|Industry Briefs September/October 2003
BSM Launches New Web Site (Obviously!)
Several months in development, the new Building Systems Magazine web site offers much more in-depth information on log, modular and panel building technologies. The new site is not only for builders, itâs also for consumers and members of the media interested in new construction technologies.
âWe wanted to make our new site even more useful and comprehensive,â? says Charles Bevier, editor of Building Systems Magazine, who created the new site only after several failed attempts that took years off his life expectancy. âWe really appreciate our advertisers who have been so patient waiting for this new site. We think itâs been worth the wait. Weâve included the basics for those that are new to this type of construction, as well more detailed articles from the magazine, and a press room for sources and stats on the industry.
âWeâre also now offering for the first time web exclusive articles that we think will be extremely useful for both builders and manufacturers. For instance, we have recently posted an article by Henry Thomas entitled, âSo you want to be a sales manager.â? Thomas is president of Thomas & Associates and a leading motivation speaker, consultant, and sales training firm specializing in the housing industry. His article addresses many of the problems of those making the transition from sales to managing people.
âWe are offering other services that will help builders and developers,â? Bevier says. âWe have posted a piece by Steve Snyder, executive director of the Modular Building Systems Association, on how to draft language for covenants for a development that allows modular homes, but disallows manufactured homes. This language can be copied and pasted right into your bylaws of a subdivision. It will help open up the option of modular technology to developers who donât know how to define true modular construction.â?
Fannie Mae Defines âManufacturedâ?
Fannie Mae, which operates under a congressional charter to buy low-, moderate-, and middle-income mortgages on the secondary market, recently amended its selling and servicing guidelines for lenders for manufactured homes.
In a directive June 3rd, Fannie Mae defined a manufactured home âas any dwelling unit built on a permanent chassis and attached to a permanent foundation system for purposes of Fannie Maeâs guidelines. Other factory-built housing (not built on a permanent chassis), such as modular, prefabricated, panelized or sectional housing is not considered manufactured housing and continues to be eligible under the guidelines stated in the Selling Guide,â? according to the Fannie Mae Amendment.
âOur research also indicates that in many case lenders were not aware that mortgages they sold to Fannie Mae were secured by manufactured homes. Accordingly, we remind lenders of their obligation to know whether a mortgage is secured by a manufactured home,â? according to the Fannie Mae Amendment.
The 30-page amendment also advises mortgage lenders that loans for manufactured homes must meet several criteria, including:
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