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by Dave Shanklin

1. MORTGAGE DEFAULTS

Dave Shanklin photoThis has been the biggest nightmare for MH chattel loan officers. Short sales, foreclosures and applicants burdened with mortgaged homes that they can't sell. Our industry's lenders started to show signs that they might be softening their position on mortgage defaults on credit reports, but they're still turning down applicants with mortgages that have gone "belly-up."

Our major lender out of San Diego will occasionally tolerate recent bouts of unemployment, recent bankruptcies, FICO scores in the low 600's and even recent mortgage lates. This lender has become what I call a "sub-prime" lender, based on the above, even though they will probably deny this title. Most of our industry's lenders have a zero tolerance policy toward recent mortgage lates. But this lender has been accepting borrowers with less than perfect mortgage history, as long as the home loan was paid in full and didn't default.

I am being told that FannieMae lenders are now approving applications with short sales that are at least three years old. This is helpful to the entire real estate market. Hopefully, in an upcoming column I can announce that our lenders are doing the same.

2. "I OWN A HOME WITH A MORTGAGE, AND I WANT TO RENT IT OUT AND BUY A MANUFACTURED HOME AND GET A LOAN FOR IT."

It's long been a FannieMae guideline to accept rental income and deduct part of that income from the borrower's debt ratio. A few strict rules apply here.

Our lenders will, from time to time, accept rental income on mortgaged properties as qualifying income. However, the rental income has to be documented with at least two years of tax returns. Only 70% of the rental income, after expenses, will count as qualifying income when computing the borrower's debt ratio. Most of the time, the homeowners are in the red and don't realize it. If a house rents for $1200/month, and the mortgage payment is $1200/month, then the mortgage payment is not "covered."

3. "I WANT TO BUY A MANUFACTURED HOME FOR A FAMILY MEMBER AND FINANCE IT."

This is what the industry calls a "buy-for" transaction. Good luck getting the LL community manager to agree to this. Most LLC's do not allow non-owner-occupied homes.

As far as lending, there is one lender in our industry that will consider "buy-for's" on a case-by-case basis. The home needs to be 1991 or newer, with a maximum loan of $75,000, and a very strong co-signor. This lender prefers the co-signor to be an immediate family member, and they will have to nearly "walk on water" credit-wise to get loan approval.

Loans that are less than 100% full-time owner-occupied are considered to be the highest risk category of loan for the chattel lenders. They are so paranoid that one of our lender's underwriters now routinely makes phone calls to the applicants BEFORE making a credit decision, just to make sure that all people on the loan application intend to live in the manufactured home that they are borrowing money for. Exceptions are made for "vacation properties." But forget about buying a manufactured home, financing it and renting it out, even if the home is with owned land. The land/home lenders are equally as strict on these matters.

4. "I WANT TO BORROW THE DOWN PAYMENT."

As I have mentioned in past columns, down payment funds must be true equity, free and clear of encumbrances. Preferrably, the entire down payment should be the borrower's life savings. This is the "glue" that holds the buyer to the asset, making it less likely that they will turn their back on the house if the have a bad year.

Family members may gift part of the down, or in some cases, all of the down. The gift provider will have to provide bank statements and sign a gift letter. With one lender in our industry, the gift provider will have to send the loan officer additional bank statements showing the funds being transferred from the gift provider, and the gift recipient will have to provide a bank statement showing that they received the funds. This is called "paper trail." This is to rule out any possibility that any part of the down payment was snuck in via a credit card cash advance, and disguised as a gift from a family member. This would be considered a fraudulent transaction, and any loan originator who goes along with this and gets caught will be immediately unemployed and unemployable in this industry.

5. "I HAVE INCOME BUT NO CREDIT, BUT MY SPOUSE HAS CREDIT BUT NO INCOME."

 As a new loan officer, I sent in several applications of husband-wife situations with one spouse with good credit and no income, and the other spouse with high income and no credit, or bad credit. The applications were declined.

Underwriters will NOT accept a co-applicant's income unless it is backed up by a strong credit report. If one spouse has enough income on their own, and good credit, then the other spouse can be added to the loan, but their income will not count if they have unacceptable credit.

Quite often, loan officers find themselves giving advice on how to build credit. If the consumers follow the advice, then in a few short years they can turn the situation around and become proud homeowners. Quite often, the consumer is never heard from again. I guess they ignore the advice, keep going down the wrong road, and keep renting….

