Industry to meet with FHFA next week on Duty to Serve

TMHA would like all our members know that next week in Washington D.C. many from our industry are sitting down with staffers from the Federal Housing Finance Agency (FHFA) to discuss the agency and with it the participation in manufactured housing related lending with the Government Sponsored Entities (GSEs) such as Fannie Mae and Freddie Mac. The meeting comes after FHFA recently published for comment new rules on GSE eligibility for MH related loans, including what types of loans the GSEs would buy or securitize and how these loans would fit into FHFA federally mandated requirements under its Duty to Serve the manufactured housing lending space.

The proposed rules address real property manufactured home consumer loans, as well as commercial loans to manufactured home communities. Notably, in the proposed rule chattel MH consumer loans were excluded from GSE eligibility.

Many associations, including TMHA, and members of the industry wrote comment letters to FHFA. Next week’s meeting will gather many industry members, including both of the national MH trade associations - MHI and MHARR, to discuss the proposed rule prior to FHFA issuing a final rule in the near future.

We anticipate next week’s meeting to address all aspects of the proposed rule, but focus on the importance that FHFA not prohibit chattel MH consumer loans from its programs.