During the MHI Annual Meeting, the association moved to establish two key taskforces to address critical challenges facing the factory-built housing industry.

Regulatory Reform Taskforce

MHI’s Financial Services Division established a regulatory reform taskforce to address industry issues surrounding the implementation of the CFPB authorized in the Dodd-Frank Bill. MHI members selected to serve on the task force include members of the National Communities Council and Financial Services Division.

1) Tim Williams, 21st Mortgage Corporation, Taskforce Chair
2) Sheila Dey, Western MHC Association
3) Jed Gleim, Triad Financial Services Inc.
4) Scott MacFarlane, U.S. Bank Manufactured Housing Finance
5) Jeff Mouat, CU Factory Built Lending
6) Ken Rishel, Precision Capital Funding
7) Brad Waite, Land/Home Financial Services

The taskforce is focused on three key outcomes, including:

1) Identifying areas in the Dodd-Frank bill, that if unmodified, will create a significant burden upon manufactured home owners either by adding to the cost of acquiring a loan or restricting the availability of financing;
2) Identifying areas where the CFPB has authority to develop regulations that have the potential to negatively impact the financing of manufactured homes;
3) Identifying specific regulatory or legislative remedies/language to pitfalls identified in 1) and 2) above.

The taskforce will be working to complete its analysis by December 1, 2010. The full analysis and recommendations will be distributed to the MHI membership.

Housing Finance and GSE Reform Taskforce

The Dodd-Frank financial reform bill, requires the Treasury Department to submit a report to Congress, no later than January 31, 2011, on ending the conservatorship of Fannie Mae and Freddie Mac and reforming the housing finance system.

MHI is proposing the development of a dedicated task force within the Financial Services Division to assist MHI staff in responding to government activities surrounding the reform of the housing finance system.

In the coming weeks, Financial Services Division Board of Governors Chairman Brad Waite will be working to formally establish this taskforce and outline its goals and objectives.

For more information on the activities of these taskforces, contact MHI Vice President of Government Affairs Jason Boehlert at 703-558-0660 or jboehlert@mfghome.org.