Effective January 10, 2014, two new rules from the Dodd-Frank Act of 2010 went into effect that will undoubtedly impact consumers, mortgage lenders, AND the manufactured housing institute in a huge way. These new rules better clarify consumer qualifications when applying for a mortgage loan, as well as the role manufactured housing dealers play in assisting and advising consumers about financing as related to manufactured and modular homes.
For those who may not be familiar with the Dodd-Frank Act, it is properly known as The Dodd-Frank Wall Street Reform and Consumer Protection Act. The purpose in creating this piece of legislation was to "promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail", to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes." (Source: Wikipedia.com)
In order to better comply with the new Dodd-Frank rules, Frank's Home Place, Inc. has created a quick reference guide with some general guidelines we are now required to follow when talking with our customers about financing for their manufactured or modular homes. Simply put, there are some things we CAN an CANNOT do when discussing lending or financing with our customers. This educational and informative guide can be downloaded here, or can be read and printed from our website here. Additional Dodd-Frank information is available at http://www.consumerfinance.gov/regulatory-implementation/
Even though we are limited in what we can discuss with our customers, Frank's Home Place is still an invaluable source of information when it comes to buying a manufactured or modular home! With over 60 years combined experience, our skill, expertise and knowledge of this industry is what has brought us many happy and satisfied customers. As always, we invite you to call, visit or email us with your questions about buying a new or pre-owned manufactured or modular home, or visit our website for more information, floor plans and photos.
(As always, the information provided in this brochure is for general guidance only, and does not represent or purport to represent financial or lending advice. Our customers are advised to seek out a qualified lender with any specific questions or concerns. An alphabetized list of qualified mortgage home lenders in the area is available upon request, or can be downloaded here.)