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Appealing Manufactured Housing Institute (MHI) Marketing, Finance Booklet Reviewed

December 4th, 2017 Comments off

ManufacturedHousingInstituteMHILogoFactCheckAnalsisDailyBusinessNewsMHProNews1000x737The image to the left and those below are from a Manufactured Housing Institute (MHI) produced booklet.

It’s good.

With nuanced exceptions, it’s accurate.

This booklet – combined with other educational materials – are precisely the kind of document that could appeal to and inform:

  • home buyers/consumers,
  • public officials,
  • policy advocates,
  • researchers,
  • and the mainstream media.

Such educational material – properly promoted – could over time bring more better qualified buyers into the manufactured home market.

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From an overall fine MHI booklet, produced circa 2002.

Is There a Catch?

Yes, and no.

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First, we’ll make the disclosure that this truly fine Manufactured Housing Institute (MHI) booklet is ‘outdated,’ but only in a narrow sense.

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There are doubtlessly newer manufactured home professionals in sales or leasing offices that are unaware of some of the appealing styles shown in the complete booklet that this was excerpted from. Those unique styles of HUD Code manufactured housing are, or could be, done as well or better today.

Second, while the booklet doesn’t have a date of publication, MHProNews has indications that it was produced circa 2002. That’s important, as we’ll note later.

Third, unlike documents and graphics produced in the Richard A. “Dick” Jennison era at MHI, which:

  • conflicts with other MHI data,
  • conflicts with data from other member companies,
  • has factual errors, per federal, lender, or other data,

this roughly 15-year-old ‘dated’ MHI document – after an initial read, and given some modest changes – could largely be used today.

Frank Rolfe: Pressured into Silence? Manufactured Housing Industry, and Journalism

It’s arguably better than what MHI now produces, because it is more accurate on the lending options.

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For example, this MHI-produced – largely consumer-focused document – cited a useful Harvard study.  That university research predicted that manufactured housing would take off in the years ahead.

So, on the one hand, this document is better than some items being produced by MHI today.  There were voices such as Harvard saying the era of manufactured housing was upon America.

What happened?

average-shipment-per-decade-manufactured-home-posted-on-mhpronews-com-d

Graphic provided by Ross Kinzler when he was then the executive director of the Wisconsin Housing Alliance (WHA).

Bear in mind Warren Buffett’s notable quotes, cited at the link below.  Keep in mind that the booklet was produced prior to Buffett’s manufactured housing buying spree.  Buffett believes that history is to be studied and learned from, how about you?  Do you agree with Buffett on studying and learning from history?

“Perverse”–Warren Buffett-Dodd-Frank, CFPB, Manufactured Housing, Loans, Independent Businesses Fact Check$

Why Does This Fine MHI Booklet Matter Today?

For several reasons, this 15-year-old MHI booklet ought to raise curiosity, praise or the prior effort, and numerous concerns for:

  • MHI members,
  • manufactured home professionals,
  • and third-party-researchers.

Some bullets why this is worth evaluating and updating could include, but are not necessarily limited to:

  • The booklet is generic, which means it did not plug specific manufactured home producing companies, as MHI’s new videos do.
  • While it names FHA, VA, USDA (Rural Housing Services, the old FmHA), Fannie Mae, Freddie Mac, etc. it doesn’t name any lenders that provide those programs. To rephrase, it’s generic on lending too.  It doesn’t name a Berkshire Hathaway (BH) lender, for example.
  • Because in those days, it couldn’t have named a BH lender, because it was only later that BH bought companies that included MH chattel loans.

To recap, this booklet had no favoritism.

2StoryWithCapeCodHUDCodeManufacturedHomesMHICirca2002ManufacturedHomeLivingNewsMHProNews982

Another photo from the educational, generic marketing MHI booklet, produced circa 2002.

Almost anyone in the industry could have used this to promote a better understanding of manufactured housing, and the kind of loans that most consumers who are comparing to conventional housing would be familiar with.

