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ECN Capital, Freddie Mac Partner to Provide Affordable Housing

June 02, 2020, 07:00 AM
Filed Under: Industry News

ECN Capital Corp. announced its wholly owned subsidiary, Triad Financial Services, Inc. has been approved as a qualified mortgage seller and servicer by Freddie Mac (FMCC).  According to the Manufactured Housing Institute, manufactured housing represents nearly 10 percent of the nation’s housing stock with more than 22 million people in the U.S. living in a manufactured home.

“We are thrilled to partner with Freddie Mac in support of its mission to empower homeownership,” said Michael Tolbert, President of Triad.

“Manufactured housing provides a vital solution to affordable housing in the U.S.,” said Mike Dawson, Vice President of Strategy and Policy for Freddie Mac’s Single-Family Business. “We’re excited to partner with Triad Financial to help increase borrower access to quality, yet affordable homes in markets that have traditionally been underserved for those seeking homeownership.”

Freddie Mac’s CHOICEHome is an innovative, affordable mortgage initiative, offering conventional site-built financing for real-property factory-built homes, that are built to the HUD Code and have the features of a site-built home. When a factory-built home meets certain prescribed specifications, it is granted CHOICEHome certification and is eligible for CHOICEHome financing.

“This partnership with Freddie Mac will allow Triad to scale its real property lending solutions to help meet the nation’s affordable housing needs,” added Steven Hudson, CEO of ECN Capital.

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