TMHA Board Action – Appraisal Rule Priority; Board Adopts Formal Resolution

During last week’s TMHA Board of Director’s Second Quarter Meeting the board focused a major portion of their discussion on the upcoming High-Priced Appraisal Rule.  The rule that will go into effect in July 2015 was seen by TMHA’s board as an issue of the highest importance.

During the meeting Ronnie Richards made a motion offering a formal resolution of TMHA’s board as follows:

"Be it hereby resolved by the Texas Manufactured Housing Association Board of Directors that the new manufactured housing appraisal requirements effective July 2015 are a threat to our ability to provide financeable home sales for affordable manufactured homes.  Currently there is no known acceptable appraisal model that exists nor a method that is acceptable to the retailers and others in the industry.  The coming HPML Appraisal rule is a national issue and that such appraisals under the law are the responsibility of all lenders in the high-priced mortgage loan space, which is the vast majority of manufactured home sales that are financed in the country.  TMHA’s Board of Directors would like to request that MHI, through its lender council and board of directors, place this issue as a priority on its agenda.  Furthermore, TMHA’s Board of Directors offers the association’s full cooperation and support of the appraisal issue. "

The resolution was unanimously approved by the board.

The coming appraisal rule was a major topic addressed in multiple meetings during MHI’s annual meeting in Washington, DC.  MHI also recognizes the significance of the appraisal rule impact and as such directed the Dodd-Frank Task Force to immediately begin working on this issue.  TMHA’s Executive Director, DJ Pendleton, continues to serve on the Dodd-Frank Task Force and with the direction of the TMHA board and resolution will participate and provide necessary resources to the task ahead.