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Posts Tagged ‘senior vice president’

Senior Staff Shakeup at the Manufactured Housing Institute (MHI)?

June 23rd, 2017 Comments off

LoisStarkeyFormerlyVPManufacturedHousingInstituteRichardADickJennisonPresidentCEOMHIDailyBusinessNewsManufacturedHomeIndustryReportsResearchDataMHProNewsMultiple sources tell MHProNews that two “senior staff” members have been “fired” from the Manufactured Housing Institute (MHI).

Lois Starkey – former Vice President of Regulatory Affairs – with MHI, and Tom Heinemann – previously the Vice President of Federal Government Affairs at MHI – are both gone.

Their names have been removed from the staff directory.

MHI, when asked to comment on the matter, did not formally respond.

They failed to formally respond, even after it was pointed out that the names were not on the directory any longer.

This latest incident harkens to Frank Rolfe’s comments about MHI and their practice of lack of response to media.

FrankRolfeBlastsManufacturedHousingInstituteMHILogoMHURVHorizonsPostedManufacturedHousingIndustryDailyBusinessNewsWeeklyRecapMHProNews

Others call it MHI’s “secrecy.” A long-time MHI member told the Daily Business News today he was unaware of the shakeup, but that source referred to themself as  “now an outsider,” not ‘an insider,’ with respect to the Arlington, VA based trade association.

TomHeinemannCreditLinkedInPostedDailyBusinessNewsMHProNews

Credit, LinkedIn, today’s date.

TomHeinemannLinkedin

Tom Heinemann’s LinkedIn page, this date.

Institutional Memory?

Where’s the institutional memory now at MHI?” an MHProNews source quipped.  Starkey was the most senior person listed with a vice president or above title.

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From Lois Starkey’s LinkedIn page today. Ann Parman would have several years with the organization, but is technically part of MHEI, an educational affiliate.  

Was Gooch Behind the Terminations?

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Lesli Gooch. Credit: MHI.

Another source told MHProNews that Lesli Gooch, Ph.D. and a ‘Senior Vice President’ at MHI wanted the terminations.  Allegedly, she got them.

When asking a well placed party to confirm that claim, the Daily Business News was told that “I don’t know, but I wouldn’t be surprised.”

Additional reporting will follow this shake up as more facts and insights develop. ##

(Image credits are as shown, and when sourced from third parties, are provided under fair use guidelines.)

By L. A. “Tony” Kovach, managing member, LifeStyle Factory Homes, LLC, dba MHProNews.com and MHLivingNews.com.

David M. Smith Joins Drew Industries as new CFO

August 31st, 2015 Comments off

drew_ind_2_logoMHProNews has learned from prnewswire that David M. Smith has joined Drew Industries, Inc. (NYSE:DW) as Chief Financial Officer (CFO), succeeding Joseph S. Giordano III, who held that position since 2008. Mr. Giordano will remain with the company temporarily to ensure a smooth transition.

Mr. Smith, 52, has been Senior Vice President and Chief Financial Officer of Key Safety Systems, Inc. (KSS) for ten years, and since 2009 was also President of KSS’ Specialty Products division. With a global network of 34 facilities, KSS designs, develops and manufactures automotive safety restraints including airbags, safety belts and steering wheels.

Previously, he was CFO at Key Plastics, LLC, also a supplier of automotive products, and has a 30-year background in finance leadership positions.

From 42 manufacturing facilities across the nation, Drew supplies components to the manufactured housing and recreational vehicle industries. ##

(Image credit: Drew Industries, Inc.)

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

Capital One Arranges $14 Million Fannie Mae Loan

July 24th, 2015 Comments off

rincon_country_mobile_home_park_tucson__their_creidtMHProNews has learned from Capital One that the company has arranged a $14 million Fannie Mae fixed-rate loan to refinance Rincon Country Mobile Home Park in Tucson, Arizona. Damon Reed, Senior Vice President and Capital One’s Director of MHC (manufactured housing community) Finance arranged the transaction to retire existing higher-rate interest debt.

The key principal, a repeat customer of Capital One and Reed, has owned the property for nearly 40 years. “Even though the existing loan had not yet reached maturity, the sponsor was concerned that interest rates would rise if they waited,” said Reed. “We recommended an early rate lock.” Although there was a penalty for prepayment on the existing loan, the owner will save $150,000 a year in interest. The 12-year loan has ten years of yield maintenance.

Developed in 1971, Rincon is a 540 home site age-restricted MHC ten miles from downtown Tucson, and features a clubhouse, swimming pool, rec center and library. ##

(Photo credit: Rincon Country Mobile Home Park-Tucson, AZ)

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

Freddie Mac’s new Manufactured Housing finance program orignated by Walker & Dunlop

August 29th, 2014 3 comments

freddie-mac-globest-credit-posted-daily-business-news-mhpronews-com-The new Freddie Mac manufactured housing community (MHC) finance program announced last spring has been originated by Walker & Dunlop (W&D). The loan was for $10.5 million on Longhaven Estates, an MHC in Phoenix, AZ. The financing was secured for Cobblestone Real Estate, LLC, based in Oak Brook, IL, and Tricon Capital Group, based in Toronto, Canada, GlobeStreet tells MHProNews.

Senior Vice-President Will Baker’s team structured financing. Baker said that when Cobblestone and Tricon approached W&D with the deal, “We immediately knew it would be a perfect inaugural deal for Freddie Mac.”

As the Daily Business News reported after the program was first announced, John Cannon, Senior Vice-President of Freddie Mac’s multifamily division said,“It [the new MHC financing program] broadens our geographic footprint and creates a more balanced approach.”

