Issue link: https://read.dmtmag.com/i/76207
provisions to manufactured home retailers and their salespersons, along with those engaging in loan origination process. We agreed that individuals receiving com- pensation from lenders, mortgage brokers or others involved in mortgage origination activi- ties or who derive their livelihood from the sale and distribution of mortgage loans should be registered and licensed in accordance with the SAFE Act. However, those who perform cer- tain activities – like taking an application – and receive no compensation or gain fromthe sale or distribution of mortgage should not be consid- eredmortgage originators and not subject to the SAFE Act requirements.What is needed is ad- ditional statutory guidance to ensure that indi- viduals who assist and aid customers in the manufactured home-buying process are not cat- egorized as loan originators. QualifiedMortgages On the issue of "qualified mortgage" and the ability-to-repay guidelines, we stated that clear standards are essential and that the "safe har- bor alternative" for implementing the qualified mortgage standards would create the certainty and clarity lenders need to comply with these standards. Clear qualified mortgage standards would enable lenders to defend their origination practices, and a safe harbor would provide a disincentive to frivolous litigation that increases costs to lenders and consumers. Yet these stan- dards and safe harbors would not prevent legit- imate claims to move forward. We also urged regulators not to rely solely on a percentage-based limit on points and fees, but to consider allowing lenders an option that in- cludes a dollar amount for points and fees to cover the cost to originate a residential mort- gage. Such a mechanism would serve creditors while protecting consumers from unreasonable fees, and would encourage lenders to make smaller-sized loans that are relied upon byman- ufactured home buyers. MHI also believes that while compensation paid to retailer employees deserves to be ex- cluded, clearer guidance should be provided that compensation paid in connections with the selling of the home is not included in "points and fees" under any circumstances. Hodges noted that the bipartisan bill, Pre- serving Access to Manufactured Housing Act (H.R. 3849), sponsored by Reps. Stephen Fincher, Joe Donnelly and GaryMiller, reduces some of the unintended consequences outlined in his testimony that could significantly reduce access to affordable manufactured housing. Support for the proposed legislation continues to grow and progress is being made to have a companion bill intro- duced in the Senate. Our opportunity to carry our industry SecurityMortgage Group Finances $9,401,000.00 on Several Communities Mortgage Group, a national award-winning MH Community lending broker, is pleased to have recently provided $9,401,000.00 in financ- ing for several communities nationwide in June and July. Gerard D. DiMarco,Managing Director, recently provided financing for two separate manufactured home community owners. A long-term fixed rate loan of $4,250,000.00 was secured for 224-site Woodcreek MHC, a five-star community in Michigan. Gerry also secured a long- term fixed rate loan of $1,221,000.00 for a Nevada RV Resort with 142 sites. Anthony DiMarco, also a managing director, helped negotiate the fi- nancing of an 80-site undisclosed MHC for a repeat client. The $1,580,000 non-recourse loan featured a long-term fixed rate. In addi- tion, $2,350,000 was placed on 133-site Wilmor Acres MHP in South Carolina; the owner of which is a repeat client of Security Mortgage Group. According to Anthony: "our success can be attributed to the quality of our clients and our relationships with our lending contacts. Our lenders are experienced, knowledgeable, and excited about bringing financial stability to the manufactured home community industry." SecurityMortgage Group is a premier national lending source forMan- ufactured Home Communities, and received the "Manufactured Home Community Lending Broker of the Year" award in 2004, 2005, 2006,& 2009 from the Manufactured Housing Institute. Call us at 585-423-0230 anytime for specific questions on financing for your community. No. 10 on Get It Quick Page AUGUST 2012 15 THE JOURNAL message into this important Congressional hear- ing is the direct result of the "constructive and ongoing engagement" that MHI and its mem- bers undertake each and every day for our in- dustry. From maintaining relationships with Members of Congress and their staffs here in Washington and back in their home districts to serving on special task forces evaluating the im- pact of federal regulations to advocating for a more effective manufactured housing program at HUD, MHI and its members are doing the necessary work to ensure a viable market for manufactured housing. T J Richard Jennison is President and CEOof theMan- ufactured Housing Institute (MHI), the preeminent national trade association for manufactured and modular housing industries, representing all seg- ments of the industries before Congress and the Fed- eral government. From its Washington, D.C. area headquarters, MHI actively works to promote fair laws and regulation for all MHI members and the industries. He can be contacted directly at (703) 558-0678. For more information on MHI, visit www.manufacturedhousing.org.