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Posts Tagged ‘Don Glisson’

Canadian ECN Capital Signs Agreement to Acquire Triad Financial Services, Inc.

October 26th, 2017 Comments off

JImNikopoulosPresidentECNCapitalCorpAgreesBuyTriadFinancialServicesDailyBusinessNewsMHproNewsIn a press release, ECN Capital announced its intention to buy Triad Financial Services, the oldest manufactured housing lending operation in the United States.

Per their release, Toronto based ECN will pay $100 million in cash (C$125M) for Triad. “In addition, ECN Capital has agreed to an incentive compensation plan with senior management that will be based on the achievement of a prescribed return on average equity (ROAE) over the next five years.”

The firm stated that Triad,

  • Originates prime and super-prime manufactured home loans through a national network of dealers and manufacturers.”
  • Exceptional 50+ year old business led by longtime CEO Don Glisson, Jr.”

Not mentioned in the release was Triad’s reportedly rapid growth in the manufactured home community lending program, which provides a mechanism for community operators to utilize Triad’s origination platform to make loans that the Triad’s normal credit profile would not make.

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Triad is a pioneer in the manufactured housing industry and a market leader with an incredible history, superior credit, proven growth, scalability and a robust partnership with U.S. banks and credit unions,” said Jim Nikopoulos, ECN Capital’s President. “We are excited to welcome this impressive business into the growing ECN Capital family of businesses and look forward to a long-term partnership with Don and his team,” added Mr. Nikopoulos.

ECN Capital is exactly the right partner for Triad and we are excited about the opportunities ahead for everyone that is a part of the Triad team,” said Don Glisson, Jr., Chairman and CEO of Triad Financial Services, Inc.

On a pro forma basis, the acquisition will be immediately accretive to adjusted earnings per share (EPS) and return on equity (ROE). “The Triad acquisition fits squarely within ECN Capital’s strategic plan for the redeployment of capital,” said Steven Hudson, ECN Capital’s CEO.

The transaction includes employees, systems, intellectual property, operations, offices, agreements, and other assets of Triad.

The transaction, which is expected to close in the first quarter of 2018, is subject to customary closing conditions, including regulatory approvals.

Shaking Up the Manufactured Housing Lending Landscape…

DonGlissonJrCEOTriadFinancialServicesDailyBusinessNewsManufacturedHousingIndsutryMHProNewsThe move is going to shake up the manufactured home lending landscape in several ways, which will be covered in future reports.

Outside of Berkshire-Hathaway owned companies, Triad is one of the largest operations of its type in the industry, and has been on a strong, steady growth path.

The video, visuals and details shown in this report are not part of the ECN release.

Per the TCN Website:

Jim Nikopoulos is the President of ECN Capital Corp., a leading commercial finance company formed from the October 2016 separation of Element Financial Corporation into two market leading companies – Element Fleet Management and ECN Capital. Prior to this, Mr. Nikopoulos served as Chief Operating Officer of ECN Capital and an executive at Element.

Before joining Element, Mr. Nikopoulos was an executive at TeraGo Inc., a TSX-listed data centre and managed services company. He was previously a Partner at Davies Ward Phillips and Vineberg LLP.

Mr. Nikopoulos is Board Chairman of TeraGo Inc. and an active director on numerous charitable and private boards.

Mr. Nikopoulos earned his Honours B.A. degree (Economics & Political Science) from the University of Toronto and Law degree (JD) from Osgoode Hall Law School. Mr. Nikopoulos was named one of Canada’s Top 40 under 40 Lawyers by Lexpert in 2014.

Per the Triad Website:

Don Glisson Jr.,

Chairman & Chief Executive Officer

With Don’s leadership, Triad has been honored with a number of industry and community awards during the last ten years, including being named by The Manufactured Housing Institute (MHI) as the National Lender of the Year for 2010, Triad’s eighth MHI Lender of the Year award. Triad has been named numerous times by the “Jacksonville Business Journal” as one of the fastest growing companies in Northeast Florida, and by the University of Florida as one of the fastest growing companies in Florida.  Don was given the Chairman’s Award from MHI in 2010 for his efforts on behalf of the Manufactured Housing Industry.


