{"id":713,"date":"2010-07-28T18:21:07","date_gmt":"2010-07-28T23:21:07","guid":{"rendered":"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/?p=713"},"modified":"2010-08-15T11:37:10","modified_gmt":"2010-08-15T16:37:10","slug":"all-about-manufactured-home-financing-updates","status":"publish","type":"post","link":"https:\/\/www.manufacturedhomepronews.com\/masthead\/all-about-manufactured-home-financing-updates\/","title":{"rendered":"All about Manufactured Home Financing Updates!"},"content":{"rendered":"<p>This will be a lengthy report, so let&#8217;s do a quick executive summary of the points to be covered:<\/p><div id=\"manuf-2752415532\" class=\"manuf-content manuf-entity-placement\"><script async src=\"\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3870480136270376\" crossorigin=\"anonymous\"><\/script><ins class=\"adsbygoogle\" style=\"display:block;\" data-ad-client=\"ca-pub-3870480136270376\" \ndata-ad-slot=\"\" \ndata-ad-format=\"auto\"><\/ins>\n<script> \n(adsbygoogle = window.adsbygoogle || []).push({}); \n<\/script>\n<\/div>\n<ol>\n<li>FHFA Comments follow up.<\/li>\n<li>Congressman Walter Jones review<\/li>\n<li>MHI Summer Meeting Report on the Washington,  D.C. Finance Meeting with Gov&#8217;t Officials and Industry Players.\u00a0 This may be the most important depth &#8211; eye witness &#8211; report on this topic you will find.<\/li>\n<\/ol>\n<p>With those points made, let&#8217;s get started.<\/p>\n<p><strong> 1. FHFA Comments follow up.<\/strong><\/p>\n<p>Let\u2019s begin today with a brief note of thanks to all who sent messages last week to FHFA and to your Congressional representative and Senators. \u00a0What is the outcome?\u00a0 Time will tell, but let me share what is known at this point.<\/p>\n<p>As of 4:52 AM on 7\/28\/2010, there are exactly 140 posted comments on the <a href=\"http:\/\/www.fhfa.gov\/webfiles\/15828\/75_FR_32099_June_7_2010.pdf\">Enterprise Duty to Serve Underserved Markets (75 FR 32099)<\/a> Notice of Proposed Rulemaking.\u00a0 As their site shows, these are comments posted to 7\/20\/2010.\u00a0 By 1:47 PM on 7?28\/2010 those numbers had grown to 216.\u00a0 All of these results were for comemnts sent to 7\/20\/2010.\u00a0 Here we are 8 days later, and there were 2 more days of comments.\u00a0 What happened those last few days before the comments cutoff?<\/p>\n<p>We hope to verify this soon, but one reliable source tells us that &#8216;thousands&#8217; responded to this industry wide call for action! We are also told that the FHFA&#8217;s system of online reporting got swamped and they couldn&#8217;t keep up with posting the follow-up messages from good people like YOU who want real Financing for the MH Industry!\u00a0 If that report is accurate, that could lead to good news indeed for all involved.\u00a0\u00a0 Learn more here at MHMSM.com as the facts develop.<\/p>\n<p>Presuming this report is accurate, that means that many Industry professionals \u2013 and customers of our industry?! \u2013 took the time and effort to make the needs known loud and clear in Washington,  D.C..<\/p>\n<p>This effort \u2018started\u2019 publicly with a call from <a href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/mharr-comments-on-grossly-inadequate-dts-rule\" target=\"_blank\">MHARR<\/a>, followed by a series of \u2018call to action\u2019 messages from <a href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/action-alert-action-needed-by-72210\/\" target=\"_blank\">MHI<\/a>, all of which were reported here in complete detail at <a href=\"http:\/\/MHMSM.com\" target=\"_blank\">MHMSM.com<\/a>.<\/p>\n<p>Many state associations, individuals and businesses had their own initiatives to \u2018rally comments for financing\u2019 \u2013 I\u2019d like to note <a href=\" http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/gses-duty-to-serve\/  \" target=\"_blank\">Greg O\u2019Berry<\/a> from Hometown America and also <a href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/it-is-time-to-stand-up-and-be-counted\" target=\"_blank\">Ken Rishel<\/a> of Precision Financial\/Chattel Finance News for their respective efforts.\u00a0 Our team and I at <a href=\"http:\/\/www.MHMSM.com\" target=\"_blank\">MHMSM.com<\/a> personally took to the time to write, and many of us made group and individual efforts to encourage our circles of influence to act.