{"id":3037,"date":"2017-10-11T13:43:07","date_gmt":"2017-10-11T18:43:07","guid":{"rendered":"http:\/\/www.manufacturedhomepronews.com\/industryvoices\/?p=3037"},"modified":"2019-07-16T12:01:19","modified_gmt":"2019-07-16T17:01:19","slug":"mhc-pro-paul-bradley-sounds-off-on-new-loan-program-for-manufactured-home-owners","status":"publish","type":"post","link":"https:\/\/www.manufacturedhomepronews.com\/industryvoices\/mhc-pro-paul-bradley-sounds-off-on-new-loan-program-for-manufactured-home-owners\/","title":{"rendered":"MHC Pro, Paul Bradley, Sounds-Off on New Loan Program for Manufactured Home Owners"},"content":{"rendered":"

Hi Tony,<\/p>\n

Great announcement<\/a><\/strong>, huh?\u00a0 Here\u2019s my take and on-the-record comments:<\/p>\n

First, understand that MH in land lease communities in NH is titled as real estate.\u00a0 Hence, a lender makes a mortgage loan even if they\u2019re financing only the home. Such a mortgage does not include the land and does not disrupt the underlying commercial financing.<\/p>\n

Second, Fannie Mae began approving ROCs in 2008 for home only mortgage financing.\u00a0 Unfortunately, soon after, the PMI companies left the market (due to the recession and problems in the residential mortgage market broadly) so the program languished with just 10 ROCs and two local banks for nearly a decade.<\/p>\n

Last week\u2019s announcement brings new life to this program.\u00a0 The NHHFA<\/a> will empower its originating lenders to originate residential mortgage loans for homes in ROCs and in turn sell those mortgages to Fannie Mae.\u00a0 This will make long-term, fixed rate residential loans available on homes in ROCs.\u00a0 With PMI, borrowers can pull down 95% LTV loans.\u00a0 It\u2019s how the mortgage market works.<\/p>\n

\"PaulBradleyDutyToServeDTSChattelLendingManufacturedHousingIndustryHomesFannieMaeFHFAIndustryVoicesMHProNews\"<\/p>\n

 <\/p>\n

Now, two things:<\/p>\n

    \n
  1. This is the very construct that land lease owners could establish.\u00a0 In fact, it\u2019s what Freddie Mac went to market with in the mid-2000s with a leasehold loan product that required titling as real estate.\u00a0 Several states created an \u201copt in\u201d real estate titling law for MH to take advantage of the program.\u00a0 And, since, the Uniform Law Commission passed an opt in titling law for states to adopt.\u00a0 It\u2019s all in waiting.<\/li>\n<\/ol>\n

     <\/p>\n

      \n
    1. Residential mortgage loans will carry longer terms and lower interest rates than chattel even if the GSEs enter the chattel market with pilots next year.\u00a0 That\u2019s because mortgage loans are going into existing and very large securities. \u00a0Chattel will have a different securitization path.<\/li>\n<\/ol>\n

      So, as I\u2019ve said in several industry talks I\u2019ve given on the subject, there are parallels to what we\u2019re doing for industry players interested in providing long-term secure homeownership opportunities.<\/p>\n

      Further, if a community owner is interested in selling and seeing their legacy continued with innovation like this, they should consider a sale to the residents.\u00a0 We can help with that and enroll these communities in forward looking, transformative work like this HFA and Fannie Mae financing program.<\/p>\n

      We\u2019re building a national network on the principle of security for homeowners, and it\u2019s working!\u00a0 Work for you?<\/p>\n

      Thanks.<\/p>\n

      \"PaulBradleyROCUSA-postedMHProNews-com-75x91-\"<\/p>\n

      Paul Bradley
      \nPresident, ROC USA<\/p>\n","protected":false},"excerpt":{"rendered":"

      Hi Tony, Great announcement, huh?\u00a0 Here\u2019s my take and on-the-record comments: First, understand that MH in land lease communities in NH is titled as real …<\/p>\n

      MHC Pro, Paul Bradley, Sounds-Off on New Loan Program for Manufactured Home Owners<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":3,"featured_media":3039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[2176,2175,2178,2286,2188,2189,2455],"tags":[],"yoast_head":"\nMHC Pro, Paul Bradley, Sounds-Off on New Loan Program for Manufactured Home Owners | Industry Voices<\/title>\n<meta name=\"description\" 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