Volume Buyers

Keeping you informed and updated!

Joint Investigation

Warren Buffett and his holdings in the manufactured housing industry have been in the news lately and none of it has been positive.  While congress is trying to roll back some of the tight regulations brought forth from the Dodd-Frank act, house Democrats are calling for a joint investigation from the Department of Justice and the Consumer Financial Protection Bureau.  Whether Democrats are truly targeting Berkshire-Hathaway’s subsidiaries Clayton Homes, Vanderbilt Mortgage, and 21st Mortgage over predatory lending allegations or if Democrats are simply attempting to demonstrate the importance of Dodd-Frank during debates we cannot be certain, however, allegations do exist.

The allegations surrounding Clayton Homes and its lending partners are of discriminatory lending toward low to moderate income minorities. Clayton customers have Reported to The Seattle Times saying they were, “misled into high cost loans they could not repay”.  Legislators are looking for the involvement of the CFPB because predatory lending practices, especially practices involving racial discrimination, would be a violation of the Dodd-Frank Act, the Equal Credit Opportunity Act, and the Fair Housing Act.

Clayton has not had much commentary on this matter but has said that their lending affiliates Vanderbilt Mortgage and 21st Mortgage are strictly monitored by both State and Federal regulators and that they offer lending products to a wider range of credit scores and due to their wider credit score acceptance they service loans for low to moderate income minorities at a higher density than their competitors.  Clayton also stated that for borrows with a credit score lower than 600 the average note rate was the same for both whites and non-whites.

Sam Gilford of the CFPB said allegations of predatory lending are concerning but declined to say if there were plans to open an investigation.

January 19, 2016 Posted by | General Information | , , , , , , , , , , , , | Leave a comment

2014 National Industry Awards

The 2014 National Industry Awards were presented to the recipients at an awards luncheon on April 30th at the National Congress & Expo for Manufactured and Modular Housing. 

“These award winners are leading the way in providing outstanding products, value, customer service, creative solutions and state of the art homes that today’s homebuyers desire. They are being recognized today for their leadership, vision and dedication in enhancing and moving the manufactured and modular housing industries forward,” said MHI President & CEO Richard Jennison.

LAND-LEASE COMMUNITY OF THE YEAR AWARDS
(Northeast/Mid-Atlantic) – The Fairways at Mays Landing, Mays Landing, NJ
(South) – Schalamar Creek Golf & Country Club, Lakeland, FL
(Midwest) – WeatherStone Village, Kalamazoo, MI
(West) – Prairie Greens, Frederick, CO

RETAIL SALES CENTER OF THE YEAR AWARDS
(Northeast/Mid-Atlantic) – Oakwood Homes, Glen Allen, VA
(South) – Synergy Homes, Statesville, NC
(Midwest) – Clayton Homes, Georgetown, KY
(West) – Advantage Homes, San Jose, CA

DESIGN AWARDS
Manufactured Home Design
-New Single-Section Manufactured Home Design (Production) – Cavco/Durango “Superstition Views”
-New Manufactured Home Design – 1800 SF or Less (Production) – CMH Manufacturing, Sacramento “Balboa Island 2440 Jade”
-New Manufactured Home Design – Over 1800 SF (Production) – CMH Manufacturing, Sacramento “Balboa Island 3005 Sapphire”
-New Single Section Manufactured Housing Design (Concept) – Fleetwood Homes, Inc. “Eagle 18662R”

Modular Design
-New Modular Home Design – 2200 SF or Less (Production) – R-Anell Housing Group, LLC “Extreme Value Series Model 850 – Wrap Porch”
-New Modular Home Design – Over 2200 SF (Production) – CMH Manufacturing, Sacramento “Gray’s Crossing”
-New Modular Multifamily or Duplex Design (Production) – Clayton Commercial Buildings “Hempstead Lofts”
-New Modular Home Design – 2200 SF or Less (Concept) – CMH Manufacturing, Sacramento “The Palo Alto”
-New Modular Home Design – Over 2200 SF (Concept) – CMH Manufacturing, Sacramento “New Vine Homes”
-New Manufactured Home Design – 1800 SF or Less (Concept) – CMH Manufacturing, Sacramento “Hedgehouse”
-New Manufactured Home Design – Over 1800 SF (Concept) – Fleetwood Homes, Inc. “Metropolitan 30603M”

NATIONAL AWARDS

Manufacturer of the Year – Cavco Industries, Inc., Phoenix, AZ
National Lender of the Year – 21st Mortgage Corporation, Knoxville, TN
Regional Lender of the Year – CU Factory Built Lending, San Antonio, TX
Floor Plan Lender of the Year – 21st Mortgage Corporation, Knoxville, TN
Manufactured Home Community Operator of the Year – YES! Communities, Denver, CO
Manufactured Home Community Lender of the Year – Wells Fargo Multifamily Capital, Carlsbad, CA
Manufactured Home Community Broker of the Year – ARA National MHC Group, Denver, CO
Supplier of the Year – Style Crest, Inc., Fremont, OH

For information about entering the 2015 National Industry Awards competition or about this year’s awards, contact Cheryl Berard at 703-558-0668 or via e-mail at cheryl@mfghome.org.

 

 

May 1, 2014 Posted by | Uncategorized | , , , , , , , , , , , , , , , , | Leave a comment

2014 National Congress & Expo for Manufactured & Modular Housing

The 2014 Congress & Expo will be held on April 29 – May 1, 2014 at Caesars Palace in Las Vegas. Exhibitors include mortgage lenders, insurance services, and appraisal services. Don’t miss out on seeing 21st Mortgage, Champion Home Builders, Clayton Homes, CU Factory Built Lending, GE Capital Real Estate, Keystone Commercial Capital, Triad Financial Services, U.S Bank and Wells Fargo. Attendees will be able to partake in top quality educational programs, networking events and listen to keynote speakers.    Attendees also won’t want to miss the highly acclaimed annual NCC Spring Forum presented by the MHI National Communities Council.  Click here to register!

March 18, 2014 Posted by | Uncategorized | , , , , , , , , , , , , | Leave a comment