Posts Tagged ‘proposed rule change’

Rep. Walorski Elaborates on HUD Rule Change

February 19th, 2016 Comments off

jackie_walorski__walorski_dot_house.gov___creditFollowing a story MHProNews last posted Feb. 15, 2016 regarding the (much applauded) proposed rule change by HUD that would draw a clearer distinction between manufactured homes and recreational vehicles, U. S. Representative Jackie Walorski, as co-founder of the Congressional Recreational Vehicle Caucus, led congressional attempts to clarify the distinction.

A month before HUD’s memorandum that classified some RVs and manufactured homes as the same, Rep. Walorski co-sponsored the Recreational Vehicle Certainty Act of 2014 that dealt with the same issues.

For almost a decade, the RV industry has waited for HUD to provide clear rules and guidelines that define recreational vehicles,” Walorski said. “Today, that wait is over. RV businesses and manufacturers in my district – home to the RV Capital of the World – now have protections from burdensome regulations. For the first time, this important industry will have the certainty needed to keep making quality RVs for the world, enabling our RV industry in Indiana to continue to thrive and succeed.” ##

(Photo credit: Walorski.House.Gov)

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

Exemption for certain Manufactured Housing Appraisals on Tap

July 16th, 2013 Comments off

On July 10th, the Consumer Financial Protection Bureau (CFPB), in cooperation with five other federal agencies, issued joint proposed regulations providing exemptions from appraisal requirements for certain higher-priced mortgage loans (HPMLs), which would include manufactured home loans. Imposed by the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by the borrower’s home and have an APR (average prime rate) more than 1.5 percent above the average prime offer rate. The proposed rules released by the CFPB exempt from appraisal requirements transactions secured by existing manufactured homes and not land, which covers new manufactured homes as well as pre HUD Code homes. This exemption marks a breakthrough for the manufactured housing industry and consumers. Additionally, the proposed rule change exempts loans of $25,000 or less, without which creditors providing non-QM loans for the purchase of manufactured homes would have been required to perform a complete Uniform Standards of Professional Appraisal Practices (USPAP)-compliant appraisal. That would add costs to the consumer and a burden to the lender, as MHProNews has learned from the Manufactured Housing Institute (MHI) newsletter. All six federal agencies are seeking comments on the proposal which closes Sept. 9, 2013. The rule is scheduled to take effect Jan. 2014. For the full report, please click here.

(Image credit: andyenstallblog)