###

Dave Shanklin is a loan originator with Mobile Brokers Acceptance, Fair Oaks, CA. NMLS ID #314463. He primarily handles MH chattel loans in LLC's. Call (916) 962-7128 or (800) 401-3372 or email This e-mail address is being protected from spambots. You need JavaScript enabled to view it .

Daily Business News Briefs

Southern Energy Homes opens New Manufacturing Facility

Southern Energy Homes opens New Manufacturing Facility

Southern Energy Homes (Sehomes), a subsidiary of Clayton Homes, reports it has moved from its facility in Double Springs, Alabama and hired 270 people at its new 176,000 facility in Russellville, Ala. where it will average 1,500 manufactured homes per year. With plans to hire an additional 50-75 workers, the new plant will be equipped [...]...

29 Jul 2014

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Patrick: Sales Increase 18 Percent in Q2

Patrick: Sales Increase 18 Percent in Q2

Patrick Industries, Inc. (PATK) reports net sales for the second quarter of 2014 hit $188 million, an 18 percent increase over the same period in 2013, and net income per diluted share of $0.86 as compared to $0.70 for Q2 2013. President and CEO Todd Cleveland says manufactured housing (MH) wholesale unit shipments rose three [...]...

29 Jul 2014

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Drew Advances, Nobility Falls Back; Dow, Nasdaq, S&P 500 Slip

Drew Advances, Nobility Falls Back; Dow, Nasdaq, S&P 500 Slip

Stocks were relatively quiet in trading today as all three major indexes fell less than one half of one percent. The Dow Jones Industrial Average nudged down -70.48 points, -0.42 percent, to close at 16,912.11, while the Nasdaq slipped -2.21 points, -0.05 percent, to end at 4,442.70. The S&P 500 edged down -8.96 points, -0.45 [...]...

29 Jul 2014

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Cavco to Release First Quarter 2015 Financials

Cavco to Release First Quarter 2015 Financials

Cavco Industries, Inc. (Nasdaq:CVCO) will release its financial results for Q1 2015 on Thurs., July 31 after the close of the market, as MHProNews has learned from money.cnn.com, followed by a webcast the next day at 12:00 PM eastern time with discussion of the results led by senior management. Headquartered in Phoenix, Arizona, Cavco is [...]...

29 Jul 2014

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Pending Home Sales Drift Slightly in June

Pending Home Sales Drift Slightly in June

Following three months of gains, the National Association of Realtors (NAR) informs MHProNews the Pending Home Sales Index (PHSI) for June slipped 1.1 percent to 102.7 from 103.8 in May, and is 7.3 percent below June 2013. The average remains above 100, which is considered an average level of activity, according to worldpropertychannel.com....

29 Jul 2014

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New Modular Home Retailer opens in Far North Canada

New Modular Home Retailer opens in Far North Canada

MHProNews has learned from MyKawartha.com that the grand opening of Northern Comfort Modular Homes was held last weekend in Trout Creek, Ontario, Canada, in the northern part of the province. Joe Bennett is the owner. ## (Photo credit: marketwire.com–modular home)...

29 Jul 2014

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Skyline Spikes, LPX Drops; Dow, Nasdaq, S&P Barely Move

Skyline Spikes, LPX Drops; Dow, Nasdaq, S&P Barely Move

Mergers of two online housing data giants and two dollar store retailers did not spur stock markets in today’s trading as investors stay tuned to Q2 GDP numbers due out this week, as well as the July jobs report and news from the Federal Reserve’s policy committee meeting, also on tap for this week. The [...]...

28 Jul 2014

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Affordable Housing Shortage Contributes to Society Ills

Affordable Housing Shortage Contributes to Society Ills

A report by the non-profit Enterprise Community Partners says the lack of affordable housing is contributing to the cycle of poverty and underperformance of many Americans, according to housingwire.com. Tiffany Manuel, VP of knowledge, impact and strategy at the organization, says, “Enterprise believes stable and affordable housing is one of the m...

28 Jul 2014

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Sun Communities beat Q2 Analysts’ Estimates

Sun Communities beat Q2 Analysts’ Estimates

With revenue up 15.2 percent compared to the second quarter last year, Sun Communities, Inc. (NYSE:SUI) reports earnings per share of $0.78 beat analysts’ estimate of $0.76 by $0.02 for Q2 2014. Earnings per share for Q2 2013 were $0.69 per share, as watchlistnews.com informs MHProNews . The company’s $115.40 million revenue for the...

