Posts Tagged ‘mortgages’

Sunday Morning Weekly Recap Manufactured Housing Industry News, September 10 to September 17, 2017

September 17th, 2017 Comments off

Featured image credit, MHProNews.

Our new September issue is live. Our featured articles will be available on the home page. Our September 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.

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.”  ©


What’s New On MHLivingNews

Manufactured Home Community Survives Hurricane Harvey, Damage Reports, and Relief Efforts

September 16th, 2017


Hurricane Harvey flooding, credit, USA Today.


September 15th, 2017


Photo credit, ABC News Go.


September 14th, 2017



September 13th, 2017



September 12th, 2017


Warren Buffett, right, credit Wikipedia. Tim Williams, right, credit, LinkedIn. Collage credit, MHProNews.


September 11th, 2017


September 10th, 2017


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

SoheylaKovachManufacturedHomeLivingNewsManufacturedHousingIndustryDailyBusinessNewsMHProNews-Submitted by Soheyla Kovach to the Daily Business News for


Tips from Taos – Mortgages

February 28th, 2017 Comments off

The inside of an unrelated Clayton Home. Credit: Clayton Homes

Some interesting tips regarding mortgage down payments have come from one of the most famous places in New Mexico.

According to the Taos News, the median down payment for first-time home buyers has been six percent for three straight years. And in the National Association of Realtors’ (NAR) “aspiring home buyer profile,” 87 percent of non-homeowners indicated that a mortgage down payment of 10 percent or more is necessary.

This profile also finds that eight out of 10 non-owners indicated that owning a home is part of their “American dream,” yet confusion about down payment requirements is creating an issue and keeping those who would want to buy a home from getting into the market.

Being unable to afford to buy was the No. 1 reason non-owners cite as to why they don’t own. Unrealistic expectations about down payments have kept creditworthy borrowers with manageable levels of debt from exploring the prospects of buying a home,” said the Taos County Association of Realtors (TCAR) in a statement.

Those interested in buying their first home in 2017 should gather their financial paperwork, sit down with a lender to discuss their qualifications, and talk to family and friends for recommendations about a Realtor who can help them get started on their home search.

TCAR provided the following tips for renters who feel like they are ready to join those who buy a home with less than 20 percent down:


  • Review your financial situation and personal savings to determine how much you can comfortably utilize for a down payment.


  • Visit a few lenders and seek a mortgage pre-approval to determine how much money you are actually qualified to borrow.


  • Find a Realtor and discuss your budget and needs.


  • Rely on professional help from the experts.


For more on NAR housing stats, click here. ##


(Image credits are as shown above.)



RC Williams, for Daily Business News, MHProNews.

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

HELP Act Designed to Expand Lending Opportunities in Rural Areas

March 23rd, 2016 Comments off

mortgage app   texaslendingtoday creditAs nationalmortgagenews tells MHProNews, the Consumer Financial Protection Bureau (CFPB) has put in motion a new rule that expands lenders’ ability to originate qualified mortgages in rural and underserved markets. The agency’s final rule, which will take effect March 31, implements the Helping Expand Lending Practices (HELP) in Rural Communities Act.

In a news release, CFPB Director Richard Cordray said, “This rule provides broader eligibility for lenders serving those areas to originate balloon-payment qualified and high-cost mortgages.”

While the CFPB has previously pushed for more flexibility for community banks that operate in rural and underserved areas, the HELP Act expands the category of rural lenders that can qualify to originate loans under the Truth in Lending Act. ##

(Image credit: texaslendingtoday)

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

Freddie Mac Updates Manufactured Home Mortgage Insurance

February 5th, 2016 Comments off

freddie mac  globest   creditEffective for mortgages with settlement dates after Jan. 4, 2016, a bulletin from Freddie Mac says as part of their initiative “to responsibly expand homeownership,” it is updating mortgage insurance requirements for Home Possible Mortgages. If an H P Mortgage is secured by a manufactured home, it will be subject to Home Possible Mortgage mortgage insurance requirements, as MHProNews understands.

The delivery fee rate for mortgages secured by a manufactured home is reduced from 100 basis points to 50 basis points. The required minimum mortgage insurance coverage level for mortgages secured by manufactured homes is being reduced to the standard mortgage insurance coverage. ##

(Photo credit: globest–Freddie Mac)

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

Non-Profit Mammoth Receives $1 Million Grant

October 13th, 2014 Comments off

mammoth-lakes-housing-logo=credit=posted-daily-business-news-mhpronews-com-Mammoth Lakes Housing (MLH) has just received a grant from the California Department of Housing to assist with mortgage and the rehabilitation of manufactured housing. The private non-for-profit proudly announced the news and plans to use the $1 million for the purchage and the rehabilitation of pre-HUD Code mobile homes as well as older manufactured homes, and to assist with mortgages.

