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Page 15Around California continued...requested action. Subsequently,HCD issued a notice of intent torevoke Desert Hot Springs’ authorityas the local Enforcement Agency formanufactured home parks within thecity. The City appealed.Following a January 2012 hearing,Hearing Officer, Ron Javor, noting thenegative impact of a significant andimproper fee on the well being of homeowners and renters and on the abilityof the park owner to properly operatethe park, denied the City’s appeal andsustained HCD’s Notice of Revocation.And now…affordability returns toPalm Vista Estates!Manufactured HomeLenders Subject to NewAnti-Money Laundering RuleOn February 7, 2012 the Departmentof the Treasury’s Financial CrimesEnforcement Network (FinCEN)released final rules extendinganti-money laundering (AML) andsuspicious activity report (SAR)requirements to non-bank residentialmortgage lenders and originators.Non-bank mortgage lenders will nowbe forced to assist law enforcementagencies with fraud detection just aslarger financial institutions are requiredto do.NOTE: The rule has not yet beenofficially published in the FederalRegister. FinCEN has made a draftavailable at: http://www.fincen.gov/statutes_regs/frn/pdf/1506-AB02_RMLO_Final_Rule.pdf. The rule,which the agency began developing in2009, will go into effect 60 days afterpublication in the Federal Register andcompliance will be required within 180days of publication.Under the requirements, all nonbanklenders including any entitymaking personal property loans forthe purchase of manufactured housing(i.e., community owners that areengaging in lending activity and nonbankmanufactured home lenders) willhave to, among other requirements,establish AML programs, designate acompliance officer and develop trainingprograms.The regulations cover any residentialmortgage lender, residential mortgageloan originator and loan or financecompany (see pages 37 & 39 of rulesof definition of terms and page 15 forcommentary of those covered).For more information go to: http://www.fincen.gov/news_room/nr/html/20120206.html or contactMHI Vice President of GovernmentalRelations Jason Boehlert at jboehlert@mfghome.org.Carbon Monoxide DetectorsProposed amendments to theWildland Urban Interface (WUI)regulations adds Section 4326 whichwill require carbon monoxide detectorsin new and used manufactured homesmanufactured on and after the effectivedate. As of this writing, while theeffective date has not officially beenset, CMHI believes it will more thanlikely be July 1, 2012. CMHI memberswill be kept informed by SpecialBulletin.New Sales and Use TaxRatesThe State Board of Equalization(BOE) has announced that voters infour cities in California approved newdistrict taxes that went into effect onApril 1, 2012 – Fairfax, Palm Springs,Oakdale and Vallejo. The new rate inMendocino County will cause ratesin the incorporated cities listed underthat county to increase – Willits, PointArena, Fort Bragg and Ukiah.For City and County Tax Rates go tothe BOE page:www.boe.ca.gov/sutax/pam71.htmFor California Tax Rates: www.boe.ca.gov/pdf/pub71.pdfCall BOE’s Taxpayer InformationSection at (800)400-7115.Source: California BOE Special Notice-3/2/12Origen Financial AnnouncesFourth Quarter and Full Year2011 ResultsOrigen Financial, Inc., whichmanages residual interests insecuritized manufactured housingloan portfolios, has published itsfinancial results for the fourth quarterof 2011 as well as for the entire year.The Southfield, Mich.-based realestate investment trust narrowed itsnet losses in the last three monthsof the year, to $3.4 million from $5.7million during the same time frame of2010. Before loan losses, net interestincome for the period actually jumped12 percent to $4.6 million from $4.1million, Origen reported. For the fullyear, the REIT’s net losses shrank to$11.8 million from $16.6 million. Also,on March 14th, the board of directorsdeclared a common stock dividendof $0.15 per share. The payout willbe delivered on April 2, 2012, toshareholders of record as of March 26,2012.Source: MarketWatch (03/15/12)Home Affordability CalledBest in DecadesHome buying is currently moreaffordable than it has been in morethan two decades, according to themarket data provider CoreLogic.Bargain property prices and favorablefinancing rates make now a goodtime to enter the market, the SantaAna, Calif.-based firm declared in itsApril MarketPulse report. “Housingaffordability is at levels not seen sinceprior to the early 1990’s and is almosttwice the level it was in April 2006,”when residential prices crested, thereport noted. Although rock-bottommortgage interest rates are likely toincrease this year and home pricesprobably will rise slowly through midsummer,CoreLogic says these slightshifts should not have much of animpact on overall affordability.Source: MHI News Wire-(April 2012)continued on page 17