In this Issue
State News & Events
Chapter News & Events
Legislative Update - George KlaetschAs the Wisconsin State Legislature has primarily focused on the 2017-19 biennial budget, there has been a flurry of spring activity pertaining to legislation that is of interest to the mortgage banking industry.
The following are brief descriptions, backgrounds and legislative activity of bills that the WMBA staff and Legislative Committee have been monitoring over the past month. Some of which the association has already taken a position on and some that WMBA positions are pending. If you have any feedback on these bills, please contact a WMBA Legislative Committee member to ensure your input is considered.
Senate Bill 175 & Assembly Bill 253 - http://docs.legis.wisconsin.gov/2017/related/proposals/ab253
Authored by Senator Luther Olsen and Representative Joan Ballweg, refer to “procedures related to a sale of a foreclosed property by a sheriff or referee.” In the Senate, the bill was read for the first time on April 13, 2017, and was referred to Senate Economic Development, Commerce and Local Government. In the Assembly, on May 19, 2017, the Committee on Local Government with eight ayes and zero noes recommended passage. That same day, the bill was referred to the committee on rules, which was the bill’s most recent action.
Senate Bill 212 & Assembly Bill 280 – http://docs.legis.wisconsin.gov/2017/related/proposals/sb212
Authored by Senator Chris Kapenga, and Representative Scott Krug, refers to “incorporating financial literacy into the curriculum of public schools.” On April 20, the bill was read for the first time in the Senate and referred to the Committee on Education. In the Assembly, the bill was read for the first time on April 24, and was referred to the Committee on Financial Institutions.
Senate Bill 213 & Assembly Bill 283 – http://docs.legis.wisconsin.gov/2017/related/proposals/ab283
Authored by Senator Chris Kapenga, and Representative Rob Stafsholt, refer to “authorizing financial institutions to conduct savings promotion prize programs.” In the Senate, the bill was read for the first time on April 20, 2017, and was referred to the Committee on Revenue, Financial Institutions, and Rural Issues. In the Assembly, the bill was initially read on April 24, and referred to the Committee on Financial Institutions.
Senate Bill 158 and Assembly Bill 211 – http://docs.legis.wisconsin.gov/2017/related/proposals/sb158
Authored by Sen. David Craig & Representative Robert Brooks, refer to “a property owner’s right to refuse entry into his or her home for assessment purposes and conditions for appearing before the board of review.” In the Senate, the bill was read for the first time on April 7, 2017, and was referred to the Committee on Economic Development, Commerce and Local Government. On April 11, Senator Craig offered Senate Amendment 1, and on May 3, a public hearing was held. In the Assembly, the bill was heard for the first time on April 10, and was referred to the Committee on Local Government.
Return to Top
WMBA Annual Golf OutingSeptember 7, 2017
Broadlands Golf Club
18 Augusta Way
North Prairie, WI
Registration and Sponsorship Now Open!
Return to Top
The Madison Concourse Hotel & Governor's Club
1 West Dayton Street
Interested in nominating an individual for a BIB award, click here for the nominations form.
Registration and Sponsorship Now Open!
April New Home Purchase Mortgage Applications Drop 4.3 Percent Year over Year
WASHINGTON, D.C. (May 15, 2017) - The Mortgage Bankers Association (MBA) Builder Applications Survey (BAS) data for April 2017 shows mortgage applications for new home purchases decreased 4.3 percent compared to April 2016. Compared to March 2017, applications decreased by 20 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns.
"For the first time this year, mortgage applications for new homes in April were lower than the same month a year ago. Mortgage applications for new homes fell more than 20 percent in April after peaking in March, as they have the past 2 years," said Lynn Fisher, MBA's Vice President of Research and Economics. "A relatively strong March may have pulled forward some applications from April, exacerbating the normal seasonal fall-off. On net, year to date applications for new homes are running about 3 percent above the same period from 2016. Despite steady demand for housing, homebuilders continue to face rising costs for labor and materials which will continue to moderate the pace of building."
By product type, conventional loans composed 68.5 percent of loan applications, FHA loans composed 17.7 percent, RHS/USDA loans composed 1.4 percent and VA loans composed 12.4 percent. The average loan size of new homes decreased from $328,192 in March to $326,284 in April.
The MBA estimates new single-family home sales were running at a seasonally adjusted annual rate of 517,000 units in April 2017, based on data from the BAS. The new home sales estimate is derived using mortgage application information from the BAS, as well as assumptions regarding market coverage and other factors.
The seasonally adjusted estimate for April is a decrease of 22.8 percent from the March pace of 670,000 units. On an unadjusted basis, the MBA estimates that there were 50,000 new home sales in April 2017, a decrease of 19.4 percent from 62,000 new home sales in March.
MBA's Builder Applications Survey tracks application volume from mortgage subsidiaries of home builders across the country. Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level. This data also provides information regarding the types of loans used by new home buyers. Official new home sales estimates are conducted by the Census Bureau on a monthly basis. In that data, new home sales are recorded at contract signing, which is typically coincident with the mortgage application.
For additional information on MBA's Builder Applications Survey, please click here.
Return to Top
U.S. Mortgages in Foreclosure Hit Decade-Low in First Quarter: MBA
The percentage of U.S. mortgages in the process of foreclosure at the end of the first quarter fell to its lowest level since the first quarter of 2007, the Mortgage Bankers Association said on Tuesday.
Wisconsin Mortgage Bankers Association Online StoreThe WMBA and the MBA have teamed up to bring you great access to the education components you need to stay current in the Mortgage Banking Business.
For every product purchased through the WIMBA-MBA store the WMBA receives a % back.
Please use the link below to help support our Association!
Wisconsin Mortgage Bankers Online Store
Remember to check back often!