TheMReport

community mission, which includes our efforts to stabilize communities, prevent foreclosures, responsibly expand access to credit, educate future borrowers, counsel current borrowers, and support affordable single-family housing. Last year, for example, we financed nearly 1.7 million single-family mortgages and made homeownership possible for 268,000 first-time buyers. Below is an overview of the challenges in these markets and the ways we plan on working to increase loan purchases in them, develop new offerings, conduct market research, provide technical skill-building for industry participants, and expand homebuyer education, community engagement, and local outreach. We believe that over time, we can provide liquidity, stability, and affordability to these communities in need. Challenges in Manufactured Housing M anufactured homes are a crucial source of affordable housing stock for American families. The average price of a new manufactured home in the U.S. is $71,600, while the average price of a new, single-family, site-built home is $372,900, according to the U.S. Census Bureau. More than 17 million Americans lived in 6.9 mil - lion manufactured homes in 2010, according to Prosperity Now, formerly known as the Corporation for Enterprise Development. Manufactured homes are unique in that they may be titled as either personal prop - erty (also known as chattel) or real property. This distinction can have significant rami - fications for taxation, financing, consumer protections, and remedies in case of default. Approximately 80 percent of new manufac - tured homes are titled as personal property, the Census Bureau reports. In public outreach that took place as we developed our plan, we repeatedly heard concerns about the limited number of lenders that provide financing to manufactured home - buyers. Market participants encouraged us to expand liquidity, implement standardization measures, and enhance consumer protections. As a result of this feedback, we plan on doing the following in connection with manufactured housing titled as real property: • Work with lenders to increase our pur- chases of loans to this important market segment, • Increase access to education and resources for future homebuyers, • Identify best practices, and provide techni- cal assistance to market participants, • Develop additional product features to meet the market's needs, and • Increase purchases of loans secured by manufactured homes titled as real property. For manufactured housing titled as per- sonal property, we plan to work with market participants to: • Promote a greater understanding of the market by conducting research and pub- lishing the results, • Initiate a chattel pilot offering, and • Develop homebuyer education to support chattel financing. We formed the Manufactured Housing Initiative Taskforce (MHIT) last year and invited a diverse group of participants, in - cluding the Manufactured Housing Institute, to work with us. We're increasing our under- standing of this market as we explore ways to expand lender participation and improve targeted offerings. 24 | TH E M R EP O RT ARE YOU LOOKING FOR A BEST IN CLASS SOLUTION TO AVOID... • Missed Parcel • Late Payments • Costly Penalties/Interest • Tax or HOA Liens • Foreclosed Properties • Tax Sales • Missed Flood Zone Coverage • Compliance Issues TIRED OF DEALING WITH ISSUES THAT ARISE WHEN SERVICING YOUR REAL ESTATE PORTFOLIO? 130 S Jefferson Street, Suite 300 Chicago, IL 60661 1.888.627.5494 Sales@NationalTaxSearch.com www.nationaltaxsearch.com FEATURE "During our outreach, we learned that one significant challenge is the lack of standardization among financing products, which makes it difficult for lenders and investors to support this segment in a scalable way."

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