  • There was no picking ‘winner’ companies that got spotlighted at the cost of all members.
  • Because there were no featured ‘winners’ companies, there are therefore no by-default, ‘loser’ companies. This is an application of what Drew (now Lippert) Chairman Leigh Abrams told MHProNews in A Cup of Coffee with Leigh J. Abrams interview linked here that the industry should be promoting. “Generic” educational/marketing material.
  • What this booklet indirectly spotlights goes to the allegation by contemporary MHI members, and others in the industry, that the Arlington, VA based trade organization now favors a few select companies. What that would imply in practice is that all others who are dues-paying members are paying to promote those few “winner” companies.

Big companies are benefiting from the dollars of the little companies.  That clearly wasn’t so when this booklet was produced 15 years ago.


Are these facts, allegations and concerns still more good reason to support a new, post-production trade association?

To learn more click the linked post above, or below. “We Provide, You Decide.” © ## (News, fact checks, analysis, commentary.)

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

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Kevin Clayton at Clayton Homes Takes Buffett’s Big Stage, Video

May 13th, 2017 Comments off
MindYourLanguageWarrenBuffettBerkshireHathawayandClaytonHomescreditFOXBusiness1-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: FOX Business.

Yesterday, in part one of this series on the “Woodstock for Capitalists,” the Daily Business News focused on several aspects of the business, wit, insights, and politics of Warren Buffett.

Today, we look at Kevin Clayton of Clayton Homes, who even before his featured interview on FOX Business, Warren Buffett spoke highly of Clayton Homes in his annual letter to shareholders on February 25th.

Clayton and Berkshire have been a wonderful partnership,” wrote Buffett.

Kevin Clayton came to us with a best-in-class management group and culture. Berkshire, in turn, provided unmatched staying power when the manufactured home industry fell apart during the Great Recession.”

The Knoxville News-Sentinel also reported that, for the second year in a row, Buffett defended Clayton’s financing practices.

Mike-Baker-SeattleTimes-Daniel-Wagner-CenterForPublicIntegrity-hr650-s682-preserving-access-manufactured-housing-act-corrected-mhpronews-com-

The tag team that engaged in so-called ‘agenda journalism,’ targeting Clayton Homes, as a way of derailing MHI’s version 3.0 of “Preserving Access to Manufactured Housing.” The report, while flawed, was widely cited by Democrats who opposed the measure and stalled in the Senate.  For insights on MHI’s fourth attempt at passage, click here

In 2015, a joint Seattle Times, Center for Public Integrity and later BuzzFeed News investigation accused Clayton Homes of pushing minorities and others into high-interest predatory loans, which Clayton has strongly denied. The Daily Business News covered that story extensively, separating agenda media hyperbole, faked news fiction from the facts. One of those stories is linked here.  

In his interview with FOX Business’ Liz Claman, Clayton highlighted the fact that they expect to sell in excess of 45,000 manufactured homes this year, doing their part to address the affordable housing crisis in the U.S.

The average new home in America is almost $400,000 now,” said Clayton.

Pointing to their display home, Clayton spoke directly to an ongoing challenge for the industry that needs to be addressed.

What our industry is saying, if that it’s built with the steep-pitch roof, onsite garage, and porch, built to the federal code and to FHA setup standards, it should be financed and zoned just like site-built traditional housing.”

Clayton also shared details on the company’s new “tiny homes,” designed by Mountain Brook, Alabama-based Jeffrey Dungan Architects.

We’ve been working for two years to develop the best tiny homes,” said Clayton.

What’s unique about us, is this home is built to live in permanently and meets your local and state housing codes, which is a huge advantage.”

Clayton and Buffett after the annual paper toss in 2015. Credit: FOX Business.

Among the points absent from the discussion was the Manufactured Housing Improvement Act of 2000 (MHIA), enhanced preemption, and the examples that HUD themselves provided of municipal placement in a university level report, linked here.

Tiny House – Risks, Trends, and Rewards?

ihouse Clayton Green-Bridge-Farm-Chevy-Volt-posted on Manufactured Home Marketing Sales Management MHMSM.com MHProNews.com

The i-House was a highly publicized, widely respected, ‘green’ and vogue concept home. But it fizzled in the market place. See prior Daily Business News report, linked here. In the Green Bridge Farm photo by Jetson Green above, the i-House was paired with an electric Chevy Volt, as a way of underscoring its green features.

