The pre-announced move in Warren Buffett’s annual letter of Berkshire Hathaway deeper into the housing market was already realized today, as Cobb Business Journal announced that “Silverton Mortgage Specialists Inc., with three locations in Cobb County, announced that it has signed a definitive agreement to join the Berkshire Hathaway family of companies through an acquisition by Vanderbilt Mortgage and Finance Inc.”
That will be our spotlight focus this evening.
If you’re new, already hooked on our new spotlight feature – or are ready to get the MH professional fever – our headline reports are found further below, just beyond the Manufactured Housing Composite Value for today.
The evolving Daily Business News market report sets the manufactured home industry’s stocks in the broader context of the overall markets.
Part of this unique feature provides headlines – from both sides of the left-right media divide – that saves readers time, while underscoring topics that may be moving investors, which in turn move the markets.
Readers say this is also a useful quick-review tool that saves researchers time in getting a handle of the manufactured housing industry, through the lens of publicly-traded stocks connected with the manufactured home industry.
MH “Industry News, Tips and Views, Pros Can Use.” ©
Selected headlines and bullets from CNN Money:
- Fed’s Powell is confident ‘good years’ are ahead for U.S. economy
- NRA-Delta spat could hurt Atlanta’s bid for Amazon HQ2
- Wells Fargo accused of preying on black and Latino homebuyers in California
- Microsoft argues Congress should decide data privacy case
- Starbucks opens its first Reserve store in Seattle
- YouTube restores ads on Logan Paul’s videos after suspension
- Amazon is already trying to disrupt health care
- Do you pay estimated taxes? What you need to know under the new tax law
- Macy’s is back! Stock soars on solid sales
- Consumer confidence hasn’t been this high since 2000
- Virginia and New York tell Delta: You’re welcome here
- People have donated $775,000 to help kids see ‘Black Panther’
- Hyundai reveals electric SUV
- Sam’s Club enters the same-day grocery delivery wars
- Disney spending $2.4 billion on Disneyland Paris
- Norway’s $1 trillion fund is still buying stocks
- India’s biggest bank scam could swell to $2 billion
- Meet the Mueller Risk Index, Wall Street’s newest fear gauge
- Netflix targets Arabic market with new original series
- As economy heats up, job sites compete to find talent
- Johnnie Walker is being replaced by Jane
- Hospitals offer bank loans, but patients should think twice
- Germany’s top court allowing diesel bans in city centers
Selected headlines and bullets from Fox Business:
- S Stocks slide as specter of four rate hikes looms
- Stocks retreated after Fed Chair Jerome Powell’s testimony on Capitol Hill.
- San Francisco is the ‘hardest working’ city in America: study
- Toll Brothers profit jumps 87.6 pct
- S. to overtake Russia as world’s biggest oil producer by 2019 latest: IEA
- Trump wins big discount from Boeing for new Air Force One planes
- Microsoft clashes with Justice Department at U.S. Supreme Court
- Medicare beneficiaries with higher incomes to foot bigger share of costs
- Salaries of a quarter-million federal workers kept secret: website
- Starbucks’ Howard Schultz: Trump’s tax cuts ‘robbing from the future of young people’
- NRA backlash: These are the companies cutting ties
- Fed chairman says strong economy could mean more aggressive rate hikes
ICYMI – for those not familiar with the “Full Measure,” ‘left-right’ media chart, please click here.
Today’s markets and stocks, at the closing bell…
S&P 500 2,744.28 -35.32(-1.27%)
Dow 30 25,410.03 -299.24(-1.16%)
Nasdaq 7,330.35 -91.11(-1.23%)
Russell 2000 1,536.47 -22.86(-1.47%)
Crude Oil 62.89 -1.02(-1.60%)
Gold 1,319.60 -13.20(-0.99%)
Silver 16.42 -0.20(-1.19%)
EUR/USD 1.2227 -0.0087(-0.70%)
10-Yr Bond 2.908 +0.049(+1.71%
Manufactured Housing Composite Value
Today’s Big Movers
For all the scores and highlights on tracked manufactured home connected stocks today, see the Bloomberg graphic, posted below.
