MANUFACTURED HOMES
Training
Offered by…
FIRST MORTGAGE CORPORATION
OCTOBER 9, 2014
Desktop Underwriter is a registered trademark of Fannie Mae. Loan Prospector is a registered trademark of Freddie Mac. This presentation
is a summary and is not complete. This information is for mortgage professionals only and should not be distributed to or used by consumers
or other third-parties. Information is accurate as of the date shown below and is subject to change without notice. 10/9/2014
AGENDA

Introduction

Manufactured Homes







Definition & Overview
Eligibility Guidelines
Appraisal Guidelines
Titling Requirements
Basic Closing Requirements
FHA vs. Fannie Mae comparison
Resources and FMC Support
Understanding Manufactured Homes
FMC INTRODUCTION
•
First Mortgage Corporation is an independent residential Mortgage Banking firm with branch
offices located throughout the west.
•
Founded in 1975, FMC is a direct-lending mortgage banker approved as a lender and/or loan
servicer by the Federal Housing Administration (FHA); the Veterans Administration
(VA); the Federal National Mortgage Association (Fannie Mae); the Government
National Mortgage Association (Ginnie Mae); the National Homebuyers Fund
(NHF); and many other major secondary market institutions.
First Mortgage Corporation is currently rated the
#3 FHA Lender in CA; Top 50 in the Nation!
•
Having funded in excess of $20 billion in residential real estate loans, FMC has assisted
thousands of families with their mortgage needs. FMC enables families to enjoy the
American Dream of Homeownership…“it’s the only thing we do.”
•
FMC has a longstanding tradition of providing unparalleled customer service and a reputation
built on adding value to the home loan process. That’s why FMC should be
considered…“YOUR FIRST LENDING RESOURCE”.
Understanding Manufactured Homes
What is a Manufactured Home?
Factory Built Housing overview
Basic Eligibility Guidelines
General Requirements
MANUFACTURED HOMES
Understanding Manufactured Homes
HISTORY OF
MANUFACTURED HOMES
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HUD TAG and
DATE PLACE
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CERTIFICATION LABEL &
DATA PLATE
Certification 
Label

Data Plate


Certification Label (aka HUD Tag or HUD Label) is a metal plate that is affixed to
the outside of the manufactured home
Label must be approximately 2x4 inches in size and shall be prominently attached
to the manufactured home by means of 4 blind rivets, drive screws, or other
means that render it difficult to remove without defacing it
Data Plate is a paper label affixed inside the home and is located in a kitchen
cabinet, an electrical panel, or a bedroom closet
Data Plate contain:

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

Missing
HUD Plates

Name and address of the manufacturing plant where home was constructed
Serial number, model designation, and date of manufacture (date certification label was
applied to the home)
Compliance Statement - references that home was built in accordance to the MHC&SS
List of the Certification Label (s) number (s)
List of major factory-installed equipment
Roof zone and Wind Zone maps designating the zones for which the home has been
constructed
Name of the agency that approved the design
In the case of missing plates, you may request letters of label verification from
IBTS (Institute for Building Technology & Safety) via fax at (703) 437-6894 or by
vising IBTS website at http://www.ibts.org/label_reg.htm
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DEFINING
MANUFACTURED HOME

Defining a Manufactured Home?


There is considerable inconsistency in the use of the terms
“manufactured housing” and “factory built housing”.

Per FHA: A Manufactured home is a structure that is transportable in one or more
sections. In traveling mode, the home is 8 ft or more in width and 40 feet or more
in length.

