Posts Tagged ‘barry noffsinger’

“Disastrous,” “Uncompetitive” “Takeover” of “Government Sanctioned Monopoly” Blasted in Congress as Bi-Partisan Fix Unveiled

September 6th, 2018 Comments off


DisasterousUncompettiveTakeoverGovernmentsanctionedMonopolyblastedCongJebHensarlingBarryNoffsingerCreditHumanDailyBusinessNewsMHProNewsIn a video statement today announcing a bipartisan measure, Financial Services Chairman Jeb Hensarling (R-TX) raised the alarms about the dangerous “monopoly” that is increasingly placing housing finance “at systematic risk.”


Hensarling said that today 9.6.2018, marks the 10th anniversary of the housing finance takeover by the Federal Housing Finance Administration. (FHFA). He uses strong language, including “disastrous,” “uncompetitive,” and “monopoly.”

The FHFA and the GSEs have been periodically in the spotlight for years in MHVille, as the Manufactured Housing Institute (MHI) – most recently in their latest emailed ‘news,’ postures doing something.

An MHI member in the community sector of MHI told MHProNews yesterday that the MHI letter read much like their bland statements did 10 years ago.

Indeed. 21st Mortgage President and CEO Tim Williams, in a letter shown below, encouraged near the end of the document customers to ask Congress to get the GSEs involved.

But doesn’t that beg the question?  Because Congress had already spoken. That’s what HERA 2008 was supposed to fix, with the “Duty to Serve” (DTS) manufactured housing and underserved markets. The point of frustration by the Manufactured Housing Association for Regulatory Reform (MHARR) is precisely that laws on the books, like DTS, are not being applied.

The 21st letter with the reference to the GSEs is below.


This document supports the claim of our source that said that 21st and VMF turned over data to the GSEs, and were shocked at how poorly their manufactured home loan portfolios preformed. See the last paragraph. 


GSEs Shocked

But what another MHI member told MHProNews just over a week ago is this. What 21st and the Berkshire Hathaway manufactured housing lenders accomplished about 9 years ago was to shock the GSEs into inaction.

Unlike more recently – when Clayton Homes’ Vanderbilt Mortgage and Finance (VMF) and 21st reportedly declined turning over data to the GSEs – circa 2008-2009, the Berkshire brand MH lenders DID turn over data to the GSEs. The reaction of the GSEs was one of “shock,” said our source, at “how high” the default rates were on Berkshire’s manufactured home loan portfolios.

In fairness, it should be noted that back then, some of those loans were purchased by Berkshire from other lenders, most if not all of whom had existed the MH lending business. Nevertheless, their portfolio of loans and the total performance is what it is.

So, the GSEs declined getting involved in manufactured housing lending at that time, after seeing the Berkshire brands lending performance.

More recently, because the GSEs didn’t get Berkshire data, this time, the GSEs did get involved, but only with a toe in the water.  MHARR has pointed out what a sliver of the market the GSEs promised commitment represents.


The Government Sponsored Enterprises (GSEs) of Fannie Mae, and Freddie Mac.

They [the GSEs] don’t want to loan on manufactured homes, period,” per our informed source. “That’s why they’ve created programs like MH Select [some years ago], that clearly failed [to gain traction in the market].” 

Now, the GSEs are promoting lending that parallels MHI’s so-called new class of homes, that is backed by Clayton and the ‘big boys.’

That new program is also expected to have problems, and fail, our source with MHI and GSE connections said. The source said that once these new MH program fail, the GSEs will have deniability. “Look, we tried,” is what the MHProNews source said the GSEs will likely say when that happens.

Another source with ties to the GSEs and MHI has said similarly.


Barry Noffsinger, Credit Human, and GSE Reminders

BarryNoffsingerCreditHumanManufacturedHomeLoansNotMObileHOmesDailyBusinessNewsMHproNewsOur Daily Business News sources cited above echo a public statement made by Credit Human Credit Human manufactured home lending manager, Barry Noffsinger, has said.

Noffsinger has said in association meetings that he’s personally told representatives of Fannie Mae that MH Select was an insult to intelligent manufactured home shoppers. It was saying to them, ‘look, we don’t give the same terms for manufactured homes as we do for conventional housing.’

That’s an insightful statement by Noffsinger. Because doesn’t it apply equally to the new plans by the GSEs that only apply to MHI’s controversial new class of homes? Doesn’t it diminish the vast majority of “standard” manufactured homes, by implication?


Common Denominators

The common denominator in what Hensarling said, and these other incidents could be boiled down to the words “disastrous,” “monopoly,” and “uncompetitive.”

The full statement by the Financial Services Committee, followed by closing thoughts, are found below.



Official statement from the U.S. House of Representatives to MHProNews.

Chairman Hensarling Delivers Opening Statement, Unveils Bipartisan GSE Reform Bill

WASHINGTON – Financial Services Committee Chairman Jeb Hensarling (R-TX) delivered the following opening statement at today’s full committee hearing on the 10th anniversary of the federal government’s takeover of Fannie Mae and Freddie Mac, the failed government-sponsored housing enterprises (GSEs). During his remarks, Hensarling detailed his bipartisan plan to reform our broken housing finance system.

September 6th, 2008 is a day that will live on in economic infamy. For today marks a not-so-happy anniversary of one of the most frustrating and costly moments in recent financial history: namely, the 10 year anniversary of the federal takeover of the failed housing government sponsored enterprises, Fannie Mae and Freddie Mac (the GSEs).

The GSEs’ anti-competitive government charters and ever-increasing “affordable housing” mandates created a toxic mess of systemic risk. Their collapse directly led to the second worst financial crisis in our history, causing more than $190 billion of taxpayer bailouts and forcing them into a government-run conservatorship.

Embarrassingly, ten years later, the GSEs remain in conservatorship, very much alive and very much unreformed as they quietly return to their pre-crisis market dominance. That’s bad news for competition, innovation, and, most of all, taxpayers, since the Congressional Budget Office has said their $5.1 trillion of mortgage obligations are “effectively guaranteed by the federal government.”

