The Texas Manufactured Housing Association (TMHA) reminds MHProNews that the new appraisal disclosure rules go into effect on July 18, 2015. The rules apply to those homes that go beyond QM status limits set by the Consumer Financial Protection Bureau (CFPB) regulations.
DataComp and NADA are going to be the likely vendors of choice, both of which have been working for well over a year to have systems in place that can support the value of homes being sold using personal property loans by MH retailers and communities.
TMHA members are among those who are ‘nervous’ about how well the new systems being imposed by federal fiat will support the sale prices on new manufactured homes. The service providers tell MHProNews that ‘most’ sales, perhaps north of 90% on test cases, will be okay. While encouraging, that also clearly implies that there will be sales that could be lost due to the newly impossed rules.
MHProNews’ Featured Articles in the upcoming July issue will cover the appraisal rule topic from different lender’s viewpoints. The new July Featured Articles are scheduled to go live on the MHProNews home page, found under the Daily Business News module, Wednesday evening, July 1, 2015. ##
(Image credits: Consumer Financial Protection Bureau logo – CFPB; graphic credit – MHProNews ©)