\u00a0 The bottom line is, that if this effort indeed rallied \u2018thousands\u2019 of comments, there are many, many leaders who can share in the credit for this accomplishment.<\/p>\n<p>All of this was covered and encouraged right here at your pro-Industry media source, MHMSM.com, in podcasts and in writing online.<\/p>\n<p>So while this is still a work in progress, the government offices are bound to have taken note of this outpouring during an election year.\u00a0 Those on Capital Hill likely got a similar message.\u00a0 Government action is rarely an overnight event, but all of this brooks well for enhanced financing options for our Industry in the months ahead.<\/p>\n<p>We at MHMSM.com will keep you abreast of all these events and others that are taking place in our Industry.<\/p>\n<p>To all who picked up phones, sent comments and messages, contacted FHFA\/Congress\/Senators, kudos and thanks! \u00a0I am confident such efforts help make a difference. \u00a0Hats off!! \u00a0:-)<\/p>\n<p>As a closing thought, while the comments period has closed, there is absolutely nothing to keep those who haven&#8217;t written in from doing so.\u00a0 While they are not &#8216;official&#8217; comments, they are still comments that will be noted by FHFA officials.\u00a0 I&#8217;d also strongly encourage all those who haven&#8217;t written their Congressional representative and Senators to do so.\u00a0 There is no time limit on contacting them.\u00a0 The more they hear from the rank and file to management up to the executive suites of our Industry, the more likely we are going to get the financing we need and deserve.\u00a0 Sound off.<\/p>\n<p>Here is a link to contact your congressional representative and Senators. <strong> <\/strong><\/p>\n<p><strong>2. <\/strong><strong> <\/strong><\/p>\n<p><strong>Congressman Walter Jones review<\/strong><\/p>\n<p>In last week&#8217;s <strong>exclusive <em>Industry In Focus<\/em> interview<\/strong>, the <a href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/an-mhmsm-com-industry-in-focus-interview-report-with-the-honorable-congressman-walter-jones-r-nc3\/\" target=\"_blank\">Honorable Congressman Walter Jones<\/a> made many important points about the Safe Act, financing, his positive impressions of manufactured housing today and more.\u00a0 One of those more items was his clear message to encourage the very types of engaged efforts we just reported to you above.\u00a0 \u201cEducate and Engage\u201d might have been one summary from this interview, it is worth your time to revisit this and share the link with those in your circle of influence.<\/p>\n<p>Link to Congressman Jones <strong><em>Industry In Focus Report:<\/em><\/strong><\/p>\n<p><a href=\"..\/..\/industryvoices\/an-mhmsm-com-industry-in-focus-interview-report-with-the-honorable-congressman-walter-jones-r-nc3\/\" target=\"_blank\">http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/industryvoices\/an-mhmsm-com-industry-in-focus-interview-report-with-the-honorable-congressman-walter-jones-r-nc3\/<\/a><\/p>\n<p><strong><em> <\/em><\/strong><\/p>\n<p><strong>3.<\/strong><\/p>\n<p><strong>Financial Summit, Part 2, held at MHI Summer Meeting.<\/strong><\/p>\n<figure id=\"attachment_714\" aria-describedby=\"caption-attachment-714\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-714\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/finance_summit_at_mhi_summer_meeting_2010-07-28_1420\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-medium wp-image-714\" title=\"Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420-450x221.png\" alt=\"Finance_Summit_at_MHI_Summer_Meeting_2010-07\" width=\"450\" height=\"221\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420-450x221.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420-125x61.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420-1024x505.png 1024w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1420.png 1253w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-714\" class=\"wp-caption-text\">Finance_Summit_at_MHI_Summer_Meeting_2010-07<\/figcaption><\/figure>\n<p><strong>3. MHI Summer Meeting Report on the Washington, D.C. Finance Meeting with Gov&#8217;t Officials and Industry Players<\/strong><\/p>\n<p>After the Elkhart  IN meeting last June 2, 2010, many voices in the Industry opined that the Congressman Joe Donnelly backed finance initiative was a start, but needed much more work.