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Committee hears lenders and attorneys on H.757, a bill to clarify title and financing for manufactured homes
Summary
Witnesses told the House Committee on General & Housing that H.757 preserves lenders' flexibility to treat manufactured homes as real estate or personal property; attorneys urged clearer recording rules, raised concerns about conversion/purge processes and asked clerks and agencies be consulted before changes are finalized.
The House Committee on General & Housing took testimony on H.757, a bill addressing title instruments and financing for manufactured homes and limited‑equity cooperatives. Witnesses included Chris D'Elia, president of the Vermont Bankers Association, and attorney Laura Gorski, who described operational and consumer implications of the bill and of current recording practices.
Chris D'Elia said lenders operate under three business models — hold‑in‑portfolio lending, loans sold to the secondary market, and personal‑property lending — and that the bill as drafted "preserves the ability to finance as personal property," which he said is vital because lenders need flexibility depending on whether a home sits on owned land, leased land in a park, or cooperative ownership.
D'Elia testified the marketplace includes…
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