Our focus for today won’t be the wisdom or merits – pro or con – for the new Consumer Financial Protection Bureau (CFPB) imposed Appraisal Rule for manufactured housing that are going to be required on all High Priced Mortgage Loans (HPML). Rather, we will do a review of the information available for those thousands of manufactured housing professionals who have not attended an association meeting or webinar on this subject.
Let’s note before diving into what follows that we expect a report from DataComp on their approach to this in the next few days. Once that is in hand, we’ll rapidly bring that to your attention.
I’d like to quote from John Walter’s thoughtful column describing a philosophy worth considering when new regulations – such as this one – are approached.
“Market forces often push in a direction to keep “business as usual,” despite potential consequences with regulators. Other regulatory concerns, whether real or perceived, may prompt a move too far the other way. Some may even consider exiting from the business altogether. None of those responses speaks to sustainability as a lender or other manufactured housing stakeholders.
Fortunately, these are not the only options from which to choose.
We can chose to accept and embrace regulation and change to enhance the experience of our business partners and consumers, or as we refer to them in the credit union world, members…we have accepted changes and leveraged…”
Please see his full column linked below, which actually embraces a business approach to regulations that goes beyond the Appraisal Rule.
NADAguides – along with DataComp – have been engaged from the early going in developing tools and resources that can work for manufactured housing retailers, brokers and MH Communities. Here is NADAguides in depth report, which includes a download at the end so you can see their graphics in their full glory.
21st Mortgage Corp provided the following linked article, which has been among the read-hot reports in our Featured Articles found on the MHProNews home page.
Triad Financial Service‘s Don Sharp penned the following column which explains their approach to the QM issue, and how that ties into the Appraisal Rule.
Technically, Cody Pierce’s column is not tied to the new HPML rule. Rather, it highlights a subject that often arises for those doing land/home deals using FHA, VA or USDA lending. Please see Cody’s insightful article, linked below.
Last and absolutely not least, a comprehensive look at QM, the HPML Appraisal Rule and CU Factory Built Lending‘s approach to the issues is linked below.
We’ll bring you additional information as it becomes available. No one brings you more up-to-date information on the stories that matter to MH Pros than MHProNews. We Provide, You Decide. ©. ##
