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Lender that specializes in manufactured homes will refund $2.8 million to NC borrowers

A company that provides financing for manufactured homes has agreed to refund $2.8 million to North Carolina homeowners and pay a $750,000 civil penalty in response to an investigation by the state's Office of the Commissioner of Banks.

In agreeing to the consent order, Vanderbilt Mortgage and Finance did not admit to the violations identified by the NCOB in its investigation.

Instead, the company has agreed to amend its existing practices and implement new controls over how it collects debt from its borrowers.

The consent order also requires Vanderbilt to make a $250,000 contribution to the State Foreclosure Prevention Project.

Vanderbilt is owned by Warren Buffett's company Berkshire Hathaway and is based in Maryville, Tenn. The company has offered financing to more than 270,000 homeowners, many through its relationship with national builder Clayton Homes.

Manufactured housing represents 15 percent of all housing in North Carolina.

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