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Posts Tagged ‘manufactured home buyers’

Freddie Mac Forms Partnership, Rolls Out MH Education Curriculum

November 18th, 2016 Comments off

freddiemacGovernment lender Freddie Mac has formed a partnership with Next Step Network, Inc., a Louisville, Kentucky-based non-profit housing intermediary, to roll out consumer education curriculum for manufactured home buyers.

The initiative is intended to foster new relationships with active participants in the manufactured housing industry, including mortgage lenders, at the local and national levels.

The average manufactured home costs $71,300,” said Danny Gardner, Freddie Mac’s vice president of affordable lending and access to credit.

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Danny Gardner. Official photo.

That’s why it’s a crucial source of housing stock for people with very limited incomes, as well as those in underserved markets and rural areas.

The partnership with Next Step will provide educational information to prospective buyers in Kentucky, including information about the availability of down payment assistance programs and credit rebuilding services via housing counseling agencies.

Credit: Next Step.

Credit: Next Step.

We hope one of the outcomes of our educational initiative is an uptick in the number of ‘mortgage ready’ borrowers in Kentucky,” said Gardner.

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Stacey Epperson. Credit LinkedIn.

We believe factory-built homes are one possible solution to our country’s growing affordable housing crisis,” said Stacey Epperson, president and founder of Next Step.

Our mission is putting sustainable homeownership within reach of everyone while transforming the manufactured housing industry through consumer education, affordability and energy efficiency.

The curriculum for buyers will be offered through eHome America, an online homebuyer education platform.

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Milt Sharp. Credit: eHome America.

We’re pleased to participate in this pilot, and we’re excited about the enhancements to our online education curriculum to meet the needs of all homebuyers,” said Milt Sharp, president and national administrator for eHome America.

With potential increases in loan production on the horizon, Freddie Mac looks forward to seeing more lenders originating energy-efficient, real property loans for manufactured homes.

The Daily Business News has covered Next Step extensively, including their collaboration with NeighborWorks on low income housing in Waco, Texas. ##

(Image credits 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.

Top Trends for Manufactured Home Buyers

November 7th, 2016 Comments off
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A Clayton Homes kitchen on display. Credit: Clayton Homes.

News from the Michigan Manufactured Housing Association (MMHA) shows the top two trends in manufactured home design are the master suite and the kitchen.

Based on the reactions of people touring six model homes during the recent MMHA Home Showcase at The Novi Home Show at Suburban Collection Showplace, these trends are what homebuyers are looking for,” said MMHA Director, Darren Ing.

The majority of the buying decision comes down to the kitchen and master bath,” Danya Mallad, vice president of sales and marketing for HomeFirst, a manufactured home retailer based in Birmingham.

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Danya Mallard. Credit: LinkedIn.

Almost everyone that walks through will comment ‘I can’t believe this is a manufactured home.’ We like to hit them with the unexpected.

Customers are intrigued by the stylish kitchens that use custom colors like chocolates, ash tones, and Irish cream cabinets,” said Mallad.

Mallad is also seeing deeper kitchen sinks, gooseneck faucets, glass tile back splashes and plank-style flooring, along with traditional granite counters and stainless steel appliances.

Additional high-end kitchen features include gourmet islands, pantries full of storage options, smart electronic stations and the continuing popular industrial light fixtures trend throughout the house.

Master suite bathrooms will continue to be spectacular and completely pampering. I definitely see over-the-top showers with rainfall shower heads, body sprayers and full, gorgeous tile all along with shower towers,” said Mallad.

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A HomeFirst Home. Credit: HomeFirst.

When people come to an open house at Millstone Pond manufactured home community in Lenox, kitchens and bathrooms are typically the first things they ask about,” said community manager Ken Wendt. “Manufactured homes already come with pretty upscale kitchens, but you can always custom order your perfect kitchen.

A number of manufactured homes were on display recently as a part of the Novi Home Show in Novi, Michigan. The Daily Business News provided post event coverage 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.

Marty Lavin, JD – Dodd-Frank, CFPB Manufactured Home Regulations Impact on Owners, Businesses

September 22nd, 2015 Comments off

MartyLavinCFPBManufacturedHomeLendingRegulationsVideoInsideMH-ManufacturedHousingProNews-com-5 years after its passage, Dodd-Frank remains one of the hotly contested legacies of the Obama Administration. Supporters of the law believe that it provides important consumer protections. Others point to facts suggesting CFPB over-reach with respect to manufactured housing chattel – or personal property, “home-only loans” – are creating a Renters Nation.”

Into the hotly contested debate over The Preserving Access to Manufactured Housing Act – HR 650 and S 682 – is a newly released Inside MH video interview with attorney Marty Lavin.

Lavin’s background includes taking consumer advocacy positions, while maintaining his status as an expert on manufactured home finance.

In this in depth interview, Lavin is asked about such hot-button topics as:

  • Is Manufactured Home Lending Predatory?
  • Is Fraud and Abuse of Customers Prevalent in MH Retail Today?
  • What is the impact of CFPB regulations on the values of an estimated 4 million manufactured home owners living in 1.7 million MHs in the U.S.?
  • What is the impact of the CFPB’s MLO rule on manufactured home shoppers and sellers?

The PBS Newshour is said to be ‘holding’ video interviews of its own, that informed sources suggest to MHProNews will be slanted against the MH industry’s positions.

Sources have advised the Daily Business News that the PBS interviews by Stephen Fee could be released 10 days before any Senate floor debate. While MH lending consultant Dick Ernst was asked to represent the views of the Manufactured Housing Institute (MHI), sources suggest that the Gwen Ifill interview about OZY Media’s take on manufactured housing could be an important clue as to how those reports will be slanted.

Manufactured home personal property financing – which Fee and others in the media mislabel as ‘mobile home loans’ – will likely come to the forefront, as a Senate vote on a bill that includes the language of S 682 is expected to come up for a vote this fall. Fee has not yet responded to our contact for comments.

PBS’ MH lending focused videos, along with other media reports expected in the run-up to the fall Sentate debate and vote, could make this exclusive Inside MH video interview with Marty Lavin an important part of the discussion, as it takes an in-depth look at the MH loan issue.

A detailed list of other resources on the manufactured home lending topic are found at this link here. ##

(Image credits: Roberts Resorts and Communities, MHProNews, Inside MH.)

Senator Richard Shelby Offers Bill to Improve Access to Financing Manufactured Homes

May 12th, 2015 Comments off

richard shelby senator  wikipediaU. S. Senate Banking Committee Chairman Richard Shelby (R-Ala.) has included in The Financial Regulatory Improvement Act provisions to improve access to affordable financing for manufactured home buyers. Identical to S. 682 the Preserving Access to Manufactured Housing introduced in the Senate, as well as HR 650, which was passed by the House, Sen. Shelby’s legislation addresses current regulations that make it difficult for lenders to make smaller loans for manufactured homes.

Mirroring the same standard that applies to real estate agents selling site-built homes, the bill clarifies the definition of a mortgage originator, allowing manufactured housing retailers to assist consumers as long as they receive no compensation from the lenders. MHProNews has learned the major consumer protections such as QM Ability to Repay, prohibition against steering, and loan term disclosures remain intact.

Sen. Shelby’s regulatory relief legislation will be taken up by the Senate Banking Committee May 21. ##

(Photo credit: wikipediacommons–Sen. Richard Shelby (R-Ala.)

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