With affordable housing for Low-Moderate Income (LMI) households at the top of the policy agenda, we take a look at loan data for manufactured housing (MH). In a recent report, the CFPB provided a comprehensive survey of this market based on enhancements to the HMDA data first made available in 2018. These include data on
Secured property type:
In their survey, the CFPB looked deeply into the data for 2019. In this note, we update some of their work with 2020 HMDA data. This is important because of the onset of Covid-19 that year. The site-built market performed strongly, but this cannot necessarily be presumed to carry over to MH as Covid is a supply shock, impacting labor markets and supply chains.
Another innovation in this note is that rather than looking at this market by state the way the CFPB does, as a policy guide we look at it bifurcated between rural and nonrural MSAs.
Below finds a chart of the progression of single-family manufactured housing origination volumes for personal loans (securitized by chattel) and mortgages (securitized by real property) from 2018-2020, along with the share of all single-family manufactured housing loans (personal loans plus mortgages) of the total single-family mortgages including those for site-built homes.