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Posts Tagged ‘NADA’

Appraisal Rule on HPML Manufactured Home Loans – 1 Month Impact?

August 25th, 2015 Comments off

BuyerMagnifyingGlassHouse-imagecreditBirminghamAppraisalBlog-posted-MastheadBlog-MHProNews-com-Association leaders are telling MHProNews that there has been a notable ‘quiet’ during the first month of the implementation of the CFPB imposed Appraisal Rule on HPML loans. One association leader told us off the record that “I’ve had no reaction whatsoever, so I must assume everyone is coping.” Mary McBrady, with the Massachusetts Manufactured Housing Association said it is “Too soon to tell.”

Darren Krolewski, Vice President, Marketing & Business Development for DataComp and its sister operations, MHVillage and JLT & Associates, said the first month has gone well.

So far, DataComp has provided valuations for well over $20 million worth of new manufactured homes and that number increases exponentially each day as new deals continue to move through the financing pipeline,” Krolewski said. 

MHProNews has reached out to NADA for comment, and will share their insights when received.

It should be noted that the new Manufactured Home Industry Survey asks for specific comments on the appraisal topic, as well as 4 more MH Industry subjects of interest to MH Professionals. You can go to and take part in the survey by clicking the link above. ##

(Image credit: Birmingham Appraisal Blog)

The Greenback Boogie – CFPB’s Manufactured Housing Appraisal Rule hits July 18, 2015

July 2nd, 2015 Comments off

cfpb-parody-logo-credit-plus1properties-cartoon-credit-MHProNews-com-(c)2015-all-rights-reserved-“The manufactured housing industry’s professionals are racing to contort themselves into yet another new shape to fit their federal masters.” So sayeth a company official off-the-record to MHProNews, as the new Consumer Financial Protection Bureau (CFPB) appraisal rules hits home on July 18th, 2015. 

State associations and the Manufactured Housing Institute (MHI) have been busily attempting to prepare their members for the implementing of these rules.  But as another industry manager said, “Only a small fraction of the manufactured housing industry’s members have been at a meeting where these appraisal related rules are being discussed.  Many companies remain entirely outside of any association affiliation.  How will they possibly all be prepared in time?  How can there not be some adverse impact of the [CFPB] rules on manufactured housing sales?” 

While the off-the-record comments are often dark, the on-the-record public statements of lenders, NADA and DataComp – who will all be front-and-center in compliance – suggests a higher degree of confidence.   The links below are to official statements by 21st Mortgage and Triad Financial Services, two of the major MH industry’s chattel (home only, or personal property) lenders. 

21st Mortgage’s Statement on the new CFPB Appraisal Rules

Triad Financial’s Don Sharp’s Statement on the upcoming July 18 CFPB Appraisal Rules

The third link is to a somewhat different topic, but also connected with the issue of appraisals.  Cody Pierce, President of Cascade Financial Services – an FHA and VA manufactured home lender –  explains why a percentage of loans fail to meet appraisals.

About Appraisals on FHA and VA Land Home Sales

MHProNews will continue to track and deliver updates on the critical finance-related regulatory and other issues that impact Manufactured Housing. In the mean time, why not share your views on these new rules with your Congressman or Senator? A sugestion on how, linked here. ## 

(CFPB logo parody credit  plus1properties; cartoon credit MHProNews © 2015)

l-a-tony-kovach-daily-business-news-mhpronews-Daily Business News brief submitted by, L. A. ‘Tony’ Kovach.

Appraisal Rule Implementation Looms for HUD Code Manufactured Home sales

June 30th, 2015 Comments off

CFPB-AppraisalRule-HUD_codeManufacturedHomes-logo=CFPB-graphiccredit-MHProNews-com-The Texas Manufactured Housing Association (TMHA) reminds MHProNews that the new appraisal disclosure rules go into effect on July 18, 2015. The rules apply to those homes that go beyond QM status limits set by the Consumer Financial Protection Bureau (CFPB) regulations.

DataComp and NADA are going to be the likely vendors of choice, both of which have been working for well over a year to have systems in place that can support the value of homes being sold using personal property loans by MH retailers and communities.

TMHA members are among those who are ‘nervous’ about how well the new systems being imposed by federal fiat will support the sale prices on new manufactured homes.  The service providers tell MHProNews that ‘most’ sales, perhaps north of 90% on test cases, will be okay.  While encouraging, that also clearly implies that there will be sales that could be lost due to the newly impossed rules.  

