In this Issue
State News & Events
Chapter News & Events
Legislative Update - George KlaetschBudget Bill Primary Focus In May
While there may not be many items in Governor Walker's 2017-19 Biennial Budget that directly affect the mortgage banking industry (that is a good thing), there are a number of items that are of interest to our industry and association. As we all know, good roads, good schools and a good economy are helpful to those consumers looking to purchase a home.
In April, the 16-member Joint Committee on Finance held six hearing across the state that allowed the Wisconsin constituency to engage and provide feedback on items the Governor proposed in his budget. These eight hour hearings that average approximately 200 individual testimonies are an excellent opportunity to hear what our fellow Wisconsinites are most interested in.
The Committee now transitions to the Executive Session portion of the budget throughout May. During this portion, the committee will take votes on each agency and section of the Governor's budget. And while there are less controversial items in this budget compared to previous budgets, the transportation portion of the budget is expected to be thorough and bruising.
Assembly GOP leaders earlier this year said they had a framework in place to cut taxes by $300 million to pave the way for a boost in transportation funding. At the time, Assembly GOP leaders said they were taking that approach because Gov. Scott Walker had said he would veto any budget that included a gas tax or registration fee increase without an offsetting tax cut elsewhere.
Walker this week suggested fees could be part of the final mix, though he remains opposed to a gas tax hike.
On other issues:
*K-12: Both co-chairs indicated the guv's $649 million investment in K-12 education is likely to largely survive intact
*UW: Assembly Republicans are generally opposed to the guv's 5 percent tuition cut in the second year of the budget, while Darling said her colleagues are split.
Some Senate Republicans back the guv's call. Others want to cut tuition but won't want to provide the $35 million in state aid Walker is proposing to backfill it. And others want to simply leave the tuition freeze in place.
*Self-insurance: The Committee has indicated they are open to looking at other ways to save money in the state employee health insurance program other than moving to a self-insurance model. That could include, for example, higher co-pays, deductibles and premiums.
As members work through the issues stated above and multiple others this Spring, it is hoped that they JFC will conclude their votes in May allowing the full Assembly and Senate to vote on the Budget in June.
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Board of Directors Nominations 2017-2018It's that time of year when we are accepting nominations for the 2017-2018 Board of Directors. This year we have (2) regular director positions open. Eligible candidates must be:
- A member in good standing of WMBA
- Willing to attend six (6) bi-monthly board meetings
- Willing to represent members in matters considered by the board of directors
Please send all nominations including full name, company, and email address to Joe Doyle and WMBA Admin.
Nominees will be contacted for further information and confirmation of acceptance. All nominations will be reviewed by the nominating committee. Following review, the committee will present a slate to member representatives for vote.
All nominations are due by Friday, May 5, 2017.
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Real Estate Finance Conference RecapThe Real Estate Conference was held April 6-7, 2017 at the Potawatomi Hotel in Milwaukee. Approximately 200 attendees had an opportunity to network with other members, listen to educational speakers, and visit the exhibitors.
Thursday evening kicked off the event with food, networking, and an opportunity to test your luck on the casino floor.
Friday was full of education and networking. Exhibitors were on hand to provide information on their products and services. Andy Taylor, joined the group in the morning for a virtual presentation from Sean Duffy's Office in Washington DC. Secretary Jay Risch spoke from the Department of Financial Institutions. William Testa addressed the group prior to lunch. The Worlds Worst Waiter, Don Pryor entertained us all during lunch. Jennifer Du Plessis and Tina Hallis presented during the afternoon breakout sessions. Wrapping up the day was Mike Theo, President and Chief Executive Office, WRA.
The silent auction raised nearly $3,000 for the WMBA Education Fund. Thanks to everyone who donated and bid on the items. Thank you to the committee for their great work and execution of a successful conference!
Please save the date for next year and join us in Milwaukee at the Hyatt Hotel on April 16-17, 2018.
Breakout Speaker Information
Tina Hallis wrote an article recapping her presentation "Positivity in the Workplace." Click here to read the article.
Jennifer Du Plessis presentation is available here.
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FHLMC "Home Possible"May 11, 2017
3832 Hillside Drive
Registration deadline: Monday, May 8
Save the Date: WMBA Annual Golf OutingSeptember 7, 2017
Broadlands Golf Club
18 Augusta Way
North Prairie, WI
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The Madison Concourse Hotel & Governor's Club
1 West Dayton Street
Golf OutingMay 18, 2017
University Ridge Golf Course
9002 County Road PD
Registration deadline Monday, May 15
May 17, 2017
MBA Offers Detailed GSE Reform PropasalThe Mortgage Bankers Association (MBA) released a white paper GSE Reform: Creating a Sustainable, More Vibrant, Secondary Mortgage Market which provides a detailed picture of a reformed and revitalized secondary mortgage market. It also attempts to shed light on two critical areas that have tested past reform efforts - the appropriate transition to the reformed system and the role of the secondary market in advancing an affordable housing strategy.
"This paper not only lays out a detailed end state solution that will work for the residential and multifamily markets, but also the transition steps to accomplish this goal," said Rodrigo Lopez CMB, Executive Chairman of NorthMarq Capital and Chairman of MBA. "We look forward to working with Congress and the Administration to find a permanent, sustainable solution to the government's role in housing finance that doesn't repeat the mistakes that led to the crisis."
"Key leaders on Capitol Hill and in the new administration have made it clear that GSE reform should be accomplished through bipartisan legislation," said David H. Stevens, CMB, MBA's President and CEO. "While progress has been made during conservatorship, only Congress has the power to ensure lasting reform."
Specifically, MBA developed an approach to GSE Reform that will:
Both white papers derive from the work of MBA's Task Force for a Future Secondary Mortgage Market, made up of individuals from MBA member companies representing a broad cross-section of the residential and multifamily real estate finance industries, including entities of varying sizes and business models.
"The secondary mortgage market plays a vital role in promoting access to credit for prospective homeowners, the development and preservation of affordable rental housing, and support for underserved market segments. MBA's proposal will help ensure lower housing costs and affordability for all Americans," said Debra W. Still, CMB, President and CEO of Pulte Mortgage, and a Task Force member. "Furthermore, GSE reform must be done with the objective of maintaining a level playing field for all lenders. The secondary mortgage market is strongest when it is well-positioned to serve the most diverse group of lenders possible, thus promoting broad competition which is ultimately beneficial for consumers. MBA's proposal meets these complementary goals."
"The GSEs provide crucial support to the multifamily market. MBA's detailed end state solution preserves this role and expands its ability to support affordable housing and workforce housing for owners and for renters," said Michael C. May, Executive Managing Director, Berkeley Point Capital, and a Task Force member.
The white papers can be found on MBA's website.
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MBA Offers Recommendations on Fostering Economic GrowthFull article available here
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