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Posts Tagged ‘bank loan’

Last Minute Donations Tip the Scale

May 1st, 2013 Comments off

MHProNews has been informed by a special report the RV/MH Hall of Fame Museum’s “Burn the Bank Note” fundraiser succeeded in raising the final $20,000 with only hours to spare to meet the April 30 deadline, thereby satisfying the Ingram family’s $50,000 challenge grant. Darryl Searer, president of the Hall of Fame Museum, says two people stepped up, one with $15,000 and one with $5,000. He says, “The Ingram’s had offered a $50,000 challenge grant if supporters of the Hall could raise contributions totaling $150,000 by April 30, 2013–and we did. As soon as the Ingram’s check arrives, the bank loan will be retired with a blazing ‘Burn the Bank Note’ ceremony.” The museum is located in Elkhart, Ind.

(Photo credit: RVBusiness–RV/MH Hall of Fame Museum in Elkhart, Ind.)

Peer Challenge will Benefit RV/MH Museum

November 6th, 2012 Comments off

Jay Hesse of Blue Ox has donated $5,000 to the RV/MH Hall of Fame Museum in Elkhart, Ind., and has set up a “peer challenge” program to encourage other RV/MH industry donations to pay off the bank note by April 30, 2013. Anyone donating $1,000 or more would challenge three others in the industry through the Hall’s website to match or exceed their donation. Each of those challenged that responded positively would then continue the challenge to three additional potential donors to further spread the web. Hall president Darryl Searer says, “ I’ve learned since becoming president of the Hall that people in both the RV and Manufactured Housing industries are generous and would be happy to make a contribution if asked. And the Peer Challenge makes it easy to ask.” MHProNews posted in a DBN July 26, 2012, the Hall exceeded its fund-raising goal of $150,000, the same sum it is trying to now raise. It now must match the Robert “Boots” Ingram $50,000 family challenge grant to pay off the $200,000 1st Source Bank loan.

(Photo credit: RV/MH Hall of Fame–Jay Hesse)

Regulation would Standardize Loan Originator Training

July 24th, 2012 Comments off

According to OriginationNews, the Consumer Financial Protection Bureau (CFPB) wants to standardize training so all loan originators meet the same requirements for fitness, character, and financial responsibility. The new standards would erase some of the differences between bank loan originators and state-licensed LOs created by Congress’ passage of the SAFE Act (Secure and Fair Enforcement for Mortgage Licensing Act) in 2008, now under the jurisdiction of the CFPB. (As MHProNews knows, the SAFE Act prevents those involved in the manufactured housing industry who are not licensed mortgage brokers from discussing financing of MH with a customer.) Banks typically have their own training program for LOs, which are often more stringent than state licensing and testing. Standardizing the training would allow bank mortgage lenders to easily move over to a state-licensed mortgage broker. Agency officials want to finalize the new professional standards by the end of January 2013.

(Image credit: Foreclosure Listings)

Museum Seeking more Contributions

May 9th, 2012 Comments off

As follow up to a story we last covered March 16, 2012, RVBusiness tells MHProNews.com the RV/MH Hall of Fame and Museum in Elkhart, Indiana has initiated a new campaign to raise $100,000 by Aug. 31 to reduce its $200,000 bank loan with 1st Source Bank. The Boots Ingram family has issued a $100,000 challenge grant that will essentially cut the loan in half. Darryl Searer, president of the RV/MH Heritage Foundation, said, “The Ingrams continue to show their support for the Hall, and their generosity in making this challenge should inspire everyone concerned about the long-range health of our wonderful facility to pitch in and help.”

(Photo credit: RV/MH Hall of Fame and Museum)