Don is also the Executive Chairman of The Jacksonville Bank (JAXB); a NASDAQ publicly traded Bank Holding Company and the largest community bank in Northeast Florida.  Don serves as the Chairman of the holding company board of directors, chairs the Executive Committee and serves on the loan committee and asset and liability committee.

Don is the Vice Chairman of Citizens Property Insurance Company, the eighth largest homeowners insurance company in the U.S., insuring one million properties in Florida.  Citizens was created by the Florida Legislature to help its residents obtain homeowners insurance not otherwise available to them.  Don was appointed to the board by Jeff Atwater, CFO of Florida, and was elected by the board in 2013 to serve as Vice Chairman.

In June of 2010, Don was named by the “Jacksonville Business Journal” as an “Ultimate CEO” for 2010, as voted on by the newspaper’s editors. Don has been written about and interviewed in numerous publications such as “The Wall Street Journal”, “The New York Times”, “The American Banker” and many others.

Don graduated from Florida State University with a BS degree in Finance, and in 2003 Don was awarded the “Entrepreneurial Excellence Award” by the College of Business, Florida State University. Don is also on the Board of Directors of Florida State University Alumni Association, and serves on its Finance and Governmental Affairs committees. Don is also on the Board of Governors for the Florida State University College of Business. ## (News, context, analysis.)

(Note: the second video on this page was from a previous Louisville Manufactured Home Show interview with Don Glisson, Jr., and was produced by another videographer.)

(Image credits are as shown above.)

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News on MHProNews.com.

 

Sunday Morning Weekly Recap Manufactured Housing Industry News August 13th to August 20th, 2017

August 20th, 2017 Comments off
SundayMorningWeeklyRecap8.20.2017ManufacturedHousingIndustryProfessionalMHProNews

Week of Aug 13 to Aug 20, 2017.

Our new August issueOur theme for this month: Awful, Awesome August 2017 in MHVille

featured articles will be available on the MHProNews.com home page. Our May theme will be available mid-week this week.

 To see the line-up of over 2-dozen featured articles for this month, along with the headline commentary, please click the link above.

Manufactured, modular and prefabricated home professionals know that how a home got to its location should not define a person or their dwelling.

What the Daily Business News spotlights day-by-day are the tragedies, triumphs and struggles for acceptance of the obvious solution for millions for the growing affordable housing crisis in the U.S. and beyond.

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When you read the lineup for the month found on the home page, you can reflect on another motto as you chart your own professional path ahead: “We Provide, You Decide.”  ©

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What’s New On MHLivingNews

Billionaire$ and Millionaire$ Proudly Hang Out in New York Manufactured Homes, Condo Resort

“Po-Dunk” Performer Kid Rock, Eyes Senate Run, Makes Manufactured Home Living 

Rising Renters Nation, Pew Research, Overlooked Affordable Home Ownership 

What’s New On MHProNews

August 19th, 2017

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August 18th, 2017

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Steve Bannon, President Donald Trump, Salon.

August 17th, 2017

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Paul Bradley, left, L. A. ‘Tony’ Kovach, right – still from an Inside MH video interview.

August 16th, 2017

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August 15th, 2017

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Images on MHProNews are routinely used under fair use guidlines, as is the case with the images in the collage above.

August 14th, 2017

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August 13th, 2017

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Warren Buffett, CEO of Berkshire Hathaway Inc. Credits, Linkedin, MHProNews

 

 

Freedom of Speech, Rep. Jim Renacci, Don Glisson, Jr. Triad Financial, and Dick Ernst

August 15th, 2017 Comments off
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Featured image credits, CNN Money, Pexels, Rational Standard, MHProNews.

The Central Government should be limited to basic functions. Defending the nation against foreign enemies, preserving order at home, mediating our disputes.” – Milton Freidman.

The widely cherished First Amendment rights – especially to freedom of speech – is a hot topic on many fronts.

I believe that churches have a right of free speech and an opportunity to talk about positions and issues that are relevant to their faith,” said Rep. Jim Renacci, R-Ohio.

