PRESIDENT TRUMP SIGNS MANUFACTURED HOUSING BILL
This past spring, President Donald Trump signed S. 2155 into federal law. The legislation included language affirming that manufactured housing retailers and sellers are not considered mortgage “loan originators” when they provide information to customers regarding mortgage loan processes, but do not themselves engage in lending.
This clarification protects manufactured housing retailers and sellers from liability under federal consumer protection mortgage rules for the loan portion of a consumer transaction. The manufactured housing industry argued that since a retailer or seller does not receive compensation related to loans, they should not, in any way, be considered a loan originator simply because they help borrowers identify potential lenders.
FANNIE MAE INTRODUCES MANUFACTURED HOUSING CHANGES
Fannie Mae recently introduced a new push to provide loans for manufactured housing. Their MH Advantage program is designed for manufactured housing units that meet specific construction, architectural design, and energy efficiency standards that are similar to those used for site-built housing. Fannie Mae’s goal is to promote manufactured homes as an affordable alternative to site built housing.
This Fannie Mae product requires the same debt to income eligibility requirements as manufactured homes, with the exception that the maximum loan to value ratio has been increased to 97 percent for certain purchases and limited cash-out refinances. Loans made under this new program will have reduced loan-level price adjustments and other flexibilities not accorded to standard manufactured units, including standard mortgage insurance, as the deeper coverage required for manufactured homes will not apply.
Manufactured homes eligible for the product will include an "MH Advantage Sticker" attached to the home in proximity to the home's HUD Data Plate. The Sticker identifies the home as meeting the physical characteristics for this loan product. The lender must confirm the presence of the Sticker, and additional information about site improvements to the property... Lenders must use Desktop Underwriter to underwrite these loans.
For more information visit MH Advantage™ and Standard MH Mortgages.
SKYLINE AND CHAMPION HOME BUILDERS COMBINE TO CREATE SKYLINE CHAMPION CORPORTATION
Skyline Corporation (“Skyline”) and Champion Enterprises Holdings, LLC (“Champion”), the parent company of Champion Home Builders, Inc., recently combined to operate as Skyline Champion Corporation. Its common stock will trade on the New York Stock Exchange under the ticker symbol “SKY”. Skyline has previously traded on the NYSE American exchange under the same ticker symbol.
STATE OF ARIZONA RECOGNIZED BY HUD'S OFFICE OF MANUFACTURED HOUSING PROGRAMS
The U.S. Department of Housing and Urban Development’s (HUD) Office of Manufactured Housing Programs recently presented a Certificate of Appreciation to the State of Arizona and Arizona Department of Housing Assistant Deputy Director of Manufactured Housing, Debra Blake, recognizing the State’s 42 years of service to HUD’s manufactured housing program.