FAQs
Manufactured homes are houses built to the set of HUD code standards established by the “National Manufacturing Housing Construction and Safety Act of 1974.” The code went into effect in 1976. Models built prior to this year are called mobile homes. Over the years, rapid advances in construction and design have made modern manufactured homes almost indistinguishable from site-built homes from a quality perspective and at a fraction of the cost. In the last few years, with the expansion of loan programs and sources of financing, these homes are becoming more popular among people looking for quality living space at an affordable price.
The HUD code is the set of standards for the construction, design, and performance of a manufactured home. The code was put in place to guarantee those buying these factory-built homes enjoy the same safe, quality living conditions as a site-built home. Some of the key standards required for a home to be in Code include:
- Must meet stringent codes for design, construction, quality, durability, strength, fire resistance, transportability, and energy efficiency.
- Must meet performance standards for heating, plumbing, electrical and HVAC.
Manufactured homes are built in factories. Unlike site-built homes, they are protected from the elements and built using a regulated, systematic process. Construction of manufactured homes includes the following process:
- The flooring is built. It is constructed in multiple sections based on the home’s layout. The flooring comes pre-installed with heating, electrical and plumbing connections, then is finished with laminate, tile or hard wood.
- Next the walls are constructed and lifted by a crane into position to be fastened to the floor.
- The ceilings are added next and then the roof is constructed.
- Exterior siding is then added and the doors and windows are installed.
- Finally, the interior is completed – fixtures and electrical installed, etc.
Each section is then wrapped in plastic and transported to the building site where sections are joined together and finishing work is completed.
A manufactured home is any home built in a climate-controlled facility and delivered to a home site while a modular home is built in sections in a similar facility and then assembled at the home site. From a legal standpoint, the primary difference between modular and manufactured homes is that modular homes are held to the same local, state and regional building codes required for site-built homes, while manufactured homes are held to a federal code set by the Department of Housing and Urban Development (HUD).
Yes, Cascade has programs available for single-wide mobile homes.
Yes, Cascade does offer purchase loan programs for mobile homes (chattel) in a park.
Yes, Cascade has programs available for triple-wide mobile homes.
Yes, if you own your own land and are buying a manufactured home, any equity in your land may be able to be used to meet your down payment requirements. In this scenario, you will want to be very careful when dealing with a dealer or manufacturer. The paperwork on this scenario can get very confusing and prone to unethical behavior. We strongly recommend the use of a third party, independent firm such as Cascade to finance your manufactured home.
Competitive rates, loan programs tailored specifically to manufactured homeowners, in-house underwriters who are manufactured home lending experts, and 20+ years of commitment to manufactured home loans.
Typically yes, though there are exceptions on certain loan programs such as streamline refinances. Financing a mobile home with land is treated no differently than financing a traditional stick-built home. The value of the manufactured home and land must still appraise out and meet or exceed the purchase price.
Yes, Cascade has cash out (home equity) loans available on mobile and manufactured homes. It is best to speak to a Cascade licensed professional to help determine if your home is eligible.
No, not currently. Cascade offers financing for primary and secondary residences.
Closing a manufactured home loan will typically take the same amount of time as a traditional mortgage loan. Expect around 30 days to 60 days, depending upon the complexity of the loan.
It depends. A copy of the survey is required for most loans, but in most cases, a survey copy is provided by the seller on a purchase. If you are refinancing, a copy of a prior survey may be readily available. If it is not, you may be required to order a new one.
Each home contains a data plate (an 8-1/2” X 12” piece of paper glued to a wall, inside an interior cabinet or closet wall). In some cases, homeowners may remove this data plate unknowingly. This plate contains, serial numbers, home energy information, home system information (furnace, hot water heater, stove, etc.).
Yes, we do from an affiliated business company. We try to make the lending process as simple as possible, and we offer our customers the convenience of quick and easy insurance quotes from a top-rated provider. You can obtain insurance from any carrier or agency that you wish as well.
Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI) (or just MI for short) or mortgage insurance premium (MIP) for FHA loans. What these have in common is an obligation to make the lender whole in the event of specific cases of loss.
We have several convenient payment options for you.