Today’s MH Market Spotlight Report –
There could be several reasons why the Manufactured Housing Institute (MHI) in their HUD Comments letter have noted FHA Title I and Title II lending, as did MHProNews and MHLivingNews. Certianly, among the possibilities, is the just announced acquisition of Silverton by Berkshire Hathaway owned, VMF.
“It is anticipated that this strategic transaction will enable Silverton Mortgage to continue its rapid growth as a national home lender while retaining its name, leadership, employees and corporate identity following the transaction. It is also anticipated that, as a result of this transaction, Silverton Mortgage will expand its footprint and increase its access to capital to develop an expanded line of products and services for its clients. There will be no lapses in service for borrowers currently working with the company,” per Cobb.
“While we were not actively looking to be acquired, we are grateful for this opportunity to expand our services, both in terms of geographic footprint and loan product offerings, while keeping our identity and the great people that have built our culture of unparalleled service to our customers and communities,” said Josh Moffitt. He will remain the president and CEO of Silverton Mortgage. “This is a unique opportunity to keep what makes Silverton special, while also improving the service and lives of our customers and employees.” The Silverton website lists several types of home loan products, including FHA, VA, USDA, and conventional.
Does or will Fannie or Freddie products figure into the mix? There is no clarity on that at this time.
“Founded in 1998, with just two employees working from an Atlanta bedroom, Silverton Mortgage has grown to more than 170 employees operating across 12 states and Washington, D.C.,” states Cobb.
The business was listed among the Best Places to Work by the Atlanta Business Chronicle in 2016 and 2017. Also a Top Workplaces by the Atlanta Journal Constitution in 2016. Moffitt has been recognized among the nation’s top mortgage leaders in Mortgage Professional America’s Hot 100 in 2015 and 2018. Those are natural fits for the Berkshire philosophy of buying quality.
“Upon completion of the transaction, Silverton Mortgage expects to build upon its customer service focus, which averages a more than 98-percent satisfaction rating from clients and real estate agents. Silverton Mortgage will add the ability retain loans for servicing throughout the life of a loan, from application until the buyer pays off the mortgage or sells the home,” stated the report.
“Silverton Mortgage shares our commitment to providing a world class experience for customers and team members,” said Eric Hamilton, who is the President of Vanderbilt Mortgage and Finance Inc. “They are an excellent fit for our culture, and we are happy to welcome them to our family.”
Vanderbilt Mortgage has offered financing for manufactured and modular homes for about 4 decades. They say that their company currently services over 200,000 loans and has expanded its services to offer financing for eScore energy efficient home improvement.
“Vanderbilt’s resources give us the opportunity to continue building on the service that has made us a leader in the mortgage industry and a mainstay on rankings for best places to work,” Moffitt said.
The final transaction remains subject to state and federal licensing approval, as is usual in such scenarios.
Field Reports, Berkshire Hathaway owned Clayton Homes to Continue Push for Industry Dominance, FEMA, manufactured home retail, The Atlantic, IBIS World, Daily Business News, MHProNews,
Zero Down Payment – not Land in Lieu – Manufactured Home Chattel Lending Program – Daily Business News
Zero Down Payment. not Land in Lieu, Manufactured Home Chattel Lending Program, home only loans, Vanderbilt Mortgage and Finance, VMF, Clayton Homes, Berkshire Hathaway,
See Recent Exclusive 1 Year Snapshot of All Tracked Stocks
NOTE: The chart below includes the Canadian stock, ECN, which purchased Triad Financial Services.
NOTE: The chart below covers a number of stocks NOT reflected in the Yahoo MHCV, shown above.
NOTE: Drew changed its name and trading symbol at the end of 2016 to Lippert (LCII).
LCI Industries, Patrick, UFPI and LP all supply manufactured housing.
AMG, CG and TAVFX have investments in manufactured housing related businesses.
Your link to a recent round of industry praise for our coverage, is found here.
For the examples of our kudos linked above…plus well over 1,000 positive, public comments, we say – “Thank You for your vote of confidence.”
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Submitted by Soheyla Kovach to the Daily Business News for MHProNews.com.