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Posts Tagged ‘provisions’

City wants to Retain Manufactured Home Communities

September 23rd, 2013 Comments off

In an attempt to avoid the conversion of manufactured home communities (MHC) to other uses and thereby force people to move, the Spokane Valley City Council, while conscious of private property rights, want to increase the density in existing communities. According to spokanevalleyonline, it could also hold down rents, retain the communities and gain income for owners. The Association of Manufactured Home Owners wants the city to develop stricter zone provisions to prevent conversion. Several of the owners of the largest MHCs surveyed object to more restrictions. Robert Cochran, state president of the Manufactured Housing Communities of Washington, says there are already enough protections for residents of MHCs. MHProNews has learned Council Member Arne Wood summed it up: “There are lease rights and there are land-holder rights. It’s a complicated issue.”

(Photo credit: Rudgate manufactured housing community)

Legislative Update–Delaware

June 3rd, 2013 Comments off

Ruth Briggs King, Delaware’s State Representative from the 37th District, writing in capegazette.villagesoup, says she has introduced three pieces of legislation in support of residents of manufactured housing: House Bill 65 extends the Delaware Manufactured Home Relocation Trust Fund for another five years; House Bill 66 requires owners to disclose certain provisions of a rental agreement on a form created by the attorney general’s office; and HB 83 sets minimum standards for roads in manufactured housing communities. As MHProNews reported May 28, a class action suit brought by three MHC owners and two MHC residents is challenging the Delaware Manufactured Home Relocation Authority over fees allegedly collected illegally since 2006.

(Image credit: Wikipedia)

CFPB: Cap Excludes Comp

May 31st, 2013 Comments off

Saying it is too difficult to calculate individual pay early in the origination process, the Consumer Financial Protection Bureau (CFPB) now says loan officer compensation should not be included in the three percent cap threshold under the qualified mortgage rule. However, as nationalmortgagenews informs MHProNews, compensation paid by the creditor to a mortgage broker should be included, and so should fees paid by the consumer to the creditor. “This cap ensures that lenders offering qualified mortgages do not charge excessive points and fees,” says the CFPB. Mortgage Banker Association (MBA) president and chief executive David Stevens, says, “We welcome the stipulation that compensation paid by brokers and lenders to loan originator employees do not count toward the points and fees threshold for what constitutes a qualified mortgage. Both of these provisions should facilitate a more efficient and affordable marketplace for borrowers.” He adds the CFPB is trying to balance consumer protection with access to affordable credit.

(Image credit: hansafx)

Manufactured Housing Institute Issues Action Alert

May 3rd, 2013 Comments off

The Manufactured Housing Institute (MHI) has sent an urgent action alert to members of the manufactured housing industry to contact their Congressional representative and ask for their co-sponsorship and support of H.R. 1779, the Preserving Access to Manufactured Housing Act. The bi-partisan measure would amend provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, scheduled to take effect January, 2014, that will limit the availability of credit for buyers of manufactured homes. MHProNews has posted the alert from MHI and a sample fax to send to your Congressional representative. For this and other supportive information, please click here.

(Image credit: Manufactured Housing Institute)

Change Coming to Iowa Landlord/Tenant Law?

March 29th, 2013 Comments off

Joe Kelly of the Iowa Manufactured Housing Association (IMHA) informs MHProNews the Iowa House of Representatives has passed HF495, affecting 562A, applies to landlords who own the home and land. On properties that rent for under $700/mth, the late fee charge could be no greater than $12 a day, with a maximum of $60/mth. For rent over $700/mth the late fee must be $20 or under per day with a maximum of $100/mth. Under other new provisions, a tenant who deliberately damages landlord’s property can be liable for criminal charges; and a landlord who acts in bad faith may be liable for punitive damages of up to two months rent. For the complete text, click here.

(Photo credit: Wikipedia–Iowa House of Representatives Chambers)

Modular Requirements to be Amended

March 25th, 2013 Comments off

According to gobogalusa in Louisiana, the Washington Parish Planning Commission is considering proposed guidelines that will require modular homes be subject to the same requirements and provisions as stick-built homes. Currently, the parish exempts modular structures ten feet by twelve feet or smaller, but under the new ordinance all modular dwellings will have to comply with the requirements, and will fall under the International Building Code (IBC). The guidelines will be discussed further by the Infrastructure Committee with recommendations presented at a later date, as MHProNews has learned.

(Photo credit: Wikipedia)

Dodd-Frank Act is No Straight Shot

September 13th, 2012 Comments off

originationnews reports banks under the $10 billion threshold for compliance with the ever-shifting Dodd-Frank Act are unsure of which aspects of the measure apply to them, and are outsourcing because their own IT departments cannot keep track of the provisions that are delayed and/or rewritten. Cashmere Valley Bank in Washington state, with assets of $1.2 billion, has hired a managed compliance service, ATTUS Technologies, to review updates on new rules and current compliance plans regarding mortgage regulatory changes, underwriting standards, and vendor management. The Bank of Marion, in Illinois, with $334 million in assets has turned to Continuity Controls for help with compliance. As MHProNews has learned, Sue Ozburn of Cashmere says, “The legislation brings about many provisions that community banks have to evaluate to determine where they apply. I don’t think Dodd-Frank was intended to apply to every bank, it was more aimed at the larger banks. But we believe the examiners will enforce the law on community banks,” Ozburn says.

(Image credit: Dean Hayes)

New Law: 60 Days for MHC Owners

May 10th, 2012 Comments off

In reference to a story MHProNews.com posted, NorthCentralPA reports the Pennsylvania House of Representatives has passed House Bill 1767 which requires MHC owners to give 60 day notice to residents when a community is to be closed and the land used for an alternate purpose. The Pennsylvania Housing Finance Agency must be notified and provisions for relocating residents must be established. Rep. Garth Everett (R-Lycoming) says the bill, which passed 190-7, is a consensus of advocates for the residents and the manufactured housing industry. The bill now goes to the Senate.

Photo credit: DoylestownPatch–PA House of Representatives)

Making Manufactured Housing SAFE from Dodd-Frank

May 1st, 2012 Comments off

Manufactured Housing Institute (MHI) lobbying dollars credit: OpenSecrets-posted on MHProNews.comPerhaps 20,000 to 30,000 jobs and the home values of some 4 million pre-HUD Code mobile and post-HUD Code manufactured homes hangs in the balance of the passage of HR 3849. Can it get done? Experts tell MHProNews that it will require a strong grass roots effort by industry professionals to make it happen. The chart below is one reason why. Lobbying dollars from manufactured housing pales in comparison to other housing related groups. According to OpenSecrets, $66,477,304 was spent on real estate lobbying in 2011. The National Association of Realtors alone spent $22,355,463 in 2011. But 100% sign-on to HR 3849 by all the House members in MS and OK – congressmen representing both parties – proves it can be done. One source told MHProNews that there are three reasons MS got all their congressman on board “Jen Hall, Jen Hall and Jen Hall,” meaning Jennifer Hall and the Mississippi Manufactured Housing Association’s efforts. Doug Gorman explains how it was done in OK in an exclusive Industry Voices guest column. Tony Kovach said, “Use the information at this link to HR 3849 to get your congressman on board. Then contact your manufactured home owning residents and customers with this link and have them contact their congressman too. Call and email, get others to do the same. If we want to fix Dodd-Frank and SAFE so we can sell more homes and protect manufactured home owners values, just do it.

(Graphic credit: OpenSecrets)

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)