28 Jul 2014

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First Modular Apartment Building in Perth, Australia

First Modular Apartment Building in Perth, Australia

A six-story, 77 unit modular apartment building has been built in Perth, Australia in ten days for $22 million, according to propertyobserver.com.au. The one-and-two bedroom apartments represent a cost savings of 12 percent, with 50 percent less waste and 30 percent more energy efficiency in construction. With units starting at $335,000, Housing...

28 Jul 2014

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Clayton Subsidiary Testing Homes for Energy Efficiency

Clayton Subsidiary Testing Homes for Energy Efficiency

In an attempt to determine the most cost effective and energy efficient home, the U. S. Department of Energy (DOE) is sponsoring a performance test administered by the Systems Building Research Alliance (SBRA), using three separate test homes built by Southern Energy Homes (Sehomes), each at a different level of efficiency. The first home meets...

28 Jul 2014

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Featured Articles and Reports - July 2014 Vol. 5 No. 10

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Increase Your Exposure Online With This FREE Google Plus Authorship Plugin

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by Joe Karns By now I'm sure you already know the many benefits to running a blog strategy around your business. However, there is an easy (and FREE) way to get... Read more

MARKETING

Tattoos, Technology and Manufactured Housing Sales Growth

Tattoos, Technology and Manufactured Housing Sales Growth

by Jason Brady Before we bought out ManufacturedHomes.com – which was previously a part of SearchCore - one of the big draws for that operation was their tattoo website. Read more

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Community Management: The $20,000 Dog

Community Management:  The $20,000 Dog

by Kathleen Bianculli It’s exciting. You just purchased a manufactured home community. It has fifty (50) sites, forty eight (48) of which are occupied by home owning tenants paying $300/month... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

Same Sex Harassment in California

Same Sex Harassment in California

by William “Bill” Hart, JD In Hart King's continuing efforts to bring recent developments in California employment law to our clients who employ workers in the state, we provide this summary... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

With this ring…

With this ring…

by Nadeen Green, JD June is now just a memory as we continue into the summer of 2014 - the month often associated with weddings by which happy couples are traditionally... Read more

COMMUNITY MANAGEMENT & FAIR HOUSING (LEGAL)

Is It Really Progress? Manufactured Housing Finance, Dodd-Frank and the CFP…

Is It Really Progress? Manufactured Housing Finance, Dodd-Frank and the CFPB

by Marc Lifeset, JD The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) amended the federal Truth in Lending Act (“TILA”), directly impacting the manufactured housing industry in a... Read more

FINANCING

Why Don’t States Do More to Promote Affordable Housing?

Why Don’t States Do More to Promote Affordable Housing?

by Doug Ryan Since 2005, CFED has promoted manufactured homes as a viable housing opportunity, particularly for low- and- moderate-income families. We have focused on making manufactured housing part of the... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Following-up on Dirty Laundry

Following-up on Dirty Laundry

by Stacey Epperson Earlier this year I wrote about “Dirty Laundry,” the tendency to keep the two million pre-1976 mobile homes in the United States out of sight and out of... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

HUD Code Manufactured Homes and Attached Garages, a Regulatory Update

HUD Code Manufactured Homes and Attached Garages, a Regulatory Update

by Lois Starkey I am following up on a communication I sent to manufacturers in January regarding attached garages.  As you know, late last year it was brought to MHI’s attention... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Louisville 2015…The Road to Success

Louisville 2015…The Road to Success

by Ron Thomas, Sr. The numbers really add up. Think about all of the exciting brand new homes. Think about the 1,561 plus customers who visited in 2014. Think about the... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Time to Pull Ourselves Together

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by Bob Vahsholtz There’s work to be done. Those of us still involved in housing need to pull up our socks and get the wheels turning in the direction of industrializing... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Taking Inventory in Manufactured Home Communities Today

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by Maria Horton As we enter the second half of 2014, we find ourselves taking inventory of goals met, goals yet to be achieved and pondering our new goals for the... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Stacey Epperson, CEO of Next Step, Discusses Affordable Housing and the Ene…

Stacey Epperson, CEO of Next Step, Discusses Affordable Housing and the EnergyStar Manufactured Home Solution – Inside MH

by L. A. 'Tony' Kovach Next Step is a unique organization with a not-for-profit as well as for profit divisions. Stacey Epperson is the President and CEO of both, and she... Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Mark Belicky-Carlyle Group, Maria Horton-Newport Pacific, Frank Rolfe and m…

