Please see the following release from FNMA.

Mortgage Eligibility and Servicing Procedures for Mortgages Secured by Manufactured Homes, Guide Announcement 03-06, dated 06/03/03

This Announcement describes Fannie Mae's adjustments to our mortgage eligibility and servicing policies for mortgages secured by manufactured homes and provides additional guidance to assist lenders with the unique titling issues related to manufactured homes. More specifically, this Announcement identifies our new requirements related to property eligibility, mortgage eligibility, underwriting, pricing adjustments, appraisal requirements, and servicing. We also provide information related to the process of obtaining real property liens for manufactured homes.

These requirements and guidelines replace our existing policies for mortgages secured by manufactured homes contained in various parts of our Selling Guide, and restate and expand upon requirements contained in various parts of our Servicing Guide. This Announcement also introduces our new Manufactured Home Appraisal Report Addendum (Form 1004C).

There are several effective dates contained in this Announcement, which are summarized below.

August 24, 2003
Loans secured by manufactured homes, the applications for which are taken on or after this date, must meet the new mortgage eligibility, underwriting, appraisal, and title and lien requirements included in this Announcement to be eligible for purchase by Fannie Mae.

Loans secured by manufactured homes, the applications for which are taken prior to this date, that comply with our existing eligibility, underwriting, appraisal, and title and lien requirements will be eligible for delivery until October 31, 2003 provided that the loan is appropriately identified at delivery as a mortgage secured by a manufactured home.

Mortgage applications for loans secured by manufactured homes taken on or after this date must be submitted to Desktop Underwriter^® for underwriting.
Servicers will have until this date to implement the servicing requirements stated in this Announcement.

September 1, 2003
Mortgages secured by manufactured homes delivered for cash purchase or MBS issuance on or after this date (regardless of when the mortgage application was taken or underwriting method) will be assessed a 0.50 percent loan-level price adjustment.

Mortgages secured by manufactured homes delivered as part of "Early Funding" transactions prior to this date will be assessed a 0.50 percent loan-level price adjustment if they are included in an MBS pool with an issue date on or after this date.

October 31, 2003
Mortgages secured by manufactured homes must meet the new eligibility, underwriting, appraisal, and title and lien requirements to be eligible for delivery after this date.

(webmaster note: Feb 04 - 3rd party links in this paragraph may be obsolete)
A complete copy of Guide Announcement 03-06 and the new Manufactured Home Appraisal Report Addendum (Form 1004C)  are available for viewing or downloading. Form 1004C should be printed on legal size paper. An interactive version of this form will soon be available on efanniemae.com.
A complete copy of Guide Announcement 03-01 is available for viewing or downloading.

To view the entire release on the FNMA website, please click on following:
http://www.efanniemae.com/singlefamily/pdf/03-06.pdf
http://www.efanniemae.com/singlefamily/pdf/1004c.pdf