In this Issue

February 2017 Edition

  Presidents Message

State News & Events


Chapter News & Events

Presidents Message

I thought spring was in the air but the snow is coming down as I write this…..  BOO!

I had the distinct pleasure on the last day of February to represent your interests at the Wisconsin State Capitol as I gave testimony on behalf of the WMBA to six State Senators requesting information on how the Wisconsin consumer has been affected by Federal regulation related to the mortgage process.  After George Klaetsch, the WMBA’s registered lobbyist introduced me, I told the Senators how the Wisconsin consumer has been negatively affected by Dodd Frank legislation, how they will be negatively affected by the upcoming HMDA regulation and how consumer choice has been limited by the massive and disruptive stream of legislation that has been placed on the Mortgage industry.  The WMBA was offered a seat at this table because of our continued efforts and accumulated goodwill from the several legislative issues we have participated in and the regular communication many of our members have will the Hill.

On the heels of my Senate testimony, myself and over 50 other WMBA members will be back in Madison on March 7th for the 2nd bi-annual WMBA Capitol Day.  We will hear from some of our Legislators then descend on the Capitol building to have one on one meetings with the Legislators that cover our home district.  In addition to making ourselves available for mortgage related questions, we will be covering our position on the pending AMC legislation.  This is sure to be a great event and I hope you will consider attending this important event when we run WMBA Capitol Day in 2019.

Registration is open for our 43rd Annual WMBA Real Estate Finance Conference April 6th and 7th at Potawatomi!  There are many sponsorship and exhibitor options available to showcase your shop to the over 300 attendees expected to attend.  In addition to the great programming throughout the day on the 7th, be sure to join us on the evening of April 6th for fantastic food, drink and networking.  For more information on the conference and to sign up, click here.  The conference will be here before you know it so sign up now to get the best pricing!

Please do not hesitate to contact me with good ideas and ways to grow our great association!

Legislative Update - George Klaetsch

Wisconsin State Legislative Leaders Announce Committee Structure

Last month, Assembly Speaker Robin Vos and Senate Majority Leader Scott Fitzgerald appointed members to their (38) and (18) standing committees respectively.  The primary (not exclusive) focus of the WMBA is on the Financial Institutions Committees in each legislative house.

This month, we will highlight the members of the Assembly Financial Institutions Committee in which the WMBA will be working with during the 2017-18 legislative session.

Below is a listing of the  members of the Assembly Financial Institutions Committee with links to their individual webpages with more information.

Chair – Representative Terry Katsma (R-Oostburg)

Vice Chair – Representative Jarchow (R-Balsam Lake)
Representative Scott Allen (R- Waukesha)
Representative Joe Sanfellippo (R- New Berlin)
Representative Rob Stafsholt (R- New Richmond)
Representative Warren Petryk (R-Eleva)
Represenative Tom Weatherston (R-Caledonia)
Representative Dave Murphy (R-Greenville)
Representative Kevin Petersen (R-Waupaca)
Representative Joel Kitchens (R-Sturgeon Bay)
Representative Steve Doyle (D-Onalaska)
Representative Leon Young (D-Milwaukee)
Representative Josh Zepnick (D-Milwaukee)
Representative David Bowen (D-Milwaukee)
Representative Beth Meyers (D-Ashland)
Representative Jason Fields (D-Glendale)


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43rd Annual WMBA Real Estate Finance Conference

April 6-7, 2017
Potawatomi Hotel, Milwaukee

This is the largest event of the year, with over 200 mortgage leaders throughout Wisconsin attending. 

Interested in sponsoring or exhibiting at the conference? Click here for details on what is included in the sponsorship and exhibit packages. Thank you to the following sponsors:



Unable to attend the whole conference, join us on Thursday evening for a reception featuring fabulous food stations, music, a complementary wine tasting event, game of chance training sessions, and reserved tables in the actual casino for our attendees.   

Click here for conference information and registration.

Registration deadline - March 31

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WHEDA Announces New Program -  Capital Access Advantage Down Payment Assistance 

Program guidelines for Capital Access Advantage Down Payment Assistance
    •    $3,500 loan to be used for down payment and closing costs
    •    0.00% APR second mortgage
    •    No monthly payment; loan is payable at the time the first mortgage is paid in full
  •   The Authority has authorized $3.5M to fund the Capital Access Advantage program
    • Funds are available on first come first serve basis. 
    • Rate Lock of first mortgage and corresponding Capital Access is required to reserve funds.
Refer to the Capital Access Advantage Product section on for complete program details.
For borrowers/properties that are ineligible for Capital Access Advantage DPA, consider a WHEDA
Easy Close DPA to qualify for homeownership.
Policy & Procedure manual updates (EFFECTIVE IMMEDIATELY)