Per FNMA: Any dwelling unit built on a permanent chassis and attached to a
permanent foundation system is a “manufactured home”.
In general, the term “manufactured home” refers only to homes that
are built in compliance with the national code.
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MANUFACTURED HOME
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Manufactured Home
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FACTORY BUILT HOUSING

Factory-Built Housing
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STATE RESTRICTIONS

State Restrictions

Manufactured Homes are only allowed in a limited number of states.
Certain states treat manufactured homes as personal property
instead of real property that cannot be titled or foreclosed upon in
the same manner. Eg., HI, Alaska, etc.
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MANUFACTURED HOME
MARKET

Manufactured Home Market

Manufactured homes are “LOW COST” compared to site-built and other factory-built homes

Sold through dealerships

Titled as personal property

Often financed with chattel loans

Often placed in land-lease “parks,” rather than on borrower-owned land
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FINANCING MANUFACTURED HOMES
CHATTEL OR MORTGAGE?

Disadvantages of Chattel loans:

Higher interest rates than home mortgages

Fewer consumer protections – eg., HOEPA and RESPA don’t apply

First-time homebuyer subsidies may not be available

Homes are subject to repossession, rather than foreclosure

MSL may not list manufactured homes listed for sale

Fewer financing options for resale for MH on leased land
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STATE’S APPROACHES
TO TITLING
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STATES APPROACH TO
TITLING

Certificate of Title “Surrender” states:


Certificate of Title “NO Surrender” states:


Certificate of title is issued and remains outstanding (it is not surrendered or
cancelled)
Non-certificate of title states:


Certificate of title is issued upon purchase of manufactured home, but is
surrendered after home is affixed to foundation and becomes real property
No certificate of title is required to be issued
Titling requirements by State:
https://www.fanniemae.com/singlefamily/titling-manufactured-housing
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MANUFACTURED HOME SPECIFICATION
FHA
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MANUFACTURED HOME SPECIFICATION
FNMA
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MORE MANUFACTURED HOME
REQUIREMENT
Manufactured home must be…

Classified as real property

Situated on land that


Is owned in “fee simple” by borrower
Has adequate vehicular access (on publicly or privately maintained street)

Attached to a permanent foundation system

Connected to utilities and septic tank or sewage system
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Manufactured Homes
MANUFACTURED HOMES IN
CONDO OR PUD PROJECTS

FHA / Fannie Mae project acceptance/approval is required for MH Condo and
PUD projects

FHA – Project must already be approved with FHA to be eligible for financing

Fannie Mae – Project acceptance is required for MFH Condo and PUD projects
 Exception: Project approval is not required for PUD projects consisting of
double-wide MH’s
 Use project code “Type T” and SFC 235 at delivery
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APPROVED PROJECTS
CONDO / PUD PROJECTS