We think it’s very, very discriminatory [the MLO rule] to the [MH] industry, and it hurts the consumers,” said Dick Ernst, manufactured home industry finance consultant, to MHLivingNews.

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Dick Ernst, consultant and MHI Financial Services Chair.

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U.S. Representative Jim Renacci. Credit, Renacci.House.Gov.

While seemingly unrelated, in both cases, freedom of speech is being restricted by the U.S. government, through what some say are problematic applications of federal laws.

The quote by Representative Renacci, per Newsmax, is regarding a GOP bill which would allow churches to be able to back political candidates.

It would be in keeping with a Trump Administration campaign promise to Evangelicals and others faith-based groups that provided his ticket and the GOP with important support last November.

Currently churches, as well as non-profits, are banned from taking a political stance and endorsing a candidate during any elections, while they receive tax-free benefits.

The proposed bill would allow them to once more openly back a political candidate, should a house of worship choose to do so.  Under the plan, faith-community support could occur without the risk of losing their tax-exempt status.

Supporters say this would restore a fundamental right of free speech.

There is plenty of controversy about the bill.

Some opponents suggest that political endorsements by faith-communities could become a way to funnel tax-free funding into election campaigns.

Others simply don’t believe a pastor or church should be able to tell you who to vote for.

On the other side is the fundamentally constitutional question. Shouldn’t that speech be protected under the First Amendment?  Shouldn’t churches have the same rights as, certain supporters say, a labor union?

This bill would seek to correct that problem.

Free Speech and Manufactured Housing

Similar to this faith community scenario, another piece of legislation has restricted the freedom of speech in the manufactured housing industry. The Dodd-Frank Act was passed in reaction to the market crash in 2008.  Democratic lawmakers sought a solution to what they felt was a too-big-to-fail problem. A way to ensure that nothing of the sort ever happened again.

Congressman Frank denied before the meltdown that there was a risk. GOP leaders warned against the looming problems by 2003, as the video below reflects.

DoddFrankActCreditSeekingAlphaDailyBusinessNews

Credit, Seeking Alpha.

The Dodd-Frank Act, which was signed into law in 2010, was never intended to have anything to do with manufactured housing – said a letter by Barney Frank to an MHProNews reader, which read in part:

I do not think it is necessary to include manufactured housing as part of our effort to prevent abusive mortgage practices, and I am now working with my staff to see if we can find a way to make a change that would deal with the problem you correctly point out… “

But somehow along the line, that understanding vanished.

Soon after the law was passed, the Consumer Finance Protection Bureau (CFPB) had set up a whole new set of regulations surrounding the financing of manufactured homes.

It’s cutting off a route to home ownership for low- to moderate-income families around the nation — especially in rural areas,” said Ernst in an exclusive to MHLivingNews.

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Don Glisson, Jr., Credit: Triad Financial.

This would be like going to a car dealer to buy a new SUV, and when you ask for help securing a loan, they hand you the phone book and say they can’t help you, so just pick one out yourself,” said Don Glisson, Jr., President and CEO of Triad Financial Services.

The net result forces people to risk violating a law, lose customers looking for information, or causing under-informed buyers to shop for lenders in a market that has a limited number of lenders.

One example MHLivingNews shared is the story of Eric Powell, who planned to purchase his father’s single-section manufactured home. But due to the restrictions placed on lending after the implementation of Dodd-Frank Powell was unable to secure a normal loan, and ended up paying a much higher rate than would have occurred prior to the CFPB’s regulations.

Our compliance costs have quadrupled in the past three years alone,” said Glisson.

The limitations on what retailers can and can’t talk about with the individuals looking to purchase a manufactured home, while different than endorsing a political candidate, is still a violation of free speech, say industry professionals.

In the past, a retailer could pre-qualify a buyer by accessing their credit reports and analyzing their income — just like every Realtor ® in America does — and with that info they could at least determine what lender not to send the application to,” says Glisson.

Ernst said something similar.

Realtors refer customers every day to lenders, but CFPB says they’re exempt, because they’re not being compensated. But our people aren’t either,” says Dick Ernst.