Meanwhile, as several of our witnesses will testify, systemic risk is building yet again. The cost and risk of continuing to do nothing is rising and rising at an alarming rate. Reform, while critical, has proven elusive. For almost 20 years, I along with a handful of reformers like Congressman Ed Royce have labored in vein to replace the GSEs’ government-sanctioned monopoly with a new system based on competitive private capital, innovation, consumer choice, and market discipline.

We passed the PATH Act in the 113th Congress to do just that. I am reintroducing the PATH Act this week, and for no other reason it is the right thing to do and it will let me sleep better at night. Regrettably, its chances for passage remain slim. So as an alternative, I’ve decided to partner with Mr. Delaney on the other side of the aisle to propose a bipartisan compromise housing reform plan that preserves the government guarantee in the secondary mortgage market.

In the time I have remaining in Congress, this is the plan I will pursue.

Our discussion draft, which we will unveil later today, will repeal the GSEs’ charters, permanently ending their monopoly, and transition to a system that allows qualified mortgages backed by an approved private credit enhancer with regulated, diversified capital resources to access the explicit, full government securitization guarantee provided by Ginnie Mae. I believe the plan will preserve much of what is demanded in the current system: liquidity, the TBA market, and the 30-year pre-payable fixed mortgage. And it will do so while dispersing risk and leveling the playing field for all entrants into mortgage finance. Additional details on our proposal will be released later today.

While by no means perfect, we offer this proposal as a grand bargain on how to move past an increasingly dangerous status quo: codify an explicit government MBS guarantee into law, coupled with an accountable and effective affordability program in exchange for placing the taxpayer in a catastrophic loss position only diffusing the credit risk beyond two GSEs, and creating market competition.

If the political will to enact such reform stalls in this Congress or the next, the Administration can and should effectuate change. The President will appoint a new Federal Housing Finance Agency Director in January. The Director has broad, unilateral power as conservator of Fannie and Freddie to dramatically reduce their size, scope, and function. If Congress fails to act by early next year, I call upon the new Director to institute these reforms administratively. The grand bargain I have described does not necessarily represent my preferred policy or optimal policy, but I believe it represents an achievable policy and a good faith effort at bipartisan compromise. A decade without GSE reform has once again put homeowners, taxpayers, and the economy at risk. The time to act is now. With apologies to the rolling stones, “you can’t always get what you want, but if you try some time, you just might find, you get what you need” to avert the next housing crisis.


See related reports, linked further below. That’s “News through the lens of manufactured homes, and factory-built housing,” where “We Provide, You Decide.” ©  ## (News, analysis, and commentary.)

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Manufactured Housing Institute “Walk Out,” “Cover Up,” and Shock at their Vegas Event

April 27th, 2018 Comments off

ChrisFisherBoardMemberManagingPrincipleDuckerWorldWideMHProNews545There are several items reported by attendees of the Manufactured Housing Institute’s (MHI)  recently concluded Vegas event that sources say they don’t expect to be in “official” messages coming from the association, or their surrogates.


In exclusive insights to the Daily Business News, calls, messages, and emails have covered a variety of topics related to their spring event.

Among them was the lukewarm response to their plans to move their event to New Orleans in 2019.

One bright spot per attendees was the developer meeting, which sources say had perhaps double the traction as last year’s breakout session.

The response to Secretary Carson was overall positive, but not without some controversy.

There was an item from the Q&A that drew “gasps” and “shock,” per MHI members to MHProNews, and will be part of a special report.  MHI connected sources say that “will be covered up” in messaging by the Arlington, VA based trade association.


Ducker “Walk Out”

According to attendees of the Ducker Worldwide presentation, there were no surprises. “Nothing earth shattering,”  as an MHI member said.

Another source said there was not as much “red meat” presented by Ducker as what was provided by Credit Human’s Barry Noffsinger at Tunica last year.  Noffsinger’s comments were captured in the 16 minute seminar video, re-posted below.

Attendees of the Ducker Worldwide said that “half” to “two thirds” of those who started the Ducker meeting had “walked out” – left the presentation – before that meeting ended.  “I did not read great enthusiasm,” in the room for what Chris Fisher presented, per a C-Suite level MHI member.

The quiet walkout of so many “spoke volumes.”

Another issue raised by a long-time MHI member was the following concern. Are select MHI member companies – specifically larger companies – getting special access to information from from Ducker’s research, not being given to other industry members?

There is more planned on Ducker related in an upcoming report.  Stay tuned.


MH “Opportunity”

Another Daily Business News reader said the Ducker presentation did point to opportunities for the industry.  But “nothing on the level that you [MHProNews] present [to industry] readers for free.”

It’s becoming more clear that your [MHProNews] reporting is correct in saying that MHI is slow walking growth by what one of your articles called “razzle dazzle,” said that source.

Finally, the term “paranoia” was used by an MHI member, to describe their concerns over research and reports by MHProNews. “…you’re [MHProNews reports] living rent free” in the heads of some top level MHI leadership. More than one source independently labeled it “obsessed” concerns about Daily Business News reports about their performance, or lack thereof.

As an example, a mainstream media report recently said that S. 2155 is stalled in the House-Senate conference committee. One of the hang ups?  MHI related elements from “Preserving Access to Manufactured Housing Act.”

It must be noted anew that sources inside and outside of MHI and their members are routinely used by MHProNews in our reports and analysis. The number of messages and calls from those who are beginning to see MHI’s failures to perform are increasing.

I don’t want a bulls eye painted on my back,” said one caller, who wanted to remain anonymous.  “But I want to support what you’re [MHProNews] doing,” because this is the only trade media bringing authentic fact-checks and analysis of MHI and their surrogates messages.  “What they are calling success, isn’t success at all,” a member said.

It’s an interesting point. Success in legislative and lobbying efforts is to achieve the goal, not how many emails are sent, or getting only one out of two sides of the Congress to pass a bill.


MHI Meeting High Point, and their ‘Response…’

On a positive note, what MHI’s attendees tend to like is the networking at these events.

But given that networking can take place apart from MHI – as the far larger Tunica Manufactured Housing Show reflects – that modest claim to fame for the Arlington, VA trade association doesn’t compensate for years of failed lobbying and advocacy.

More on this in an upcoming fact-check of recent MHI claims.

