Lenders Best Practice - Press release

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Information about Lenders Best Practice - Press release

Published on December 5, 2008

Author: j_wilson62

Source: slideshare.net

Description

While actively serving as the Chairman of CIS Financial Services, Inc. we achieved this status with MHI

Contact: Bruce Savage 703-558-0662 FOR IMMEDIATE RELEASE bruce@mfghome.org Lender Best Practices Program Certifies New Applicant Program Focuses On Revitalizing Manufactured Housing Lending Arlington, Va., Nov. 15, 2004 – The Manufactured Housing Institute’s Lender Best Practices (LBP) program recently certified CIS Financial Services, Inc. as complying with its performance standards and awarded the company the “LBP Lender” designation. Vanderbilt Mortgage and Finance and Triad Financial Services were also re-certified as LBP Lenders during a recent meeting of the LBP Steering Committee in Indian Wells, Calif. The Steering Committee is now communicating with a record nineteen lenders for potential certification, and most of these have expressed affirmative interest in applying for the program. The LBP program, launched by the Manufactured Housing Institute (MHI) in Feb. 2002, establishes a minimum set of performance standards. The voluntary program establishes performance standards that lenders in manufactured home financing may use to help enhance the integrity of the credit transaction. Lenders with the “LBP Lender” designation are able to demonstrate to their funding sources that they have the appropriate business systems, procedures and standards in place to improve portfolio performance. quot;We are very excited and have worked very hard to achieve this certification,” stated Paula Reeves, president of Financial Services at CIS Financial Services, Inc. “We believe it validates the stance that CIS Financial Services, Inc. has always taken in our industry. We are also proud to be part of such an elite group of companies that are committed to leading our industry through sound business practices.quot; The LBP performance standards cover the various aspects of the credit transaction, from training of employees, verification and record-keeping systems, written standards for underwriting, collection and foreclosure procedures, monthly loan performance reporting, consumer protection, and other quality control systems. A summary of the LBP performance standards are on the MHI Web site, www.manufacturedhousing.org. “The LBP program establishes a framework for all parties involved in the credit transaction to ensure consistency, integrity and ultimately improved performance,” MHI President Chris Stinebert said. “Properly used, this framework will provide the necessary assurances to rating agencies, investment bankers and others with a vested

interest in our industry about the quality of the credit being generated by ‘LBP Lenders.’ We are very encouraged by the positive response to the LBP program from the financial community and are pleased that CIS Financial Services has completed the certification process and earned the LBP Lender designation and that Vanderbilt Mortgage and Finance, Triad Financial, and Origen Financial were recertified as LBP Lenders. LBP Lenders must submit to an annual independent performance audit to verify that their business practices match their compliance plans. The independent assessment function is performed by an MHI-approved external audit firm, which uses internal audits, regulatory compliance reports and quality control programs to measure compliance with LBP. During the LBP Steering Committee meeting, Reeves was elected to join the steering committee. Tom Hagar, president of Mid-American Homes Center, Inc. of Lees Summit, Mo., was elected to represent the retail sector of the manufactured housing industry on the committee. Additionally, a new “at large” seat was added to the committee in order to broaden industry representation. The new seat will be filled shortly. The Manufactured Housing Institute is the national trade association for the factory-built housing industry, representing all segments of the manufactured and modular housing industries, including producers, component suppliers, financial service providers, retailers, community owners and operators, developers, insurers, and other parties interested in factory-built housing. From its headquarters just outside Washington, D.C., MHI works to promote the benefits of factory-built housing to relevant audiences.

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