While the two laws were born out of understandable concerns – in each case the impact has been a problematic harm to free speech rights. MHProNews will continue to track and report on such constitutional issues that impact business and politics.  ## (News.)

(Image credits are as shown above, and when provided by third parties, are shared under fair use guidelines.)

JuliaGranowiczManufacturedHomeLivingNewsMHProNews-comSubmitted by Julia Granowicz to the Daily Business News for MHProNews.com.

 

NAHB Commentary On Dodd-Frank Rollback

February 9th, 2017 Comments off
NAHBCommentaryOnDoddFrankRollbackcreditNBCNewsNAHB-postedtothedailybusinessnewsmhpronewsmhlivingnews

Trump signs the Dodd-Frank Executive Order. Credits: NBC News, NAHB.

The National Association of Home Builders (NAHB) has expressed support of President Donald Trump’s actions to roll back the Dodd-Frank Act.

As Daily Business News readers are aware, President Trump signed an Executive Order to begin the rollback process that will direct the Treasury secretary to review the 2010 Dodd-Frank financial oversight law, which reshaped financial regulation after the 2008-09 financial crisis.

Dodd-Frank is a disaster, said Trump, during a meeting last week with small business owners, including NFIB President and CEO Juanita Duggan

We’re going to do a big number on Dodd-Frank.

NAHB commends President Trump on his announcement to reform regulations in the Dodd-Frank Act that have hampered our nation’s housing recovery and slowed economic growth,” said NAHB Chairman Granger MacDonald.

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Granger MacDonald. Credit: Builder Magazine.

We support common-sense regulations to protect American consumers and preserve our nation’s banking system, however, the tight lending conditions created by Dodd-Frank are preventing too many home builders from receiving loans and restricting mortgage financing to credit-worthy borrowers.

The Daily Business News, MHProNews and MHLivingNews have covered Dodd-Frank and its impact on the manufactured housing industry extensively, including the Consumer Financial Protection Bureau (CFPB). Their impact on affordable housing has, in essence, created a “Renter’s Nation”.

Don Glisson, CEO of Triad Financial Services, has a very intimate understanding of the impacts both agencies have on the industry.

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Credit: MHLivingNews. For the full article, click here or on the photo above.

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Don Glisson. Credit: Triad Financial.

Our compliance costs have quadrupled in the past three years alone,” said Glisson.

We are the answer to the country’s affordable housing issues, but we don’t get fair treatment at the federal level. There are no MH dwellers inside the Beltway, so we must not be a good housing choice in their eyes. Government is taking sides and it’s harming the very middle-class they profess to want to help.

MacDonald has a similar line of thinking.

Regulatory relief for mortgage lenders and small and mid-sized banks that serve their communities is critical for the nation’s housing recovery,” said MacDonald.

NAHB has been calling for reduced regulatory burden on real estate lending since Dodd-Frank’s passage in 2010.” ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Triad Financial Services Announces Record Loan Origination Volume

November 21st, 2016 Comments off
Credit: Triad Financial Services.

Credit: Triad Financial Services.

Triad Financial Services, Inc. (Triad) today announced loan origination data for the first 9 months of 2016. A total of 5,684 loans have been funded by Triad for the 9 months ending 9/30/16, a 35 percent increase over the same period in 2015.

Don Glisson, Jr. Credit: Triad Financial.

Don Glisson, Jr. Credit: Triad Financial.

I am very proud of the entire team at Triad, as growing 35% in one year is no easy task but our team answered the challenge and exceeded expectations,” said Triad Financial Services CEO Don Glisson, Jr.

Our growth has outperformed the industry the past several years and we believe our superior products and best in class customer service will be the reasons we continue this trend.

Triad Financial Services is a privately held, full service finance company based in Jacksonville, Florida with locations in Bourbonnais Illinois, Irvine California, Atlanta Georgia and Wichita Kansas. For the full story, click here.

For an interview with Don Glisson, Jr., please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Sunday Morning Recap-Manufactured Housing Industry News Jan. 24 -Jan. 31, 2016

January 31st, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

Not “Beer Cans on Frames,” they’re Modern Manufactured Homes!