Freddie Mac has stated they believe manufactured housing is important in providing affordable housing. This loan, experts say, demolong-haven-estates-credit-senior-retirement-living-posted-manufactured-housing-daily-business-news1-mhpronewscom-nstrates their commitment to the MHC sector. ##

(Photo credits: GlobeSt, Senior Retirement Living)

 

CFPB Sues Lender for Violating Compensation Rule

July 25th, 2013 Comments off

A mortgage lender is being sued by the Consumer Financial Protection Bureau (CFPB) for allegedly paying bonuses to loan originators that charged consumers higher interest rates in violation of the loan officer compensation rule. The 85th largest lender in the country, Castle and Cooke Mortgage LLC of Salt Lake City is said to have paid 150 loan officers quarterly bonuses ranging from $6,100 to $8,700 for leading borrowers into higher-priced loans. The Bureau

 

says loan officers who did not charge higher rates did not receive bonuses, and that 1,100 of the loans were illegal. According to what MHProNews has learned from nationalmortgagenews, C&C originated $332 million in loans in the first quarter. The lawsuit seeks restitution and civil penalties, and specifically cites company president Matthew Pineda and senior vice president Buck Hawkins. “We are taking action against the type of practices that precipitated the financial crisis,” said CFPB director Richard Cordray.

(Photo credit: top, ABCNews; bottom, HousingWire)

MH gets Small Bite of Fannie Mae Multifamily

February 4th, 2013 Comments off

Daily Markets informs MHProNews the $33.8 billion in multifamily loans that Fannie Mae and its lenders processed in 2012 builts nearly 560,000 units of housing. “In 2012 the multifamily market was strong, with solid fundamentals remaining in place,” said Jeffery Hayward, Senior Vice President, Head of the Multifamily Mortgage Business, Fannie Mae. “Private capital continued to return to the market, an important step to restoring a more normal lending environment.” In addition, 98 percent of the multifamily loans were through the Delegated Underwriting and Servicing (DUS) program, which requires lenders to have “skin in the game.” Manufactured housing communities received $912 million in 2012 from Fannie Mae, $377 million more than in 2011.

(Image credit: Forbes)

Survey Says Good Time to Buy

November 15th, 2012 Comments off

According to the Fannie Mae October National Housing Survey of 1,000 Americans, 50 percent expect home rental costs to increase, providing more incentive to buy a home. RealtorMag tells MHProNews the survey revealed 72 percent of respondents say now is a good time to purchase a home, while only 18 percent note it is a good time to sell. Doug Duncan, Fannie Mae’s senior vice president and chief economist, states, “Increasing household formation, encouraged by an improving labor market, is adding additional momentum to the housing recovery and putting upward pressure on rental price expectations. Expected increases in both owning and renting costs may encourage more consumers to buy and add further strength to the housing recovery already under way.”

(Image credit: firstbanktrust)

Personnel Changes at ELS

July 5th, 2012 Comments off

RVBusiness tells us that Ellen Kelleher, vice president-property management at Equity Lifestyle Properties (ELS) for almost 20 years, is retiring at the end of the year. Her duties will be assumed by others in the organization. Other personnel changes, and their new positions include: Peter Underhill, senior vice president-revenue management; Ron Bunce, senior vice president West Operations; Brad Nelson, senior vice president East Operations; Seth Rosenberg, senior vice president of marketing; Jim Phillips, senior vice president, sales; and Dave Kozy, vice president, customer relations. MHProNews.com has learned ELS has an interest in or controls 382 MH and RV communities in the U.S. and British Columbia, Canada, consisting of 141,077 sites.

(Image credit: Equity Lifestyle Properties, Inc.)

Making Dollars from Distress

March 26th, 2012 Comments off

Although it requires twice the manpower, takes three times longer, and nearly doubles the cost to deconstruct a home than demolish it, a Cleveland company, A Piece of Cleveland, and the Cleveland Institute of Art are conducting a test program to make furniture, mill work, and other items from the ceiling joists and flooring of some of the 12,000 abandoned homes in the city. Cleveland says the goal is to make the process profitable. On average 40 percent of the materials in vacant homes, most already stripped of wiring, plumbing, fixtures, and other sale-able items, are re-usable. “The theory behind deconstruction is that even though it is more expensive to do — because it is more labor intensive — that you will reclaim and salvage enough usable material and resell it, and that that income will offset the additional expense,” said Frank Ford, senior vice president for research and development at the nonprofit Neighborhood Progress Inc. (NPI). The city has received $780,000 in federal grants to subsidize the difference between demolition and deconstruction, giving jobs to many ex-cons, veterans, and other challenged job-seekers. MHProNews.com has learned that Cleveland is one of the top ten metropolitan markets in which it makes more sense to buy a home than rent one.

MHI Appoints New President/CEO

February 16th, 2012 Comments off

In an exclusive communication from MHI, MHProNews.com has learned Richard “Dick” Jennison has been chosen to head the Manufactured Housing Institute (MHI). The former partner and Senior Vice President at Omni Solutions Group where he managed their large not-for-profit business practice, Jennison previously spent nearly eight years as president of CEO of the Brick Industry Association (BIA). At BIA he combined several regional organizations into a national advocacy group in Washington, D.C., and created a new organizational structure to address the burdensome governmental regulations that constricted the industry. He has prior experience in retail advertising and financial services. “It is a tremendous privilege to join MHI and I am honored to be selected for this great opportunity,” Jennison stated. “I am excited to work with the MHI leadership, members and staff to represent this important sector of the housing industry in Washington, D.C.” Says MHI Chiarman Joe Stegmayer, “We are pleased to welcome Dick Jennison as the new President and CEO. He brings tremendous credentials and demonstrated leadership ability at multiple associations.” Jennison will begin Feb. 21 in his new post.

(Graphic credit: MHI)