Lender Best Practices Program Certifies New Applicant 
Program Focuses On Revitalizing Manufactured Housing Lending 
October 25, 2002 

The Manufactured Housing Institute’s Lender Best Practices (LBP) program has certified Triad Financial Services as complying with its performance standards and awarded the company the “LBP Lender” designation. Triad joins Chase Manufactured Housing Corp. and Vanderbilt Mortgage and Finance as certified “LBP Lenders.” 

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. 

“For over 40 years, Triad has maintained a standard to never compromise credit quality,” explained Don Glisson, Jr., president of Triad Financial Services. “Achieving the Lender Best Practices designation reinforces our company’s long-term commitment to stringent lending standards, outstanding credit quality, and the manufactured housing industry as a whole.” 

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 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 certification process and earned the LBP Lender designation. 

Currently, Origen Financial LLC and Conseco Finance Corp. are also in the process of having their compliance plan submitted for review and certification. CIS Financial Services and HomeOne Credit Corp. are also LBP candidates. 

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 ascertain compliance with LBP. 

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.