Premier Reverse Closings announced that it’s accepting transactions for manufactured homes in condominium projects, as per the Housing of Urban Development guidelines recently outline in Mortgagee Letter 2009-16.
The change comes with much anticipation, as PRC has been asked by multiple lenders within the reverse mortgage arena to be prepared to close loans for manufactured home condominium projects.
With PRC’s experience closing manufactured homes across the country, the addition of this new classification is one that has come with ease for PRC. In order to prepare for the announcement, PRC dedicated time and energy from their post-closing team to research and understand the new requirements associated with closing these unique loans.
“Premier Reverse Closings is honored to be serving a new demographic of seniors,” said Rob Awalt, president of PRC. “We are elated that HUD has acknowledged that this part of the population needs access to their equity as well.”
Since title insurance must meet certain requirements for reverse mortgages that are manufactured homes in condominium projects, PRC trained their 70 employees on how to accommodate for HUD’s new ruling.
“This is an important endeavor for the entire industry, and PRC has dedicated resources to pursuing this opportunity with lenders and brokers as they target this market nationwide. A title company that is trained on national manufactured home requirements, in addition to reverse mortgage requirements is unprecedented in our industry,” said Awalt. “We have listened to the needs of our clients, and are happy to help our industry expand to the next level.”