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Fhfa Requests Public Input On Duty To Serve Program

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Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
1/18/2017

Washington, D.C. – The Federal Housing Finance Agency (FHFA) is requesting public input on chattel loan pilot initiatives for Fannie Mae and Freddie Mac (the Enterprises) and the proposed Evaluation Guidance under the final rule on Duty to Serve Underserved Markets.

FHFA issued a final rule on Dec. 13, 2016 to implement the Duty to Serve provisions mandated by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992, as amended by the Housing and Economic Recovery Act of 2008. The statute requires the Enterprises to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural housing – by improving the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in these markets. The rule requires each of the Enterprises to adopt three-year Underserved Markets Plans to fulfill this mandate.

After considering comments on the proposed rule, the final rule established as a Regulatory Activity Enterprise activities designed to facilitate a secondary market for loans on manufactured homes titled as personal property, also referred to as chattel, through pilot initiatives undertaken in a safe and sound manner.

FHFA is issuing this Request for Input on what an Enterprise should include in a chattel pilot initiative, if an Enterprise decides to pursue a pilot initiative.

FHFA also seeks public input on its proposed Evaluation Guidance, released January 13, which communicates FHFA's expectations regarding the process for developing the Enterprises' Underserved Markets Plans as well as the process by which FHFA will evaluate the Enterprises' achievements under their Plans each year.

FHFA requests input through its dedicated webpage, www.FHFA.gov/DTS, on potential manufactured home chattel loans pilots by Feb. 17, 2017 and on its proposed Evaluation Guidance by May 15, 2017.

Link to Request for Input on Potential Manufactured Home Chattel Loans Pilots

Link to FHFA's Proposed Evaluation Guidance


If you don't like the FHA appliance inspection requirements, then get your hinny in gear and write to the FHFA that appliances should not be chattel for loans expected to last 15 years or more.

Get INVOLVED in your profession instead of whining.

Put those writing skills to work, with your thinking cap on, and let the Ivory tower know what you think would be best.


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Renee Healion

Elite Member
Gold Supporting Member
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Feb 21, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Thanks for posting this, Marion, and for the TAF webinar today.
 

Terrel L. Shields

Elite Member
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Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
he statute requires the Enterprises to serve three specified underserved markets – manufactured housing, affordable housing preservation, and rural housing – by improving the distribution and availability of mortgage financing in a safe and sound manner for residential properties that serve very low-, low-, and moderate-income families in these markets. The rule requires each of the Enterprises to adopt three-year Underserved Markets Plans to fulfill this mandate.
How stupid. They basically redline rural properties by allowing banks to impose the one mile, cookie cutter, last 180 days brackets then stip punish appraisers for not finding Bobbsey Twin comps.And do so to the point of fannie trying to reassure everyone that you can use comps that are out of sight of the subject which clients, AMCs & UWs promptly ignore and demand more and more listings, sales, etc.

Face it. Once you've got the best sales, be it 3 or only 1, 40 sales from the next county does not improve the accuracy of the report. You can't turn lead into gold.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
yeah but, it's the SHARING of the appraisal data and the "improving the economic diversity" in rural areas.

Let's all pretend that means, make rich people move to the country.

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
make rich people move to the country.
As Flint Rasmussen said, "We don't need a wall to keep the Mexicans out, We need one around Montana to keep the Californians out. They think a ranch is 4 acres and a llama."
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
Well,

Ifin you take the claims of who was responsible for voting a certain way in the last election, and now this new government program to economically diversify rural areas through the miracle of GSE lending, instead of jobs,

But of course it means move "educated" rich people into the rural areas.

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