The tiny house move by the giant is not a guaranteed lock, as those who recall the Clayton i-House recall the fanfare, which fizzled as a result of all-too-modest sales.  So industry observers are watching this move carefully.

As our regular readers are aware, MHProNews and MHLivingNews have covered the “tiny home” movement extensively, including the potential for big legal trouble for owners and a detailed side-by-side comparison with manufactured homes, highlighting function and value versus fashion.

Clayton Homes is reassuring their prospects for their tiny house that their units are built to a building code, unlike so many on the market that are built to no codes at all.

Others in HUD Code manufactured housing are making their own moves on tiny houses.  Some are built to the HUD Code, some to the ANSI code, and others reportedly to no codes, but still rolling out of HUD Code production centers. The tiny house craze is no doubt fueled by the mainstream media’s love affair with the typically mobile units, while at the same time slighting manufactured homes.

About Clayton Homes

Clayton Homes is the largest producer of manufactured homes (MH) in North America and as noted is a subsidiary of Warren Buffett’s Berkshire Hathaway.

Vertically integrated, the company has several hundred retail centers nationwide, HUD Code and modular production centers. Through its affiliates and family of brands, Clayton builds, sells, finances, leases and insures Clayton-built manufactured and modular homes.  Their retail operation famously also buys products and uses services from other producers.

For the most recent closing numbers on all Berkshire Hathaway – and all MH industry-connected tracked stocks – please click here.

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

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams.

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

New Data from NAHB on Cash Sales for Homes

May 5th, 2017 Comments off
NewDatafromNAHBonCashSalesforHomescreditNAHBMPAMagMarletteHomes-postedtothedailybusinessnewsmhpronewsmhlivingnews

Manufactured Housing: a “front and center” solution. Credits: NAHB, MPA Mag, Marlette Homes.

New information from the National Association of Home Builders (NAHB) shows an interesting dynamic taking place with cash sales for homes.

According to MPA Page, NAHB’s analysis of recent census date showed that cash sales accounted for only 4.7 percent of new home sales, down from a peak of 9.5 percent in Q4 of 2014. The marks the lowest level since 2010.

By comparison, conventional mortgages were the dominant financing source for new home sales, coming in at 72.5 percent, the second-highest share since Q4 of 2014.

In an interesting note, the National Association of Realtors (NAR) noted that, despite the small percentage of cash finances in new home sales, a large share of existing homes are sold for cash.

In February 2017, cash sales made up 27 percent of existing home sales – the highest level since November of 2015.

NewDatafromNAHBonCashSalesforHomescreditBuyingBedfordRealEstate-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credit: Buying Bedford Real Estate.

Other data from the NAHB report showed that FHA loans placed second behind conventional loans at 14.8 percent, followed by VA-backed home sales with 8.1 percent.

In the period between the 2001 financial crisis and the recession in 2008, VA loans averaged just 2.9 percent, but increased significantly to 9.3 percent on average after the recession in 2009.

 

Opportunities for Manufactured Housing Abound

solutionusaffordablehousingcrisishidingplainsight-mhlivingnews-billmatchneertonykovach-posteddailybusinessnewsmhpronews

Credit: MHLivingNews.

As the Daily Business News has reported prior, the traditional housing sector remains constrained by a dearth of properties available for sale.

Builders have cited a range of problems including shortages of labor and land as well as rising material prices. A recent survey showed that homebuilder confidence slipped in April from a near 12-year high in March.

The Daily Business NewsMHProNews and MHLivingNews continue to make the case for manufactured housing as a viable solution to hope for the American Dream of home ownership at a reasonable price extensively, including Bloomberg making a statement to the same effect.

The myths, and the facts surrounding manufactured housing abound. To learn more, including why manufactured housing is the solution hiding in plain sight for many to achieve the American Dream, click here. ##

 

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

 

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, MHProNews.

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

President-Elect Trump Narrows Choices for Key Housing Positions

December 22nd, 2016 Comments off
InsideInformationTheRaceforthePowerPositionatHUDDeputySecretarycredithousingwirehud-postedtothedailybusinessnewsmhpronewsmhlivingnews

Credits: HousingWire and HUD.

