Credit has a particular meaning in FHFA's December 29, 2016 Duty to Serve rule. It is recognition of eligible activity by Fannie Mae and Freddie Mac when the agency evaluates their service to underserved markets. It is not approval of a borrower's credit application. The framework covers manufactured housing, affordable housing preservation and rural markets through secondary-market activity. [2016-30284]
One material change lies in manufactured-home titles. The December 18, 2015 proposal included homes titled as real property and manufactured housing communities, but expressly excluded homes titled as personal property. The final includes the latter, also called chattel, and makes support for chattel loans eligible through both pilot and ongoing initiatives. The earlier exclusion makes the final inclusion a substantive change in scope. [2015-31811][2016-30284]
Inclusion does not remove the other conditions. Activities supporting manufactured homes that do not comply with the HUD Code remain outside eligibility. Enterprise plans must address market opportunities with safety and soundness in view and undergo FHFA review. These requirements locate the decision within an institutional planning process, rather than establishing a general entitlement for every manufactured-home purchaser. [2016-30284]
The final specifies January 30, 2017 effectiveness, while the first proposed plans follow a separate clock: submission within 90 days after FHFA posts proposed Evaluation Guidance. Publication, effectiveness and completed implementation are different milestones. The proposal and final belong to the same FHFA evidence chain; they establish a regulatory design, not independent evidence that more families obtained mortgages or better borrowing terms. [2016-30284][2015-31811]
Source documents
- Enterprise Duty To Serve Underserved Marketshttps://www.govinfo.gov/content/pkg/FR-2016-12-29/html/2016-30284.htm
- Enterprise Duty To Serve Underserved Marketshttps://www.govinfo.gov/content/pkg/FR-2015-12-18/html/2015-31811.htm