Have you gone on-line to send a letter to YOUR congressional delegation lately? Go to the MHI website, LEGISLATIVE ALERT section and have YOUR voice heard. Currently they are seeking support for extending energy credits.
News – Industry
Between now and LABOR DAY, please call your Congressman/Congresswomanto ask that H.R. 1779 pass.
Katherine Clark, Democrat (Melrose) 202-225-2836 District: 5th
Niki Tsongas, Democrat (Lowell) 202-225-3411 District: 3rd
Michael Capuano, Democrat (Somerville) 202-225-5111 District: 7th
William Keating, Democrat (Quincy) 202-225-3111 District 9th
Joseph P. Kennedy III, Democrat (Brookline) 202-225-5931 District:4th
Stephen Lynch, Democrat (Boston) 202-225-8273 District: 8th
Jim McGovern, Democrat (Worcester) 202-225-6101 District:2nd
Richard Neal, Democrat (Springfield) 202-225-5601 District: 1st
John Tierney, Democrat (Salem) 202-225-8020 District: 6th
Washington, DC. Greater Accessibility to Manufactured Home Financing in Sight
According to a press release from Hart King Law Firm in Santa Ana, CA., last week the U.S. House Financial Services Committee acted on and passed the Preserving Access to Manufactured Housing Act (H.R. 1779). This bill amends the loan amount thresholds under Dodd-Frank that set criteria for manufactured home loans classifying them as “high-cost.” Under current Consumer Financial Protection Bureau (CFPB) guidelines, many small loan amounts originated for manufactured home purchase are unjustly classified as predatory and high-cost. Due to increased potential lender liabilities for generating “high-cost” loans, lenders have balked at continuing to offer these loans thus denying, in some cases entirely, access to financing for moderate and low income housing consumers. This bill, by changing elements of “high cost” mortgage criteria, can help derail this negative trend and stimulate lending. This could broaden consumer access to loans originated for manufactured home purchase, sale or refinance. This is a positive development in “kick starting” what could become a robust manufactured home financing market. This bill also clarifies that under Dodd-Frank manufactured home retailers and salespersons would not be considered loan originators unless they receive compensation from a lender, mortgage broker or loan originator. This change thus eases anxiety over being unjustly “flagged” for potential CFPB fines and penalties which is another positive development in reviving the manufactured home financing market.
MMHA welcomes our newest Associate Member Greystone Servicing Corporation, Inc. “Greystone” of New York, NY. Our contact is Traverse Fournier, Managing Director, located at 86 Main Street, Suite 301, Auburn, Maine, having joined Greystone in 2005. Greystone was founded in 1988, and has become one of the Nation’s largest multifamily lenders, providing numerous portfolio and capital market executions. Greystone’s dedication to affordable housing and understanding of Manufactured Housing Communities, coupled with Traverse’s employment history which began in Manufactured Housing Sales and Development provides the expertise we’re looking for. Traverse can be reached at (207) 344-6689 or firstname.lastname@example.org. The company website is www.greyco.com.
Where do you post your MH home sales? Are you engaged on-line? Take a look at those with over 35,000 unique monthly visitors.
www.mhvillage.com (over 700,000 “hits” per month)
www.mhbay.com (over 150,000 per month)
www.mobilehomes-for-sale.com (over 125,000 per month)
www.senior-retirement-living.com (over 40,000 per month)
www.mobilehome.net (over 40,000 per month)
www.mobilehome.com (almost 40,000 per month)
What site did/do you use? These are national sites with connections to each state.
Effective February 25, 2013, Nathan Smith assumed the Chairman’s role for MHI. Smith, of Indiana, is a partner in SSK Communities, and an active participant within MHI, most recently serving as Vice Chairman. Smith previously served as MHI Treasurer, and currently chairs the Government Relations Committee, and has been a member of the Board of Governors of the NCC as well as a member of the MHI-PAC Board of Trustees.
He is committed to moving forward with efforts to reintroduce the Preserving Access to Manufactured Housing Act in the 113th Congress (to correct consequences of Dodd-Frank that THREATEN our affordable home industry). Triad Financial Services, Inc. CEO Don Glisson, Jr. stepped down as Chairman of MHI in February 2013 and was recognized for his service at the MHI Winter Legislative Meeting.
Looking for the HUD regulations for home installation standards? Home dispute resolutions? Construction Safety Standards for Manufactured Homes?
Go to the Electronic Code of Federal Regulations at http://www.ecfr.gov/
Look for Title 24 part 3286 and part 3288 under search for “Manufactured Housing“. This is a NEW website address.
CONGRESSIONAL UPDATE-Senate comes on-board
A companion measure to the bipartisan H.R. 3849, the Preserving Access to Manufactured Housing Act, introduced in the House of Representatives Feb. 2012 by Reps. Stephen Fincher (R-TN), Joe Donnelly (D-IN), and Gary Miller (R-CA), all members of the House Financial Services Committee, has been introduced in the Senate by Sen. Sherrod Brown (D-OH), Chairman of the Senate Banking, Housing, Urban Affairs’ Subcommittee on Financial Institutions and Consumer Protection as S. 3484. The Senate bill, similar to HR 3849, also focuses on lowering the threshold by which small balance MH personal property loans are considered high-cost mortgage loans, and specifying that those selling manufactured homes are not to be considered loan originators under the SAFE Act. As MHProNews has learned, MHI Chairman and Cavco Industries Chairman and CEO Joe Stegmayer says, “The legislation is an essential step in preserving the affordability advantage of manufactured housing and protecting the equity millions of manufactured home residents have built in their homes. Contact MMHA for a sample letter.