As President-elect Donald Trump moves closer to inauguration day, he is narrowing the list of candidates to fill critical roles at the Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA).

Per National Mortgage News, sources familiar with the situation say that the Trump team is considering Edward Brady, an Illinois home builder, and Debra Still, president and chief executive of Pulte Mortgage and a former chairman of the Mortgage Bankers Association, as FHA commissioner.

PresidentElectTrumpNarrowsChoicesforKeyHousingPositionscreditnationalmortgagenews-postedtothedailybusinessnewsmhpronewsmhllivingnews

Edward Brady. Credit: National Mortgage News.

Brady is the president of Brady Homes and was chairman of the National Association of Home Builders (NAHB) this year. When asked, Brady confirmed that he had met with the Trump transition team and decided to “throw his hat in the ring to serve as the FHA commissioner.

I want to streamline the lending processing and make the FHA program more user-friendly,” said Brady. “The president-elect is putting practitioners in positions of leadership and I think that is a really smart move.

PresidentElectTrumpNarrowsChoicesforKeyHousingPositionscreditWikipedia-postedtothedailybusinessnewsmhpronewsmhllivingnews

Scott Garrett. Credit: Wikipedia.

Also in the running for the commissioner slot, Rep. Scott Garrett, (R-N.J.), who recently lost his reelection bid. The Wall Street Journal cites that sources also believe that Garrett is in the running for roles at the Federal Housing Finance Agency (FHFA) and the Securities and Exchange Commission (SEC).

Debra Still has not commented publicly regarding opportunities with the Trump Administration.

PresidentElectTrumpNarrowsChoicesforKeyHousingPositionscreditTheBusinessJournals-postedtothedailybusinessnewsmhpronewsmhllivingnews

Debra Still. Credit: The Business Journals.

As the Daily Business News has reported, Brian Montgomery, a former FHA commissioner who is currently serving as vice chairman of The Collingwood Group, is being considered for the deputy secretary of HUD role, along with Pam Patenaude, President of the J. Ronald Terwilliger Foundation for Housing America’s Families and Rick Lazio, a four term member of the U.S. House of Representatives.

donaldtrumpnominatesbencarsonashousingsecretarycreditwikipedia-postedtothedailybusinessnewsmhpronewsmhlivingnews

Brian Montgomery. Credit: Wikipedia.

Brady expects that the transition team will put experienced staff around Dr. Ben Carson who has been nominated for the role of housing secretary, so he has the resources to be successful.

We think he will be a great spokesman and make housing a priority,” said Brady.

The Trump Administration’s decision regarding roles at the FHA will likely depend on how much it wants to expand the agencies role in the mortgage market. National Mortgage News says that Republicans have been critical of the FHA, arguing it is not adequately pricing for the risk it takes in serving less creditworthy borrowers.

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Credit: Bloomberg.

Trump, a builder by trade, has a unique take and understands that one of the biggest job creators lies in the housing and home building industries.

Homebuilding is close to my heart. My father built homes in Brooklyn and Queens,Trump said at an NAHB event in August.

Homeownership rate is at lowest level in 51 years and taxes and regulations are horrible. We will remove the bureaucrats who only know how to kill jobs,” said Trump.

I know where you come from. I know your mindset. I know you can do amazing things. So go home, build homes and create jobs and we will make together America great again.

The Daily Business News will continue to monitor the developments on HUD, FHFA and FHA as the leadership of those roles take shape under President-elect Trump’s administration. ##

DonaldTrumpBenCarsonOpenLetterMastheadBlogMHProNews-

(Editor’s Note: For an in depth look at Dr. Ben Carson at HUD, see the Open Letter, linked here.)

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

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

Will FHA Auditors Bring Good News Come November?

October 10th, 2016 Comments off
FHA_logo_DoorToOwnership-postedDailyBusinessNewsMHProNews

Image credit, FHA.

Strong home sales are boosting originations of Federal Housing Administration (FHA) loans, opening the door for many first-time homebuyers.

According to the National Mortgage News, the strong loan volume could also portend the federal mortgage insurance agency is in line to receive a positive report this fall.

It certainly looks positive for the 2016 actuarial review of the FHA mortgage insurance fund,” said Brian Chappelle, a co-founder of the consulting firm Potomac Partners.

