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The Federal Housing Finance Agency on Tuesday issued its final duty-to-serve rule, which, in a win for NAFCU and its members, counts chattel loans secured by personal property as an eligible activity toward the now-required service to manufactured housing, affordable housing preservation and rural housing markets.

Under the final rule, credit would be provided by the government-sponsored enterprises for activities undertaken related to financing manufactured housing units titled as real estate property and chattel loans secured by personal property. NAFCU had urged in its comment letter that FHFA revise its proposalto allow credit unions that have experience making chattel loans on manufactured housing to be eligible for duty-to-serve credits.

Additionally, the final rule requires Fannie Mae and Freddie Mac to adopt plans to improve the distribution and availability of mortgage financing for residential properties that serve very low-, low- and moderate-income families in the three specified underserved markets.

The GSEs will each be required to submit to FHFA a three-year plan that describes the activities and objectives they will undertake to meet their duty-to-serve requirements.The plans will become effective January 2018.

The duty-to-serve final rule becomes effective 30 days after publication in the Federal Register.

NAFCU continues to urge the FHFA to ensure that any housing finance reform guarantees credit unions access to the secondary mortgage market.