MHI staff and executive committee level members are routinely given an opportunity to respond to our reports, and for whatever reasons, they have opted to let these concerns remain unaddressed.

That said, they are hyping alternative views in their own and surrogates trade sources, de facto responses to our fact checks and analysis.  But as some execs and company leaders have said, on close examination, neither MHI nor their surrogates have disproven a single major concern raised by the MHProNews.

If and when MHI leaders decide to directly address our reports, we’ll bring it to you. “We Provide, You Decide.” ©  ## (News, analysis, and commentary.)

NOTICE: Exclusives from HUD, and Attendees about Secretary Carson’s comments at MHI will be part of an upcoming report. Sign up for our emailed news updates for that notice, and to stay up with all of the industry’s most popular, best and most independent fact-based converge.

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Related Reports:

HUD Secretary Ben Carson Praises Manufactured Housing, and the Manufactured Home Industry’s Importance to Solve Affordable Housing Crisis


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New Research – “The Aspiring Home Buyer Profile” – Manufactured Housing Marketing, Sales Insights

February 9th, 2018 Comments off

AspiringHomeOwnerSurveyMovingSurveyPixabayDailyBusinessNewsMHProNewsThe Aspiring Home Buyer Profile is an in depth examination of the consumer preferences of non-homeowners, defined as those that rent and those that live with someone else (such as family or friends) without paying rent,” said the National Association of Realtors ™ (NAR).

Data was collected throughout 2017 on a monthly basis as part of NAR’s Housing Opportunities and Market Experience (HOME) report, which monitors consumer sentiment about the housing market. Topics include if now is a good time to buy a home, the perception of homeownership as part of their American Dream, why non-owners do not own now, and what would cause them to purchase in the future,” said their study.


The NAR release to the Daily Business News provided the following highlights.



  • Of the U.S. consumer households that were surveyed each month in 2017, 63 percent of respondents were homeowners, 28 percent were renters, and 9 percent lived with someone else.


  • Of the non-owners, 46 percent were 34 years or under, 57 percent make an income of under $50,000, and 41 percent live in suburban areas.


  • For both homeowners and non-homeowners alike, homeownership is strongly considered a part of the American Dream.


  • For non-owners, eight in 10 reported that homeownership is part of their American Dream in Q4. For owners, nine in 10 believe it is part of their American Dream.


So, while there is still a perception that renting is ‘preferred’ by many millennials, the data suggests that most rent because they don’t believe they can become a home owner.


To see the full report, which includes reams of actionable intelligence for marketers and sellers, click here or the image above.

Those are a powerful target market, says Barry Noffsinger, in a 16-minute video seminar to manufactured housing marketers and sellers, in the story linked below.

Manufactured Housing Monday Morning Sales Meeting: Finance & Industry Facts, Figures, Sales Tip$ Improving Best Practice$

The full NAR report is available as a download, linked here. ## (News, analysis, and commentary.)



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Sam Zell, Randy Rowe, John Bostick, Terry Decio, Joe Stegmayer, Marguerite Nader, Barry Noffsinger – Manufactured Home Industry Interviews

December 8th, 2017 Comments off


A Cup of Coffee with…exclusive interviews…

…they are back.

For a variety of reasons, MHProNews has held several dozen stories online, but in a secluded part of the website.

Now, they are back.

Here are the exclusive interviews that you can find right now on the home page.


Sam Zell, “The Point of the Spear” and “You’ve Got to Have Confidence” 


Sam Zell says “Our Way of Life is Very Much Threatened” 


A Cup of Coffee with… Randy Rowe


A Cup of Coffee with…John Bostick 


A Cup of Coffee with…Joe Stegmayer


A Cup of Coffee with…Terry Decio 


A Cup of Coffee with…Marguerite Nader


A Cup of Coffee with…Barry Noffsinger


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Manufactured Housing Monday Morning Sales Meeting: Finance & Industry Facts, Figures, Sales Tip$ Improving Best Practice$

November 13th, 2017 Comments off

BarryNoffsiingerCreditHumanManufacturedHousingDataResearchUnderstandingCreditMarketDailyBusinessNewsMHProNewsMisunderstandings happen.

False impressions occur.

Few professions understand those statements better than a seasoned manufactured housing (MH) professional.

For whatever valid reasons one cares to cite, the false impressions about the MH Industry are legion.

All those false impressions are why the parent company to created our sister site, MHLivingNews.  There the public and professionals alike have a resource of reliable, and ongoing series of fact-based reports, videos, and interviews exists that debunk myths and misconceptions.

Misunderstandings Exist Within the Industry, Not Just Outside of MH

The video that follows is a presentation by award-winning Barry Noffsinger of award-winning Credit Human (formerly San Antonio Credit Union, CU Factory Built Lending, and Mountainside Financial).  Federal HMDA data reveals that Credit Human is one of the industry’s largest lenders.

Just as Triad Financial focuses on better qualified buyers, Credit Human Federal Credit Union tends to do so too. The fact that multiple lenders can thrive when focused on more qualified buyers sends a message to those retailers and communities that send messages to MHProNews that say things like, ‘the only customers we get are around 600 FICO score or lower.’ 

Noffsinger’s and other’s experiences prove that with the proper business development and training practices, that could become the exception, rather than the rule.


When a location is struggling now with poor credit quality, that doesn’t have to stay that way.  That’s a key point of Noffsinger’s presentation.

The RV industry routinely attracts higher credit scores and large numbers of cash buyers too.  The RV industry does better routinely in the same markets that manufactured home professionals operate in too.

State of the Manufactured Home Industry, Comparing RV vs. MH Data

As Noffsinger mentions, site builders and real estate agents attract and sell about 99 times more better credit customers than manufactured home retailers and communities do.  You can read the latest national housing statistics, and compare them to MH, at the link below. All of these facts and more underscore the validity of Noffsinger’s points.

National Housing Statistics, New and Existing Home Sales, Manufactured Home Industry Related Insights

A Broad Range of Facts and Experience Go Into the Best Practices Noffsinger Presents

Noffsinger has been in the trenches of manufactured home lending for many years. He’s seen better times, as well as the worst times in the industry’s history.

