Bills
| 3.23.22

Changing Financing Rules for Manufactured Homes (H.R. 1779)

Do you support or oppose this bill?

What is H.R. 1779?

(Updated January 31, 2017)

This bill deals with mortgages related to manufactured homes, and their relation to the Dodd-Frank Consumer Protection Act. First, the bill revises the trigger amount for a mortgage attached to a manufactured home to be considered “high-cost,” upping the prime offer rate percentage from 8.5% to 10% for transactions under $75,000. Secondly, the bill states that those who sell manufactured homes are not considered mortgage originators under the Dodd-Frank Act (and must, in turn, be licensed accordingly) as long as those sellers do not receive compensation from a creditor, lender, or mortgage broker. 

Argument in favor

Opens up more financing for affordable housing.

Argument opposed

Special interest legislation that weakens consumer protections.

Impact

This bill impacts access to financing for low-cost, manufactured housing buyers.

Cost of H.R. 1779

A CBO cost is currently unavailable.

Additional Info

Media:



Of Note:

-This bill was one of more than a dozen bills to come out of a May 7th House Financial Services Committee Markup. The other bills are: