Lenders Best Practice - Press release

50 %
50 %
Information about Lenders Best Practice - Press release

Published on December 5, 2008

Author: j_wilson62

Source: slideshare.net


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.

Add a comment

Related presentations

Related pages

9 Best Practices for Getting Press Coverage - Larry Chase

9 Best Practices for Getting Press Coverage. As Executive Editor of Web Digest For Marketers, ... Use press releases for inbound links.
Read more

Government takes action to tackle payday lending concerns ...

Payday lenders could face new restrictions on how they advertise and a new code of practice under ... Press release. Government takes action to tackle ...
Read more

14 Tips For Writing A News Release | PRWeb

With more than 10 years of experience in the news release distribution industry, PRWeb has ... best results. Write your news release, ... press release, ...
Read more

ADL Releases “Best Practices” for Challenging Cyberhate

Press Release ADL Releases “Best Practices” for Challenging Cyberhate Major Internet Companies Express Support for Initiative. New York, NY, September ...
Read more

Press Release Template and Guidlines - PR Syndication

Below is our press release template, along with industry best ... Submit Press Release; Press Release Template ... "It's good practice to ...
Read more

CML members adopt new statement of practice on buy-to-let ...

CML members adopt new statement of practice ... The new buy-to-let statement of practice reflects what responsible lenders ... Related press releases.
Read more

How to Write a Press Release [Free Press Release Template ...

Get a free press release template ... a "press release," a "press statement," a ... write based on your press release. What other best practices ...
Read more

Content Marketing With Press Releases: Pros, Cons ...

... announced that links in press releases have no value for SEO, ... Content Marketing With Press Releases: Pros, Cons, Examples & Best Practices.
Read more

FFIEC Press Releases

Press Releases ; Enforcement ... and the Federal Deposit Insurance Corporation published a press release announcing the availability of the 2016 ...
Read more