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Glossary of Industry Terms
Manufactured Home
A manufactured home is a home built in a controlled, factory environment on a permanent chassis that is designed to be used with or without a permanent foundation when connected to the required utilities. Manufactured homes are constructed in sections and are delivered to the home site and installed in one, two, or occasionally, three sections; they may be placed on private property or in a manufactured home community.
Modular Homes
Factory-built homes that begin as components and are designed, engineered and assembled in a controlled, factory environment. These components come together at the building site and the home is completed by a licensed builder under the same state, local or regional codes that apply to any residential structure. Modular homes may be one- or two-story dwellings and are placed only on private property.
Panelized Homes
These are factory-built homes in which panels - a whole wall with windows, doors, wiring and outside siding - are transported to the site and assembled. The homes must meet state or local building codes where they are sited.
Pre-Cut Homes
This is the name for factory-built housing in which building materials are factory-cut to design specifications, transported to the site and assembled. Pre-cut homes include kit, log and dome homes. These homes must meet local, state or regional building codes.
Mobile Homes
This is the term used for factory-built homes produced prior to June 15, 1976, when the HUD Code went into effect. By 1970, these homes were built to voluntary industry standards that were eventually enforced by 45 of the 48 contiguous states.
Manufactured and Modular Home Manufacturers
Manufacturers of factory-built homes.
Manufactured Home Retailers
Homes are sold through licensed, professional home retailers who assist in the arrangement of financing and securing insurance, and who has home installed on site and coordinating any warranty service after move-in.
Manufactured Home Communities
Private land developed as home sites for manufactured homes, and sometimes referred to as a residential land-lease community. Many communities even provide amenities such as clubhouses, swimming pools and playgrounds for their community residents.
Single-Section Home
A manufactured home delivered to home sites in one intact section, usually 14-feet-wide or 16-feet-wide by as much as 80 feet long. These homes offer 1,100 square feet or more of living area.
Multi-Section Home
A manufactured home delivered to home sites in two or three sections that are built and transported separately to the site and then joined together to make one living unit. Typical models have 24 feet by 60 feet of living area (1,440 square feet), and may have a site-built garage attached after the home is installed.
Site-Built Housing
Housing constructed at the home site, exposed to the elements, but may consist of modulars of pre-assembled parts like trusses, doors, windows and pre-cast basement wall panels.
Mortgage-Backed Securities
Mortgage-backed securities (MBS) are pools of mortgages used as collateral for the issuance of securities in the secondary market. MBS are commonly referred to as "pass-through" certificates because the principal and interest of the underlying loans is "passed through" to investors. The interest rate of the security is lower than the interest rate of the underlying loan to allow for payment of servicing and guaranty fees.
HUD Code
A national building and safety code that regulates the home’s design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality control. It also sets stringent performance standards for the heating, plumbing, air conditioning, thermal and electrical systems. The HUD Code specifically pre-empts local building codes as they relate to construction codes for manufactured homes.
A manufactured home is a home built in a controlled, factory environment on a permanent chassis that is designed to be used with or without a permanent foundation when connected to the required utilities. Manufactured homes are constructed in sections and are delivered to the home site and installed in one, two, or occasionally, three sections; they may be placed on private property or in a manufactured home community.
Modular Homes
Factory-built homes that begin as components and are designed, engineered and assembled in a controlled, factory environment. These components come together at the building site and the home is completed by a licensed builder under the same state, local or regional codes that apply to any residential structure. Modular homes may be one- or two-story dwellings and are placed only on private property.
Panelized Homes
These are factory-built homes in which panels - a whole wall with windows, doors, wiring and outside siding - are transported to the site and assembled. The homes must meet state or local building codes where they are sited.
Pre-Cut Homes
This is the name for factory-built housing in which building materials are factory-cut to design specifications, transported to the site and assembled. Pre-cut homes include kit, log and dome homes. These homes must meet local, state or regional building codes.
Mobile Homes
This is the term used for factory-built homes produced prior to June 15, 1976, when the HUD Code went into effect. By 1970, these homes were built to voluntary industry standards that were eventually enforced by 45 of the 48 contiguous states.
Manufactured and Modular Home Manufacturers
Manufacturers of factory-built homes.
Manufactured Home Retailers
Homes are sold through licensed, professional home retailers who assist in the arrangement of financing and securing insurance, and who has home installed on site and coordinating any warranty service after move-in.
Manufactured Home Communities
Private land developed as home sites for manufactured homes, and sometimes referred to as a residential land-lease community. Many communities even provide amenities such as clubhouses, swimming pools and playgrounds for their community residents.
Single-Section Home
A manufactured home delivered to home sites in one intact section, usually 14-feet-wide or 16-feet-wide by as much as 80 feet long. These homes offer 1,100 square feet or more of living area.
Multi-Section Home
A manufactured home delivered to home sites in two or three sections that are built and transported separately to the site and then joined together to make one living unit. Typical models have 24 feet by 60 feet of living area (1,440 square feet), and may have a site-built garage attached after the home is installed.
Site-Built Housing
Housing constructed at the home site, exposed to the elements, but may consist of modulars of pre-assembled parts like trusses, doors, windows and pre-cast basement wall panels.
Mortgage-Backed Securities
Mortgage-backed securities (MBS) are pools of mortgages used as collateral for the issuance of securities in the secondary market. MBS are commonly referred to as "pass-through" certificates because the principal and interest of the underlying loans is "passed through" to investors. The interest rate of the security is lower than the interest rate of the underlying loan to allow for payment of servicing and guaranty fees.
HUD Code
A national building and safety code that regulates the home’s design and construction, strength and durability, transportability, fire resistance, energy efficiency and quality control. It also sets stringent performance standards for the heating, plumbing, air conditioning, thermal and electrical systems. The HUD Code specifically pre-empts local building codes as they relate to construction codes for manufactured homes.