 

willnovemberbringgoodnewsfromfhaauditorscreditfha-postedtodailybusinessnews

Credit: FHA.

 

Independent auditors are expected to release the next actuarial report in November.

The latest production report from the FHA shows that lenders originated 622,757 purchase mortgages during the first three quarters of fiscal 2016, compared to 486,139 purchase loans during the same period in fiscal year 2015.

The FHA endorsed 895,713 single-family loans during the first three quarters of fiscal year 2016, up 21.6% from the same period last year ending June 30, 2015. And most of the mortgages are home purchase loans.

 

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Multi-sectional’s kitchen/dining area. Photo credit – eGreenHomesOhio.com.

Roughly 82% of FHA purchase mortgages in both time periods went to first-time buyers.

Another Manufactured Home Loan Option

As many  Daily Business News readers are already aware that VA, FHA Title II and USDA (Rural Housing) loans can all be used for manufactured home loans, so long as the deal involves real estate. A report covering consumer home loan financing options for manufactured homes is linked here.

bloombergfoxrealtorhousingwiresunshinemanufacturedhomesmanufacturedhomelivingnews

Manufactured homes have been attracting positive media attention, as the report linked here spotlights. Residential style single sectional shown, photo credits, Sunshine Homes – Red Bay AL, by ManufacturedHomes.com.

FHA also offers the Title I loan program, which may be used with ‘home only’ loans on single and multi-sectional homes on leased land and manufactured home communities.

FHA Logo

FHA Logo

The June FHA Performance Report also showed a significant drop in serious delinquencies over the past four quarters. Loans 90 days or more past due fell to 5.02% as of June 30, down from 6.12% a year ago.

Also of note in the report from the National Mortgage News, results from last November’s actuarial report showed the FHA’s ratio of reserves to guaranteed loans exceeded its minimum 2% threshold for the first time since 2008, but the FHA fund reached its minimum capital ratio with the help of the agency’s reverse mortgage program, which is an unreliable source of support and negatively impacted the FHA fund in FY 2014.

FHA lenders are hoping the new actuarial report will top last year’s 2.07% ratio, which might prompt Department of Housing and Urban Development officials to approve a reduction in FHA mortgage insurance premiums. In January 2015, FHA reduced its 135-basis-point annual premium to 85 basis points.

The negative is the runoff volume,” Chappelle said, which results from FHA borrowers refinancing into conventional loans.

willnovemberbringgoodnewsfromfhaauditorsbrianjchappellecreditmortgagebankersorg-postedtodailybusinessnews

Brian J. Chappelle. Credit: Mortgage Bankers.

In the month of June, 111,000 FHA borrowers prepaid their loans. 25,600 refinanced back into an FHA-insured mortgage.

But it appears the increase in volume will make up for runoff, which is encouraging,” said Chappelle, who is also a former FHA official.

The wild card for any audit is the auditor’s projections for interest rates, home price appreciation and other economic factors over the next 30 years. FHA has no control over that. But in terms of current trends, it does look very positive from FHA’s standpoint,” Chappelle said. ##

(Image credits are as shown above.)

rcwilliams-writer75x75manufacturedhousingindustrymhpronews

RC Williams, for Daily Business News, MHProNews.

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

 

 

 

Native Americans Rack up $1.7 Billion in Mortgages as of Aug. 11

August 22nd, 2016 Comments off

mortgage app   texaslendingtoday credit postedDailyBusinessNewsMHProNewsAccording to indiancountrytodaymedianetwork, the 2015 Home Mortgage Disclosure Act reveals Quicken Loans of Michigan has replaced Wells Fargo Bank as the top lender to Native Americans with $283 million in lending. San Francisco-based Wells slipped to second place with $276 million in lending, while Mid America Mortgage of Addison, Texas at $152 million came in third. In 2014, Wells was first, followed by Quicken, then Mid America.

For 2015, Mid America approved 68 percent of applications, 826 out of 1,209, while Quicken granted 1,514 out of 2,308 applications. Wells approved 41 percent of applications, 1,350 out of 3,216.