As many lender’s reps do, Noffsinger and his associates visit sales centers, developments, and manufactured home communities from across the country.

So, the facts and ‘best practices’ he shares via this video captured in front of a live MH audience ought to be compelling consideration for owners, managers and those on the front lines that aspire to do more and perform better with their career.


Credit Scores Rising…

Credit scores nationally have risen slightly since this video was first captured, but the broad-brush facts Noffsinger states are all the same.

Noffsinger stresses why the industry’s greatest opportunities for growth aren’t with the lower credit scores.

Not only are the facts on his side, but the points he makes are underscored by field-tested results, which Sunshine Homes, or New Durham Estates have been willing to share their own experiences in spotlighting how best practices pay off.

In the case of Sunshine Homes – which only sells more upscales, residential style manufactured homes – they’ve grown at more than double the pace of the industry at large, per their own video statements.

New Durham Estates, by using the kinds of best practices Noffsinger describes and others, has not only dramatically increased sales, but also attracted more good credit and cash buyers that spend more on the homes they buy.

As MHProNews continues its November 2017 State of the Manufactured Housing Industry series, it is as important to show what works as what doesn’t.  Noffsinger stressed many facts in this video, among them, that more companies need to do a better job in sales training. As he jokes, he wasn’t paid to say that in front of the live 2017 audience this video was recorded.

Update Will Follow This Week

This article will be updated and cross linked later to more related information.

But for those looking for their Monday or Tuesday morning sales meeting material, this 15-minute video is packed with proven information on how to fish in the pond where the best fishing and most growth for manufactured housing is to be found. ## (Research, business development, news, reports, data, analysis, commentary),

Note: to learn more about some of the training related opportunities Noffsinger is referring to, click here. It should be noted that while Noffsinger has sat in on some of Tony Kovach’s training, his kind comments to this live audience shouldn’t be construed as a specific endorsement. To see how other respond to that training and related business development strategies, see the video comments by Sunshine Homes and other third parties, on the second video on the page linked here.

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Local Market Best Practices Sustainably Grow Sales x4, Says MH Lender, 15 Minute Seminar

August 2nd, 2017 Comments off

MHLenderSaysBestPractices=400%GrowthManufacturedHomeIndustryProfessionalNewsTrainingMHProNewsIn a new, exclusive new video report in our Inside MH series on MHProNews, Credit Human’s Barry Noffsinger shares a fact-packed PowerPoint presentation.

Noffsinger’s themes include the best practices for manufactured home retailers and communities that want to sell more homes to cash and well qualified buyers in their local markets.

While Noffsinger is seen, so too is his PowerPoint, along with running video tours of the kinds of model homes that could close those better qualified buyers.

MH Professional viewers interested in proven “best practices” methods to grow their business will find with bullets that illustrate the veteran and award winning lender’s key comments.


Barry Noffsinger, award winning, Credit Human Federal Credit Union. Still from MHProNews video.

Factory and lenders’ reps may find this video useful.

Associations – and HUD’s Pam Danner – should note several of the points that could improve business in their state.

Noffsinger explains how these practices – when applied at local markets – could result in the industry’s growth back to 300,000 to 500,000 new annual manufactured home shipments.

That would require 4x or more the industry’s current pace of growth.


The video was captured at a live event. Interestingly, the growth rate reported by New Durham Estates’ Tom Fath, in another ‘how-to’ in depth video, linked here. ## (News, professional educational resources.)

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Existing Manufactured Homes Rising in Value

June 27th, 2017 Comments off

(Manufactured home in Snohomish County, Washington, Credit: Zillow)

It is of concern to me,” Hjelle said. “We are seeing a significant increase in the affordable housing area, which I would consider starter homes, mobile homes [sic], condos and apartments. More so than in the higher-end homes.” Snohomish (WA) County Assessor Linda Hjelle, was commenting on the increase in assessments in this county just north of Seattle.

Linda Hjelle, Credit:

Prices for commercial and residential real estate have risen considerably in recent years, and the lower end of the market is now considered anything  up to $350,000. Home values have increased 11.9 percent and commercial values are up by 9.3 percent, according to the Herald.

However, almost two-thirds of the county’s 17,509 manufactured homes are outside of communities, and their value rose 20 percent, a big blow to one of the best sources of affordable housing. It is attributed to the fact that many communities have been scooped up by developers despite officials making it more difficult.

Residential property values rose $9.9 billion since 2016 to $93.1 billion, while commercial values rose $2.7 billion to $32.1 billion.

The appreciation of the manufactured homes also defies the stereotype that MH depreciates more rapidly than conventional housing, and compromise the values of nearby homes.

Numerous Third Party Studies on MH Valuations

In an MHLivingNews story linked here, Consumers Union, in a report from 2003, said, “Regarding differences in home price appreciation, manufactured homes sited on owned lots exhibit appreciation rates that are comparable to those of site-built homes.

Furthermore, several studies find no evidence of any impact of manufactured homes on the sale prices of adjacent properties (Apgar et al. 2002; Warner and Scheuer 1993; Stephenson and Shen 1997; Hegji and Mitchell 2000). Despite this evidence, community residents continue to harbor stereotypes against manufactured housing and will likely continue to appeal to local government officials to impose regulatory restrictions on such housing.”

(Dr. Ben Carson, Credit: Wikipedia)

While Dr. Ben Carson, the new Secretary of the Department of Housing and Urban Development (HUD) has said he will promote MH, HUD has a long history of failure to enforce the enhanced preemption the MHIA law calls for. If that law were to be enforced, it could potentially unleash millions of dollars in sales of MH and provide affordable housing to millions of people who cannot presently afford suitable housing. It would also present thousands of job opportunities for people to build, transport and prepare sites for the new homes, not to mention the stimulus to the economy for the materials used to build the homes.

HUD has invested millions of dollars in subsidized housing projects only to see the buildings deteriorate and become abandoned, and yet the FHFA has asserted that manufactured housing typically loses value over time.

(Barry Noffsinger, Credit, Factory Built Owners of America)

Barry Noffsinger has a different  take: “Manufactured housing, just like site built homes, can both appreciate and depreciate.  There are many factors such as location, market conditions, mobility, the condition of the home, etc., that affects the home’s value,” Noffsinger told MHProNews.

