Federal regulators are telling their examiners to overlook non-qualified mortgage loans as long as they are underwritten well, according to what nationalmortgagenews.com tells MHProNews. The joint statement from the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corp. (FDIC) and the National …
A Mercer County couple in West Virginia is suing J&M Quality Construction LLC and Mod-u-Kraf Homes LLC alleging the modular home they ordered was improperly delivered, resulting in damage that made the home uninhabitable. The defects were not discovered until the couple moved into the home, MHProNews has learned from …
The Manufactured Housing Association for Regulatory Reform informs MHProNews the Department of Housing and Urban Development (HUD) has published a final rule that implements Manufactured Housing Consensus Committee (MHCC) recommendations made in 2005. Set to take effect June 9, 2014, the final rule omits MHCC-proposed changes to the HUD formaldehyde …
Manufactured Housing Consensus Committee: Win Some, Lose Some Read More
The Federal Housing Administration (FHA) has revised the loan limit ceiling for single-family mortgages in 2014, reducing it to $625,000 from $729,750. The change will result in approximately 650 counties having lower limits, according to what dsnews.com reports from the Department of Housing and Urban Development (HUD). For low-cost housing …
The Virginia Manufactured and Modular Housing Association (VMMHA) informs MHProNews the implementation of Dodd-Frank regulations by the Consumer Financial Protection Bureau (CFPB) that negatively impact the manufactured housing industry will not be delayed as requested by members of the U. S. Senate. CFPB Director Richard Cordray sent a letter to …
Consumer Financial Protection Bureau Rejects Delaying Dodd-Frank Read More
Sen. Mike Crapo (R-ID) says for the past three years, Sen. Harry Reid (D-NV) has refused to allow any amendments to the Dodd-Frank Act to be enacted, but now Sen. Tim Johnson (D-SD), chairman of the Senate Banking Committee, has shown interest in reforms during this session of Congress which …
Bi-Partisan Support Exists to Amend Dodd-Frank; For it to Happen Soon are Remote Read More
The Consumer Financial Protection Bureau (CFPB) is getting feedback from lenders regarding the Qualified Mortgage (QM) rule, and while it may alter some of the guidelines down the road, it will wait until lenders adjust to the new set of guidelines. Speaking to a Women in Housing and Finance gathering, …
Qualified Mortgage Guidelines will not Change Initially Read More
MHProNews has learned from sidneyherald.com two or more units of workforce housing or manufactured homes sited on the same parcel of land in Richland County, Montana must be compliant with the Richland County Subdivision Regulations. Additionally, the plans must also be approved by the Montana Dept. of Health and Human …
Over Two Manufactured or Modular Units Need Approval Read More
Manufactured housing communities and apartment buildings in Mankato, Minnesota will have an additional six months to adjust to the two percent increase for water and sewer service charges, according to mankatofreepress.com. The increase, intended to get revenues more in line with costs, was originally scheduled for Jan. 1, 2014 but …
Utility Bill Increase for Manufactured Homes Delayed Six Months Read More
Owners of manufactured homes that occupy land owned by someone else in Washington County, Indiana are required to submit the vehicle identification number (VIN) or a copy of the title to the county assessor’s office by Dec. 20, 2013. MHProNews has learned from salemleader.com if the home owner does not …
A Nashville, Tennessee man has been convicted of seven counts of bank fraud for submitting false invoices from a modular home manufacturer based on down payments that were not in fact received, and then misrepresenting the status of construction of the homes. Keith Churn made false statements to the bank …
Man Churns Waters of the Secret Service, Faces Jail Read More
MHProNews has learned from blueridgenow.com as of Jan. 1, 2014 that the North Carolina sales tax on manufactured homes will increase from two percent to the general rate of 4.75 percent, and on modular homes from 2.5 percent to 4.75 percent. Neil Carter, owner of Carter’s Homes in Fletcher says …
New Sales Tax will Raise the Price of Manufactured, Modular Homes Read More
Following up on a post MHProNews last published May 7, 2013 regarding Wheel Estates Mobile Home Park in North Adams, Massachusetts becoming cooperatively-owned, the Rec Hall that serves the residents has undergone a complete transformation, with new ceilings and floors, new paint on the walls, and refurbished front and back …
Residents Taking Care of Business at New Community Cooperative Read More
The Board of Supervisors of Lakeport, California will hold a public hearing regarding Caritas Affordable Housing Inc.’s acquisition of Sterling Shore Estates Manufactured Housing Community. According to what lakeconews.com tells MHProNews, the board will also consider a joint exercise of powers agreement between the county and the California Municipal Finance …
Supervisors to Consider Acquisition of Land Lease Community Read More
Over 150 residents representing 30 manufactured home communities (MHCs) attended an informational seminar in Pismo Beach, California hosted by Golden State Manufactured Home-owners League (GSMOL), San Luis Obispo Mobilehome Residents Assistance Panel and North Santa Barbara County Manufactured-Homeowners Team. David Loop discussed the steps involved in attaining community ownership status, …
Speakers Address Rights of Manufactured Home Community Residents Read More
A proposal by the Austalian Tax Service to apply the ten percent Goods and Services Tax (GST) to manufactured home communities (MHCs) has residents of the communities up in arms, MHProNews has been informed. A ten percent increase at Sunstrip MHC in Blacksmiths would result in a $1000 a year …
Aussie Proposal would Hit Manufactured Home Communities Hard Read More
The Consumer Financial Protection Bureau’s (CFPB) new consumer disclosure forms, called “Know Before You Owe,” that will take effect Aug. 1, 2015, is designed to give the borrower more control over the mortgage loan process as well as add transparency to the transaction. Paul Trepeta of the National Association of …
A manufactured housing community (MHC) senior rent control initiative may become law when it goes on the ballot for voters to decide in Lakeport, California on the June 2014 referendum. The Board of Supervisors voted unanimously to put the measure to the people after the group, “Save our Seniors,” collected …
Two manufactured housing communities (MHCs) in Pleasant Prairie, Wisconsin in the southeast corner of the state may lose their licenses to operate Dec. 31, 2013 unless they correct zoning and building violations. Westwood Estates Manufactured Housing Community must remove a pile of dirt and repair a stockade fence as conditions …
The Northwest Cooperative Development Center (NWCDC) assisted the residents at the 59-homesite manufactured home community Thunderbird in buying their community for $1.57 million, now named Whispering Pines Homeowners Co-op in Oak Harbor, Washington. Households each buy one low-cost share to become members of the co-op which gives them one vote …
Manufactured Housing Community becomes Resident-Owned Read More