Auto-Pay: The easiest way is to request to be set up on our auto-pay system. Sign up on our secure website at cascadeloans.com/existing-customers and select “I’d like to make a payment”. Once you have registered and logged in on the website, select payment options. One of the options you’ll see is for recurring payments.
Online: Payments are accepted through our website at cascadeloans.com/existing-customers and select “I’d like to make a payment”. There is no charge for online payments.
By Mail: You may pay by check or money order. Please include your loan number with your payment. Note that we do not accept cash. Our payment remittance addresses are:
| Regular Mail: Southwest Stage Funding LLC P.O. Box 613703 Memphis, TN 38101 | Next-Day Mail: Attn: Retail Lockbox – Southwest Stage Funding First Horizon Bank 3451 Prescott Road Memphis, TN 38118 |
By Phone: To make a payment over the phone with one of our agents, just call our Servicing Department at (866) 939-5581 during our office hours. A transaction fee may apply for payments taken over the phone. Our office hours are Monday through Friday, 8:00 AM – 5:00 PM MST.
MoneyGram: For your convenience, we also accept payments made through MoneyGram where available. Please note: We don’t charge a fee for the service, but MoneyGram does. MoneyGram requires payments to be made to them in cash. To use MoneyGram, present your funds at your local MoneyGram location and let the agent know that you need to make a “cash payment”. You will then need to provide Cascade’s Receiver Code: 16370 and your loan number.
At this time, you will not be charged a fee to make your payment through our website. Payments made over the phone may incur a transaction fee.
| Payment Method | Charge |
| Auto-Pay | No Charge |
| Online | No Charge |
| No Charge | |
| Phone | May incur a fee |
| MoneyGram | MoneyGram Charge |
Your payment is considered late one day after the payment due date. However, late charges are assessed in accordance with the “grace period” specified in your Note or Retail Installment Contract.
Yes, please visit cascadeloans.com/existing-customers.
Questions about your existing loan can often be answered online at cascadeloans.com/existing-customers. Once you register through the website, you’ll be able to access loan information, make payments, or review notices. You may also call us at (866) 939-5581 during our office hours. Our office hours are Monday through Friday, 8:00 AM – 5:00 PM MST.
No. If we receive partial payments from you (i.e., payments in amounts that are less than what your loan agreement requires), such payments will be held in a suspense account and will not be credited to your loan until the amount in the suspense account equals a full payment.
Tax documents for the prior year will be available on the Cascade website on or before January 31st of the current year.
If you need a copy of your 1098 statement and it’s after January 31st, go to our payment portal, select '1098 Year-End Statement', and click 'View'.
NOTE: If the interest paid exceeded $600, a copy of your 1098 statement will be sent to the mailing address in our system.
Should you have any question or concerns regarding your prior Year-End Tax Forms, please contact us at your earliest convenience. We will be happy to assist you.
Phone Number: 866-939-5581
Fax Number: 480-812-3334
It means that Cascade will now be handling your loan. We will receive your loan payments, manage your escrow funds for taxes and insurance(if applicable), and provide information to you about your loan.
No. We want the transition to be as easy as possible for you, so we’re keeping your loan number the same. Whatever loan number appeared on the statements and letters from your previous loan servicer is what we’ll use.
Yes. We will continue to escrow these items for you, and you will continue to receive escrow-related notices and disclosures.
No. The transfer of servicing will affect the terms of or the continued availability of any mortgage life or disability insurance or other types of optional insurance products. Cascade will not be involved in the continuation of coverage. If you would like to continue coverage, please directly contact the company providing the product for additional information.
No. The policy you currently have with the previous servicer will stay in effect. If you choose to continue that policy, you will be responsible to pay them directly.
Yes.
If you set up an auto-pay arrangement directly with your previous servicer, the auto-pay arrangement can’t transfer to us. We do offer auto-pay and we are happy to help you sign up for it with us. The easiest way to sign up for auto-pay is to use our secure website at cascadeloans.com/existing-customers and select “I’d like to make a payment”. Once you have registered and logged in on the website, select payment options. One of the options you’ll see is for recurring payments.