Below is a video of an interview with William Matchneer, JD, former administrator of the Manufactured Housing Program at HUD.

Behind the Scenes – Expert Look at Manufactured Homes from ManufacturedHome-ModularHomeNews on Vimeo. ##

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Submitted by Mathew J. Silver to Daily Business News on MHProNews.

Zillow Group Study Reveals Trillions in Manufactured Housing Industry Opportunities

April 11th, 2017 Comments off

When you do the math from the recent Zillow study, and compare it to data from NAHB or NAR, there are trillions of dollars in affordable housing demand – and thus opportunities – in the next few years. Taxpayer subsidized housing programs won’t be able to cover that cost, but the proper approaches for using modern manufactured housing could.  Graphic credit,

When life hands you lemons, make lemonade.

When the Zillow Group’s ™ recent survey of Consumer Homebuyer Trends tells you 92% of Americans aren’t considering a manufactured home – and only half of those who ponder manufactured housing actually purchase one – consider it a multi-million-dollar opportunity in your professional back yard.

Nationally, that means trillions of dollars in opportunities gaping before the HUD Code manufactured home industry in the next five years.


RC Williams.

Recent reports by RC Williams on the Daily Business News point to the reality that entry-level housing sales reported by the National Association of Home Builders – and from the National Association of Realtors – documents the fact that sales are actually slipping under the $250,000 price point.

The cause isn’t lack of demand.

Rather, there’s not enough existing home inventory – or new builder inventory – at those price levels. That can results in bidding wars from buyers. It also means there are markets where there may be more real estate agents than there are houses for sale under $250,000.

Proof Tapping the Demand Can Be Done


Tom Fath.

The case study linked below with millennial and third generation industry professional, Tom Fath, documents how that ‘yawn of the consumer market’ towards manufactured housing can be turned into demand yielding more well-qualified credit and cash customers. Their operation is growing at triple-digits annually – to understand how they’re tapping the market, see the video interview, linked here.


Barry Noffsinger, photo credit, MHProNews. See Doing Good Pays, at this link here

A panel of manufactured home industry lenders – compromised of Credit Human’s Barry Noffsinger, Triad Financial Services’ Don Sharp, and Cascade Financials’ Mike Jones – confirmed to industry professionals at the 2017 Tunica Manufactured Housing Show that there’s a huge market, and some in the industry are successfully tapping into it.

But much more is possible.

MH Industry Leaders Believe It Can Happen

M.Mark.WeissJDPresidentCEOMHARRManufacturedHousingAssociationforRegulatorReform-creditManufacturedHousingIndustryDailyBusinessNewsMHProNewsMHARR’s President and CEO, M. Mark Weiss, JD, has told MHProNews that hundreds of thousands of manufactured homes could be sold annually, in a responsible and sustainable way.


Sam Landy, UMH President and CEO.

High-flying UMH Properties President and CEO, Sam Landy, JD, has likewise told the industry that hundreds of thousands of new manufactured home sales annually could become the industry’s new reality – if regulators in Washington, DC get out of the way – and allow the industry and private investors to do their jobs.

Sunshine Homes owner and president, John Bostick has pointed out that factory home building in Japan – “the land of engineers” – is commonplace there.

Bostick also said that an operation like his could successfully double production in about 60 days, while maintaining high quality and


John Bostick, president, Sunshine Homes, Red Bay, AL. For A Cup of Coffee with…John Bostick, click here.

customer satisfaction, hallmarks of his A+ BBB rated firm.

Bostick’s statements are noteworthy, because their firm is already growing at about double the pace of the industry at large. To learn more, click here.

HUD – Holdup or Partner?

DrCarsonInvitedTransformHUDManufacturedHomesEndorsingDonaldTrump-ManufacturedHousingIndustryDailyBusinessNewsMHProNews-Dr. Ben Carson,     President Donald Trump’s hand-picked Secretary for HUD, has signaled he sees the value of manufactured homes,” said manufactured home industry trade publisher, marketing and sales consultant, L. A. ‘Tony’ Kovach.

Dr. Carson has also said he sees the value of public-private partnerships. Vice President Mike Pence said the Trump Administration willenforce the law.” Kovach said, “All that sounds promising. Will the necessary changes be made at HUD to ‘drain the swamp’ of the manufactured housing program, so the industry and free markets can do its job?”

Doing so would create tens-to-hundreds of thousands of good jobs annually as new manufactured home shipments rise.  That in turn would reduce poverty, help inner cities, cut government deficits, while easing government subsidized housing challenges, Kovach and others say. To learn more, see link here.

HUD’s Swamp…


Pam Danner, JD, HUD Code Manufactured Housing Program Administrator, credit, MHProNews

Kovach explained that Pam Danner, JD, isn’t the only fly-in-the-ointment there. According to what informed sources with years of ties to the HUD Code manufactured home program tell MHProNews, there are other internal road blocks at the federal housing agency.

For example, “Sources within tell us that HUD’s legal counsel has for years taken a position the polar opposite of what the Manufactured Housing Improvement Act of 2000 requires,” said Kovach.


L. A. “Tony’ Kovach.

Meanwhile, NIMBY, BANANA, and zoning officials – who are either ignorant, or who deliberately ignore federal law – are contributing factors causing the affordable housing crisis.”

The acronym NIMBY means “Not In My Back Yard,” while BANANA means “Build Absolutely Nothing Anywhere Near Anything.”

The Daily Business News has tracked the various issues within and outside of manufactured housing for years, all of which are slowing the industry’s obvious ability to be the solution to a crisis that subsidized housing tax dollars alone can never hope to solve.

Real estate agents, conventional house builders, local or state public officials, investors, Dr. Carson and the Trump Administration – all of these are potential allies for manufactured housing,” Kovach said. “As more forward-looking MH Industry professionals take the needed steps, the potential to tap into trillions of dollars in opportunities in the next 5 years grows.”

We know the roadmap! How many more industry pros will commit to the necessary steps to program, chart and follow the course?”