\u00a0 Many called for a follow up to get deeper into the nitty gritty of the various issues.<\/p>\n<p>That nitty gritty follow up took place Thursday, July 15 as the last &#8211; and key component \u2013 of the MHI Summer Meeting in Washington, DC&#8217;s L&#8217;Enfant Hotel.<\/p>\n<p>The Financial Summit, Part 2 meeting was an hour and 47 minutes of discussions with officials from government agencies representing the FHFA and HUD, and industry leaders from lending, manufacturing, land lease community operations who are doing in house chattel financing, retailing and MHI staff. As an MHI member, I was invited for\u00a0 <a href=\"http:\/\/www.MHMSM.com\" target=\"_blank\">MHMSM.com<\/a>, so that you could get the feel for this critical confab provided below.<\/p>\n<p>It is not my intention to parse this meeting or \u2018rate it.\u2019\u00a0 I do want to commend all who made this happen, as the need is clearly great and because the lag time between the June 2 Elkhart MH Financial Summit and this meeting was relatively short.<\/p>\n<p>What will follow are refinements from notes taken regarding points discussed.\u00a0 This will flow as the meeting itself flowed, so you will have more of a ring side seat to what took place.\u00a0 As the meeting lasted close to 2 hours, a long narrative follows.<\/p>\n<figure id=\"attachment_715\" aria-describedby=\"caption-attachment-715\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-715\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/finance_summit_at_mhi_summer_meeting_2010-07-28_1421\/\"><img decoding=\"async\" class=\"size-medium wp-image-715\" title=\"Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1421\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1421-450x291.png\" alt=\"Finance_Summit_at_MHI_Summer_Meeting_2010-07\" width=\"450\" height=\"291\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1421-450x291.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1421-125x80.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI_Summer_Meeting_2010-07-28_1421.png 822w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-715\" class=\"wp-caption-text\">Vicki Bott and Dick Ernst at Finance_Summit_at_MHI_Summer_Meeting_2010-07<\/figcaption><\/figure>\n<p>Vicki B. Bott, Deputy Assistant Secretary HUD sat at the \u2018head\u2019 of the rectangular configuration of tables, along side Finmark Marketing Associates&#8217; Richard \u201cDick\u201d Ernst.<\/p>\n<p>Ernst reminded all that the parties were not meeting with any intent or purpose to violate anti-trust laws.<\/p>\n<p>The meeting, I\u2019m told, was requested by David H. Stevens, Assistant Secretary for Housing and Commissioner for <strong>FHFA<\/strong>.\u00a0 I\u2019d like to note here my thanks to Ken Rishel, who provided a number of his own insights about the event, which he attended.<\/p>\n<figure id=\"attachment_716\" aria-describedby=\"caption-attachment-716\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-716\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/mhi_summer_meeting_-_finance_summit_with_govt_and_industry_leaders_-_2010-07-28_1418\/\"><img decoding=\"async\" class=\"size-medium wp-image-716\" title=\"MHI_Summer_Meeting_-_Finance_Summit_with_Gov't_and_Industry_leaders_-_2010-07-28_1418\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/MHI_Summer_Meeting_-_Finance_Summit_with_Govt_and_Industry_leaders_-_2010-07-28_1418-450x210.png\" alt=\"MHI_Summer_Meeting_-_Finance_Summit_with_Gov't_and_Industry_leaders_-_2010-07\" width=\"450\" height=\"210\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHI_Summer_Meeting_-_Finance_Summit_with_Govt_and_Industry_leaders_-_2010-07-28_1418-450x210.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHI_Summer_Meeting_-_Finance_Summit_with_Govt_and_Industry_leaders_-_2010-07-28_1418-125x58.