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April 2012

Presentation to:. April 2012. Findings from the I’M HOME Loan Data Collection Project. Data Snapshot. Why Manufactured Housing?. The manufacture housing market allows lenders to target underserved communities with affordable loan products that will perform when serviced effectively

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April 2012

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  1. Presentation to: April 2012 Findings from the I’M HOME Loan Data Collection Project

  2. Data Snapshot

  3. Why Manufactured Housing? • The manufacture housing market allows lenders to target underserved communities with affordable loan products that will perform when serviced effectively • With access to origination and performance data from various HFAs, CDFIs, CUs and the USDA, FMC/CFED can compare underwriting and servicing protocols across organizations and geographic regions to identify successful strategies • We have evidence that lenders can create effective loan programs for borrowers who do not fit into the high FICO, low LTV, low DTI mold • Data from several organizations with strong performance suggest that initial and ongoing credit counseling, area-specific manual underwriting and slightly higher loan pricing will allow lenders to expand into the MH market with competitive, sustainable loan products for non-traditional mortgage applicants

  4. Why Manufactured Housing?

  5. Why Manufactured Housing?

  6. Lessons Learned

  7. Loan Product Types in MH Market

  8. Thank you! For more information, contact: Howard Banker Fair Mortgage Collaborative hbanker@fairmortgage.org 212-455-9330

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