Using the Lakeland, FL Metro average of $106 per square foot, the $54.42 per sq ft for the home listed on Zillow on the collage above is a bargain. Image credits and data on the right, Zillow, and are shown under fair use guidelines. Image credit of the woman at the left, MHLivingNews/GraphicStock.

A Deep Dive Into Consumer Housing Desires

The first look at the Zillow Group’s ™ insightful report – including added insights from Noffsinger – along with a video of a couple who were previously skeptical of “trailers,” owned a conventional house – and who now proudly own a manufactured home – are all linked here. ##

(Image credits are as shown above.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Related – Should HUD Secretary, Dr. Ben Carson, have the MH Program follow the law, and enforce preemption?

Submitted by Soheyla Kovach to the Daily Business News on

What’s the Truth About the Manufactured Housing Industry’s Potential?

April 3rd, 2017 Comments off

opportunities-threats-buttons-ManufacturedHousingIndustryIllustrationDailyBusinessNewsMHProNewsWhether or not truth is reported, or distorted, reality – the truth – is. Truth exists.

That is so on any issue you care to mention: sports, fashion, politics, religion, health, fitness, business — including manufactured, modular, and prefabricated housing.

Factory-home building – says John Bostick, Sunshine Homes president –  is widely accepted in Japan, but is resisted here.


Like our domestic manufactured home industry’s politics, the honest answer isn’t simple. Rather, “It’s Complicated.”

If the answer were simple, then the industry would be producing hundreds of thousands of homes per year, as leaders such as Bostick, or:

> Sam Landy, President and CEO of high flying UMH Properties, or

> M. Mark Weiss, President and CEO of the Manufactured Housing Association for Regulatory Reform,

> L. A. ‘Tony’ Kovach, multiple award-winning MH Industry trade publisher and consultant, are among a variety of industry professionals who have said so.

Among the topics we will dive into during the month of April are the issues that can be identified or suggested as causes for the modular and manufactured housing industry’s relatively low levels of sales, juxtaposed to its significantly higher potential.



MHI President, CEO Richard A. ‘Dick’ Jennison, Left. MHARR President, CEO M. Mark Weiss, JD, right. Photo credit,

MHARR’s rival, the Manufactured Housing Institute’s (MHI) president and CEO, Richard ‘Dick’ Jennison, flipped from saying in 2014 that the industry should not expect a more robust recovery. Jennison said in a 2014 MHProNews interview that the industry would slowly rise towards 100,000 (+/-) annual shipments. After that interview, when he was pressed on that claim, he later publicly said less than a year later that the industry was capable of 500,000 shipments a year.

That’s a notable swing. But in both cases, Jennison qualified even that lofty half-million new homes a year potential by saying it would have to be achieved over time, at a relatively slow, steady pace.

Why should the pace be slow, instead of a more rapid recovery to the industry’s historic new home sales levels?  Given the affordable housing crisis, isn’t the industry’s potential even greater today?

Is Jennison correct? Are there technical or practical reasons for a slow growth in manufactured housing?  Such questions deserve a look.


Dick Ernst, consultant and financial services board member at MHI, says there is “no lack of capacity” among the industry’s current lenders to


Dick Ernst, FinMarkUSA, click image above for exclusive interview.

finance credit-worthy sales.

Credit Human’s (formerly CU Factory Built Housing) Barry Noffsinger has agreed on that point.


Barry Noffsinger, photo credit, MHProNews. For an in-depth interview, see A Cup of Coffee with…Barry Noffsinger, at this link here.

Noffsinger added an interesting twist, when he told 2017 Tunica Show seminar attendees that the Manufactured Housing Industry needed “to fish in the right pond. “


Slide provided by Barry Noffsinger, Credit Human, to MHProNews.

His analogy was to convey the notion that if real estate agents and home builders could attract and sell qualified customers with an average FICO score around 728, then why is manufactured housing’s average credit score so much lower?


Slide provided by Barry Noffsinger, Credit Human, to MHProNews.

Says Noffsinger, it’s the pond of less qualified customers the manufactured home industry is generally fishing in.  The charts and graphics on this page were produced by him, and the entire presentation is linked as a download, here.


Slide provided by Barry Noffsinger, Credit Human, to MHProNews.

LATonyKovach-Louisville-2015-mhpronews-com-275x156It is noteworthy that Noffsinger’s points dovetail with several of those that consultant, marketing, and sales trainer L. A. ‘Tony’ Kovach has practiced and taught for years.


Tom Fath, New Durham Estates.

Results reported by Tom Fath, of New Durham Estates – in an upcoming, special video presentation by Fath – will be provided in the days ahead. In that video, Fath details the changes their operation made, and how it dramatically increased their sales and boosted the quality of the cash and good credit customers they profitably attracted.

Other industry lenders on the same finance panel made similar points to Noffsinger’s, pointing out that certain operations attract and sell higher credit scores or cash buyers.


Labor Force

Several HUD Code manufactured home industry producers have told MHProNews that a challenge for them is getting and keeping good factory workers as one of the industry’s limiting factors.


Gary Dobbs, l, Lindsey Bostick, c, John Bostick, r, with Sunshine Homes at a ball game. For an exclusive with John Bostick, click here.

Yet, per figures supplied by Sunshine Homes sales manger Stan Posey, their firm is growing at twice the rate of the industry at large. Sunshine Homes is clearly keeping up with attracting the right pool of labor.

Bostick has told MHProNews that they could “easily” ramp up to double their current rate, in a period of about 60 days, without sacrificing quality. What does Sunshine Homes do that keeps quality and satisfaction of their wholesale and retail customers high, while allowing them to grow their labor force at a more rapid pace?  That too will be the subject of Inside MH videos coming in the days ahead.

The MH Industry Take-Away

That there is a rising need and demand for affordable housing is unquestionable. University, government, and non-profit surveys all point to that reality. That the industry could be growing more rapidly is proven by diverse operations like Sunshine Homes – which markets and sells only through independent retailers, communities and builder/developers, or operations like the Fath family’s, or others noted above.

The potential for more rapid and sustainable growth is apparent.  It’s a theme that consultant and publisher Kovach has hit for years.  See two of his graphics above and below as examples.


