1. A PRIL 2012 P RESENTATION TO : Findings from the I’M HOME Loan Data Collection Project

2. 2 Data Snapshot Loan Origination Period: 1982- 2011 Number of States Reporting: 50 Number of Loans Analyzed: 14,688 Data Providers: HFAs, CDFIs, Credit Unions, USDA, Banks Loan Origination Balance: $1.48 Billion

3. 3 Why Manufactured Housing? o The manufacture housing market allows lenders to target underserved communities with affordable loan products that will perform when serviced effectively o With access to origination and performance data from various HFAs, CDFIs, CUs and the USDA, FMC/CFED can compare underwriting and servicing protocols across organizations and geographic regions to identify successful strategies o We have evidence that lenders can create effective loan programs for borrowers who do not fit into the high FICO, low LTV, low DTI mold o Data from several organizations with strong performance suggest that initial and ongoing credit counseling, area-specific manual underwriting and slightly higher loan pricing will allow lenders to expand into the MH market with competitive, sustainable loan products for non-traditional mortgage applicants

4. 4 Why Manufactured Housing? 96.61% Conventional conforming MH loans in our database that are current ($189M at origination) 5.6% Self-Insured MH loans that are 60+ days delinquent ($47M at origination) 5.3% Mortgage Insured MH loans that are 60+ days delinquent ($145M at origination)

5. 5 Why Manufactured Housing? 9.9% As of July 2011, General Housing Market 60 plus days delinquent - (Amherst Securities) 6.7% As of July 2011, MH loans in Data Set 60 plus days delinquent, excluding USDA 15.1% Including USDA (automated underwriting, lower FICO, very high LTV), 60 plus days delinquent

6. 6 Lessons Learned

7. 7 Loan Product Types in MH Market Conventional Conforming Mortgage Insured Self Insured FHAUSDAVA

8. For more information, contact: Howard Banker Fair Mortgage Collaborative hbanker@fairmortgage.org 212-455-9330 Thank you!