Lender Best Practices Program Re-Certifies Triad Financial Services
Program Focuses On Revitalizing Manufactured Housing Lending
September 16, 2005

The Manufactured Housing Institute’s Lender Best Practices (LBP) program has re-certified Triad Financial Services as complying with its performance standards and awarded the company the “LBP Lender” designation.

The LBP program is a voluntary program that lenders involved in manufactured home financing may use to help enhance the integrity of all aspects of the credit transaction. Lenders with the “LBP Lender” designation will be able to demonstrate to their funding sources that they have the appropriate business systems, procedures and standards in place to improve portfolio performance.

The LBP program, launched by the Manufactured Housing Institute (MHI) in Feb. 2002, establishes a minimum set of performance standards. A participating lender develops and adheres to a plan that outlines the systems, policies and procedures it has in place to comply with the LBP performance standards.

In order to maintain the LBP certification, LBP Lenders must submit to an annual independent performance audit to verify that their day-to-day practices match their compliance plans. This independent assessment function is performed by an MHI-approved external audit firm, which uses internal audits, regulatory compliance reports and quality control programs to measure compliance with LBP.

“Triad is committed to the Lender Best Practices Initiative and its performance standards to restore the credibility and integrity of manufactured housing lending with lenders,” stated Don Glisson, Jr., president and CEO of Triad Financial Services. “We are honored to have been recertified as an LBP Lender and we take seriously our responsibilities under this important program.”

The LBP performance standards cover the various aspects of the credit transaction, from training of employees, verification and record-keeping systems, written standards for underwriting, collection and foreclosure procedures, monthly loan performance reporting, consumer protection, and other quality control systems. A summary of the LBP performance standards are on the MHI Web site, www.manufacturedhousing.org.

“The LBP program establishes a framework for all parties involved in the credit transaction to ensure the integrity of the financial transaction,” MHI President Chris Stinebert said. “Properly used, this framework will provide the necessary assurances to rating agencies, investment bankers and others with a vested interest in our industry about the quality of the credit being generated by ‘LBP Lenders.’ We are very encouraged by the positive response to the LBP program from the financial community and are pleased that Triad Financial Services has completed the re-certification process and maintained its LBP Lender designation.

The Manufactured Housing Institute is the national trade association for the factory-built housing industry, representing all segments of the manufactured and modular housing industries, including producers, component suppliers, financial service providers, retailers, community owners and operators, developers, insurers, and other parties interested in factory-built housing. From its headquarters just outside Washington, D.C., MHI works to promote the benefits of factory-built housing to relevant audiences.