Volume Buyers

Keeping you informed and updated!

Mortgage Discrimination

Our in house finance consultant, DeAnna Trask, was passing an article around the office about mortgage denial for women on maternity leave. Click here for the article. I found the article very interesting and I didn’t think it had been an issue in the past but, this year there have been 16 incidents with at least three institutions. Some cases the lenders either denied the loan all together or stopped working on it. On October 9th, HUD settled with Wells Fargo for $5 million, which is the largest settlement of its kind.

“Wells Fargo settled with HUD to resolve allegations that it discriminated against pregnant women, women on maternity leave, or women who recently gave birth by making loans unavailable based on sex and familial status; or by forcing women applicants to sacrifice their maternity leave and return to work prior to closing on their loans; and by making discriminatory statements to and against women who were pregnant or who had recently given birth.”  Click here to read the whole article.

One of the biggest problems regarding this type of discrimination is the lack of education.    The changes to Dodd Frank, the SAFE act and other federal law changes have greatly impacted and regulated our industry.  Tyna-Minet Anderson, vice president at Mortgage Educators and Compliance, said that underwriters and mortgage insures do not take the same training which many lead to a knowledge gap and fair lending.  HUD reported 30 cases of discrimination in 2010, 40 in 2011, 50 in 2012, and 40 in 2013.

I asked DeAnna to give us some insight on what we can do as dealerships to protect our deals and customers.  Here is what she had to say:

As a dealer, if you have a customer that is pregnant, you need to be aware of how this has worked in the real world.  If you’re doing an end loan, you could run into special underwriting guidelines that only pertain to women on maternity leave.   If the woman goes out on maternity leave before the deal is closed, an underwriter could do the following:

  1. Refuse to count her income because she is on leave, effectively declining the loan.
  2. Refuse to acknowledge that being on family medical leave does not mean that you’re unemployed.
  3. Decline the loan altogether and make them resubmit when she goes back to work.
  4. Or, put the loan on hold until she is back to work and has 30 days of paystubs.

All of these actions have been standard practice in the past.  However, all of these actions violate the Fair Housing Act of 1968.

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October 16, 2014 Posted by | Financial 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