In this Issue
State News & Events
Chapter News & Events
It’s hard to believe the 4th Quarter is rapidly approaching. Just a reminder the WMBA membership dues are due on September 30th. Thanks to all those companies that have paid their dues in advance. Special thanks to new member Optimal Blue for adding to our base of members who are industry leaders.
On September 21st, the Madison Chapter helped their annual Fall Kick off Event at the Hotel Red with over 70 members in attendance. The highlight of the evening was when Steve Hansen presented Lori Ortgiesen with the Distinguished Service Award.
Please join us for the 3rd Annual Best in Business Awards at the Concourse Hotel in Madison on Thursday, October 19th. This is one of our flagship events of the year as we will host approximately 300 members and recognize those have excelled in our industry. This is a great night for team outings to celebrate your success.
Thanks and have a great October!
WMBA President 2017-2018
Legislative Update - George KlaetschWMBA Legislative Committee Announces New Leadership/Membership
On September 26, the WMBA Legislative Committee convened their first meeting of the 2017-18 membership year.
During this term, the Legislative Committee will be Co-chaired by Ken Dickson of Johnson Bank and Cheryl Paul of Settlers Bank. Both Dickson and Paul are seasoned veterans of the legislative committee and have provided valuable perspective and direction to ensure the WMBA maintains its reputable status as a valuable resource to the state legislative and executive branches of government.
As in years past, the co-chairs cannot lead a strong Legislative Committee without the robust participation and perspective of diversified committee members. This year, the WMBA may have its strongest and most diversified committee membership yet. A special thanks to the 2017-18 legislative committee members for their commitment to the WMBA:
With six months remaining in the 2017-18 legislative session calendar, there are a number of policy proposals that the committee will be vetting. Those include, but are not limited to; Appraisal Management Company reform in response to Dodd/Frank, internet-based sheriff sale auctions of foreclosed properties and incorporating financial literacy into curriculum of public schools.
The next WMBA Legislative Committee meeting will be held on November 28.
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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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Congratulations to the winning team of Kevin Delimat (Security National Mortgage) , Jason Schiller (Success Mortgage Partners), Jonathan Schultz (Security National Mortgage).
Thank you to Matt Pierce, Craig Kouba, and Bob Conley for their work on organizing another great outing.
Thank you to those who donated a door prize and to our generous event sponsors!
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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The Madison Chapter held its annual fall kickoff event last week at Hotel Red. Approximately 60 people attended this fun outing. The 2017-2108 board of directors were introduced as well as the finalists from the Madison chapter for the best in business awards. Rob Helvey was presented the past presidents plaque by incoming president Pistol Pete Stebbins. Lori Ortgiesen was awarded the Distinguished Service Award, a much earned and deserved recognition.
The chapter is planning a seminar on Wednesday November 9th. Plans are well under way for the annual bowling fundraiser –March 2018, as well as the golf outing, May 2018.
“The CFPB has done well where it’s developed rules that focus on the worst excesses of the pre-crisis market,” said David H. Stevens, CMB, President and CEO of MBA. “However, the Bureau has too-often opted for a ‘regulation by enforcement’ approach that uses enforcement actions, rather than written guidance, to communicate to the industry about practices it finds problematic. The CFPB can better protect consumers by publishing clear, consistent regulations and bright-line guidance like other regulators.”
The paper urges the Bureau to exercise its ample authority to regularly provide authoritative explanatory and clarifying guidance to the industry – consistent with the practices of the other federal financial services regulators. Finally, the paper offers recommendations for change to help the CFPB better achieve its consumer protection mission.
Stevens continued, “The Bureau’s reluctance to issue clear guidance on the laws it inherited, such as the Real Estate Settlement Procedures Act, has resulted in a confused, uneven market that actually narrows consumers’ access to sustainable credit. Now is the time to look back at what has been learned over the past five years and make some key changes that will help consumers and the industry alike.”
The eight recommendations in the paper urge that the CFPB:
For a copy of the full report, please visit http://mba.org/CFPBv2.
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"Now is a particularly important time to pay attention to risk management in mortgage products," said Lynn Fisher, RIHA Executive Director and MBA's Vice President of Research and Economics. "The single-family mortgage market is undergoing significant change these days. As employment continues to improve and borrower demographics continue to change we will see increasing demand for new or re-imagined mortgage products."
"Mortgage banking is a highly cyclical business, prone to expansion and contraction as market conditions change. Mortgage product innovation is healthy for the industry and consumer so long as product risks and process quality are well understood. This study provides the industry with a framework for addressing both in an integrated manner," Professor Rossi writes. "Leveraging systems engineering and commercial real estate risk rating methodologies, the paper describes scorecards for assessing product risk and process quality. Such tools can be customized and provide a means of evaluating mortgage products and for identifying potential gaps in processes and product prior to product release."
Professor Rossi will discuss this paper and other emerging risk management issues during a panel at MBA's Risk Management, Quality Assurance & Fraud Prevention Forum 2017 in Miami, FL later this month.
MBA's Research Institute for Housing America (RIHA) is a 501(c)(3) trust fund. RIHA's chief purpose is to encourage and assist--through grants to distinguished scholars and subject matter experts, educational institutions, research facilities and government organizations--establishment of a broader based knowledge of mortgage banking and real estate finance. You can find additional studies on RIHA's website: www.housingamerica.org.
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.
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