Keeping America’s Dream Affordable

MHI Publishes Information to Help Manufactured Housing Retailers, Sellers,
and Community Owners Understand The Impact of Recent Changes
to the Dodd-Frank Act on their Businesses

Today, MHI released a high-level summary and Frequently Asked Questions (FAQ) paper regarding compliance with Section 107 of the “Economic Growth, Regulatory Relief, and Consumer Protection Act” (Pub. L. 115-174 § 107), which was signed into law by President Trump on May 24, 2018.  Entitled “Dodd-Frank Act Changes Provide Relief for Manufactured Housing Retailers and Community Owners,” the paper addresses common questions that members have shared concerning the implementation of this law, which amended the Truth in Lending Act (TILA) by adding an exception to the definition of mortgage originator that excludes manufactured home retailers, sellers, and their employees.

MHI’s paper summarizes the Bureau of Consumer Financial Protection’s (Bureau) next steps as the agency prepares to implement the changes to the law.  Specifically, it explains what is and is not permitted under the new law and answers questions that have been submitted to MHI since the law was signed.  The paper also explains restrictions that might still apply under the Secure and Fair Enforcement for Mortgage Licensing Act and other state-specific laws that regulate many of the activities that are now permitted under TILA’s revised definition of mortgage originator.

The change to TILA’s definition of mortgage originator is the result of MHI’s successful advocacy efforts in Washington.  MHI’s government affairs team worked closely with Congress and the Administration to secure inclusion and passage of this important provision to the “Economic Growth, Regulatory Relief, and Consumer Protection Act.”  The grassroots outreach from MHI members and state executive directors – totaling more than 20,000 calls and emails – was an instrumental part of this advocacy effort to help members of Congress understand the importance of this provision to their constituents.

See the Summary HERE.

THA Directors, Members and Staff
Visit our Congressional Leaders
In Washington

On June 25 – 26, 2018, THA joined other industry associations from across the nation, as we convened for the 2018 MHI Legislative Fly-In.  Members spent time expressing our sincerest appreciation to the Congressional leaders which supported, co-sponsored and helped to pass Dodd-Frank relief legislation.

As well, the industry asked our leaders to write HUD Secretary Carson and ask the Secretary to expedite HUD’s regulatory review of its manufactured housing rules and make necessary changes.

Two additional requests included contacting the Bureau of Consumer Financial Protection’s Acting Director, Mick Mulvaney, and ask him to 1) Expedite any steps required to finalize the revisions to the Bureau’s definition of a mortgage loan originator, so it is consistent with the amended definition under S.2155; and 2) Use the Bureau’s authority under the Dodd-Frank Act to provide more flexibility with respect to HOEPA thresh-holds, which have caused some lenders to stop making or significantly limit financing for manufactured homes.

Many thanks to those Representative offices which took the time to see us on this trip!  We have a few photos below, but we want to ensure we properly thank Representative John J. Duncan, Representative Charles J. Fleischmann, Representative David Kustoff, the Office of Representative Diane Black, and Representative Marsha Blackburn.

(June 26)  THA presented TN Representative Charles J. Fleischmann with MHI’s 2018 Champion of Homeownership Award, for his continued efforts on behalf of the industry, as well as being instrumental in passing S.2155.  Representative Fleischmann is a supporter of manufactured housing, representing the 3rd District of Tennessee.  The 3rd district is comprised of 11 counties:  Anderson, Bradley, Campbell, Hamilton, McMinn, Monroe, Morgan, Polk, Roane, Scott and Union.

 (June 26)  THA also presented Representative David Kustoff with MHI’s 2018 Champion of Home Ownership Award!  In his first term of office, Representative Kustoff stepped right up to co-sponsor industry legislation and was a huge facilitator in getting S.2155 language passed.  He understands the critical importance of our role in meeting the nation’s housing needs.  Representative Kustoff represents Tennessee’s 8th District in West Tennessee, which currently includes most of the western third of the state and borders Arkansas, Mississippi, Missouri, and Kentucky, with local offices in Martin, Dyersburg, Jackson and Memphis.

(June 26)  THA wanted to thank Representative Marsha Blackburn for her continued support of our industry.  Representative Blackburn has championed causes for our industry for many years, and also was instrumental in working to see our language in S. 2155 passed, as well as being a co-sponsor in the House.

Congress Passes Bill Giving Industry Relief from the Dodd-Frank Act

(May 22, 2018)  The U.S. House of Representatives (House) has passed legislation clarifying that a manufactured housing retailer or seller is not inappropriately considered a mortgage “loan originator” simply because they provide a customer with some assistance in the mortgage loan process. This provision was included in S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” a package of reforms intended to improve the national financial regulatory framework and promote economic growth. S. 2155 passed the House on Tuesday by a strong bipartisan vote of 228-159. With S. 2155 already passed by the U.S. Senate in March, this legislation is now headed to the President’s desk for signature.

Congratulations to MHI, State Executive Directors, industry members, partners, affiliates and especially to each of our legislative champions, for their tireless work in getting this issue passed.