If you previously set up payments through a “Bill Pay” option with your banking institution, you will need to contact them to change the payee to Cascade (or Cascade Land Home Financing if your home is in Washington, Oregon, Pennsylvania, or Delaware). Please contact your bank directly for information on how to make this change.
Yes. We will continue to work with you on any loss mitigation programs that were in process at the time of transfer.
- Chattel - A chattel mortgage is a loan on a home (such as a manufactured home) that is not permanently attached to a foundation. The home is therefore considered moveable personal property. A chattel mortgage differs from a regular mortgage which is secured by both the land and the permanently attached home.
- Mobile Home - A mobile home can have many commonly used meanings and definitions. The technical definition of a mobile home is a prefabricated structure manufactured before 1976 which is when many of today’s standards for manufactured homes were established. Many people commonly refer to manufactured homes that are not permanently attached to land (chattel) as a mobile home.
- Manufactured Home - A manufactured home is any home built in a climate-controlled facility and delivered to a home site. For a more technical definition, a manufactured home is a factory-built home built after June 15, 1976. It is on that date that the federal standards regulating the construction of mobile homes, set by the U.S. Department of Housing and Urban Development (HUD), went into effect.
- Modular Home - A modular home is a house that is built in sections in a factory setting and then assembled at the home site. These factories are massive, climate-controlled facilities that assemble homes according to the International Residential Code (IRC), which requires compliance with all state and local building regulations.
- Site-Built “Stick-Built” Home - These homes are constructed on-site using tried-and-true home building techniques. Each component, down to the lumber and siding, is brought to the home's permanent location and the home is manually constructed.
- Escrow Account - Escrow is a legal concept whereby money is held by a neutral third party on behalf of two other parties that are in the process of completing a transaction. Escrow accounts might include escrow fees managed by agents who hold the funds until receiving appropriate instructions or until the fulfillment of predetermined contractual obligations. Money, securities, funds, and other assets can all be held in escrow. In a mortgage context, a mortgage company uses an escrow account to hold money on behalf of the borrower in order to pay a third party. Typically, the third parties are tax authorities or homeowners insurance companies. These funds are held in escrow accounts to ensure the taxes and insurance on the property are paid on time.
- Appraisal - An appraisal is an unbiased professional opinion of the value of a home and is used whenever a mortgage is involved in the buying, refinancing, or selling of that property.
- Survey - A property survey is generally conducted to determine land boundaries and building locations. A survey will note buildings, sheds, fences, easements and required building setbacks, and natural landmarks.
- Title - A house title is the ownership record of a property. It’s different from a deed, which is a document you get at closing that states you own the property. The title shows who’s owned the property in the past, contains a physical description of the property and shows any liens on it. If you just bought the home, your mortgage will be on the title as a lien.
- Settlement - Settlement typically refers to the actual closing of a loan where all funds and agreements are actually officially transacted. In most state, the settlement or closing is handled at a title company by a Settlement Agent. Closing costs are also sometimes referred to as “settlement charges”.
- Adjustable-Rate Mortgage (ARM) - An adjustable-rate mortgage, or ARM, is a mortgage with an interest rate that can be increased or decreased from time to time, depending on various factors. An ARM is helpful for someone taking out a mortgage for a relatively short period of time.
- Annual Percentage Rate (APR) - An APR is the interest rate on a loan plus any costs associated with the loan including upfront costs or mortgage insurance, expressed as an effective interest rate. The APR can be found on the Truth-in-Lending page.
- Cash to Close - The cash to close is the amount of money needed at closing (or settlement) to complete the transaction.
- Closing Disclosure (CD) - The Closing Disclosure (a.k.a. “the CD”) is the mortgage document that outlines all the details of the financing. The lender creates the initial CD after the initial underwriting approval.
- Debt-to-Income Ratio (DTI) - The percentage of the borrower’s monthly debt payments relative to their gross monthly qualifying income.
- Deed - A mortgage deed is a legal document that grants a lender a security interest in property. A mortgage deed of often referred to as a deed of trust.
- Delivery Cert - A certification document, created by Cascade, that a borrower signs to confirm the home has been delivered to the subject property.
- Down Payment - A down payment is a sum of money that a buyer pays in the early stages of purchasing an expensive good or service. The down payment represents a portion of the total purchase price, and the buyer will often take out a loan to finance the remainder.