The industry’s potential, as shown in another graphic above, is nothing less than enormous, given the proper lobbying, marketing and sales best practices.  Graphic by

What’s the Truth About the Manufactured Housing Industry’s Potential?

The facts and views from informed professionals presented here strongly suggest that the potential for rapid and sustainable growth is enormous.  There is no need to return to the failed ‘easy credit’ policies that caused Conseco and other manufactured home loan programs to collapse. The views of those above and others in the manufactured home industry underscore how the industry could climb rapidly and sustainably into several hundred thousand new home sales per year.

MHProNews, as pro-manufactured home industry trade publishers, will continue to spotlight the threats, heartaches, achievements and opportunities for growth in a periodic series of reports, found only here, your home for – Industry News, Tips and Views Pros Can Use. © ##

(Image credits are as shown above.)

(Note: Links added/updated on 4.7.2017.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-News and commentary submitted by Soheyla Kovach to the Daily Business News, on

“An Elephant Ass,” Understanding GSEs, Duty to Serve, Manufactured Home Lending

January 28th, 2017 Comments off

PimpleOnElephantsAssGSE-FHFA-ManufacturedHomeLending-MHProNewsThe manufactured homes chattel lending market poses challenges and risks for the enterprises

– FHFA statement in its request for comments on the Government Sponsored Enterprises (GSEs) Duty to Serve Manufactured Housing.


This is a great opportunity for consumers of affordable housing to have additional lending options…”

– Cody Pearce, President, Cascade Financial Services.


Mark my words, it will get dismissed by some as small and insignificant….”

– Paul Bradley, President, ROC USA.


Mammoth losses incurred by the GSEs and other mortgage lenders in the 2008 housing/mortgage crisis made the losses on manufactured housing in the early 2000s look like “…a pimple on an elephant’s ass.

– Manufactured housing industry veteran’s off-the-record remark to MHProNews.


Systematic controls in the 2000s” by remaining manufactured home industry lenders
resulted in much better loan quality and benefited consumers as well.”

 – Marty Lavin, JD, MHI Totaro award winner for lifetime industry contribution in MH lending,
former consultant to Fannie Mae on manufactured home lending.


Getting more lending into the manufactured housing space is not a simple snap of a finger and “poof!” it’s done. Getting more lending starts…with the three prongs of needed Education. It relies too on the 4S’ of good lendingSafe, Sound, Sanitary and Sustainable.”

– Titus Dare, SVP, Eagle One Financial and factory-built housing industry veteran.



Brian Collins, credit, National Mortgage News.

The recent column by Brian Collins in National Mortgage News entitled Why FHFA Is Seeking More Data on Chattel Loans resulted in a range of responses from manufactured housing industry professionals.

The quote from Fannie is illuminating,” said M. Mark Weiss, President, and CEO of the Manufactured Housing Association for Regulatory Reform (MHARR).

It’s been nearly a decade since DTS was enacted by Congress,” Weiss told MHProNews, “and FHFA is just now seeking information on the chattel loans that comprise 80% of the market — with no assurance that there will ever be a chattel program — and that’s portrayed by some as progress?”

In a separate and related op-ed on Industry Voices, Weiss said, “If Congress had meant the “duty to serve” to be optional, it would not have called it a “duty.


Text and image credit,  To see Weiss’ commentary, click here or the image above.


Cody Pearce, CMB, photo credit, LinkedIn.

Cody Pearce, President of Cascade Financial Services said, “We look forward to working with the GSE’s in forming the basis for their lending objectives as they strive to meet DTS requirements.  We are hopeful that the credit box created will truly cater to lower income and lower FICO borrowers.”

I understand the desire from industry insiders to want a chattel program immediately, however, the GSE’s were burnt and burnt badly by the Conseco/Greentree debacle of the late 90’s,” said Barry Noffsinger, in a longer comment that will be posted soon on Industry Voices. “I view this as a journey to explore where their fit is in our industry.”
Concerns and Red Flags?


Industry professionals assert that some, but not all, in the GSEs, media or in federal policy positions have little or no clue about the evolution from trailer houses, to mobile homes to modern HUD Code Manufactured Homes. Image credit, and story linked here – on MHLivingNews.  There have been no mobile homes built in the U.S. for over 40 years.

A regional manufactured home lender has told the Daily Business News that their program has worked very well.  They said that perhaps their biggest exception is when a repossession occurs in some community where the operator fails to honor their “park agreement,” to help them rapidly sell that home, and for a reasonable price.

Worse still are cases, that firm said off-the-record, when a community essentially punishes a lender by charging lot rent – or getting exorbitant amounts to do refurbishing of a home – before it goes back to market.  That lender refers to those communities they actively do business with as ‘partners.’  That partnership – or strategic ally – perspective would be common among most non-recourse, third-party lenders in manufactured housing.  The prudent and moral professional doesn’t burn a partner.

paul bradley roc usa founder cedit

Paul Bradley. photo credit: Fosters. For an in-depth interview with Bradley, click here.

Those insights dovetail with comments from ROC USA’s Paul Bradley, who says that even when the Enterprises hopefully become active in lending on manufactured homes in communities, they will likely be selective in which communities they do business in.

Another warning flare from the vantage point of “the Enterprises” is this.

Sorry, but the GSEs and secondary market just don’t get excited about hearing “Blue Book” when it comes to valuing a home,” said Titus Dare, SVP of Eagle One Financial to MHProNews last summer.

Dare presaged the concerns implied by the words used in the National Mortgage News column, when Collins quoted the FHFA saying, “Historically, many manufactured home chattel loans have performed poorly, the collateral has generally depreciated, and many chattel loan origination and servicing practices have lacked important borrower protections.”

But Dare himself pointed out that the GSEs have some chattel loans in their portfolios.

Furthermore, the Enterprises also have successfully done mortgages in leaseholds, that mimic home-only, chattel lending, because ownership of the real estate is not involved. MHProNews has spoken with industry professionals who have asserted that those GSEs loans in their communities performed well; Dare independently made the same point.


Text and image credit, MHProNews.  For Dare’s article that featued the quote above, click here.

There are numerous examples of competitive rates on manufactured home loans performing in communities; as well as of MH homes gaining as well as losing in value.


