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Posts Tagged ‘mortgage originators’

Bullseye Missed by CFED’s Doug Ryan in “The Hill” blog on Preserving Access to Manufactured Housing

May 20th, 2014 Comments off

Writing in thehill.com blog, Doug Ryan, director of Affordable Homeownership for Corporation for Enterprise Development (CFED), says the manufactured housing industry is trying to sabotage perfectly good Consumer Financial Protection Bureau (CFPB) regulations that protect buyers of MH from high-priced loans, through promoting its Preserving Access to Manufactured Housing Act H.R. 1779.

Noting that for low-income families a manufactured home is the clearest path to home ownership. Ryan says, “Most manufactured homes are financed with personal property loans, like cars, rather than traditional mortgages, and the lenders have largely operated outside of federal regulators’ supervision. The CFPB regulations ensure that manufactured housing loans are subject to the same rules that apply to traditional mortgages.”

Ryan says the Manufactured Housing Institute (MHI) has been trying to convince the CFPB for months that without change to the new regulations it will cost consumers more to purchase manufactured homes, but the CFPB says the evidence is not conclusive in impacting MH buyers. He adds the industry “stands to reap huge profits from the change” that would result from H.R. 1779, and that the MHI has been pouring thousands of dollars into coffers of congressional candidates. MHProNews.com understands H.R. 1779 in fact modifies the definition of mortgage originator and of high-cost mortgages to ease access to manufactured home loans. Ryan asks rhetorically if you would rather have industry lobbyists or the CFPB writing your regulations.

Noting that H. R. 1779 has bi-partisan support, Ryan suggests that Reps. Terri Sewell (D-AL) and Maxine Waters (D-CA) may have been duped into supporting this bill that seeks to circumvent CFPB authority without evidence of the need to do so. He says, “This is how working families lose out; not with careful consideration of the data and the public interest, but in an obscure, politically-charged markup in room 2128 of the Rayburn House Office Building.”

MHProNews publisher L.A. “Tony” Kovach says, “Ryan and his associates need to sit down and get clear on the facts on MH lending. This is simple math; its cost of funds, cost to service loans, need for a profit and a market that the GSEs have not served, in spite of HERA 2008’s so-called Duty to Serve. Respectfully, Ryan has homework to do!”

More information, including quotes from more industry professionals, are found at this link. A video interview with finance expert Dick Ernst for MHProNews’ June issue will shed additional light on regulatory challenges the CFPB ought to address.##

(Image credit: U. S. House of Representatives)

MHI Needs Your Support for House Bill

April 10th, 2012 Comments off

In its Week in Review newsletter, the Manufactured Housing Institute (MHI) is urging its members to contact their congressional delegation to support H.R. 3849, legislation introduced by Reps. Stephen Fincher of Tennessee, Joe Donnelly of Indiana, and Gary Miller of California. The Preserving Access to Manufactured Housing Act seeks to rescind provisions of the SAFE Act and the Dodd-Frank Act that hamper access to financing for manufactured homes. The bill addresses two significant issues: Reduce the threshold by which small balance manufactured home personal property loans are considered high-cost mortgage loans under Dodd-Frank; and redefine mortgage originators to exclude those who are selling manufactured homes as being not fundamentally engaged in loan origination, so they can provide technical assistance to consumers throughout the manufactured home-buying process.

(Image credit: Manufactured Housing Institute)

Boehlert Addresses MHI’s Winter Legislative Session

February 28th, 2012 Comments off

Jason Boehlert, vice president of government relations for the Manufactured Housing Institute (MHI), shown here explaining the landscape of legislative affairs inside the Washington, D.C. beltway at the MHI legislative session government affairs briefing Feb. 25. His presentation included pending legislation that would provide regulatory relief for the manufactured housing industry. The House has bi-partisan support for the legislation but it needs sponsors in the Senate. MHI is urging members and industry stakeholders to contact their congressional representatives to support H.R.3849 that addresses two issues that affect consumers ability to obtain financing for MH: Reducing the threshold by which small balance manufactured home personal property loans are considered High-Cost Mortgage Loans under provisions within Dodd-Frank; and two, clarifying that those selling manufactured homes—who are not fundamentally engaged in the business of originating mortgage loans—are not to be defined as mortgage originators under the SAFE Act.

(Photo credit:  MHProNews.com)