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHI_Summer_Meeting_-_Finance_Summit_with_Govt_and_Industry_leaders_-_2010-07-28_1418-1024x478.png 1024w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHI_Summer_Meeting_-_Finance_Summit_with_Govt_and_Industry_leaders_-_2010-07-28_1418.png 1326w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-716\" class=\"wp-caption-text\">MHI_Summer_Meeting_-_Finance_Summit_with_Gov&#39;t_and_Industry_leaders_-_2010-07<\/figcaption><\/figure>\n<p>After that introduction, the discussion rapidly moved to specifics about how industry lenders and manufactured housing land lease community operators handle repossessions, obviously with the idea of helping the FHFA craft a program that will yield long term loan performance.<\/p>\n<p>The first specifics discussed included such points as:<\/p>\n<ol>\n<li>Selling an asset (manufactured home in repossession) wholesale vs. retail.<\/li>\n<li>What are the real loses per unit sold<\/li>\n<li>How an issuer needs assets<\/li>\n<li>How does chattel move through the pipeline from repossession to resale?\u00a0 How difficult, intensive and expensive is it?<\/li>\n<\/ol>\n<p>A FHFA official asked, what can make the loan more secure? More down payment?<\/p>\n<p>The reply came back that it is <em>\u2018the survivors who are in the room.\u2019 <\/em>The problems of the past were caused by people who are gone, the bad apples have left.\u00a0 Then the statement reply was completed with the notion that of course, down payment does matter.<\/p>\n<p>Another industry veteran pointed out the importance of staying on top of (collections), and that they viewed their collectors as truly being <em>\u2018financial counselors.\u2019 <\/em> It was a proven fact that rapid and early intervention by such counselors could keep a loan from going into default.<\/p>\n<p>Anyone below a 580 credit score is 10% down.\u00a0 Another voice concurred, <em>\u201cI would endorse that call.\u201d <\/em>In addition, the statement was made that they should add 100 to 125 basis points to their loans, as it is that service intensive.<\/p>\n<p>Loss mitigation was the next topic.<\/p>\n<figure id=\"attachment_717\" aria-describedby=\"caption-attachment-717\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-717\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/financial_summit_mhi__summer_mtg_2010-07-28_1429\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-717\" title=\"Financial_Summit,_MHI__Summer_Mtg_2010-07-28_1429\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_1429-450x334.png\" alt=\"Financial_Summit,_MHI__Summer_Mtg_2010-07-\" width=\"450\" height=\"334\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_1429-450x334.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_1429-125x93.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_1429.png 821w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-717\" class=\"wp-caption-text\">Financial_Summit,_MHI__Summer_Mtg_2010-07-all photos by Tony Kovach<\/figcaption><\/figure>\n<p>Put the onus on lenders immediately. The earlier you catch it, the more successful you are going to be (meaning, at catching and saving a delinquency). Treat Title II and Title I\u00a0 clients the same as conventional mortgage customers.<\/p>\n<p>For loans underwritten at Triad Financial, 100% phone audits are done on all closings.\u00a0 In addition, there is another 15% random audits by an outside contractor.<\/p>\n<p>The statement was made the one should never get away from \u201cfull docs.\u201d\u00a0 <em>\u201cWe did that 10 years ago,\u201d <\/em>while the conventional housing mortgage industry moved away from that, in what was part of the problem in the recent mortgage\/banking crisis for stick built homes.<\/p>\n<p>The question was asked by HUD&#8217;s Bott, &#8220;<em>What is the most typical fraud?\u201d<\/em> The reply, was \u201c<em>Falsified down payments and undisclosed buy fors.\u201d <\/em> What is a buy for?\u00a0 When a relative or friend makes the loan for a third person, came the answer, and you wouldn\u2019t see that on Title II. The implication was that it could occur on Title I lending, if caution and preventative steps aren\u2019t in place.<\/p>\n<p>Verifications are permanent, debt to income.\u00a0 620 score on Title II.\u00a0 There is plenty of data to share so we can all know what performs at what level.