FHA
https://entp.hud.gov/idapp/html/condlook.cfm

Fannie Mae:
https://www.fanniemae.com/singlefamily/project-eligibility
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Manufactured Home Eligibility Matrix
LTV Calculations
Sample Purchase / Refinance scenarios
Manufactured Home Pricing/Fees
ELIGIBILITY GUIDELINES
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Manufactured Home
MATRIX
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PURCHASE PRICE
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DETERMINING VALUE:
Purchase of New Manufactured Home
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PURCHASE (NEW) LTV CALCULATION
Purchase of a new (never occupied) manufactured home (that already exists on its
foundation) will be based on the lower of:
1. Purchase price of the manufactured home plus current appraised value of
the land, OR
2. The current ‘as completed’ appraised value of the manufactured home and
land
•
If, however, the borrower is situating the new home on land purchased within
the last 12 mos, the value of the land cannot exceed the lowest price at which
the land was sold in the previous 12 mos.
•
If the borrower acquired the land by inheritance or as a gift, the borrower’s land
equity is the current appraised value of the land, regardless of when the
borrower acquired the land.
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PURCHASE (NEW) SAMPLE
Scenario 1: Purchase of New MH on Borrower’s to be situated on
Borrower’s Own Land
•
•
•
•
•
Borrowers are purchasing a new MH for $103,000
Placed on a 2-acre lot that they bought 3 years ago for $50,000
They currently owe $40,000 on their lot loan
Appraiser valued the land at $60,000
“As completed” appraised value of the MH and land is $165,000
What value would you use to calculate the LTV ratio?
a) $143,000 (Purchase price of MH + Outstanding mortgage on land)
b) $154,850 (95% x $163,000 (Purchase price of MH + AV of land)
c) $156,750 (95% x $165,000 (“As completed” AV of MH and land)
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DETERMINING VALUE:
Purchase of Existing M/Home
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PURCHASE
(Existing Home) LTV CALCULATION
Purchase of an existing manufactured home and the land on which it is situated will
be based on the lower of:
1. Purchase price, OR
2. The current appraised value of the manufactured home and land
•
There is one caveat. If the MH was built within the past year, neither the home
nor the land can be valued at more than the lowest price that either sold for in
the previous 12 months.
•
•
In this situation, the value is calculated as the lowest price at which the
home was previously sold plus the lower of the current appraised value of
the land or the lowest price at which the land was sold in the past 12
months (if there was a sale).
Keep in mind that a mortgage secured by a MH that is partially renovated or has
needed repairs that affect its livability is NOT ELIGIBLE for delivery until the
necessary work is completed and fully paid for.
Understanding Manufactured
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PURCHASE
(Existing Home) SAMPLE
Scenario 2: Purchase of Existing MH on Borrower’s Own Land
• Borrower is purchasing a 5-yr old MH on a ½ acre for $93,000.
• Appraised value of the MH and land is $95,500
• Current owner purchased this property (home and land) 11 months ago for
$90,000
What value would you use to calculate the LTV ratio?
a) $90,000 (Lowest price at which property was sold in the past 12 months)
b) $93,000 (Purchase price of MH and land)
c) $95,500 (Current appraised value of MH and land)
Understanding Manufactured
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LIMITED CASH-OUT REFINANCE
A limited cash-out refinance is used to pay off the existing mortgage (or
loans, if the home and land have separate liens) in order to obtain a new
mortgage with more favorable terms.
• Cash back to the borrower cannot exceed the lesser of 2% of the balance
of the new mortgage or $2,000.
In most cases, the value used in calculating the LTV ratio is the current
appraised value of the home and the land on which it is situated.
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LIMITED CASH-OUT REFINANCE
If, however, the MH has been owned by the borrower for less than a year,
the value is based on whether there are one or two liens on the property:
• 2 Liens:
o If there are separate liens on the land and the home, the value is based on
the lowest price at which the home was previously sold in the past year plus
the lower of the current appraised value of the land or the lowest sales
price at which the land was sold during the year (if there was a sale).
• 1 Lien:
o If the home and land are secured by a single lien, the value is based on the
lowest price at which the home and land were previously sold during that
12-month period.
Understanding Manufactured
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CASH-OUT REFINANCE
A cash-out refinance is used to take equity out of the property, and the
proceeds of the new loan may be used for any purpose.
For a cash-out refinance of a manufactured home loan, the LTV ratio is
based on the current appraised value of the home and the land.
To be eligible for a cash-out refinance, the borrower must have owned
the security property – both the manufactured home and the land – for at
least 12 months.
Understanding Manufactured
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Manufactured Homes
DETERMINING VALUE:
Refinance of a MH Loan
FHA
FNMA
Limited CashOut Refinance
Cash Out
Limited CashOut Refinance
Cash Out
Maximum
LTV/CLTV
See matrix
See matrix
See matrix
See matrix
Loan Term
30yrs
30yrs
30yrs
15yrs
20yrs
Value
Current Appraised Value of home and Land*
Notes:
*If borrower has owned the MH for < yr, it’s
value cannot exceed the lowest price the
home (and land, if applicable) sold for in the
last 12 mos
Borrower must have owned home and
land for at least 12 months
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CASH-OUT
REFINANCE SAMPLE
Scenario 3: Cash-Out Refinance
•
•
•
•
•
John and Jane Doe purchased their MH and lot 8 years ago.
They want to take cash-out so they can make some home improvements.
Their first mortgage has a balance of $50,000.
They also have a 2nd of $5,000 that they want to keep.
The current appraised value (AV) of their property is $125,000.
What is the maximum loan amount for which they are eligible?
a) $70,000 ($125,000 [current AV of MH and Land] minus $55,000 [UPB of first
and 2nd mortgage])
b) $87,500 (70% x $125,000 [current AV of MH and land])
c) $82,500 (70% x $125,000 [current AV of MH and land] minus $5,000 [UPB of
second mortgage])
Understanding Manufactured
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MANUFACTURED HOME
PRICING
Topic
Guidelines
Interest Rates
See FMC rate sheet for pricing based on selected program
Based on program selected. Eg.,
Pricing
Adjustments
Origination
Fees
•
FHA – See rate sheet or contact your AE
•
Conventional – See rate sheet or contact your AE
Follow HUD RESPA rules
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REMINDERS
 Manufactured Homes in Flood Zone Areas – NOT ACCEPTABLE AT FMC!
 Manufactured Homes on Dirt Road – NOT ACCEPTABLE AT FMC!
 Manufactured Homes in Leasehold Estates – NOT ACCEPTABLE AT FMC!
 Manufactured Homes in “Parks” – NOT ACCEPTABLE AT FMC!
Underwriting may decline due to Land Imbalance, Insufficient Comparable
Sales, and Marketing Time.
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Manufactured Homes
Appraisal Guidelines
Appraisal Forms
Appraisal Report (Form 1004C)
APPRAISAL GUIDELINES
Understanding Manufactured
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APPRAISER QUALIFICATION
TOPIC
Appraisal Requirements
APPRAISER QUALIFICATION:

Lenders must engage independent fee appraisers who have successfully completed a
specialized course in manufactured home valuation. Appraiser must be
knowledgeable in the business of manufactured home retail sales.
Understanding Manufactured
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APPRAISAL REPORTS FOR
MANUFACTURED HOMES
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MH APPRAISAL REPORT
(FORM 1004C)
Understanding Manufactured
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MH APPRAISAL REPORT
(FORM 1004C)
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MH APPRAISAL REPORT
(FORM 1004C)
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MH APPRAISAL REPORT
(FORM 1004C)
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APPRAISAL GUIDELINES

The Manufacture Home appraisal must be completed on FNMA Form 1004C

Must include manufacturer name, model name, year built and serial number(s), HUD
ID numbers

Must NOT “create” comparable sales by combining a land sale price and a unit
purchase price

Must use sales of at least THREE similar manufactured houses
• Comps must be marketable & active re-sales
• Comps must be no more than 2-3 months old
• All must be Manufactured Homes

Appraiser must have knowledge, experience and access to data sources

Well developed sales comparison approach is supported by the cost approach

We do not accept appraisals that rely solely on the cost approach

2nd Appraisal may be requested at UW discretion
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STRUCTURAL ENGINEER’S
REPORT
STRUCTURAL ENGINEER REPORT:
 An acceptable structural engineers report is required on ALL
manufactured homes
 A “CURRENT” engineer report is required. Previous reports are
not acceptable at First Mortgage.
Understanding Manufactured
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LEVEL OF COMPLETION
PRIOR TO CLOSING
TOPIC
Level of Completion required by FHA/Fannie Mae for eligibility
The following provides mandatory levels of completion for manufactured home prior
to closing:
1.
2.
3.
4.
5.
All improvements must be completed prior to closing
Site preparation for delivery of the manufactured home must be completed
Attachment of the manufactured home to the permanent foundation system must be
completed
Permanent connection to the septic or sewage system must be completed
Permanent connection to all necessary utilities must be completed including water,
electricity, gas service, etc.
Exceptions to the above listed are permitted only for minor items:
– That do not affect the ability to obtain an occupancy permit such as:
• Landscaping
• Driveway
• Walkway)
– Existing manufactured homes that have incomplete items such as partially complete
addition or renovation, or defects, or needed repairs that affect livability are NOT ELIGIBLE
until the necessary work is completed
Understanding Manufactured
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PERMANENT FOUNDATION GUIDE
Basic Information
 Permanent foundations must be constructed of durable materials;
i.e. concrete, mortared masonry, or treated wood - and be sitebuilt.
 It shall have attachment points to anchor and stabilize the
manufactured home to transfer all loads, herein defined, to the
under-lying soil or rock.
 The permanent foundations shall be structurally developed in
accordance with this document or be structurally designed by a
licensed professional engineer for the following:
1. Vertical Stability
2. Lateral Stability
Understanding Manufactured
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Manufactured Homes
Agency Titling Requirements
States Approach to Titling
TITLING REQUIREMENTS
Understanding Manufactured
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TITLING REQUIREMENTS
Understanding Manufactured
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STATE’S APPROACHES
TO TITLING
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STATE’S APPROACHES
TO TITLING
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Closing Requirements
Closing Documents
ADDITIONAL REQUIREMENTS
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TITLE INSURANCE
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REQUIRED DOCUMENTATION
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GENERAL
CLOSING INFORMATION
TOPIC
Title Policy
FHA (07)