So, when huge losses occurred in the conventional housing loan market just a few years ago, why is that overlooked today, while comparatively smaller losses almost 20 years ago on manufactured home (MH) loans are seen as a road block on MH lending now?

Caution, or Excuses? 


Marty Lavin, JD.

Marty Lavin has previously told MHProNews that it is self-evident that the national manufactured home lenders active in the business are profitable.

In an upcoming video episode in the Inside MH Road Show series, officers of a credit union speak out about their experiences in making loans on manufactured housing for about 8 years. One of their executives said on-camera that they thought that the GSEs were coming late to the game.

That credit union reports that they have been doing loans profitably and sustainably.  Because they’re regulated, that claim rings true.

Not Everyone’s Cup of Tea…


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It should be noted that while most of the public comments on the FHFA and the GSEs Duty to Serve (DTS) manufactured housing favor the implementation of the law, there are those within the industry who quietly resist or oppose the GSEs ever doing chattel lending on MH.

This is one of the undercurrents that is rarely, if ever, reported by others in media. Yet it is an important factor to consider in why the pace of progress on the issue might be so slow.

The Need?  The Goal? The Impact?

Several public DickErnst-creditMHC-MD-com-postedDailyBusinessNewsMHProNews-comments at trade shows and other events by Financial Services Chairman Dick Ernst are worth noting.

Ernst said during lender panel discussion that there is no practical limit to the capacity of manufactured home lenders to make qualifying loans. When he asked those lenders on those panels about that point, they concurred.

So, if there is “no lack of capacity” to make loans that meet MH lenders current criteria, what then is the goal for the industry in pushing the GSEs for the Housing and Economic Recovery Act (HERA 2008) mandated Duty to Serve?

Borrower FICO scores in the 10th percentile have marched higher from mid 500’s in 2001 to 650 today,” said Cascade’s Pearce, “while GSE credit scores for first time borrowers is 742 and 755 for repeat borrowers.”


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Pearce’s statement was part of a longer one to be published on Industry Voices, in which he stresses his hope that the GSEs will give the lower credit score borrowers access to more affordable lending.

FICO scores are used by lenders in part to assess their risk in making a loan, the likelihood of timely repayment, and overall loan performance.  While some lenders and land-lease communities have done loans on manufactured homes to customers with lower credit scores successfully – as was previously noted – but those loans often require more servicing.

Cascade’s president’s full comments to MHProNews will be published soon on Industry Voices, as will Bradley’s, Noffsinger’s, Weiss’ and others cited in this report.

Appreciation, Depreciation and Exit Strategies

Perhaps the most problematic and troubling statement to forward-looking industry professionals in Collins’ column, Why FHFA Is Seeking More Data on Chattel Loans, has to do with the agency’s assertion that manufactured housing historically loses value.

How fair or accurate is that claim?


Barry Noffsinger, photo credit, MHProNews. For an in-depth interview, see A Cup of Coffee with…Barry Noffsinger, at this link here.

Contemporary facts and data, says Noffsinger, demonstrate otherwise.

Manufactured housing, just like site built homes, can both appreciate and depreciate.  There are many factors such as location, market conditions, mobility, the condition of the home, etc.  that effects the home’s value,” Noffsinger told MHProNews.

MHARR’s CEO stressed a kind of discriminatory hypocrisy.

When it comes right down to it,” Weiss said of the GSE’s reluctance to loan on manufactured homes, “it’s a double-standard — they downplay the risk of large site-built mortgages despite huge losses previously, while they play-up the risk of MH chattel loans based on comparatively much smaller losses.”

In the light of developments and the range of views, Dare’s commentary last summer bear another, closer look.

Thinking in part about the reasons why profitable U.S. Bank pulled the plug on their sustainable manufactured home lending program, Dare said, There aren’t just barriers of entry, in fact there are barriers for staying in manufactured housing.”

Overlooked and under-discussed is a crux issue, summed up by Dare in this notable quote by the industry’s best known billionaire, “Kevin, it seems to me that the problem with your industry is resale,” Warren Buffett told Kevin Clayton. 


The more real estate like the exit-strategy is for manufactured home owners and lenders, Dare says, the more attractive and sustainable the MH market becomes for consumers and investors alike.


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Dare argued in a series of columns on MHProNews that there are several factors – including education, public policy, image, media, and the need for certain systemic changes – necessary in order for manufactured housing to achieve its widely-recognized potential.

Will the new Trump administration be helpful in this process?  It is possible, because the president and his surrogates have often said that they want to “enforce the law.”

Will industry players do what is needed to assure the support of public officials and policy advocates?

We missed this chance 10 years ago with the Freddie Mac program in land lease communities,” Paul Bradley, President of ROC USA told MHProNews.  “We’re getting a second bite at the apple.  I hope we don’t spit it out.” ##


Editor’s notes – Follow up reports on MHProNews and via Industry Voices commentary will dive more deeply into these and other pressing questions on MH industry lending, DTS and the GSEs.

Let us hereby note this publishing principle – “Often First; Always the Best Industry Coverage.”  ©

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With that new tag line/mantra in mind, please note that MHProNews has been pioneering something new in trade publishing; it’s new even for the news media in general.

Every writer, every editor picks and choses what they include – or leave out – of a story.  It’s a necessity, as stories would become too long and unwieldy otherwise.

That said, MHProNews has often published the full comments on Industry Voices of those we ask for or who offered their input on issues.  Then, as do others in news, we use what fits the article.  But by publishing the full quotes as shared via Industry Voices , that allows our industry readers, researchers, and others the opportunity to digest all that was said by those cited.

If you’ve seen that done elsewhere, please point it out.  We believe this a pioneering step for the best trade publishing practice. It also gives policy advocates, researchers and serious readers an opportunity to dive deeper, for a more robust understanding of each quoted person’s perspective.

In an era of low trust in journalism, MHProNews believes that is an important step in transparency, credibility, and integrity.  That allows us to honestly say this long-standing, fair-and-balanced tag line, “We Provide, You Decide.” ©  ###

(Image credits are as shown above.)


Submitted by Soheyla Kovach to the Daily Business News on