<\/p>\n<p>Paul Nichols with Vanderbilt Mortgage and Finance said, <em>\u2018We\u2019ve got good rate on Title I loans.\u2019<\/em><\/p>\n<p>Another voice commented that the down payment assistance on Title II allowed them to pull out data (on performance).<\/p>\n<p>DTI (debt to income) are straight per \u2018<em>the regs.\u2019 <\/em> The comment was made that <em>\u2018Rural placement impacts loss severity.\u2019<\/em> Bott with HUD was asked, do you look at data that way? How does USDA portfolio stack up?\u00a0 Vicki said that the USDA performs better.<\/p>\n<p>This was followed by an observation that loans should be compared \u2018rural to rural and urban to urban, when making comparisons and measuring loss severity.<\/p>\n<p>Assure is it location vs. property type.\u00a0 Compare down payment vs. delinquency rate, and credit scores vs delinquency rates, for example 580s vs. 620s.<\/p>\n<p>The statement was made that USDA program (overall) has a lower level of delinquency than FHFA \u2013 even though there is no min credit score USDA, and you can roll in the closing costs.<\/p>\n<figure id=\"attachment_718\" aria-describedby=\"caption-attachment-718\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-718\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/finance_summit_at_mhi__summer_meeting_2010-07-28_1422\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-718\" title=\"Finance_Summit_at_MHI__Summer_Meeting_2010-07-28_1422\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI__Summer_Meeting_2010-07-28_1422-450x306.png\" alt=\"Finance_Summit_at_MHI__Summer_Meeting_2010-07\" width=\"450\" height=\"306\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI__Summer_Meeting_2010-07-28_1422-450x306.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI__Summer_Meeting_2010-07-28_1422-125x85.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Finance_Summit_at_MHI__Summer_Meeting_2010-07-28_1422.png 820w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-718\" class=\"wp-caption-text\">Finance_Summit_at_MHI__Summer_Meeting_2010-07<\/figcaption><\/figure>\n<p>Greg O\u2019Berry from Hometown America said that manufactured housing land lease community operators are\u00a0 <em>\u201cNot afraid of\u00a0 the issues.\u201d <\/em> The reason for this is because, we are <em>\u201cVery close to our customers when they go delinquent.\u201d <\/em> In their program, they only make fixed rate loans.\u00a0 They have a 580 credit score cut off.<\/p>\n<p>O\u2019Berry also said they are licensed\u00a0 under the Safe Act, have a portfolio of 250M in loans, with some 5000 loans outstanding.<\/p>\n<figure id=\"attachment_728\" aria-describedby=\"caption-attachment-728\" style=\"width: 322px\" class=\"wp-caption alignright\"><a rel=\"attachment wp-att-728\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/mhr_with_huds_liz_cocke_2010-07-28_1424\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-728\" title=\"MHI's Lois Starkey_with_HUD's_Liz_Cocke_2010-07-28_1424\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/MHR_with_HUDs_Liz_Cocke_2010-07-28_1424.png\" alt=\"Lois Stark - right - with HUD's Liz Cocke, who has 3 copies of the Manufactured Housing Revolution\" width=\"322\" height=\"427\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHR_with_HUDs_Liz_Cocke_2010-07-28_1424.png 322w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/MHR_with_HUDs_Liz_Cocke_2010-07-28_1424-94x125.png 94w\" sizes=\"(max-width: 322px) 100vw, 322px\" \/><\/a><figcaption id=\"caption-attachment-728\" class=\"wp-caption-text\">Lois Starkey - right - with HUD&#39;s Liz Cocke, who has 3 copies of the new MHMSM.com book, the Manufactured Housing Revolution.<\/figcaption><\/figure>\n<p>Some of the elements of underwriting included:<\/p>\n<ul>\n<li>Centralized      underwriting functions<\/li>\n<li>Loan      origination outsourced<\/li>\n<li>People      on site fill out ap \u2013 send the ap \u2013 self service<\/li>\n<\/ul>\n<figure id=\"attachment_719\" aria-describedby=\"caption-attachment-719\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-719\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/financial_summit_mhi__summer_mtg_2010-07-28_1429-2\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-719\" title=\"Financial_Summit,_MHI__Summer_Mtg_2010-07-28_1429\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_14291-450x334.png\" alt=\"Financial_Summit,_MHI__Summer_Mtg_2010-07\" width=\"450\" height=\"334\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_14291-450x334.