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Credit Unions and Financing Manufactured Homes: Opportunities & Innovations

Thursday, April 5, 3:30-5:00 pm EDT / 12:30-2:00 pm PDT

Co-presented by I'M HOME, the National Federation of Community Development Credit Unions and Fair Mortgage Collaborative

Financing manufactured home purchases and refinances can be a viable and effective community development activity for credit unions. This webinar explained the characteristics of the low- and moderate-income market and highlighted the successful and distinctive approaches taken by two community credit unions – BECU in Washington State and Self-Help Credit Union, a community development credit union based in North Carolina. The webinar was moderated by CFED’s Director of Innovation, Anne Li, and featured the following presenters:

  • Terri J. Fowlkes, Director, Community Development Investments, NFCDCU
  • Susan Akins, Mortgage Product Development Manager, BECU
  • Philip Swayzee, Senior Mortgage Lending Specialist, BECU
  • Lewis Dancy, Assistant Director, Mortgage Lending, Self-Help Credit Union
  • Howard Banker, Executive Director, Fair Mortgage Collaborative

Given the significant role of manufactured housing in the US housing market, its importance as affordable housing and its prevalence in rural areas, Terri Fowlkes reminded the audience about the opportunity for community development credit unions to get involved in financing manufactured home purchases and refinancing. NFCDCU facilitates this lending by purchasing performing, first mortgage loans—including manufactured home loans on fee-simple—affordable to low- and moderate-income households by its member CDCUs and community development partner credit unions. Susan Akins and Philip Swayzee offered an inside look into the ways that BECU, one of the nation’s largest credit unions, underwrites mortgage loans and chattel loans for manufactured homes. Their manufactured home lending helps families seeking affordable homeownership options to build wealth, helps Fannie Mae meet its mission of expanding affordable housing and allows BECU to expand its membership. Lewis Dancy of Self-Help Credit Union described Self-Help’s approach to manufactured home lending in North Carolina and shared the importance of serving this market in a state where over 13% of the housing stock is manufactured homes. Finally, Fair Mortgage Collaborative’s Howard Banker shared findings from data analysis of almost $1.5 billion in manufactured housing loan data reported by I’M HOME’s Single Family Finance initiative.

The audience had numerous questions for the speakers regarding the credit unions’ underwriting standards and loan performance, speakers’ experiences with manufactured home lending and the secondary markets, and many more. We encourage credit unions, finance professionals and affordable housing stakeholders who were unable to join us for the live webinar to listen to the question and answer segment, learn about cutting-edge credit union innovations and to hear the lessons they have gathered along the way. Listeners can also respond to the invitation from CFED and Fair Mortgage Collaborative to request a no-cost, customized consultation on starting or enhancing a manufactured home lending program.

View Archived Webinar Materials

The 2012 Manufactured Housing Webinar Series

About the 2012 Manufactured Housing Webinar Series
Regardless of the economic landscape, affordable housing persists as a challenge in many communities across the country. Manufactured housing is a high-quality, affordable choice for many homeowners. I’M HOME and our partners work to assure that manufactured housing becomes a part of the national affordable housing strategy, which is a task that faces a range of challenges. Overcoming these challenges requires policy, legislative, financing, market and political actions at the federal, state and local levels. This webinar series is designed to inform key stakeholders about strategies for overcoming those challenges, lift up examples of successful strategies, and enhance communication among advocates, developers, stakeholders and public officials about how to make those strategies work.

Who Should Participate?
The 2012 Manufactured Housing Webinar Series is intended for affordable housing developers and advocates, state and local public officials, federal agency officials, financial institution professionals and other stakeholders interested in promoting quality, affordable housing options in their communities.

What You Will Learn?
The 2012 Manufactured Housing Webinar Series will provide practical information on the opportunities for manufactured housing as an affordable housing strategy and will delve into issues that affect legislative, regulatory and market-based strategies for doing so. The series will focus on the intersection of building a local, federal and state policy landscape and improved financing system that supports owners of manufactured housing and will highlight case studies that have successfully leveraged strong policies to help homeowners build assets.

The 2012 Manufactured Housing Webinar Series is free of charge, thanks to the generous support of our funders, including the Ford Foundation and Fannie Mae. Space is limited so we encourage you to register early. All webinars will be archived on our website if you are not able to join us.

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