Duty to Serve – comments due March 16, 2016
For the past several years the Federal Housing Finance Agency (FHFA) has been deliberating about a “Duty to Serve” (DTS) rule to help support underserved home loan markets. The underserved markets include manufactured home financing and the financing of manufactured housing communities by the Government Sponsored Enterprises (Fannie Mae and Freddie Mac).
The proposed DTS rule came out late last year and NMHOA staff and board members have been working on a comment letter in response to the proposed rule. While there is certainly much to be pleased with about the DTS, NMHOA wishes it went further; especially with respect to chattel lending, stronger consumer protections, and additional conditions when private entities are able to use DTS credit to purchase manufactured housing communities.
You can read the rule, a summary of the rule and about the process to submit comments here.
NMHOA encourages all of you, whether as individuals, community HOAs, or state HOAs to submit your comments by the March 16 deadline. You are welcome to use as much of NMHOA’s commentary as you see fit. You can read NMHOA’s comment letter “here”.