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_14291-125x93.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI__Summer_Mtg_2010-07-28_14291.png 821w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-719\" class=\"wp-caption-text\">Financial_Summit,_MHI__Summer_Mtg_2010-07<\/figcaption><\/figure>\n<p>David Lentz from American Land Lease (Green Courte Partners) stated they used an outsource servicer, they are a community owner and lender too.\u00a0 One key noted was to get involved on the delinquency early and to monitor the collateral closely, which is readily done in a manufactured home land lease community setting.<\/p>\n<p>Kevin Clayton stated that they had <em>\u2018no incentive to move to a particular lender.\u2019<\/em><\/p>\n<p>Tim Williams with 21<sup>st<\/sup> Mortgage stated that when <em>\u201cRepo time,\u201d<\/em> came, people <em>\u201cgenerally abandon house.\u201d <\/em> Once they are <em>\u201c60 days behind, they walk away\u2026Our debtor has moved on, found another place to live, because they couldn\u2019t keep house.\u201d<\/em><\/p>\n<p>The question was asked, how long does the foreclosure cycle take?<\/p>\n<p>The reply was, in some states faster, in others slower.<\/p>\n<p>Average delinquency 60 days on repos, with loss mitigation being doable in a manufactured housing community. There is no 12-18 months to obtain your collateral in the MH industry, as compared to what might take place with conventional housing and mortgages.<\/p>\n<p>What causes are the typical causes for repossessions?<\/p>\n<p>David Lentz: <em>\u201cJust know, you just know, personal: divorce, job loss, etc.\u201d <\/em> Knowing what is happening in your community helps mitigate losses.<\/p>\n<p>Another observed that when you lend to lower standards, those lending their own dollars have a definable risk.<\/p>\n<p>Lending can contain or mitigate risk, higher frequency of repo, but good loss mitigation<\/p>\n<p>Keeps it significantly less expensive.<\/p>\n<p>FHFA should allow, if possible, to keep the home on its current site.<\/p>\n<p>Greg O\u2019Berry said that at Hometown America, a repo resold and was income generating again generally within 6 months.<\/p>\n<p>Vicki Bott: <em>\u2018So it is more like a condo, it depends on how well community operates\u2026&#8217; <\/em> to which David Lentz replied, <em>\u201cIt is our product.\u201d<\/em><\/p>\n<p>The tongue in cheek statement was mad that the trends were stable for those in the room without <em>\u201cBerkshire Hathaway money,<\/em>\u201d which was met with a warm round of laughter.<\/p>\n<p>Dick Ernst:\u00a0 Private investors and community banks, like 680 to 700 scores.<\/p>\n<p>But the heart of our industry\u2019s business is the 620-680 customer.\u00a0 That risk can still be managed. <em>\u201cThis is where FHFA can help.\u201d<\/em><\/p>\n<p>Bott replied: FHA wants some of the TOP part, not just the bottom, of the credit profile.\u00a0 They want the bell curved shared shared out FHA Title I loans.<\/p>\n<p>Paul Nichols with Vanderbilt stated that, <em>\u201cTim (Williams, 21<sup>st<\/sup> Mortage) and I are full spectrum credit buyers, buy it right, price it right. 100% recourse.\u2019<\/em><\/p>\n<p>The comment was made that on private property setting, that the <em>\u201cprivate site cert is an aggravation for retailers, and ads no value at all.\u201d<\/em><\/p>\n<p>The observation was made that on the retailing side, home centers get customers \u2013 Title I and GNMA \u2013 offers great interest rate, sales center reps go to that of course.<\/p>\n<p>Raising loan limits (on Title I) helped.\u00a0 Parts of program don\u2019t help customer of performance.\u00a0 It was noted that:<\/p>\n<ul>\n<li>Get      opposite of adverse selection.<\/li>\n<li>Get a      building\u00a0 permit \u2013 good proof.<\/li>\n<\/ul>\n<p>Limit on land home for Title I were still an issue.\u00a0 Land &amp; site with only $20,000 for the property and improvements usually meant it wasn\u2019t as desirable a site, since you could easily invest 10-15k for a well and septic.