Recorded
433 Affidavit of
Affixation
FNMA Conventional (01)
Title Policy must identify the
 Title Policy must identify the
manufactured unit as part of the real
manufactured unit as part of the real
property and contain an ALTA Form 7,
property and contain an ALTA Form
7.1, or 7.2 or equivalent endorsement
7, 7.1, or 7.2 or equivalent
endorsement
FHA requires one clear title at closing

Title policy must state that
manufactured home & land are
classified as real estate

Provide a recorded signed written
statement (such as Affidavit of
Affixation or similar) to acknowledge
their intent that the manufactured
home is a part of the real property
securing the mortgage
 Provide a recorded signed written
statement (such as Affidavit of
Affixation or similar) to acknowledge
their intent that the manufactured
home is a part of the real property
securing the mortgage
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FMC - LOAN FILE SUBMISSION
REQUIRED DOCUMENTS
Understanding Manufactured
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UNDERWRITING CONDITIONS
The following are standard Manufactured Home conditions hard coded by UW:

PTD P U: Title to provide a satisfactory copy of the recorded 433(A) or it’s equivalent to support
subject has been converted to real property (evidence that the subject manufactured home has not
been moved from the original foundation, and went directly from the dealer to the property)

PTD P U: Appraiser to: 1) Include legible photos of the HUD tags 2) Identify the Data Plate
Compliance Certificate location and number

PTD P U: If the subject property is missing HUD tag(s), you may request letters of label verification
from the Institute for Building Technology and Safety (IBTS), by vising IBTS website at
http://www.ibts.org/label_reg.htm or via fax at (703) 437-6894. Provide printout.

PTD P U: Provide a satisfactory engineer’s certification/report from a licensed structural engineer.
Certification must state foundation is in compliance with HUD’s Handbook 7584 Permanent
Foundations Guide for Manufactured Housing dated September 1996

PTD P U: Manufactured home cannot be in a designated flood zone or on a dirt road

PTF P F: Security instrument to include year, make, model and serial number(s) / VIN number (s)
for each section

PTF P F: ALTA manufactured housing unit endorsement 1165 required
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CLOSING INSTRUCTIONS ON
MANUFACTURED HOMES

Closing instructions must advise closing agents to obtain the required documentation necessary
to ensure that the manufactured home is attached to a permanent foundation system on the land,
thus becoming part of the real property

If closing agent is not available to perform this action, lender can rely on the certification of
completion completed by the appraiser

Where state law provides that a manufactured home may be exempt from certificate of title
requirements (for instance, where a home is attached initially to a permanent foundation system),
such closing instructions must instruct the closing agent to ensure that the manufactured home
qualifies for exemption from certificate of title requirements

Where state law allows for the elimination of the certificate of title, the closing instructions must
instruct the closing agent to perform all necessary procedures to:
1.
2.

