request, extendable for two additional 30-day periods), which applies to federally insured, guaranteed, supplemented, or assisted mortgages, including mortgages purchased or securitized by the GSEs

Moratorium on Evictions: For 120 days after date of enactment, applies to single-family and multifamily properties that participate in federal housing, homelessness, rural programs, or properties financed by federally insured, guaranteed, supplemented, or assisted mortgages, including mortgages purchased or securitized by the GSEs
Small-Business Assistance: $349 billion for SBA loans to help small businesses make payroll and pay rent and mortgage payments, with loans of up to $10 million. Proceeds may be used for payroll, rent, payment of mortgage interest (not principal), and utilities.

HUD Rental Assistance
  • $5 billion for Community Development Block Grants
  • $4 billion in homelessness assistance
  • $1.25 billion in tenant-based assistance
  • $1 billion in project-based assistance
  • $50 million for housing for the elderly
  • $15 million for housing for persons with disabilities
Temporary Lending Limit Waiver: Nonbank financial companies temporarily included in OCC's lending limits waiver

CECL: Option to temporarily delay CECL application. Applies to insured depositories (including credit unions).

Troubled Debt Restructurings: Financial institution may elect to suspend TDR determination under GAAP for COVID-19-related loan modification

Community Bank Leverage Ratio: Agencies to temporarily reduce the CBLR for qualifying community banks from 9 percent to 8 percent

Debt Guarantee Authority: FDIC authorized to temporarily establish a debt guarantee program to guarantee debt of solvent insured depositories and depository institution holding companies

We will have a more detailed summary and analysis in the coming days.

MBA has worked feverishly in recent days to improve critical language within the bill that could have had disastrous impacts on our members, and we continue to work with leaders of both parties, on the Hill and in the administration, while maintaining our stance as a nonpartisan, action-based association. We remain committed to advocating for those affected most by this crisis, as well as ensuring protections enacted over a decade ago protect American homeowners, renters, lenders, and servicers.

In this time of uncertainty, two facts are certain: The COVID-19 crisis will pass, and when it does, MBA will continue to lead you, our core constituency, in thoughtful, meaningful ways.
 Best regards,

Bob Broeksmit, CMB
President & CEO
Mortgage Bankers Association
 

 


MBA, Trade Groups Petition FCC for ‘Emergency Purposes Exception’ on Mortgage Servicing Calls

March 30, 2020 |By Mike Sorohan-msorohan@mba.org
   

The Mortgage Bankers Association joined other industry trade groups in a letter Monday to the Federal Communications Commission, arguing that mortgage servicing calls (and other financial institution notices) should be deemed emergency calls by the FCC and exempt from the Telephone Consumer Protection Act during the COVID19 emergency. 

The trade groups requested an expedited declaratory ruling, clarification or waiver stating that phone calls and text messages placed by banks, credit unions and other customer-facing financial services providers using an automatic telephone dialing system or prerecorded or artificial voice on matters related to the COVID-19 pandemic are “call[s] made for emergency purposes,” and thus may be placed without the consent of the called party.

Specifically, these phone calls and text messages could include:

–Outreach to customers and members to offer payment deferrals, fee waivers, extension of repayment terms or other delays in payment of modification or forbearance on mortgage payments or other loans;

–To advise consumers of branch closings, service limitations, reduced hours or the availability of remote banking or other remote access options; or

To make consumers aware of programs, relief and resources offered by the institution in response to the pandemic.

“The calls that the Associations seek to place under the Emergency Purposes Exception are solely informational calls made in good faith to assist consumers and do not include calls that contain advertising or telemarketing or that seek to collect payment on a past-due debt,” the letter said.

FCC regulations implementing TCPA provide that the Emergency Purposes Exception exempts “calls made necessary in any situation affecting the health and safety of consumers”—a situation the FCC itself confirmed on March 20, when it declared the “COVID-19 pandemic constitutes an ‘emergency’” under the TCPA.  

The letter asserts calls that banks, credit unions and other customer-facing financial institutions seek to place on matters related to the pandemic are intended to protect or support the financial health or safety of consumers. Calls that advise consumers of branch closings, service limitations, reduced hours or the availability of remote banking and other remote customer service options protect the physical health or safety of consumers and employees, by preventing unnecessary physical contact between consumers and employees.

“As such, these calls related to COVID-19 clearly fall within the Emergency Purposes Exception,” the letter said. “However, neither the Commission nor the judiciary has addressed the application of the Exception in the context of calls placed by financial institutions during a public health emergency. The lack of Commission and judicial precedent and the threat of class-action litigation may lead financial institutions to limit the communications they send to assist consumers on matters related to the pandemic.”

Such a ruling, the trade groups said, “would ensure that financial institutions may contact their customers and members with important and time-sensitive, calls to protect the consumer’s financial or physical health and safety.”

The trade groups include MBA; the American Financial Services Association; the Consumer Bankers Association; Credit Union National Association; Independent Community Bankers of America; and the National Association of Federally Insured Credit Unions.

 
 
  

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