- Earnest Money Deposit – An earnest money deposit is a deposit provided to the retailer or title company prior to closing the loan. These funds are held in escrow and credited at closing (settlement).
- Fixed-Rate Mortgage - The term “fixed-rate mortgage” refers to a home loan that has a fixed interest rate for the entire length (term) of the loan. This means that the mortgage carries a constant interest rate from beginning to end. Fixed-rate mortgages are popular products for consumers who want to know how much they’ll pay every month.
- Homeowners (Hazard) Insurance - Insurance covering the home in case of a disaster. Homeowners need hazard insurance to ensure their most valuable asset (their home) is protected and Lenders require Hazard Insurance to ensure the bank will be protected from losses. On a purchase mortgage, the borrower must prepay for the one year of coverage as a condition of closing the loan.
- HUD - The Department of Housing and Urban Development
- Interest Rate - The lender’s charge for the borrowers use of funds for the term of the loan, calculated as a percentage.
- Loan Application (1003) - Also known as the 1003, the form used by all lenders to obtain the necessary information about the borrowers(s). This includes the type of mortgage and terms, property information and purpose of the loan, etc.
- Loan Approval - To be approved for a loan, a prospective borrower must demonstrate both the ability to repay and the willingness to repay; the applicant’s willingness to repay is assessed largely by the applicant’s past credit history.
- Loan Estimate - The Loan Estimate tells you important details about the loan you have requested. The form provides you with important information, including the estimated interest rate, monthly payment, and total closing costs for the loan. The Loan Estimate also gives you information about the estimated costs of taxes and insurance, and how the interest rate and payments may change in the future.
- Loan Term - The period of time the borrower has to repay the loan
- Letter of Explanation - An LOE is used to explain why something is done in a letter from the borrower. Must be signed & dated by borrower.
- Mortgage Insurance (PMI/MI/MIP) - Mortgage insurance is an insurance policy that protects a mortgage lender or titleholder if the borrower defaults on payments, passes away, or is otherwise unable to meet the contractual obligations of the mortgage. Mortgage insurance can refer to private mortgage insurance (PMI) (or just MI for short) or mortgage insurance premium (MIP) for FHA loans. What these have in common is an obligation to make the lender whole in the event of specific cases of loss.
- Power of Attorney - A legal document giving the authority to act for another person in specified or all legal or financial matters.
- Principal - A loan’s actual balance, excluding the interest owed for borrowing.
- Revolving Debt - Usually credit cards issued by banks or department stores. The account has a credit limit, and the balance can go up or down as the cardholder charges or makes payments. The payment is based on a percentage of the balance; therefore, as the balance increases and decreases so will the payment.
- Title Insurance - Title insurance is a form of indemnity insurance that protects lenders and homebuyers from financial loss sustained from defects in a title to a property.
- Verification of Employment (VOE) - Used to verify the borrower’s employment. This includes written and verbal verification.
- Verification of Mortgage (VOM) - Used to verify a mortgage or land contract that is not listed on the credit report. This confirms original amount, date, if payments are made as agreed, the current balance and interest rate.
- Verification of Rent (VOR) - To be completed by a landlord to verify all rent has been paid and there have been no late payments.
- Discount Point - Discount points are a type of prepaid interest that mortgage borrowers can pay to lower the amount of interest on their subsequent monthly payments—spending more up front to pay less later, in effect. One discount point is equal to 1% of the loan amount. Discount points may often be tax deductible depending on your tax situation.
- Inflation - A measure of the rise in the prices of goods and services that occurs when spending increases relative to the supply of goods in the market. In short, inflation occurs when too many dollars are chasing after too few goods.
- Lock - In the mortgage industry, this term indicates that a borrower has locked in their mortgage interest rate and as such, their actual mortgage rate at the time of closing is certain.
- Par - In a mortgage context, the par rate is the interest rate where there is no premium or discount points.
- Premium - Premium is the opposite concept of discount points and is also similarly expressed in “points”. One point of premium is equal to 1% of the loan amount. When a borrower accepts an interest rate that is higher than the par rate, there is said to be a premium which is credited to the borrower as a “lender credit” at closing.