Assure the certificate of title to the manufactured home is properly retires, and
Provide the lender with documentary evidence for retention in the loan file
Lender must obtain an insured closing protection letter for each mortgage loan that is secured by
the manufactured home, if available

If an insured closing protection letter is not available, then the lender must include a note in the file
documenting it’s unavailability
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Comparison – FHA vs. Fannie Mae
Additional Resources
FMC Support
MISCELLANEOUS
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TOPIC
FHA (07)
FNMA 01)
Body Type

Must be multi-width unit – no single width
homes allowed
 Must be multi-width unit – no single width
homes allowed
Minimum Size

At least 400 square feet
 Must be at least 12 feet wide and have a
minimum 600 square feet of gross living
area
Property
Description

Measurement is based on overall length,
including living areas and other projections
that are at least 7 ft in height.
Length & width should not include bay
windows, roof overhang, drawbars,
couplings or hitches
 Follows FHA guideline

# Units

Must be a 1 unit single family residence
dwelling (2-4 unit properties not allowed)
 Must be a 1 unit dwelling (2-4 unit
properties not allowed)
Tow Hitch,
Axles, etc.

Towing hitch or running gear must have
been removed including properties > 1 year
 Towing hitch, wheels, and axles must be
removed (including tongues, brakes, lights)
Roof & other
characteristics

Must have a pitched roof and assume
characteristics of site-built housing,
including permanent utilities
 Does not specify other minimum
requirements for size, roof pitch, or any
other specific construction details for HUD
coded manufactured homes
Homes > 1
year in
existence

Existing manufactured homes in place > 1yr
are to be inspected by the appraiser for
evidence of permanent concrete footings
with tie-downs anchored to the footings
 See FHA guidelines
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TOPIC
Appraiser Items
to Note on
Foundation
Requirements
FHA (07)


Condo Projects
eligibility



Well Agreement

FNMA (01)
Appraiser must inspect the crawl space for the following:

Poured in place concrete footings placed below the
frost line supporting the manufactured home
carriage frame

Tie-downs anchored to the footings

Protection from the elements and enclosed with
material imperious to rot and infestation

Perimeter foundation-type construction with
footings extended below the frost line
Appraiser must require an engineering inspection if
there is evidence of structural defects or other problems
relating to the foundation or set-up of the home
 See FHA guidelines
Enactment of HERA allows individual manufactured
housing units in condo project eligible for insurance by
FHA
MH condo project approval subject to requirements of
4150.1 Chapter 11
Spot approval not applicable – all project approvals to be
done by HUD
 Multi-width Manufactured
Home may be located either
on an individual lot or in a
project development
• Condo project
developments must be
Fannie approved
A shared well must have a shared well agreement, and
shall be binding upon signatory parties and their
successors in title.
 See FHA guidelines
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TOPIC
Utilities,
Sewage,
etc.
FHA (07)


FNMA Conventional (01)
Site must be served by permanent water &
sewer facilities approved by the local
municipal authority, if available at the site
Cisterns & hauled water not acceptable for
Mortgage Insurance
 Must be permanently connected to a
septic tank or sewage system and to other
utilities in accordance with local and state
requirements
Roadway



Dirt Road NOT ALLOWED at FMC
All-weather roadway must serve the site
Must be community or privately maintained
 If property is not situated on a publicly
dedicated and maintained street, then it
must be situated on a street that is
community owned and maintained, or
privately owned and maintained
 There must be adequate vehicular access
with adequate access and maintenance
Previously
occupied
home

New, never occupied homes transported
directly from the manufacturer or directly from
the dealership to the site are eligible
Manufactured unit must not have been
installed or previously occupied at any other
site or location
 See FHA guidelines
Manufactured units may be moved only from
the manufacturer’s or dealer’s lot to the site on
which the unit will be insured
Existing manufactured home may not have
been moved from their original installation site
 See FHA guidelines

