To help ensure that affordable mortgage financing remains a viable option for manufactured home owners in New York, NYMBA supports proposed legislation, S6277A, which makes necessary changes to state law that allow lenders to comply with secondary and investor requirements.   Jeff Barringer and Marc Lifset of McGlinchey Stafford, New York MBA members, helped to craft the language in the bill that received Legislature approval.

While many manufactured homes are financed as personal property, the ability to finance land and a manufactured home with a mortgage is an attractive option for many homeowners seeking more favorable financing terms. Without the support and involvement of investors such as Freddie Mac, the availability of Land-Home Mortgages is limited.

Currently, in forty-four (44) states, a certificate of title establishes ownership of, and perfection of a security interest in, a manufactured home. All but New York also provide a formal statutory procedure for electing to convey and encumber a home as real property. Satisfying this conversion procedure legally converts the home to real property for all purposes.

Regulatory Relief Legislation receives Trumps approval

May 24, 2018:  President Trump signed S.2155, the Economic Growth, Regulatory Relief and Consumer Protection Act.  The full House passed the bill earlier in the week by a vote of 258-159. This legislation is unchanged from that which passed the Senate in March by a filibuster-proof bipartisan margin of 67-31. This legislation contains a number of MBA-supported provisions, such as:

• SAFE Act amendments to provide 120 days of transitional authority for MLOs to originate when leaving a depository to join a sponsoring non-bank (or when crossing state lines);
• Applying TILA consumer protections to PACE/energy efficiency mortgage products;
• Added safeguards to protect veterans, surviving spouses and service members who utilize the VA Home Loan program’s IRRRL refinancing product;
• An improved, more workable regulatory regime for the eligibility of High Volatility Commercial Real Estate (HVCRE) construction loans; and,
• Partial TRID and HMDA relief

Thank you to those who took action on these important issues!  Your advocacy makes a difference.