MHI continues its outreach to Members of Congress to press for the need to revise portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (P.L. 111-203) that restrict the ability of manufactured homebuyers to access financing.
In the coming weeks, MHI hopes to release additional details of formal legislation revising several areas of the Act that are of significant concern to the manufactured housing industry. The legislation, for which GOP sponsors have already been identified, would seek modifications to: 1) high-cost mortgage triggers; 2) qualified mortgage criteria for small manufactured home loans; 3) exempt appraisal requirements for manufactured home loans classified as higher risk mortgages; and 4) mortgage loan originator definitions and requirements within both Dodd-Frank and the SAFE Act, including a broader exemption for seller-backed financing within Dodd-Frank and the SAFE Act.
MHI continues its work to identify Democratic champions in the House and Senate on these issues. However, given the strong partisan feelings surrounding the Dodd-Frank Act, firming up committed Democratic support—particularly in the Senate—could take an extended amount of time.
While the consumer Financial Protection Bureau (CFPB) is scheduled to become fully operational on July 21, 2011, regulations implementing the Act’s mortgage finance and predatory lending provisions could take between 18 to 30 months to be fully implemented.
MHI will provide information on Dodd-Frank-related legislative and policy developments as they become available.
In addition, MHI members are asked to continue contacting their Members of Congress and urge they support MHI’s efforts to reform provisions of the Dodd-Frank Act. Click here for more information.
For more information, contact Jason Boehlert at 703-558-0660 or firstname.lastname@example.org.