SACU Resident Community Lending offers lender services for Community Owners that offer “in house” financing to prospective residents looking to purchase homes in their communities.
Are you a community owner that offers financing to residents who would not typically qualify for non-recourse financing offered by most lenders?
Are you finding it difficult or financially unsustainable to continue this offering due to government regulations like the SAFE act, Regulation Z, HPML (High Priced Mortgage Loans), and potentially new regulations stemming from the Dodd-Frank Act currently being enforced by the CFPB (Consumer Financial Protection Bureau)?
With over $800 million in manufactured home loans, SACU is committed to the manufactured housing industry. As a federally chartered credit union, federally regulated by the NCUA, we have full-time staff dedicated to understanding and implementing policies and procedures to comply with federal regulations. SACU wants to assist community owners by offering lender services that will help mitigate their regulatory concerns. The service provides for the community owner to invest or purchase in the loans with servicing retained by SACU.
Contact our Product Manager today and learn more about SACU Resident Community Lending.