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Posts Tagged ‘sen joe donnelly’

Senate Bill 1711 Provides for TRID Hold-harmless Period

July 16th, 2015 Comments off

mortgage app   texaslendingtoday creditFollowing a story MHProNews posted July 8, 2015 regarding the Consumer Financial Protection Bureau’s (CFPB) postponement of implementing mortgage loan transactions under the Real Estate Settlement Procedures Act (RESPA) and Truth-in-Lending Act (TILA), or TRID, Senate bill S. 1711 would provide temporary safe harbor from that enforcement.

According to nationalmortgageprofessional, Senators Joe Donnelly (D-IN) and Tim Scott (R-SC) have sponsored the measure, much to the delight of housing and mortgage industry trade groups. “We salute the Senate sponsors of S. 1711….for taking the lead in providing for a reasonable amount of time for consumers, mortgage professionals, and other industry participants to test drive these new regulations,” said John Councilman, president of NAMB (The Association of Mortgage Professionals).

He adds, “It’s pretty clear that these very complex set of rules will cause some amount of distress for homebuyers and, while industry participants have been working overtime to be in compliance, a period of time for trial and error seems only reasonable.

Numerous professional organizations dealing with real estate, mortgages and appraisers also support the bill. A companion measure in the House, HR 2213, has received similar industry-wide support. ##

(Image credit: texaslendingtoday)

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

Sunday Recap May 31, 2015-June 6, 2015

June 7th, 2015 Comments off

Sunday_morning_recapIn manufactured housing news, L. A. “Tony” Kovach defines path to revitalize the MH industry, while one MH supplier picks new head, another MH producer closes, HUD Code production continues rising, MHC reverting to stick-built homes, Cavco seeks tax abatement, AZ MHC closing, Sen. Donnelly and MHI’s Jennison defend H.R. 650, MHC refinances, MH industry to target Hispanics, and Sun declares dividends. Meanwhile, students are active building modular homes, homeless gain modular container homes, stick-builder shifts to modular, and container mods become hotels in Canada. Minnesota MHA sets conference, first-time home buyers increase, and interest rates drop.

Saturday, June 6, 2015

Magnolia Manufactured Homes Closing

Friday, June 5, 2015

Realtors ® and Manufactured Home Dealers should develop a Symbiotic Relationship

Skyline Regains Yesterday’s Loss while Drew Drops

Keith Anderson Appointed New CEO at Champion

Drop in Down Payment Signals Uptick in First-time Home Buyers

Sun Declares Dividends on Common and Preferred Stocks

MMHA Sets Spring Conference

Thursday, June 4, 2015

Turning Renters to Manufactured Home Buyers

Technology has Revolutionized Manufactured Homes

Dow Drops One Percent; Most Manufactured Housing Stocks Fall

Manufactured Home Tax Statements have been Mailed

Arizona Manufactured Home Community will be Repurposed under New Ownership

Rio Plaza Obtains Refi Package of $5.9M

Wednesday, June 3, 2015

The Path to the Rebirth of the Manufactured Housing Industry

HUD Code Production of Manufactured Homes Continues Climbing

Nobility Plummets -6.94%; MHCV Again Out paces Dow

Aussie Modular Home is Extremely Green

Burgeoning Hispanic Demographic presents Opportunities for Manufactured Housing

Changing Housing Market Leads Company to Modular Homes

Tuesday, June 2, 2015

Cavco Seeks Tax Abatement to Upgrade Fairmont Homes

Interest Rates, Median Home Price Falls

Cavco Seeks Tax Abatement to Upgrade Fairmont Homes

Shipping Containers will become Modular Housing for the Homeless in Hawaii

Senator Joe Donnelly Responds to Criticism of The Preserving Access to Manufactured Housing Act

Canadian Containers become Modular Motels

Monday, June 1, 2015

Numerous Students Built Cape Cod Modular Home

High School Building Modular Homes for Habitat for Humanity

MHCV Gains more Percent than Dow, Nasdaq, and S&P Combined

MHI CEO Richard Jennison Defends H. R. 650

Manufactured Home Sites Transitioning to Stick Built  ##

(Image credit: MHProNews)

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

Senator Joe Donnelly Responds to Criticism of The Preserving Access to Manufactured Housing Act

June 2nd, 2015 Comments off

Joe_Donnelly__mhpronews_creditOn the heels of the Seattle Times/Center for Public Integrity’s stinging criticism alleging predatory lending practices by the manufactured housing industry in general, and Warren Buffett/Clayton Homes in particular, MHProNews reached out to Sen. Joe Donnelly (D-IN), who introduced the bipartisan bill S 682, Preserving Access to Manufactured Housing in the Senate, for his comments.

He said, in part, “Indiana’s manufactured housing industry is vital to job growth and to providing affordable housing options. This bill would help fix an issue impacting families trying to purchase, refinance, or sell manufactured homes by changing the definition of a high cost mortgage and ensuring consumers of small-balance mortgage loans have the opportunity to access mortgage credit.”

Sen. Donnelly’s office added when the Consumer Financial Protection Bureau (CFPB) expanded the definition of high cost mortgages under the Home Ownership and Equity Protection Act (HOEPA), as required by Dodd-Frank, it failed to consider the uniqueness of manufactured home lending compared to traditional mortgages. The guidelines classify small balance loans used to purchase affordable manufactured homes as high-cost loans which increases lender liabilities, thereby reducing potential consumers’ ability to obtain credit.

Other senators who co-sponsored S 682 echoed Sen. Donnelly’s concerns. Sen. Pat Toomey (R-PA), noting the importance of manufactured homes and affordable housing to his state’s economy, said, “Financing for (MH) has been jeopardized by one-size-fits-all regulations that fail to recognize the unique nature of manufactured housing loans.”

Sen. Joe Manchin (D-WV), added, “This bipartisan bill will help keep the American dream of owning a home alive by improving guidelines that have negatively impacted consumers’ ability to purchase a home.

Sen. Tom Cotton (R-AR), said, “Manufactured housing plays an important role in homeownership options, which have unfortunately been constrained by excessive regulations by the CFPB.

The Preserving Access to Manufactured Housing Act would adjust HOEPA guidelines so fewer MH loans are considered high-cost. Currently, if a loan is under $50,000 on personal property then the interest rate cannot exceed Average Prime Offer Rate (APOR) by more than 8.5 percent lest it be considered high-cost. The new act would change that to APOR 10 percent for transactions under $75,000.

Sen. Donnelly and his colleagues have sent a letter to CFPB Director Richard Cordray requesting a delay in the implementation of the rules for MH until further study can be made.

For the entire article, please click here.##

(Photo credit: MHProNews exclusive-Sen Joe Donnelly, D-IN)

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

 

Markup of Housing Finance Reform on Hold

April 29th, 2014 Comments off

Following a story MHProNews posted yesterday regarding the planned markup Tue., April 28 by the Senate Banking Committee of housing finance reform that includes provisions supportive of the manufactured housing industry, that discussion has been postponed. In an Action Alert from Manufactured Housing Institute (MHI) Chairman Nathan Smith said, while Senators Mike Crapo (R-ID) and Tim Johnson (D-SD) believe they have the votes to move it out of committee, they may have the opportunity to broaden the base of support for the measure, giving it a better chance of becoming law. Majority Leader Harry Reid (D-NV) must then be convinced to bring the bill to the floor of the full Senate. Meanwhile, MHI has been working with Sen. Joe Manchin (D-WV) to shape amendments to the Dodd-Frank Act for manufactured housing industry regulatory relief. ##

(Image credit: mbaa.org2)