Being awarded this competitive grant is a particularly important for the company as MHProNews learned from The Sheet ;

We’re pretty excited,” said MLH Executive Director Jennifer Halferty at the October 6 their board meeting. “I don’t know of any other programmatic grant, to administer ourselves as a non-profit, that MLH has received.”

As Larry Johnston stated in his congratulation message, the grant was the results of the company’s sucess in other programs it has been involved in. Mammoth is expected to use this oppotunity to work on further projects featuring manufactured homes around California. ##

(Image Credit : Mammoth Lakes Housing logo)

(Article submitted by Lucine Colignon to Daily Business News MHProNews)

Mortgage Market Sees Modest Movement in Loans and Apps

April 3rd, 2014 Comments off

The Mortgage Bankers Association (MBA) weekly survey of mortgage applications for the week ending March 28, 2014 reveal a drop of 1.2 percent, MHProNews has learned, while the Refinance Index fell three percent from the previous week. The refinance share of mortgage activity declined for the eighth consecutive week to 53 percent of total applications, down from 54 percent the previous week. Adjustable rate mortgage activity remained at eight percent from the week before. Interest for a 30-year fixed-rate mortgage (FRM) of $417,000 or less remained at 4.56 percent. An FHA 30-year FRM rose to 4.21 percent from 4.16, says

(Image credit: andyenstallblog)

Fannie Mae Finalizes Repurchase Liabilities

February 11th, 2014 Comments off

Fannie Mae has collected nearly $14 billion from eight mortgage lenders since the start of 2013 for repurchase claims, and just agreed to $591 million from Wells Fargo, which will mark the end of its efforts to collect on defective loans it bought from private lenders during the the peak of the housing boom, according to In a statement Wells said the settlement “resolves substantially all repurchase liabilities related to loans sold to Fannie Mae that were originated prior to Jan. 1, 2009.” Wells acquisition of Wachovia brought in the majority of the bad loans, has learned.

Timothy Mayopoulos, the GSEs’ president and chief executive, said, “This agreement represents a fitting conclusion to our year of hard work to put legacy issues in the rear view mirror and begin 2014 focused on improving the future of housing finance.” Bank of America (BOA), with the most repurchase issues, largely due to its purchasing Countrywide Financial in 2008, settled for $10.3 billion on 941,000 loans. BOA also bought back 30,000 loans and paid $1.3 billion for servicing obligations to the mortgage backer.

(Image credit:


New Mortgage Rules may Hinder Home Sales

January 30th, 2014 Comments off

The National Association of Realtors (NAR) Chief Economist Lawrence Yun says the unseasonably cold weather in many parts of the country was responsible for the nearly nine percent drop in the pending home sales index (PHSI) from Nov. to Dec., 2013. Although the PHSI has been falling since May, existing home sales rose two percent in Dec. following a six percent drop in Nov., totaling 5.1 million for the year, an increase of 9.2 percent over 2012. Taking a conservative approach, as nationalmortgagenews informs, NAR forecasts home sales will hold even in 2014 as the new mortgage rules go into effect.

(Photo credit: Paul Sakuma/Associated Press–pending home sale)

Housing Market Continues to Support Economic Recovery

December 24th, 2013 Comments off

The Commerce Department reported that sales of durable goods spiked 3.2 percent in November, well above the two percent economists had predicted. A measure of planned business spending for capital goods marked its biggest gain in nearly a year in November, which indicates growth into next year. While sales of new homes fell slightly in Nov., likely due to rising mortgage rates, they hit a five year high in October, as the housing market continues to boost the economic recovery. Although applications for residential mortgages dropped for a second week in a row, homes sales are expected to increase next year along with employment, which will in turn boost household formation activity. MHProNews has learned median home prices rose over ten percent from a year ago to $270,900. “From consumer spending to employment and trade, the foundations appear to be in place for sustained and strong economic growth in 2014,” according to

(Image credit:

Dick Bove: Dodd-Frank Shutting out Low Income Borrowers

November 12th, 2013 Comments off

Rafferty Capital’s Dick Bove says the Dodd-Frank Act, which went into effect in 2010, was intended to pave the way for lower income borrowers to obtain mortgages, but large banks are being shut out of that market, once again leaving those of modest means fewer options for borrowing money. He says this creates a two-tiered housing finance system: Loans are going to upper middle class and high end borrowers, effectively excluding many manufactured home buyers, as MHProNews knows. Because of constraints on the market following the housing bubble, the FICO score for purchase loans increased 50 points to around 750. “What the change in underwriting standards did was force large banks to only underwrite mortgages for people with high FICO scores and low loan-to-value ratios because they would have the lowest capital requirements,” Bove said. In addition, HousingWire reports requiring banks to buy back defective loans tightened constraints for lower income borrowers even more. “It’s virtually impossible for larger banks to underwrite lower-income households’ mortgages,” he added. This may push lower income people into public housing and rentals, a far cry from the intent of Dodd-Frank, but something Bove said he predicted over a year ago. He sees no movement in Congress to change it, either.

(Image credit: HousingWire)