<\/p>\n<figure id=\"attachment_720\" aria-describedby=\"caption-attachment-720\" style=\"width: 450px\" class=\"wp-caption aligncenter\"><a rel=\"attachment wp-att-720\" href=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/all-about-manufactured-home-financing-updates\/financial_summit_mhi_summer_mtg-_2010-07-28_1428\/\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-720\" title=\"Financial_Summit,_MHI_Summer_Mtg._2010-07-28_1428\" src=\"http:\/\/www.mhmarketingsalesmanagement.com\/blogs\/tonykovach\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI_Summer_Mtg._2010-07-28_1428-450x334.png\" alt=\"Financial_Summit_MHI_Summer_Mtg._2010-07\" width=\"450\" height=\"334\" srcset=\"https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI_Summer_Mtg._2010-07-28_1428-450x334.png 450w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI_Summer_Mtg._2010-07-28_1428-125x92.png 125w, https:\/\/www.manufacturedhomepronews.com\/masthead\/wp-content\/uploads\/2010\/07\/Financial_Summit_MHI_Summer_Mtg._2010-07-28_1428.png 826w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/><\/a><figcaption id=\"caption-attachment-720\" class=\"wp-caption-text\">Financial_Summit_MHI_Summer_Mtg._2010-07<\/figcaption><\/figure>\n<p>Kevin Clayton noted that many customers want 5\/12 roof pitch and such aesthetics.<\/p>\n<p>Another pointed out that most retailers are survivors too.\u00a0 They tended to be strict, work with better customers, went for the best financing, the simplest loan, lower rates and stay away from \u201conerous stuff.\u201d<\/p>\n<p>Joseph H. Stegmayer,<em> <\/em>the Chairman, President and Chief Executive Officer of Cavco<em> <\/em>Industries, Inc. said that it was important to service the home after the sale.<\/p>\n<p>The \u2018<em>Manufacturers must stand behind product, that\u2019s beneficial to consumer and lender, and it has actually occurred, that&#8217;s not a marketing pitch.\u2019<\/em><\/p>\n<p>A number of rapid and generic observations followed from various participants.\u00a0 Among them were:<\/p>\n<ul>\n<li>Conventional      financing?\u00a0 There is no mortgage      insurance.<\/li>\n<li>If you      make a request for bottom 25% that is what you will get.<\/li>\n<li>Appraisals      require 2 Manufactured home (comps), but the lender may layer on      requirements beyond (gov\u2019t) minimums.<\/li>\n<li>Manufactured      home values were a topic, with a lender stating that \u201cAs bank, I\u2019m getting      resistance to appraisals.\u201d<\/li>\n<li>Title      II with good customers could get appraisals.<\/li>\n<li>Under      Title I, the<em> \u201cAdvance calculation method works pretty well.\u201d<\/em><\/li>\n<li>One      issue in rural settings was getting 3 comps.\u00a0 Even if you get them, in the country,      you may have one property with \u00bd acre while another has 25 acres.<\/li>\n<\/ul>\n<p>Vanderbilt and 21<sup>st<\/sup> Mortgage observed that when it came to dealing with repossessions, they typically wholesale.\u00a0 They have a list of buyers, website, marketing group, hot list of community owners and retailers. Park owners tend to buy the homes, which are often in a land lease community already.<\/p>\n<p>While you may be able to sell a repossession for more at retail, when you sell it where it sits, what you do is the math.<\/p>\n<p>An example was given where a home would wholesale for $35,000.\u00a0 The same home might retail for $50,000, but if it costs you $15,000 to get it ready, plus the time, hassles and unknowns, you as a lender may be better of wholesaling the home.<\/p>\n<p>Another point was made that the quality of customer is better for retail vs. wholesale.<\/p>\n<p>Bart Mize, with 21st Mortgage, stated that a common ratio might be to wholesale 65% vs. 35% retailed.\u00a0 The cost to physically pick up a repossessions was a factor, when $1000 might be allowed for moving, while the actual cost could more like $3000-$4000.<\/p>\n<p>The observation was made that the last thing you (FHA) need is undisciplined lender.\u00a0 Wholesaling is a known risk, retailing had more variables and thus was a greater potential risk in handling a repossession.