As of Aug. 11, 44 percent of the 19,000 Native American applications had been approved, while 31 percent had been rejected, 11 percent withdrawn, six percent purchased and six percent incomplete. Similarly, in 2014, 46 percent of the applications were approved while five percent were purchased.

Over half of the 8,388 originated mortgages as of Aug. 11 were non-governmental, while FHA and the Department of Veterans Affairs accounted for 45 percent.

The mortgage investor market purchased 80 percent of the Native American mortgages, while the other 20 percent were kept in lender portfolios. For 2015, Ginnie Mae was the biggest investor of mortgages made to American Indians with 34 percent, followed by Fannie Mae with 20 percent, and Freddie Mac accounted for 12 percent.

With dollar volume reaching $1.7 billion through Aug. 11, first mortgages accounted for over 99 percent of the volume with an average of $209,000, while second mortgages averaged $34,000.

MHProNews understands two percent of mortgage dollars through Aug. 11 was for manufactured homes, with the rest primarily going for single-family homes. ##

(Image credit:texaslendingtoday)

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

Sunday Morning Recap-Manufactured Housing Industry News May 15-May 22, 2016

May 22nd, 2016 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

Illinois Professional Couple Discover their Getaway Home near Florida’s top Beaches

What’s New in Manufactured Housing Industry Professional News

MH Community adding 46 homes. Malibu manufactured home goes for $3.5 million. Oregon MHC sets new record. Oklahoma City has first modular hotel. Americans short on emergency cash. New Jersey MH community expanding. Vancouver container homes to house homeless women. Donald Trump says Dodd-Frank damaging economy. Ohio city sets new standards for manufactured homes. MH residents eligible for tax exemption. Skyline adding production capacity. IBS bankruptcy expanse widens; customers may lose deposit money. MHI notes shortcomings of FHA Title 1 as it affects manufactured housing. Much, much more in news, views and tips you can use as an MH pro.

Saturday, May 21, 2016

Attempt to Block Funding of Federal Housing Program Fails

Friday, May 20

Forty-six Homes to be Added to El Jebel Mobile Home Park in Colorado

Patrick, Carlyle, Affiliated Managers Show Strong Gains in Today’s Session

Malibu Triple-section Manufactured Home Sets New $$ Record

Clayton Art Building Will Close Temporarily

MH Community Breaks Record for $$ per Homesite

Oklahoma City to Have First Modular Hotel

Thursday, May 19

Two-thirds of Americans do not Have $1,000 for Emergency

Drew only MH-related Stock to Gain in Today’s Session

Insider Trading: Drew Industries and UMH Properties

Oak Forest MH Community Expanding in New Jersey

Cardboard House Designed to Last 50 Years

Wednesday, May 18

Modular Container Housing to House At Risk Women and Families in Vancouver

Dodd-Frank Act is Harming the Economy, says Donald Trump

Patrick Ind. Gains +2.60 percent; NASDAQ Advances, Dow Slips

County Commissioners deny Request to Rezone Land for Manufactured Home Community

Ohio City Sets New Standards for Manufactured Homes Outside MH Communities

Manufactured Home Residents could Receive Property Tax Exemption

Tuesday, May 17

Housing Starts, Building Permits, pre-existing Home Sales Rise

Nobility Homes Plummets; Dow, Nasdaq, S&P lose Yesterday’s Gains

Skyline Corp. adding Manufacturing Plant in Elkhart, IN

City Council to Consider Checkerboarding of Manufactured Homes and Rvs

The Wake of IBS’/Excel Homes Bankruptcy Broadens

Monday, May 9

Historic House Razed for Siting of Net Zero Modular Homes

Deposits on Modular Homes may be Lost in Bankruptcy

Patrick Industries Outperforms other MH-Related Stocks 2nd Consecutive Day

Comment Period Open Regarding Title 1 FHA Handbook

Sally Miener Joins RV/MH Heritage Foundation as Vice President Marketing

Sunday Morning Recap-Manufactured Housing Industry News May 8-May 15, 2016 ##

(Photo credit: MHProNews)

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

Lenders Fined, Lose FHA Approval Status for Manufactured Home Lending Fraud

August 11th, 2015 Comments off

photographersdirect__creditTwo Texas mortgage lenders who wereengaged in a scheme to charge bogus fees to consumers, which improperly inflated mortgages for borrowers purchasing newly constructed manufactured housing,agreed to settlements with the Department of Housing and Urban Development’s (HUD) Mortgagee Review Board (MRB), according to themreport.