Mark Belicky-Carlyle Group, Maria Horton-Newport Pacific, Frank Rolfe and more at the 2014 MHI Congress and Expo

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GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

“We Need Everyone to fell like its for Everybody” - Dennis Hill video back …

“We Need Everyone to fell like its for Everybody” - Dennis Hill video back story to Tunica and the Successful Return of the Louisville Manufactured Home Show – Inside MH

by L. A. 'Tony' Kovach Every video we do brings unique insights that a motivated professional could put to work to improve their career, location, organization or investments in manufactured housing. Read more

GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

“Manufactured Housing Industry Cohesion!” - Paul Bradley, ROCUSA on Cohesio…

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GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

“...I kill politicians.” - Attorney Rick Robinson on Manufactured Housing …

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by L. A. “Tony” Kovach We enjoy doing and bringing you all of our video interviews, but some are funnier than others. Put this video with Rick Robinson, JD -Vice President... Read more

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Inside Manufactured Housing, video interview with Richard “Dick” Jennison, …

Inside Manufactured Housing, video interview with Richard “Dick” Jennison, President and CEO of MH Institute at 2014 Congress and Expo, Caesar's Palace, Las Vegas NV

by L. A. “Tony” Kovach The Manufactured Housing Institute’s (MHI) 2014 Congress and Expo was widely seen as a big success this year, and you'll hear the details of the records... Read more

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A Cup (err...glass) of Beer with...Barry Cole

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GENERAL MANUFACTURED HOUSING INDUSTRY TOPICS

Inside Manufactured Housing Video Interview: a Behind the Scenes look at t…

Inside Manufactured Housing Video Interview: a  Behind the Scenes look at the Industry with Kathleen Bianculli of  American Insurance Alliance, LLC

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Are Voluntary Sprinkler Standards Still Needed? Ask the State Executives!

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Has everyone written off new manufactured home community development outsid…

Has everyone written off new manufactured home community development outside of the Dakotas?

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Newport Pacific Regional Manager, Maria Horton, sounds off on the Professio…

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The 6 critical factors of employee performance

The 6 critical factors of employee performance

by Tim Connor, CSP During my many years of working with clients worldwide I have come to believe that there are 6 critical factors that determine employee performance and long-term organization success. Read more

MANAGEMENT

ZigOn Community Values

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by Zig Ziglar Ed Shipman is a throwback to those people who believe in free enterprise, independence, hard work, faith, commitment and responsibility. Read more

PERSONAL REFLECTIONS, MOTIVATION and INSPIRATION

Creative selling vs. same stuff, different day

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by Tim Connor, CSP Any time is a good time to sell creatively.  Uncertain economic times are an excellent time to sell creatively. And, poor economic times require that salespeople sell creatively. Read more

SALES

Upcoming Events

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MHLIVINGNEWS.COM FEATURED HOME OF THE WEEK

Classifieds

Press Releases

Mountainside Financial launches Dodd-Fra…

Mountainside Financial launches Dodd-Frank compliant non-MLO, MLO SUN Manufactured/Mobile Home Direct Loans and Refinancing

Using online articles, banner ads and video, Mountainside Financial is announcing the launch of the evolution of their direct lending platform promotion. As a division of San Antonio Credit Union (SACU), Mountainside has a unique 14 year history of making direct to consumer loans on manufactured and mobile homes. Direct loans are often done in "partnership" with brokers, communities, Realtors ®, other housing professionals and manufactured home retailers who refer consumers to them. Anthony Ducharme, Direct Channel Manager for Mountainside, explained how they created their new SUN System with Manufactured Home Professionals in mind who needed a compliant process to navigate SAFE Act and Dodd-Frank regulations enforced by the Consumer Financial Protection Bureau (CFPB). "If you've been originating your own loans, talk to us. If you want to have a legally complaint...

the MHMSM Team 08 Jul 2014 Corporate Press Releases

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Call for Nominations for the RV/MH Hall …

Call for Nominations for the RV/MH Hall of Fame Class of 2015

ELKHART, Ind., -- The RV/MH Hall of Fame Selection Committee has issued a call for nominations for the Class of 2015. Darryl Searer, Hall president, said, "The Hall welcomes nominations from all RV and manufactured housing sectors -- manufacturers, dealers, campgrounds, housing communities, suppliers, user groups, trade media, associations, etc -- for the class of 2015 and beyond. "The nomination guidelines and forms available online atwww.rvmhhalloffame.org/pages/nominations.cfm." According to the guidelines, anyone can nominate a person to the Hall of Fame that meets the eligibility requirements. The only people who may not be considered are those who currently serve on the Hall's Selection Committee. To be eligible the nominee must be, or have been, an active participant in any segment of the recreation vehicle, campground or manufactured housing industries for a minimum of 25 years....

