Posts Tagged ‘cooperation’

Exemption for certain Manufactured Housing Appraisals on Tap

July 16th, 2013 Comments off

On July 10th, the Consumer Financial Protection Bureau (CFPB), in cooperation with five other federal agencies, issued joint proposed regulations providing exemptions from appraisal requirements for certain higher-priced mortgage loans (HPMLs), which would include manufactured home loans. Imposed by the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by the borrower’s home and have an APR (average prime rate) more than 1.5 percent above the average prime offer rate. The proposed rules released by the CFPB exempt from appraisal requirements transactions secured by existing manufactured homes and not land, which covers new manufactured homes as well as pre HUD Code homes. This exemption marks a breakthrough for the manufactured housing industry and consumers. Additionally, the proposed rule change exempts loans of $25,000 or less, without which creditors providing non-QM loans for the purchase of manufactured homes would have been required to perform a complete Uniform Standards of Professional Appraisal Practices (USPAP)-compliant appraisal. That would add costs to the consumer and a burden to the lender, as MHProNews has learned from the Manufactured Housing Institute (MHI) newsletter. All six federal agencies are seeking comments on the proposal which closes Sept. 9, 2013. The rule is scheduled to take effect Jan. 2014. For the full report, please click here.

(Image credit: andyenstallblog)

Academia Partners with Private Industry

January 2nd, 2013 Comments off

Archinect tells MHProNews as part of a settlement between the U.S. Environmental Protection Agency (EPA) and the Tennessee Valley Authority (TVA) for alleged violations of the Clean Air Act, the University of Kentucky College of Design in cooperation with two non-profits will build four more energy efficient modular homes with photovoltaic generated energy systems. Following up on a story we published April 19, 2012 about houseboat builder Stardust Cruisers converting to modular homes construction as the watercraft business declined with the economy’s downturn, the $504,000 the College of Design receives will go towards researching and building the new dwellings. Two modular homes built last year were sold to area residents who met low income guidelines. The Houseboat to Energy Efficient Residences (HBEER) initiative is creating green jobs and bringing back some of the 575 employees who originally worked in the southeastern Kentucky marine industry. Future projects will include energy efficient multifamily housing and classrooms to replace outdated portable units.

(Photo credit: Whitney Hale/UKNowNews)