For violations of the Federal Housing Administration’s (FHA) program requirements, the MRB can withdraw a lender’s FHA approval, impose civil monetary penalties, enter into settlement agreements to bring them into compliance, place lenders on probation, and issue letters of reprimand.

American Free Home Mortgage (AFHM) of Prosper, Texas was charged with 11 violations, fined $169,419 and had to permanently withdraw its FHA approval. Specifically, AFHM “artificially increased mortgage costs by an average of $12,000 per loan through illegitimate fees paid to a company owned and operated by its sales manager. The company did not admit to fault or liability.

In the other case, R. H. Lending, Inc. (RHL) of Colleyville, TX was accused of multiple underwriting violations regarding manufactured home loans. The MRB alleged RHL “took part in a scheme to disguise fees charged to borrowers as legitimate construction fees, but for which no work was performed, thus creating an inflated mortgage for the borrowers and increasing FHA’s exposure to loss.

RHL also did not admit fault or liability, MHProNews understands, but agreed to pay $300,000 in civil penalties and to permanently withdraw its FHA approval. The government also barred two RHL employees from doing business with the federal government for seven years.

FHA-approved lenders are obliged to apply our underwriting standards, not only to protect our insurance fund, but to make certain families can sustain their mortgages,” said Helen Kanovsky, HUD’s general counsel. ##

(Image credit: photographersdirect)

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

Drop in Down Payment Signals Uptick in First-time Home Buyers

June 5th, 2015 Comments off

apartment quest credit   apart for rentFalling to the lowest level since Q1 2012, the average down-payment for single-family homes, condos and townhouses purchased in the first quarter dropped to 14.8 percent of the purchase price, a slight decrease from 15.2 percent the previous quarter and 15.5 percent a year ago, according to what RealtyTrac tells MHProNews.

Down-payment trends in the first quarter indicate that first-time homebuyers are finally starting to come out of the woodwork, albeit it gradually,” says Daren Blomqist, vp at RealtyTrac.

The lower insurance premiums for FHA loans that took effect at the end of January and new low down-payment loan terms from Fannie Mae and Freddie Mac are contributing to the uptick. Typically, new homebuyers cannot afford the required down-payment when shopping for homes, keeping them in the rental market.

In addition, njrereport says down payments of three percent or lower comprised 27 percent of all purchase loans in Q1 2015, up from 26 percent in the last quarter of 2014. As translated into dollars, the average down payment in the first quarter was $57,710, up slightly from $57,618 in the previous quarter but down from $57,992 Q1 2014. ##

(Photo credit: housequest-first time homebuyers)

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

Mortgage Credit Rises, but Remains Well Below the 2006 Peak

May 13th, 2015 Comments off

mortgage app   texaslendingtoday creditIn a new report the Mortgage Bankers Association (MBA) said, according to its Mortgage Credit Availability Index (MCAI), availability of mortgage credit rose 0.5 percent in April to 122.0 following an increase in March of 2.3 percent to 121.4. MHProNews has learned from housingwire the index was benchmarked at 100 in march 2012.

Several announcements from the federal government recently have contributed to the consistent rise in mortgage credit the last several months. MBA Chief Economist Mike Fratantoni said, “Mortgage credit availability increased on net in April. The increase was driven by new offerings of FHA’s 203K home improvement program, new VA offerings, and new jumbo products. The increase was partially offset by some investors tightening underwriting criteria on conventional cash out offerings.

According to MBA’s report, the government MCAI which measures VA, FHA and USDA programs rose by 1.1 percent in April, which drove much of the increase. The jumbo MCAI rose 0.8 percent in April, while loan programs that fall under conforming loan limits rose 0.2 percent in April. However, the conventional MCAI that measures non-government loan programs dropped in April 0.6 percent.

Credit remains far below what it was prior to the run-up to the financial crisis in 2008. ##

(Image credit: texaslendingtoday)

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