Relocation


Understanding Manufactured
Homes
Understanding
Manufactured Homes
TOPIC
Flood
Elevation
FHA (07)

Finished grade elevation beneath the
manufactured home or, if a basement is
used, the lowest finished exterior grade
adjacent to the perimeter enclosure,
shall be at or above the 100-year return
frequency flood elevation
No part of the finished grade level under
the home can be below the 100-year
flood level
 See FHA guidelines

See FNMA guidelines

FMC will not lend on a “park” unless it’s
an acceptable FHA PUD!
FMC will not consider restricted re-sale
projects!
 Borrower must own in fee simple the land
the MH is situated unless home is located
in a condo project.
 In the case of condos, both the land
and dwelling must be subject to a
condo regime
 MH located on leasehold estates
are NOT eligible
NOT ELIGIBLE
for FMC
financing

Land for
Manufactured
Home
FNMA (01)

Additions &
Structural
changes

Additions or structural modifications
require an inspection by the State
Administrative agency – NOT ALLOWED
 See FHA guidelines
Coverage &
Loan Term

Mortgage must cover both the
manufactured unit and its site and shall
have a term of not more than 30 years
 See FHA guidelines
Understanding Manufactured
Homes
Understanding
Manufactured Homes
MANUFACTURED HOME
RESOURCES

Fannie Mae’s Manufactured Guidelines


FHA’s Manufactured Homes Basic Requirements


4930.3G
Architectural Processing and Inspections for Home Mortgage Insurance


24 CFR 3280
Permanent Foundations Guide for Manufactured Homes


4150.2 D-2
Manufactured Home Construction and Safety Standards


4150.2 Chapter 8
Manufactured Home Appraisal Report


Section B5-2.2
4145.1
Titling requirements by State

https://www.fanniemae.com/singlefamily/titling-manufactured-housing
Understanding Manufactured
Homes
Understanding
Manufactured Homes
FMC SUPPORT
WEB SITE
TRAININGS
SUPPORT
Go to FMC websites for:
First Mortgage offers FREE Weekly
ONLINE Trainings
Retail:
Contact Loan Help
1.
RATE SHEET
See the FMC website for the October
2014 Training schedule
2.
TRAINING
MATERIALS
Trainings for October 2014:
3.
GUIDELINES
 10/7 – Access/FirstDOWN Program
4.
FORMS
 10/9 – Manufactured Homes
5.
CALCULATORS
6.
TOOLS
7.
MARKETING
 10/2 – FMC Product Overview
 10/14 – FHA Manual UW vs. AUS
 10/16 – CalHFA Products
 10/21 – RT Jumbo Program (FMC
Retail/Builder ONLY)
Wholesale/Correspondent:
Contact your FMC A/E
For help with your:
•
Scenarios
•
Pricing / Fees
•
Guidelines
•
Loan
Submissions
•
Trainings
Understanding Manufactured
Homes
Understanding
Manufactured Homes
THANK YOU FOR YOUR BUSINESS…
On behalf of First Mortgage, thank you for joining
today’s training and we hope the information provided
will help you build your business!
The main purpose of First Mortgage Corporation’s (FMC) training documents is to assist real estate and mortgage professionals in
developing entry-level competence with loan programs.
While FMC staff, employees, contractors and contributors take care to ensure the accuracy of the content of training documents, FMC
makes no warranties as to the accuracy of the information contained within these materials. Furthermore, every user of this material
uses it understanding that he or she must still conduct his or her own original legal research, analysis and drafting. In addition, every user
must refer to the relevant legislation, case law, administrative guidelines, rules and other primary sources.
FMC specifically disclaims any liability for any loss or damage any user may suffer as a result of information contained within this training
material.
While the information contained in FMC’s training material addresses guidelines and issues surrounding mortgage programs, these
materials do not constitute legal advice.All non-legal professionals are urged to seek legal advice from a lawyer.
Understanding Manufactured
Homes
Understanding
Manufactured Homes