Wells Fargo has hired two executives to expand its lending for manufactured housing, following the San Francisco company's purchase of a multibillion-dollar loan portfolio from GE Capital.
Wells Fargo hired both Lew Grace and Matt Krasinski from GE Capital Real Estate. Grace was previously head of manufactured home communities lending and investments. Krasinski was previously associate director for North America lending, responsible for originating loans that focused on manufactured homes and recreational vehicles.
In April, Wells Fargo agreed to acquire a $9 billion portfolio of performing first-mortgage commercial real estate loans from GE Capital, which includes some loans that are focused on manufactured-home communities.
Some lawmakers in Congress have introduced legislation to remove Dodd-Frank Act regulations that they say have made it more difficult for consumers to obtain loans for manufactured housing. Guidelines released by the Consumer Financial Protection Bureau in 2013 expanded the range of loans considered "high cost" to include mortgages for manufactured housing.