What’s New in Manufactured Housing Industry Professional News

Interview with Don Glisson, Jr. of Triad Financial Services. Another media attack on manufactured housing? Residents of Florida city opposes modular homes. HUD sets up more regulation. Cavco beats consensus estimate on earnings. Manufactured homes allowed in any single-family residential area. New single-family home sales best in nine years. Should MHI’s CEO Jennison resign? Drew draws from the water, again. MHARR cites HUD’s non-compliance with 2000 Act. Pacific Skies Estates upgrade questioned. City prevents senior MHC from converting to all-age. Opposition to homeless housing in Ireland grows. Many more stories, news and views about communities, companies, MH-related stocks, and legal issues for you to peruse.

Saturday, Jan. 30, 2016

Next Negative Media Freight Train is Coming towards Manufactured Housing

Friday, Jan. 29

Don Glisson Jr., Triad Financial Services Chairman, Manufactured Home Lending, 2016 Louisville Show Video Interview

Long Troubled Community Undergoing Restoration

Victoria BC Plans Modular Homes for the Homeless

MHCV Gains Solidly, MH Stocks Rise, Dow Continues its Volatility, Gaining almost 400 Points

Cavco Bests Analysts by $0.09 EPS

Cape Coral Contenders Continue Criticizing Modulars at City Council

Thursday, Jan. 28

The Dirks Tripled the Size of their Manufactured Home Community

Manufactured Homes can be Sited in any Single-family Residential Area

Dow Continues its Volatility, while MH Stocks Remain Relatively Quiet

MHARR concerned about HUD handling of MHCC, cites Continued Non-compliance with Improvement Act of 2000

2015’s New Home Sales Best in Nine Years

No Damage from Flood in IL Manufactured Home Community

Wednesday, Jan. 27

Chicago Residential Market under Construction

Wells Fargo has money in Manufactured Home Community Owner UMH

Drew Draws another Floater from the Boaters

Dow Continues its Volatility, most Tracked MH Stocks Fall

Commissioners Suggest optional Underpinnings for Manufactured Homes

City Prevents Senior MHCs from Converting to All Age Communities

Should the Manufactured Housing Institute’s CEO Richard ‘Dick’ Jennison resign?

Tuesday, Jan. 26

Indiana City Still Trying to Regulate Manufactured Homes

Dow Continues its Volatility, most Tracked MH Stocks Active

ELS Posts EPS up $0.09 over Last Year

Patrick Sets up Stock Buyback Program

New Homes Expanded in 2015

Opposition Mounts against Modulars for Dublin’s Homeless

Monday, Jan. 25

Cape Coral Carolers Chorus Criticism on Off-site Constructed Crib

Public Hearing Set for Pacific Skies Estates Upgrade

Deer Valley Plummets; Volatile Dow Falls 208 Points

Cavco to Release Quarterly Financials Jan. 27

Manufactured Spec Home to be Sited in Development

Block Grant Funds available for Manufactured Home Repair

Sunday Morning Recap-Manufactured Housing Industry News Jan. 17 -Jan. 24, 2016 ##

(Photo credit: MHProNews)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Is the CFPB Protecting us from Buying Homes?

September 1st, 2015 Comments off

rent versus buy   rent-directWriting in MHHomeLivingNews, award-winning writer Jan Hollingsworth recounts the story of the older gentleman, likely a farmer, in bib overalls who visited a manufactured home dealership in Kentucky. After two hours of perusing the possibilities of different homes, he chose one. But when he asked the salesman for help in filling out the finance application, he was told federal regulations prevent manufactured home retailers from assisting customers. The man left, unhappy, and later found a salesman elsewhere who was willing to break the rules to provide the old farmer with what may be the house of his dreams.

The story highlights the incongruities written into the Dodd-Frank Act and now promulgated by the Consumer Financial Protection Bureau (CFPB). Barry Noffsinger, a regional manager for CU Factory Built Lending, one of the nation’s leading MH lenders, said, “He wasn’t asking the salesman to do anything that a real estate agent doesn’t do every day. It just makes no sense at all.