Chapter 3.00 Rate Locks/Commitments
·   3.14 Locking a Capital Access Advantage Down Payment Assistance Loan
  •  To reserve funds, the Capital Access Advantage DPA loan and corresponding first mortgage must be locked in WHEDA-Connect. 
  •  A separate Confirmation of Rate Lock will be provided
  • Capital Access Advantage DPA should be treated as a separate transaction from the related first mortgage. As such, the Lender must provide a separate Mortgage and Capital Access Advantage Promissory Note. The deferred loan must be executed in the name of Wisconsin Housing and Economic Development Authority.
Chapter 5.00 Broker Channel
·   5.10 Capital Access Advantage DPA in the Broker Channel
  • The Capital Access Advantage DPA should be treated as a separate transaction fromthe related first mortgage. As such, the Lender must provide a separate Mortgage and Capital Access Advantage Promissory Note. The Capital Access Advantage DPA mustbe written in the name of Wisconsin Housing and Economic Development Authority.
  • The Capital Access Advantage DPA and the related first mortgage will be funded simultaneously, but will receive separate Funding Confirmations.
- Chapter 6.00 Correspondent Channel
·   6.10 Compliance Income/Property Eligibility Review for Capital Access Advantage
  •  Lenders are encouraged to make use of WHEDA’s compliance income and property eligibility review (Form 29a) for Capital Access Advantage down payment assistance program. 
·   6.16 Capital Access DPA in the Correspondent Channel
  •   The Capital Access Advantage DPA should be treated as a separate transaction from  the related first mortgage. As such, the Lender must provide a separate Mortgage and Capital Access Advantage Promissory Note. The Capital Access Advantage DPA must be written in the name of Wisconsin Housing and Economic Development Authority.
  •   For FHA loans, as a Section 115 entity, WHEDA is a permissible source of funds for the borrower’s required Minimum Cash Investment
Chapter 7.00 Mini-Correspondent Channel
·   7.11 Capital Access Advantage DPA in the Mini-Corr Channel
  •   The Capital Access Advantage DPA should be treated as a separate transaction from the related first mortgage. As such, the Lender must provide a separate Mortgage and Capital Access Advantage Promissory Note. The Capital Access Advantage DPA must be written in the name of Wisconsin Housing and Economic Development Authority.
Chapter 9.00 Loan Settlement
·   9.04 Preparing the Capital Access Advantage DPA Mortgage Documents
  • Lenders must use the loan documentation provided on our web site.
  • The only borrower-paid fee allowed is a $30 recording fee

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Chapter News & Events

Madison Chapter

14th Annual Bowling Fundraiser

March 16, 2017

Village Lanes
208 Owen Rd.
Monona, WI

Registration at 10:45 a.m.
Bowling at 12:00 p.m.

*24 team limit, spots filling quickly

Golf Outing

Thursday, May 18, 2017

University Ridge Golf Course
9002 County Road PD
Verona, WI 






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MBA Update


Trump Signs Executive Order to Overhaul Dodd-Frank

Details here


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Information on Home Sales from the WRA Newsletter

The state sees a record year for home sales, with people buying 81,000 units last year. That's the highest level since 2005, when the Wisconsin Realtors Association developed a new tracking system. In all, home sales rose 6.1 percent last year compared to 2015, with growth happening throughout the state. The record year also means tight inventories of available houses, with only 33,560 homes available in December. WRA attributes the increase, in part, to a strong economy and low mortgage rates. There are signs, though, that mortgage rates are going up, making it slightly more expensive for people to buy homes. Still, experts say, rates below 5 percent are lower than average and the current levels aren't a major concern. WRA, meanwhile, says though rates are up slightly and will continue as the Fed looks to increase short-term interest rates, the homes are still affordable "for creditworthy buyers.

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GSE Reform Paper Release

The MBA released a briefing paper developed by an MBA Task Force outlining our recommendations for “end state” GSE Reform. With the new Administration promising to make GSE reform a top priority, the time is now engage with Congress to ensure a strong foundation for the secondary market.  This link ( takes you to our GSE Reform resource page that includes the briefing paper, press release and other collateral materials.  MBA’s paper outlines an end state GSE reform model that will preserve and enhance the policies that work, while fixing the fundamental flaws in the system that led to their conservatorship.  We spent a considerable amount of time with our diverse Task Force developing a model that will work for all market participants, regardless of size or business model. 

Over the next several weeks, we will be working on a blueprint for the transition process that will be necessary to ensure a smooth conversion and minimize the “switching costs.”   We will also be developing a proposal to serve the affordable housing mission – a critical step for successful GSE Reform.  The complete reform proposal will be ready later this spring.  In the meantime, we welcome member feedback on the proposal – success in this political climate will be measured by our ability to speak loudly, with one voice, on behalf of the entire industry.  

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Please Take a Quick Survey on In-State MLO Sponsorship Change Timelines

One of the issues raised during the recent MBA Independent Mortgage Bankers conference is that lenders are still facing long delays when a licensed loan officer changes their employer from one licensed company to another in the same state. Some members noted these delays are taking weeks when they should take no more than a day or two, once a change in sponsorship is requested. We would like to raise this issue with state regulators during the next NMLS Ombudsman meeting, and would like your help.
Please forward this email to your members and ask them to click on the link for the survey below and for each state they do business indicate if they are seeing sponsorship changes happen in less than a week, in 1-2 weeks, in 2- 3 weeks, or more than 3 weeks.
All answers will be kept confidential and will inform our comments to state regulators.  

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The School of Mortgage Banking



The School of Mortgage Banking (SOMB), Course I gives you the power to be a more knowledgeable and productive team player.

Course Dates:

April 18-21, 2017 | Denver, Colorado
May 16-19, 2017 | Pewaukee, Wisconsin

Lessons You Will Learn:

Day 1: Introduction to Mortgage Banking, Ethics, Regulatory Compliance, Mortgage Law
Day 2: Loan Products, Loan Production
Day 3: Fraud & Quality Assurance, Loan Administration, Case Studies
Day 4: Secondary Marketing, Warehouse Lending, Commercial Lending

Who Should Attend:

SOMB I is designed for residential mortgage executives, management, loan originators, processors, underwriters, servicers and compliance professionals.

Click here to Register!

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Wisconsin Mortgage Bankers Association Online Store

The 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!