the MHMSM Team 08 Jul 2014 Corporate Press Releases

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Southwest Region Manufactured Home Commu…

Southwest Region Manufactured Home Communities Showing Rent and Occupancy Growth, Outpacing National Average, According to JLT & Associates’ 14-Year Market Summary Report

Grand Rapids, Michigan – JLT & Associates (JLT), the nation’s #1 market research company for the manufactured housing industry, today announced a 14-year summary report of its manufactured home community rent surveys for 6 Southwest markets. Recognized as the industry standard for manufactured home community market analysis for over 20 years, JLT Rent Surveys provide detailed research and information on communities located in 72 markets throughout the United States, including the latest rent trends and statistics, marketing programs and a variety of other useful management insights. The most recent JLT Rent Surveys for the Southwest region cover 261 manufactured home communities encompassing 69,728 homesites in Albuquerque, Greater Kansas City, Greater Phoenix, Las Vegas, Tucson and Salt Lake City. This summary report is based on rent and occupancy trends from 2000 to 2014. Findings...

the MHMSM Team 01 Jul 2014 Corporate Press Releases

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RV/MH Hall of Fame 2014 Induction Dinner…

RV/MH Hall of Fame 2014 Induction Dinner Reservations Outpace Last Year's Event

ELKHART, Ind. -- The RV/MH Hall of Fame's Induction Dinner Committee Chairman Mark Wasson (BlueLinx Corporation), reports reservations for the induction dinner honoring the Class of 2014 are running significantly ahead of last year's reservations.   Wasson said, "As of June 19, more than 175 friends and family of the inductees have registered which is more than double the number of registrations for the Class of 2013 induction ceremony by the same date." This year's RV/MH Hall of Fame's annual Induction Dinner will be held on August 4, 2014, at the Hall of Fame's Event Center in Elkhart, Indiana, according to Darryl Searer, president, RV/MH Hall of Fame (Hall). According to Wasson, this year's program begins with a private cocktail party in Champion Hall from 4:00 p.m to 5:30 p.m honoring all the past inductees, board members...

the MHMSM Team 20 Jun 2014 Corporate Press Releases

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Trey Miller Tapped as Chairman of the 20…

Trey Miller Tapped as Chairman of the 2014 RV/MH Golf Classic Annual Fundraiser

ELKHART, Ind., -- Atwood Mobile Products' Aftermarket Sales Director Trey Miller has accepted the position of chairman of the 2014 RV/MH Golf Classic annual fundraiser,  according to Darryl Searer, president, RV/MH Hall of Fame (Hall). Searer said, "We are delighted that Trey has stepped up to lead our golf fundraiser.  Trey will be contacting golfers from the RV/MH industries in the coming months, and I encourage all golf enthusiasts to join us for a fun-filled day and at the same time, help support the Hall.  The Hall's 2014 Golf Classic fundraiser will start at 7 a.m. on Monday, August 4, 2014, with a full breakfast followed by a shotgun start at 8:30 a.m. at the Bent Oak Golf Club in Elkhart.  The awards luncheon begins immediately following the golf tournament. Individuals can sign up as a...

the MHMSM Team 20 May 2014 Corporate Press Releases

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Senate Banking Committee Approves GSE Re…

Senate Banking Committee Approves GSE Reform Bill

On May 15th, the Senate Banking Committee approved legislation (currently unnumbered) on a 13-9 vote that would eliminate Fannie Mae, Freddie Mac and overhaul the nation's secondary housing finance market. The bill, authored by Chairman Tim Johnson (D-SD) and ranking member Mike Crapo (R-ID), now moves to the full Senate. A floor vote this year appears unlikely after several key Democrats on the panel voted against the plan out of concern that it goes too far in eliminating the current system and does not do enough to preserve affordable housing finance options. The bill expands on legislation introduced last year by Sens. Bob Corker (R-TN) and Mark Warner (D-VA) and replaces Fannie Mae and Freddie Mac with a system where the government would explicitly guarantee big losses in the housing market but...

the MHMSM Team 16 May 2014 Corporate Press Releases

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