Effective today, George “Chip” Asch, Vice President of Credit Administration for U.S. Bank Manufactured Housing Finance has said that the firm will exit the Indirect MH lending business. U.S. Bank will continue to offer loans for manufactured housing consumers through U.S. Bank Home Mortgage and their branch network.
Beginning November 13, 2014 U.S. Bank will no longer process credit applications though their now canceled indirect lending program.
“The limited market size and current regulatory environment of the indirect market make it unrealistic for U.S. Bank to reach its growth objectives,” Asch said. Business partners were urged to contact their account representative with further questions.
The move has been rumored for some time, and has been hinted at in the Masthead and some news and report blog postings on MHProNews.
Sources tell MHProNews that other surprising developments in the manufactured housing field may be announced by year’s end. A faxed copy of the message sent to their retailers is linked here. ##
(Image credit: U.S. Bank)