In this Issue
State News & EventsLegislative Update - George Klaetsch
Renew Your Membership
WMBA Annual Golf Outing
Best in Business Awards
Chapter News & EventsMadison Chapter Fall Kick-Off Event
The future for residential lending in Wisconsin looks as bright as ever. The news of the Foxconn Corporation relocation to Wisconsin will be certain to have a very positive impact on housing finance in the State. See the attachment from our lobbyist George Klaetsch for more detail on the Foxconn transaction.
Networking with industry peers is one of the major benefits of being a WMBA member. Below is a list of some of our upcoming events. We hope you will be able to join us at one or all these events.
Sept. 7th: WMBA golf outing will be held at the Broadlands Golf Club in North Prairie. We hope to have close to 100 golfers. A great way to meet members and a wonderful opportunity to sponsor a hole or simply show up for the dinner portion of the evening. Registration deadline is September 1st.
Sept. 21st: Fall Kick-off party event hosted by the Madison Chapter. This event will be held at the Hotel Red in Madison. The distinguished service award for the Madison Chapter will be awarded that night.
Oct. 19th: Join us for the 3rd Annual Best in Business Awards at the Concourse Hotel in Madison. This is one of our flagship events of the year as we will host approximately 300 of our members and recognize those who have excelled in our industry in Hollywood style fashion. This is a great night for team outings to celebrate your success.
Just a reminder that membership dues invoices have gone out and are due on September 30th. Your membership is appreciated. If you have suggestions or feedback of how we can serve our membership better please feel free to contact me.
Thanks and have a great September!
WMBA President 2017-2018
Legislative Update - George KlaetschFoxconn! Foxconn! Foxconn!
As I draft this month’s legislative update I am finding it difficult, if not impossible to NOT provide some coverage, insight or perspective of the current state legislative discussion and debate on the Foxconn announcement and the respective legislative proposal of incentives and tax credits for Foxconn to break ground, create jobs and manufacture a quality product. However, given the debate on “good deal” Vs. “bad deal” that has dominated our news coverage the past couple weeks, I wanted to provide a one-stop shop resource to WMBA members to read what independent thought leaders and economists are saying about the Foxconn opportunity.
While there is no doubt our WMBA Milwaukee Chapter friends and colleagues are encouraged by the idea of 13,000 new jobs being created in the Kenosha/Racine marketplace (many of which will be purchasing or refinancing homes), it is also important for our entire membership to know the facts and gain perspective on the whole deal.
As the Legislative Fiscal Bureau stated in their August 8, 2017 memo, the following are the basic facts and background of the deal
On July 27, 2017, Governor Walker and Mark Hogan, Secretary and CEO of the Wisconsin Economic Development Corporation (WEDC), entered into a memorandum of understanding (MOU) with Terry T. M. Gou, Chairman and CEO of Hon Hai Precision Industry Co., Ltd. (Foxconn) and Louis K. Woo, Special Assistant to Mr. Gou. Under the MOU, Foxconn agrees to invest $10 billion to construct, over six years, a facility in Wisconsin and create up to 13,000 jobs, with a reported average salary of $53,875 over a period of up to six years. The state's agreement, under the MOU, among other things, is to provide up to $3 billion in an economic package which would include refundable tax credits and a construction sales tax exemption for Foxconn.
On July 28, 2017, the Governor issued Executive Order #250, calling for a special session of the Legislature to address legislation relating to the promotion of economic development and job retention. That legislation has been drafted as LRB 4050/1. The bill would address the state's agreement under the MOU and would also add a new component to the enterprise zone credit program, which would provide up to $10 million in tax benefits to Fiserv, Inc.
On August 1, 2017, the bill was introduced by the Committee on Assembly Organization as August 2017 Special Session Assembly Bill 1 and referred to the Assembly Committee on Jobs and the Economy. On August 3, 2017, that Committee held a public hearing on the bill. On August 17, 2017 SSAB 1 passed the Assembly by a 59-30 vote.
The Varying Perspectives
Since the announcement, a number of questions have been raised about everything from job creation and impacts on economic growth to how free markets and economies work best, most fairly and efficiently, for everyone in the long term. Regardless of your perspective, the Wisconsin Policy Research Institute released multiple perspectives and analyses from three economists and a technology reporter with words of both caution and encouragement. Regardless of your position, I thought WMBA members would be interested. Click here to learn more about the Foxconn package from a Wisconsin economist panel
Appraisal Management Company (AMC) Legislation Document
45 out of 50 states have passed legislation to regulate AMC's. Please refer to the talking points outlined in this document.
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log-in to renew online or submit the Membership Renewal Form. Renewals are due by September 30, 2017 to continue receiving your membership benefits. Thank you for your support in WMBA!
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September 7, 2017
Broadlands Golf Club
18 Augusta Way
North Prairie, WI
Registation deadline is September 1
Thank you to Our Sponsors!
The Madison Concourse Hotel & Governor's Club
1 West Dayton Street
Thank you to Our Sponsors!
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1501 Monroe Street
WASHINGTON, D.C. (August 7, 2017) - David H. Stevens, CMB, President and CEO of the Mortgage Bankers Association (MBA), released the following statement on the bipartisan introduction of the SAFE Transitional License Act in the U.S. Senate. The bill (S. 1753) was introduced and originally co-sponsored last week by Senators Dean Heller (R-NV) and Bob Menendez (D-NJ). Substantially similar bipartisan legislation (H.R. 2948) was introduced in the U.S. House of Representatives in late June, and originally cosponsored at that time by Reps. Steve Stivers (R-OH), Bruce Poliquin (R-ME), Joyce Beatty (D-OH), and Kyrsten Sinema (D-AZ), respectively.
"The mortgage finance industry is grateful for the bipartisan, bicameral introduction of these important bills that would amend the federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (SAFE Act). I applaud Senators Heller and Menendez, and Representatives Stivers, Beatty, Poliquin and Sinema for their leadership," said Stevens.
"This legislation will maintain the important consumer protections established under the federal SAFE Act, while offering enhanced workforce mobility for mortgage loan officers who choose to change employers or move across state lines to pursue new career opportunities. MBA looks forward to working with these lawmakers, as well as the leadership of the House Financial Services and Senate Banking Committees, to help advance this legislation to the President's desk."
Both bills would amend the SAFE Act to provide temporary authority (120 days) to originate mortgage loans to MLOs transitioning between federally insured depositories and non-depositories, as well as across state lines. The legislation would require states to issue this transitional authority to experienced loan originators currently employed by a financial institution. Importantly, the bill also stipulates that all transitioning individual MLOs - and the non-bank institutions sponsoring them - remain subject to all required elements of the SAFE Act, as well as applicable state law.Return to Top
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