By MHI
On May 22nd, the House Financial Services Committee is scheduled to take recorded votes on a number of measures reforming portions of the Dodd-Frank Act. Included in this will be the Preserving Access to Manufactured Housing Act (H.R. 1779).
The committee marked up a number of measures on May 7th. H.R. 1779 was approved by voice vote, but a recorded vote was requested. While the measure is expected to formally be approved by the committee next week, the recorded vote is an opportunity to underscore the bipartisan support that exists for the bill. Once approved by the committee, the measure will await floor consideration.
During the mark up, the measure received bipartisan support from the committee's ranking member Maxine Waters (D-CA) and bill cosponsor Rep. Terri Sewell (D-AL). Others speaking in strong support of the measure included Financial Services Committee Chairman Jeb Hensarling (R-TX) and Reps. Andy Barr (R-KY), Shelley Moore Capito (R-WV), and Steve Pearce (R-NM).
The bill would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to change the criteria by which home loans are classified "high-cost" while keeping in place strong consumer protections. Sponsored by Representatives Stephen Fincher (R-TN), Bennie Thompson (D-MS), and Gary Miller (R-CA), the bill is cosponsored by 113 House Members on both sides of the aisle.
The legislation would also clarify that manufactured home retailers and salespersons would not be considered loan originators unless they receive compensation from a lender, mortgage broker or loan originator. The CFPB "loan originator" definition effective since January, is based on traditional mortgage market roles that do not equate with the business model of the manufactured housing industry, including lending and retail sales practices. Without this clarification, manufactured home buyers will be unable to receive guidance on the limited manufactured home financing resources available.
MHI thanks industry members for contacting their Representatives about this very critical issue. Industry members that have Representatives serving on the House Financial Services Committee are asked to contact them and request they vote in favor of H.R. 1779. MHI will provide an updated action alert to those industry members with committee members in their district in the coming days.
For more information, contact MHI Senior Vice President of Government Affairs Jason Boehlert at (703) 558-0660 or jboehlert@mfghome.org.