MHProNews’ Featured Articles in the upcoming July issue will cover the appraisal rule topic from different lender’s viewpoints. The new July Featured Articles are scheduled to go live on the MHProNews home page, found under the Daily Business News  module, Wednesday evening, July 1, 2015. ##

(Image credits: Consumer Financial Protection Bureau logo – CFPB; graphic credit – MHProNews ©)

2015 Louisville Show adds 2 more Free Business Building & Educational Seminars!

November 29th, 2014 Comments off

louisville-2014-seminarsDennis Hill and the Midwest Manufactured Housing Federation (MMHF) have announced two new seminars have been added to the 2015 Louisville Show business building and educational line up.

The current plan is for there to be 6 sessions total. In 2014, most sessions were standing room only, so arrangements for 2015 include adding space so more MH Professionals can attend the popular sessions. See map for seminar location, below.

More manufacturers and exhibitors are also scheduled for 2015 than in 2014. As in 2014 and previous years, the show is all indoors at the climate controlled Kentucky Exhibition Center (KEC).

The current line up for the 2015 professional seminars are as follows.

Wednesday January 21st

  1. Wednesday 8:30 AM to 9:45 AM. Brokers! Community Owners! Investors – Unite! Ron Thomas Sr. and a north-wing-lobby-harold-workman-kentuky-exhibition-center-kec-posted-louisville-manufactured-home-show-daily-business-news-mhpronews-com-panel of experts will present a fast-paced introduction to the many opportunities in manufactured housing, with a focus on buying and selling MH Communities. Have a community you want to sell? Come. Having trouble finding the right property to invest in? Be here – and learn how you can tap opportunities NOW that many large firms overlook.
  1. Wednesday 10 AM – 11 AM. Super-Charged Marketing reveals how to sell more homes and fill more vacant sites! Learn to Dominate Your Local Market with Cutting Edge marketing that attracts more customers with cash or good credit! You’ll discover how the “IGA for Manufactured Housing” plan transforms a HUD/MOD retail or MHCommunity operation’s results. Presented by LATonyKovach.com who’ll be joined by an industry veteran who is currently doing these things successfully. Tony was Standing Room Only in 2014, come see why.
  1. Wednesday 11:10 AM – 12 noon. The Appraisal Rule and Manufactured Home Lending Panel! Learn the latest legal ways to successfully meet CFPB regulations! Dick Enrst of FinmarkUSA.com will moderate, with Sherrie Clevenger/NADA and Dan Rinzema/DataComp – PLUS a panel of top industry lenders! If you sell or lease homes anywhere in the United States, don’t miss this discussion! It may be worth the entire trip to Louisville

2014-louisville-manufactured-housing-show-crowd-photo-credits-manufacturedhomes-daily-business-news-mhpronews-com-

Thursday January 22nd

  1. Thursday 8:45 AM to 9”50 AM. Lessons Learned in Manufactured Home Communities! Last year’s session was standing room only! Once more, award winning Ross Kinzler of the WHA will lead an all start panel of microphone-presentations-louisville-manufactured-housing-show (1)experienced manufactured housing community owner/operators and experts. The audience Question and Answers along made this a must attend for operators, who came from coast to coast in 2014. Don’t miss it.
  1. Thursday 10 AM – 11 AM. Super-Charged Selling for Manufactured and Modular Homes! Whatever the financing or market climate, you can sell more factory built homes with these proven success systems! Workshop byLATonyKovach.com, joined by a MH Pro using these systems to sell more homes! See why Tony brings MH Pros back, year after year, with Standing Room Only education to advance your sales.
  1. Thursday 11:10 AM to 12 noon. Buying, Selling or Refinancing a Manufactured Home Community? Then the MHCommunity Commercial Lending Panel is a must for you! Moderated by expert Dick Ernst of FinmarkUSA.com, who will be joined by a panel of commercial lenders who specialize in this field! MHC Lending continues to improve… come and get the latest facts, straight from those who do the deals! Bring your questions for the lively Q&A. These commercial lending facts apply nationwide – so fly, drive or hitch your wagon and travel the Road to Success to the Louisville Manufactured Housing Show in 2015 

For an example of what Pros and Corporate Executives said about the 2014 seminars, click here.

louisville-2015-manufactured-housing-show-seminars-posted-masthead-blog-mhpronews-com-

If you missed the Show in 2014, don’t miss it in 2015, because the education plus all the side-by-side exhibits all under one roof are an unbeatable combination anywhere in the U.S.. ##

(Photo and image credits – Louisville Show, ManufacturedHomes.com and MHProNews.)