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Loan standards in the Mobile Home finance industry have naturally
tightened during times of economic crisis. This is expected, but still
unwelcome. The tight standards that banks are now holding themselves to for
Manufactured Home loans is similar to a agriculturist who depletes all the
nutrients from his soil as fast as possible. The agriculturist then blames at
the grocery store for his loss in livelihood, instead of accepting that he is
actually to blame for poisoning his crop. The banks have been reaping the
benefits of the relaxed laws for nearly half a decade, all the while
capitalizing by allowing unwise financing to take place, then securitizing it
and placing it elsewhere. Now the hens have come home to roost, and the banks
are acting irresponsibly in the opposite direction, on the side of over caution.
Manufactured Home banks are using any excuse to decline even the lowest risk
loans.
funding institution will be in the Mobile Home finance community after
this economic crisis. Recently the government has banned Taylor, Bean and
Whitaker from providing any future loans insured by the federal government. HUD
believes the institution did not submit a necessary financial report, raising
eyebrows at fraud concerns. Taylor was also ordered to desist from issuing MBS
for Ginnie Mae. Taylor was the No. 1 source of funds for manufactured homes,
they provided financing for nearly $1.45 billion of all Manufactured Home
investments in 2007, which were backed by the Federal Housing
Administration.
Countrywide, Wells Fargo and JP Morgan are the remaining large
manufactured housing lenders, but these companies aren't as active as they once
were in the Mobile Home loan market. The few amount of lenders will likely lead
to downsized competition, yielding a high demand and therefore, higher interest
rates passed on to the consumer. Because of this situation, the lenders have the
advantage and will likely issue a limited number of loan programs available to
refinance or finance a Manufactured Home in America.
