At the bill’s introduction, Congressman Fincher said: “Mr. Speaker, I rise today to discuss my bill, the Preserving Access to Manufactured Housing Act. My legislation makes two important changes to regulations that could affect the accessibility of financing options for purchasers of manufactured homes.”
The Tennessee congressman continued, “Manufactured housing serves as a valuable, affordable housing option for American families all across our nation. Unfortunately, due to CFPB mortgage regulations that do not reflect the unique nature of the manufactured home sales process, access to financing for manufactured homes is in serious jeopardy. My bill would modify the definition of high-cost loans so that manufactured housing loans are not unfairly swept under the high-cost loan designation simply due to their size.”
Rep. Fincher also pointed out that the Act will clarify the fact that manufactured housing retailers not engaged in financing loans should not be considered mortgage loan originators for purposes of heightened regulation and limitation on activity under the SAFE Act.
He urged his colleagues in the House (and Senate) to support him in passing the Preserving Access to Manufactured Housing Act, “in order to ensure continued availability of this affordable housing option.”
The Manufactured Housing Institute’s Senior Vice President of Government Affairs, Dr. Lesli Gooch, said there is real momentum building for this piece of legislation. In support of that claim, the facts below provided by the Manufactured Housing Institute (MHI) show that support is increasing:
- 1,392 emails have been sent to Capitol Hill, covering 245 congressional districts.
- 20 Members of Congress received ten (10) or more emails expressing support for HR 650.
- 56% of U.S. House members received at least one (1) email urging support of this bill.
- The states of Delaware, Kansas, Kentucky, Mississippi, New Hampshire, North Dakota, Oklahoma, South Dakota, Tennessee, Vermont, and Wisconsin had at least one (1) email from each house district in that respective state.
Rick Robinson, General Counsel and Sr. VP State & Regulatory Affairs for MHI said, “The initial response by manufactured housing professionals to flood the Hill with emails in support of HR 650 has been tremendous. In part, it is because of how easy we’ve made it to contact Members of Congress. If you have time to make four quick clicks on your computer, you have time to let your Representative know your support.”
However, Robinson explained that it’s more than just the ease of operation. He said that people in the industry are anxious to tell their story and explain how these rules are negatively impacting their ability to deliver quality and affordable housing to consumers.
So, if you have not yet expressed your support to your congressional representative, please do so today.
Barry Noffsinger, Sales and Marketing Manager, CU Factory Built Lending, summed up the importance of this action, explaining that, “Without hearing from their constituents, legislators do not know what is important to them. Remember, your recommendation may be the deciding factor in a congressional member’s decision to vote for or against a bill.”
To contact your Congressman in just a few fast keystrokes, please click here. Or call the Capitol switchboard at (202) 224-3121. Just give your postcode and the switchboard will connect you to your Congressman’s office. ##
(Photo Credit: Congress.gov, Wikipedia)
Article submitted by Sandra Lane to – Daily Business News – MHProNews.
