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house Bill H.R. 650

Changing the Financing Rules for Mobile Homes and Other Manufactured Housing

Argument in favor

Manufactured housing is typically used by people of low and moderate incomes, and modifying these regulations will save those consumers money and help them into affordable housing situations.

Cary's Opinion
This actually allows young people to get better overall financing.
Like (7)
GOPLeader's Opinion
"These changes will allow thousands of mobile/manufactured homeowners in CA more affordable living conditions."
Like (1)
Delmar's Opinion
Need help since regular homes are too expensive
Like (1)

Argument opposed

The change in disclosure thresholds serves special interests and will undermine consumer protections, which could lead to predatory loans and home buyers who are over-extended.

Travis's Opinion
This is not a function of the Federal government. They should not be involved at all.
Like (2)
Clark's Opinion
Any financial related needs to revert back to the Glass-Stegal Act. Again it worked for 75 years
Like (1)
Craig's Opinion
It seems to me there are enough Mobile Homes around to prove it isn't too difficult to buy one. The regulations, as they are, seem more than adequate. What we are doing here is making it easer for the manufacture to sell them. That might not be a good thing either.

What is House Bill H.R. 650?

This bill would amend the Truth in Lending Act to exempt manufactured home retailers (better known as mobile homes) from being covered by laws that apply to mortgage originators — unless they receive compensation that is greater than they would receive in a comparable cash transaction.

It would also change the disclosure thresholds for high cost mortgages from 8.5 percentage points on a less than $50,000 transaction, to 10 percentage points on a transaction less than $75,000. This amount would be changed to reflect changes in the Consumer Price Index — which measures inflation — since this portion of the Truth in Lending Act was last updated.


People who want access to low-cost, manufactured housing, mortgage originators, and the Truth in Lending Act.

Cost of House Bill H.R. 650

$500.00 Thousand
The CBO estimates that enacting this bill would increase direct spending by less than $500,000, but acknowledges that all spending has to be authorized through money that comes to the CFPB from the Federal Reserve System.

More Information

Of Note:

The lower loan values that are associated with manufactured homes have triggered the high cost provisions of the Truth in Lending Act because — as Reuters explains

“While the cost of originating a $250,000 and $25,000 loan are generally the same in terms of real dollars, the cost as a percentage of loan size is significantly different.”

The Consumer Financial Protection Bureau found that 68 percent of all manufactured housing loans in 2012 fell into the category of “higher-priced mortgage loans” compared to only three percent of site-built homes.


Similar versions of this legislation were introduced during the 113th Congress, with the House version being introduced in April 2013 and the Senate version coming up in December 2013. Neither version made it out of its respective committee before the 113th Congress ended, despite bipartisan support in both chambers.


Sponsoring Rep. Stephen Fincher (R-TN) Press Release


Consumers for Enterprise Development (Opposed)

National Mortgage Professional Magazine (Opposed)

Manufactured Housing Institute (In Favor)

Summary by Eric Revell
(Photo Credit: Flickr user SportSuburban


Preserving Access to Manufactured Housing Act of 2015

Official Title

To amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage.

bill Progress

  • Not enacted
    The President has not signed this bill
  • The senate has not voted
      senate Committees
      Committee on Banking, Housing, and Urban Affairs
  • The house Passed April 14th, 2015
    Roll Call Vote 263 Yea / 162 Nay
      house Committees
      Committee on Financial Services
    IntroducedFebruary 2nd, 2015

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