Advancing Better Together
Multiple topics today, let's start with manufactured home financing, and move on from there.
An association executive thoughtfully updated me on the percentage of manufactured home loans being made via chattel financing. Personal property (chattel, home only) loans are now hovering in the 70-75% range of all manufactured home financing. This is up from about 60% of all manufactured home loans which being financed via personal property/home only loans.
While one of the many benefits of manufactured housing is that you can finance the “home only” – sans real estate – it seems logical that as the Dodd-Frank juggernaut keeps coming, we should be diversifying efforts and access more lending that is land/home. Many land-home loans will be considered QMs under Dodd-Frank, as the regulations now stand. That means, they will escape many of the hassles and head aches the CFPB will otherwise be imposing on non-QM loans.
FYI, a presentation related to the topic of more land-home financing will take place at the TMHA's annual meeting, and they just launched their new website for that, which is linked here. TMHA will also have a panel of lenders, including home only and land/home lending.
An Update: Improving Industry's Image with the Public.
We've updated the page on the new public-targeted MHLivingNews.com site that now compares how a site built vs. manufactured homes handle tornadoes/high wind events. There are now two videos posted on that page, one shows a site built house being blown away in seconds, while our video shows our home that survived the tornado and high winds.
Related to the above, this comment came in, with the OK to share it with our readers:
Thank you Tony,
This video was great.
It showed how tough our homes truly are. It was also exciting to watch. I have always knownmanufacturedhomes could withstand wind speeds consistently above 100 miles per hour but no one ever proved it until now!
This one gets all ten stars.
Thanks for sharing the video.
C. Jay Hamilton
Georgia Manufactured Housing Association
That updated page with the videos are linked here.
Miscellaneous Resources for Improving Industry Sales and Bottom Line Results
Do you or someone you know in factory built housing someone or respond to inspiration and motivation? We've created a graphic inspirational poster page on the subject of Climb Any Mountain. Please see and share it.
More B2B and B2C focused factory built housing professional readers are commenting on how they are finding stories in our Daily Business News that gives them ideas on how to grow their sales, find new opportunities and drive more profits.
From the Cutting Edge, discover some of the ways to reach your target market here.
On Industry Voices, you will find OpEd/Letters to the Editor types of columns written by industry professionals like you, two new ones are posted. The one called Customer from Hell is a good read for anyone dealing in the Business to Consumer (B2C) market. You are welcome to submit your own Industry Voices column, click the link here and put Industry Voices or Letter to the Editor in the subject line, thanks.
We routinely publish articles that we may agree with, disagree with, or in the case of this article, both! I originally drafted a reply to this article, to say point by point what I agreed with or disagreed with. It's shelved for now, precisely so that readers who wish to sound off will be encouraged to do so, even if my team or I see the matter differently. We all need to encourage a broader Industry conversation. Some of that takes place in association meetings, some at office water coolers, but much of it will take place right here, as pros from businesses of all sizes and types share their thought here.
Speaking of professionals sharing ways to promote or protect your business and profits, you can find the list of our new Feature Articles for July linked here.
Advancing Better Together summary
In a conversation with a professional investigating our Industry, I was told that our industry's image and professionalism are the keys that are holding us back. Do more items hold us back? Yes, but imagine in a matter of moments, that outside-looking-in observation summarized an important part of what we need to do.
MHLivingNews.com is our free, ever growing resource online to improve the satisfaction of manufactured home owners, while promoting the positive image of the Industry to the public at large. Please share that link.
MHProNews.com provides industry news, tips and views you can use daily.
Please thank our sponsors by using their products and services. Thanks too for keeping us in mind for websites, marketing and sales growth services, or advertising business to business or business to consumer. Advancing is better and faster when more of us factory built housing pros join forces and do it together. ##
Whether you think you can or whether you think you can't, you're right. – Henry Ford