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Stephen F.
Republican TN 8

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  • Introduction of the Preserving Access to Manufactured Housing Act

    by Representative Stephen Lee Fincher

    Posted on 2015-02-03

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    FINCHER of tennessee in the house of representatives Tuesday, February 3, 2015 Mr. FINCHER. Mr. Speaker, I rise today to discuss my bill, the Preserving Access to Manufactured Housing Act. My legislation makes two important changes to regulations that could affect the accessibility of financing options for purchasers of manufactured homes.

    Manufactured housing serves as a valuable, affordable housing option for American families all across our nation. Unfortunately, due to CFPB mortgage regulations that do not reflect the unique nature of the manufactured home sales process, access to financing for manufactured homes is in serious jeopardy. My bill would modify the definition of high-cost loans so that manufactured housing loans are not unfairly swept under the high-cost loan designation simply due to their size.

    Additionally, the Act will clarify that manufactured housing retailers who are not engaged in financing loans should not be considered mortgage loan originators for purposes of heightened regulation and limitation on activity under the SAFE Act.

    Mr. Speaker, I urge my colleagues in the House (and Senate) to support me in passing the Preserving Access to Manufactured Housing Act, in order to ensure continued availability of this affordable housing option.

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