MHMSM.com today received from Thayer Long, Executive Director of the Manufactured Housing Institute (MHI), that association’s position paper on a critical Industry subject. In noting the impact of the Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) on manufactured housing, MHI says the unintended consequences of the bill are harmful to the manufactured housing industry. Manufactured housing (MH) loans tend to be smaller than conventional mortgages, and because current and proposed transactional costs are fixed regardless of the size of the loan, these costs are a larger percentage of the loan, which may put it out of the reach of the consumer. The new regulation will also make it difficult for MH home owners to sell their homes if financing is needed. The statement further says 50 percent of all loans made on manufactured homes in manufactured home communities are under $25,000. As with conventional housing loans, those posing a credit challenge will have a tougher time finder financing. The issues that need attention include clarification and consistency regarding mortgage standards and mortgage originators; exemption of MH from appraisal standards and exclusion of MH loans from residential loans; and stronger exemptions for MH retailers from Consumer Financial Protection Bureau (CFPB) oversight. Click on Dodd-Frank Act and Manufactured Housing to read the full statement.