NAFCU talks duty-to-serve rule at FHFA today

NAFCU Regulatory Affairs Counsel Ann Kossachev is at the Federal Housing Finance Agency today to discuss the final duty-to-serve rule, including a NAFCU-sought provision allowing chattel loans to count toward a lender’s “duty to serve.”

The NAFCU-sought measure allows loans for manufactured housing titled as personal property, or chattel loans, to be eligible to receive duty to serve credit to count toward lenders’ duty to serve underserved markets – including the manufactured housing, affordable housing preservation and rural housing markets.

Kossachev will be joined by a representative from PenFed Credit Union for the discussion, which will focus on what government-sponsored enterprises should include in their underserved markets plans. Kossachev will discuss the chattel loans pilot program as well as affordable housing preservation.

 

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