Senate Relives Manufactured Home Retailers and Sellers from Dodd-Frank
HOUSING ALERT FROM MHI DATED DECEMBER 5, 2017
The Senate Banking Committee passed legislation to clarify that a manufactured housing retailer or seller is not considered a "loan originator" simply because they provide a customer with some assistance in the mortgage loan process. This is a key tenet of S. 1751, the Preserving Access to Manufactured Housing Act, which excludes manufactured housing retailers and sellers from the definition of a loan originator so long as they are only receiving compensation for the sale of a home.
The language was passed as a part of S. 2155, the "Economic Growth, Regulatory Relief and Consumer Protection Act," which is a package of reforms intended to improve the national financial regulatory framework and promote economic growth. S. 2155 was passed by the Senate Banking Committee by a bipartisan vote of 16 to 7.
In opening the Committee's consideration of the bill, Senate Banking Committee Chairman Crapo (R-ID) said, "The reforms in this bipartisan bill help tailor the current regulatory landscape, while ensuring safety and soundness and relieving the burden on American businesses that are unfairly being treated like the largest companies in our economy."
U.S. Senator Joe Donnelly said, "For many hard-working Hoosiers and Americans, manufactured housing provides the most affordable option available when they look to buy a home. I'm pleased the bipartisan regulatory relief legislation that I helped craft and that passed the Senate Banking Committee includes a provision based on my Preserving Access to Manufactured Housing Act. This measure would help prevent federal regulations from getting in the way of financing that families need as they step into homeownership."
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