With compliance costs quadrupling in the past three years for MH lenders, as Don Glisson, Jr., CEO of Triad Financial Services says, many small banks, credit unions and other MH lenders have shuttered their MH lending operations, leaving prospective buyers to rely on high interest loans or continue renting.

While co-author of Dodd-Frank, former Congressman Barney Frank says in a letter to a constituent that the measure was not intended to apply to manufactured homes, it is since the CFPB regulations went into effect, effectively prevents those with low-to-moderate incomes who want to move from renting a home to buying a home.  These are the very people the CFPB alleges it is trying to protect. It particularly harms someone wanting to finance an MH valued under $20,000 from the sale— again, often hurting the most vulnerable.

Hollingsworth tells of a young family man with good credit in Louisiana who wanted to purchase a used manufactured home for $7500 to site on family-owned property. Unable to find an MH lender, he ended up paying a non-MH lender 36 percent interest, a payment which turned out to be less than half of apartment rental. “Our desire to buy the home outweighed our desire to not pay 36 percent interest,” said Eric Powell.

The Mortgage Loan Originator (MLO) rule which prevented the salesman from helping the farmer fill out the finance application also stems from Dodd-Frank, fall-out from the 2008 mortgage crisis that saw lenders steering borrowers to specific high-interest subprime loans in exchange for kickbacks. Although it has nothing to do with manufactured housing, the CFPB targeted the industry with special restrictions.

Realtors refer customers every day to lenders, but CFPB says they’re exempt, because they’re not being compensated. But our people aren’t either,” says MH finance consultant Dick Ernst, president of Financial Marketing Associates, Inc. There is a huge difference between suggesting a possible lender for the purchaser of an MH and “steering” them to someone who might take advantage of them.

Two-thirds of purchases of manufactured homes are financed by chattel loans, secured by the home only. Few MH retailers can afford to keep an MLO-licensed sales person on staff, so applications to finance a home are shot-gunned to every potential lender, regardless of whether the prospective consumer may qualify with those lenders or not.

In the past, a retailer could pre-qualify a buyer by accessing their credit reports and analyzing their income — just like every Realtor ® in America does — and with that info they could at least determine what lender not to send the application to,” says Glisson. When the MLO went into effect in 2014, Triad had to hire employees just to deal with the sudden onset of applicants who could not qualify for a loan.

He said, “Our origination cost per loan has skyrocketed. Pre-2014, we would approve about 50 percent of the applications we received, as they were pre-screened. Currently we approve about 30 percent … so our efficiency went down the tubes and we are working harder and spending more to make the same amount of loans. But not being able to show the customer any options is a disservice to the home buyer.

Often, prospective home buyers get discouraged after being denied time and time again, and return to the rental market. Joseph Ravenelli in Ohio was pre-qualified for a $100,000 single-family home but decided he wanted to buy a $40,000 manufactured home in a community. He was unable to find a lender for the MH, and now continues to rent.

On the other side of the coin, a woman in Kentucky had a buyer for a used $20,000 MH, but financing was not available and she finally sold it for $5,000 cash.

It’s not just smaller lenders that are leaving the MH lending business: U. S. Bank said the regulatory environment was not conducive to MH lending and withdrew that arm of its operations.

MHLivingNews publisher L. A. “Tony” Kovach quotes CFPB Director Richard Cordray when he appeared before the Senate Banking Committee last month: “I don’t know what to make of some of the problems people are raising to me … because some of these lenders are quite profitable.” Kovach says: “The agency did not respond to a recent query asking how the profitability of “some” lenders, or even one lender, relates to consumer protection or consumer access to affordable home ownership — or how it compensates for shrinking opportunities to either buy or sell low-priced homes.

Sam Landy, President and CEO of UMH Properties, Inc., no longer offers financing of MH in their many communities because of the new regulations, unless it’s third-party financing. In the past they had $30 million in loans to residents in their communities. Now, their rental market is booming.

Lenders who met with CFPB staff about the impact of Dodd-Frank on the industry came away empty-handed, with no direct answers, and no suggestion that the agency will change its rules, although it has the opportunity to do so.

