MBA Weighs in on FHFA Duty to Serve Proposed Rule

MBA submitted a letter Friday to the Federal Housing Finance Agency on its Duty to Serve (DTS) proposed rule.

MBA generally supports FHFA’s proposed updates to the DTS regulation but recommends several refinements to ensure the changes improve the program without creating unintended consequences.

Specifically, MBA urges FHFA to take a measured approach to expanding the definition of manufactured housing to include innovative factory-built homes while limiting eligibility to property types that meet established standards for permanent installation, real-property treatment, and Enterprise financing.

MBA also encourages FHFA to coordinate implementation with other federal housing initiatives, account for operational challenges related to state titling and affixation laws, retain the current 60-day public comment period for DTS plans, provide greater flexibility for the Enterprises to modify three-year plans in response to changing market conditions, and adopt a “do no harm” approach by monitoring the new rule’s impact to ensure it preserves—and ultimately strengthens—the effectiveness of the DTS program in serving manufactured housing, rural, and affordable housing markets.

Click here or see below to read the letter.