<\/p>\n<p>Bidder buys as is where is, given a 10% commission when retailing it.\u00a0 The <em>\u2018numbers tell you what path to take,\u2019<\/em> be it wholesale or retail.<\/p>\n<p>In discussing scenarios, the requirement for the program as proposed of $10 million dollars plus an additional 10% <em>\u2018Is an over-reach.\u2019<\/em><\/p>\n<p>In discussing how credit files are viewed, some of the following points were made:<\/p>\n<ul>\n<li>Medical      collections, let those go.<\/li>\n<li>\u201cThin      files\u201d \u2013 credit files with not enough to trigger some FICO, tended to      perform reasonable well, better than loans with scores under 600.<\/li>\n<li>7-10%      of loans have no credit score.\u00a0 Have      some credit, but not enough to generate a score.<\/li>\n<li>On      such files, they often asked for more than 5% DP, depending on job time.<\/li>\n<li>Typically      lend to those with some type of credit history.<\/li>\n<\/ul>\n<p>Regarding titling, the statement was made that they should just do title work in house, educate title contract issues.\u00a0 There was some interest in the idea of coming up with a national titling department, with the suggestion of <em>\u2018working with Thayer (Long of MHI) on the claim side.\u2019 <\/em><\/p>\n<p>The meeting drew to a close with a number of general comments, such as:<\/p>\n<ul>\n<li>comments      about using online systems for appraisals,<\/li>\n<li>the      use of the NADA book in given scenarios<\/li>\n<li>Land      Home\u2019s Tony Wicke saying that it may take 1 to 5 weeks for \u2018FHA to get out      there.\u2019<\/li>\n<li>21<sup>st<\/sup> and VMF noted that some areas have no appraisals for home, lenders input      good , use NADA book value in a timely fashion<\/li>\n<li>Inspection      delays could be addressed with online systems, getting a copy of data      plate or HUD # which is \u2018pretty fool proof, and doing what we do on      conventional side.\u2019<\/li>\n<\/ul>\n<p>Vicki Bott thanked everyone for attending, as they were \u2018about out of time.\u2019 # #<\/p>\n<p>L. A. \u2018Tony\u2019 Kovach<\/p>\n<p><a href=\"..\/..\/..\/\">www.MHMarketingSalesManagement.com<\/a> or <a href=\"http:\/\/www.mhmsm.com\/\">www.MHMSM.com<\/a><\/p>\n<p><a href=\"mailto:tony@mhmsm.com\">tony@mhmsm.com<\/a><\/p>\n<p>847-730-3692<\/p>\n<p><strong><em> <\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>All about Manufactured Home Financing Updates!<\/p>\n<p>This will be a lengthy report, so let&#8217;s do a quick executive summary of the points to be covered:<\/p>\n<p>   1. FHFA Comments follow up.<br \/>\n   2. Congressman Walter Jones review<br \/>\n   3. MHI Summer Meeting Report on the Washington, D.C. Finance Meeting with Gov&#8217;t Officials and Industry Players<\/p>\n","protected":false},"author":3,"featured_media":0,"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-banner-title-visibility":"","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":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"categories":[5073],"tags":[403,399,386,396,395,397,387,402,389,388,390,404,391,393,392,401,98,400,398,394,28],"class_list":["post-713","post","type-post","status-publish","format-standard","hentry","category-news-analysis","tag-bart-mize","tag-berkshire-hathaway-dick-ernst-finmark-joseph-h-stegmayer","tag-congressman-joe-donnelly","tag-david-h-stevens-assistant-secretary-for-housing-and-commissioner-for-fha-industry-in-focus-report-triad-financial-paul-nichols-vanderbilt-mortgage","tag-deputy-assistant-secretary-hud","tag-greg-oberry-hometown-america-david-lentz-american-land-lease-green-courte-partners","tag-honorable-congressman-walter-jones","tag-inc","tag-ken-rishel-of-precision-financialchattel-finance-news","tag-kevin-clayton","tag-l-a-tony-kovach-www-mhmarketingsalesmanagement-com","tag-land-homes-tony-wicke","tag-manufactured-housing-financial-summit","tag-mhi-summer-meeting","tag-part-2","tag-president-and-chief-executive-officer-of-cavco-industries","tag-thayer-long","tag-the-chairman","tag-tim-williams-21st-mortgage","tag-vicki-b-bott","tag-www-mhmsm-com"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>All about Manufactured Home Financing Updates! - Masthead L. 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