In this Issue
State News & Events
Legislative Update - George Klaetsch
April 5 – Don’t Forget to Vote
Residential Compliance and Loan Servicing Committee Update
42nd Annual WMBA Real Estate Finance Conference
Spring Is Here!!! Recent snow storms just remind us that Mother Nature does have a sense of humor! As we close out our March business, I want to remind everyone that our 42nd Annual WMBA Real Estate Finance Conference April 14-15 at the Hyatt Regency Milwaukee is right around the corner. If you haven't registered, please do so today.........you'll be joining the almost 200 industry professional who have already registered. We hope to have close to 300 attendees to hear a great line-up of speakers including Governor Walker, MBA Chairman and Quicken Loans CEO Bill Emerson, MBA Economist Michael Fratantoni, Fannie Mae Market Strategist Dr. Mark Palim and Green Bay Packer Legend Jerry Kramer. Thursday, April 14th features some fun pre-conference activities with chances to network and socialize with industry peers.
Visit wimba.org/ConferenceHome for more information.
Speaking of upcoming events, your association is busy planning events for 2016.......get these on your calendar and watch for registration details coming soon
Save the Date for these WMBA Events
Board of Directors Installation
Thursday, June 16, 2016
Milwaukee Marriott West
WMBA Golf Outing
Thursday, September 8, 2016
Broadlands Golf Club
North Prairie, WI
2nd Annual Best in Business Awards
Thursday, October 27, 2016
Madison Concourse Hotel & Governor's Club
One other upcoming event worth mentioning is being planned by one of our many industry partners......The WHEDA Home Ownership Conference May 9-10th at the Kalahari Resort in the Wisconsin Dells. Visit wheda.com for more information.
We wish you all a very successful Spring market....I'm looking forward to seeing all of you at the Hyatt Regency Milwaukee April 14-15th.
Foreclosure Reform Bill Passes Legislature – Governor Walker Expected to Sign Into Law
Given that foreclosures around the state and predominantly in southeastern Wisconsin are at pre-recession levels, the WMBA along with the Wisconsin Bankers Association (WBA) collaborated with State Representative Terry Katsma – R, Sheboygan to introduce foreclosure reform legislation. As a result, Assembly Bill 720 was introduced.
The intent of Assembly Bill 720 was to accomplish two primary issues of concern:
Over the last several months, WMBA and WBA met with several state legislators explaining the entire foreclosure process as well as clarifying the bill’s intent to reduce the redemption period for residential properties from 12 months to 6 months when the plaintiff seeks a deficiency judgement and from 6 months to 3 months when a plaintiff elects to waive judgment for any deficiency.
In addition, WMBA and WBA staff explained how the bill would help incentivize borrowers to negotiate with lenders to avoid abandonment. As stated above, the bill revises the foreclosure procedure for abandoned properties in an effort to address the recent WI Supreme Court decision of Bank of New York Mellon V. Carson.
In February and March, the Assembly and Senate respectively passed AB 720. Having cleared both houses of the legislature, the bill has been messaged to Governor Walker to sign into law. As of this writing, Governor Walker is expected to sign in late March or early April.
As special thanks to the following WMBA members for their grassroots support and counsel – Jan Brezina, Ken Dickson, Steve Hansen and John Inzeo.
Attention Wisconsin residents, April 5th is an important day… because it is Election Day. And as all elections go, the next one is the most important one. For those of you who may not be familiar, the Spring General Election has many important races and possible referendums on the ballot. Those items on the ballot include, but may not be limited to: Democrat and Republican Presidential Preference Primary, State Supreme Court, Court of Appeals and various referenda. If you are registered, please remember you now need to bring your ID to verify your address. If you are not registered, you will need to complete a registration form at your polling place on Election Day. To find out additional information about your polling place location, click here.
Click Here for the minutes from our committee meeting in January.
Join your colleagues in Milwaukee for the 42nd Annual WMBA Real Estate Finance Conference.Experience Milwaukee Thursday evening with a trolley ride from the Hyatt Regency to Lakefront Brewery for dinner, brewery tours and networking. Cap off the night with late night networking at VUE at the Hyatt with traditional Wisconsin cocktails.
On Friday, hear from MBA Chairman Bill Emerson (via Skype from Quicken Headquarters), MBA Chief Economist Michael Fratantoni and Dr. Mark Palim from Fannie Mae on the latest economic updates in the mortgage industry. Visit with exhibitors and network with colleagues. Green Bay Packer Legend Jerry Kramer will highlight lunch.
Click Here for More Information & Registration
MBA’s Research Institute for Housing America (RIHA) today released its first report of 2016 titled, Cognition and the Housing Behavior of Older Americans.
The report finds a strong correlation between housing behavior and the cognitive decline of older Americans. Importantly, normal cognitive aging also correlates to a potential borrower’s ability to make decisions relating to their own housing and financial situation.
Additionally, we recently revamped our website and logo to align more with the MBA website.
If you have any questions, please don’t hesitate to contact Lynn Fisher, RIHA’s Executive Director and MBA’s Vice President of Research and Economics, at LFisher@mba.org.
Chief Economist, Senior Vice President,
Research and Industry Technology
Mortgage Bankers Association
Chapter News & Events
New Report: Housing Behavior of Older Americans
WMBA Online Store