However, despite opposition from the CFPB and other consumer groups, the House of Representatives passed the Preserving Access to Manufactured Housing Act, H. R. 650, which will remedy the MLO rule and return private lenders to financing MH that may sell for $20,000 and less. The companion bill in the Senate, S. 682, is expected to be voted on in the coming months.

Says Glisson: “All we want is a level playing field with the site-built real estate brokers and home builders who still have the ability to help their buyer find the best financing option for their situation.

In last month’s Senate Banking Committee hearing with CFPB Director Corday, Senator Bob Corker (R-TN), noting the impact of Dodd-Frank on many of his low-to-middle income constituents in Tennessee who are having a hard time purchasing a home, said rural communities have few rental opportunities, and payments on a manufactured home are often less than rent.

Cordray responded: “That doesn’t sound optimal from anybody’s standpoint.

For the complete article, please click here. ##

(Image credit: rentdirect)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.

Conference to Focus on Manufactured Housing Lending

September 25th, 2013 Comments off

The 2013 Western Housing Conference will be held at the Radison Fort McDowell Casino in Fountain Hills, Arizona Nov. 7 and 8. The program will feature leaders in manufactured housing lending. Tim Williams of 21st Mortgage Corporation will keynote the conference Thurs. night speaking on the Preserving Access to Manufactured Housing Act now before Congress. Friday’s Dodd-Frank lenders panel will include Williams; Craig Cox of U. S. Bank MH Finance; Don Glisson, Jr., Triad Financial Services; Ryan Howerton, 21st Mortgage Corp.; Cody Pearce, Cascade Financial Services; and Brad Waite of Land/Home Financial Services. Other presentations will deal with specialty and community lending, as MHProNews has learned. For more information, please contact the Arizona Housing Association at info@arizonahousingassociation.org.

(Photo credit: Trulia–Arizona manufactured home)

Long leaving Manufactured Housing Institute

October 5th, 2011 Comments off

Thayer_Long_outgoing_MHI_Executive_Directo photo credit_MHProNewsMHProNews received a statement from Cavco CEO and Manufactured Housing Institute (MHI) Chairman Joe Stegmayer, announcing the departure of Thayer Long as MHI’s executive director. Per Stegmayer’s statement, “As announced today at the MHI Board Meeting in Phoenix, Thayer Long will be leaving MHI to pursue another opportunity. Over the next several weeks, we will be working with Thayer, the MHI leaders and our excellent staff on a smooth transition of Thayer’s duties. The MHI leadership will also begin the search for Thayer’s replacement. Rest assured, MHI has extremely capable and professional staff.  They will continue to move the priorities of the association forward and will continue to serve our members well.” An MHI source stated Long would remain through October before departing. “This is what life is like in the association (world),” an MHI staffer said, who wished Long well while expressing confidence in the future.  In a typical comment, MHI member/retailer Doug Gorman said, “I have admiration for Thayer.  He stepped into the position at a time that was very challenging. Revenues were in decline.  He rose to the occasion, stepped up to the plate and performed remarkably well…He probably saw something that was good for him, and he will succeed because he is hard working.  I absolutely wish him well.” MHI PAC Chair, Rick Rand of Great Value Homes said, “Very happy for Thayer, he chose to make a career move.  Thayer has been with the association for years, and has been a great asset, stepped up all the time in his duties with MHI.  It was great to work with him. I am sorry to see him go, but that is the nature of this business.  We can only wish him the very best.”  A multi-decades veteran industry contacted MHProNews, speculating that Long’s departure was due to his seeing ‘the hand writing on the wall.’  When asked, Rand’s reply to that comment was, “We (MHI) are now in better financial shape than we have been in years, MHI is in a great position.  As is the MHI PAC.” Rand pointed to the MHI leadership, saying “We need to remember to give credit to the executive committee; Joe Stegmayer, Don Glisson, Jr., Kevin Clayton, Nathan Smith and Ken Cashin, the immediate past chair.” “I talked to Thayer several times during his tenure at MHI.  He was always professional, pleasant, and cooperative.  We wish him and MHI well during this time of transition” said John Bostick of Sunshine Homes and MHARR Chairman. MHProNews will continue to bring you updates on this and related developments.

(Photo credit: MHProNews.com/MHMSM.com)