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VA Circular 26-16-24 Title Requirements for Manufactured or Mobile Home Conveyance

Investor Update
September 9, 2016

1. Purpose. This Circular provides clarification of the documents required to properly provide clear and marketable title for mobile homes conveyed to the Department of Veterans Affairs (VA) per 38 C.F.R. 4300 in every state and territory in the United States.

2. Background. Pursuant to 38 U.S.C. § 3710(a)(9) and 38 C.F.R. § 36.4301, a manufactured home must be permanently affixed and classified as real property in the state where it is located. If the manufactured home does not meet these criteria, it may not be guaranteed pursuant to section 3710 and the holder may not have the option of conveying the manufactured home to the Secretary. Therefore, to ensure that a guaranty claim is fully payable and that the holder has the election to convey the manufactured home to the Secretary, servicers must also ensure that for home loans guaranteed under the 4300 series, the manufactured home is permanently affixed and classified as real property before attempting to convey the property to the Secretary.

3. Action. Effective immediately, VA is requiring evidence that holders have complied with requirements for guaranteeing manufactured homes. Foreclosure title packages that do not include the required evidence will be rejected. The evidence required (applicable to all jurisdictions) for manufactured homes is as follows:

a. Copy of the deed or document evidencing transfer of interest and title to the holder at the liquidation sale;
b. Evidence that the manufactured home is permanently affixed and classified as real property under the laws of the state where it is located;
c. Special warranty deed or its legal equivalent from the holder to the Secretary, but only after the manufactured home has been deemed permanently affixed and classified as real property under the laws of the state where it is located;
d. Original or copy of mortgagee’s title insurance policy from loan origination (except in Iowa, where a title abstract is required);
e. Owner’s title insurance policy issued as of the recording date of the special warranty deed to the Secretary;
f. ALTA Endorsement 7-06 to the owner’s title policy insuring the Secretary;
g. Origination deed of trust or mortgage,
h. All assignments of the origination deed of trust or mortgage (if to effect an assignment a recorded document is legally required in the state where the property is located);
i. Evidence of proper notice (e.g., affidavit of publication, Affidavit of Substitute Trustee, notice of sale);
j. Department of Defense Manpower Data Center Status Report pursuant to Servicemembers Civil Relief Act; and
k. Real estate sales validation form (where applicable).

4. Details. VA’s determination of clear and marketable title is dependent on state statutory requirements. This Circular does not affect timeframes for submission of title documents. For title document requirements related to properties that are not manufactured homes, please reference VA Circular 26-16-14 entitled “Title Requirements for Conveyance of Real Property. VA Circular 26-16-14 is posted on VA’s website at: http://www.benefits.va.gov/HOMELOANS/documents/circulars/26_16_14.pdf.

5. In states where there is not a legal process for converting a manufactured home from personal property into real property, an ALTA Endorsement 7-06 to the Secretary’s owner title policy is sufficient evidence that the manufactured home is permanently affixed and classified as real property under the laws of the state where it is located. These locations are—

a. Connecticut
b. District of Columbia
c. Maine
d. Massachusetts
e. New Hampshire
f. Rhode Island
g. Vermont
h. Hawaii

6. Rescission: This Circular is rescinded October 1, 2018.

By Direction of the Under Secretary for Benefits

Jeffrey F. London
Deputy Director, Loan Guaranty Service

Source: VA

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CEO

Alan Jaffa

Alan Jaffa is the Chief Executive Officer for Safeguard Properties, steering the company as the mortgage field services industry leader. He also serves on the board of advisors for SCG Partners, a middle-market private equity fund focused on diversifying and expanding Safeguard Properties’ business model into complimentary markets.

Alan joined Safeguard in 1995, learning the business from the ground up. He was promoted to Chief Operating Officer in 2002, and was named CEO in May 2010. His hands-on experience has given him unique insights as a leader to innovate, improve and strengthen Safeguard’s processes to assure that the company adheres to the highest standards of quality and customer service.

Under Alan’s leadership, Safeguard has grown significantly with strategies that have included new and expanded services, technology investments that deliver higher quality and greater efficiency to clients, and strategic acquisitions. He takes a team approach to process improvement, involving staff at all levels of the organization to address issues, brainstorm solutions, and identify new and better ways to serve clients.

In 2008, Alan was recognized by Crain’s Cleveland Business in its annual “40-Under-40” profile of young leaders. He also was named a NEO Ernst & Young Entrepreneur Of The Year® Award finalist in 2013.

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Esq., General Counsel and EVP

Linda Erkkila

Linda Erkkila is the General Counsel and Executive Vice President for Safeguard Properties, with oversight of legal, human resources, training, and compliance. Linda’s broad scope of oversight covers regulatory issues that impact Safeguard’s operations, risk mitigation, strategic planning, human resources and training initiatives, compliance, insurance, litigation and claims management, and counsel related to mergers, acquisition and joint ventures.

Linda assures that Safeguard’s strategic initiatives align with its resources, leverage opportunities across the company, and contemplate compliance mandates. She has practiced law for 25 years and her experience, both as outside and in-house counsel, covers a wide range of corporate matters, including regulatory disclosure, corporate governance compliance, risk assessment, compensation and benefits, litigation management, and mergers and acquisitions.

Linda earned her JD at Cleveland-Marshall College of Law. She holds a degree in economics from Miami University and an MBA. Linda was previously named as both a “Woman of Influence” by HousingWire and as a “Leading Lady” by MReport.

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COO

Michael Greenbaum

Michael Greenbaum is the Chief Operating Officer of Safeguard Properties, where he has played a pivotal role since joining the company in July 2010. Initially brought on as Vice President of REO, Mike’s exceptional leadership and strategic vision quickly propelled him to Vice President of Operations in 2013, and ultimately to COO in 2015. Over his 14-year tenure at Safeguard, Mike has been instrumental in driving change and fostering innovation within the Property Preservation sector, consistently delivering excellence and becoming a trusted partner to clients and investors.

A distinguished graduate of the United States Military Academy at West Point, Mike earned a degree in Quantitative Economics. Following his graduation, he served in the U.S. Army’s Ordnance Branch, where he specialized in supply chain management. Before his tenure at Safeguard, Mike honed his expertise by managing global supply chains for 13 years, leveraging his military and civilian experience to lead with precision and efficacy.

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CFO

Joe Iafigliola

Joe Iafigliola is the Chief Financial Officer for Safeguard Properties. Joe is responsible for the Control, Quality Assurance, Business Development, Marketing, Accounting, and Information Security departments. At the core of his responsibilities is the drive to ensure that Safeguard’s focus remains rooted in Customer Service = Resolution. Through his executive leadership role, he actively supports SGPNOW.com, an on-demand service geared towards real estate and property management professionals as well as individual home owners in need of inspection and property preservation services. Joe is also an integral force behind Compliance Connections, a branch of Safeguard Properties that allows code enforcement professionals to report violations at properties that can then be addressed by the Safeguard vendor network. Compliance Connections also researches and shares vacant property ordinance information with Safeguard clients.

Joe has an MBA from The Weatherhead School of Management at Case Western Reserve University, is a Certified Management Accountant (CMA), and holds a bachelor’s degree from The Ohio State University’s Honors Accounting program.

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Business Development

Carrie Tackett

Business Development Safeguard Properties