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We completed our initial public offering (the “IPO”) in December 2018 and our common stock trades on The NASDAQ Global Select Market under the symbol “LEGH.”
−Removed: We are the sixth largest producer of manufactured homes in the United States as ranked by number of homes manufactured based on information available from the Manufactured Housing Institute and IBTS for the nine month period ending September 30, 2023.
+Added: We are the one of the largest producers of manufactured homes in the United States.
With current operations focused primarily in the southern United States, we offer our customers an array of quality homes ranging in size from approximately 395 to 2,667 square feet consisting of 1 to 5 bedrooms, and 1 to 3 1 / 2 bathrooms.
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Department of Housing and Urban Development (“HUD”).
−Removed: Our factories employ high-volume production techniques that allow us to produce approximately 70 home sections, or approximately 60 fully-completed homes on average depending on product mix, in
−Removed: total per week.
−Removed: We use quality materials and operate our own component manufacturing facilities for many of the items used in the construction of our homes.
+Added: Our factories employ high-volume production techniques that allow us to produce up to approximately 70 home sections, or approximately 60 fully-completed homes on average depending on product mix, in total per week.
+Added: We use quality materials and operate our own component manufacturing facilities for many of the items
+Added: used in the construction of our homes.
Each home can be configured according to a variety of floor plans and equipped with features such as fireplaces, central air conditioning and state-of-the-art kitchens.
Our homes are marketed under our premier “Legacy” brand name and, as of December 31, 2024, are sold to consumers, primarily across 15 states through a network of over 125 independent retail locations, 13 company-owned retail locations and through direct sales to owners of manufactured home communities.
−Removed: Our 13 company-owned retail locations, including 11 Heritage Housing stores and two Tiny House Outlet stores, exclusively sell our homes.
+Added: Our 13 company-owned retail locations, including 12 Heritage Housing stores and one Tiny House Outlet stores, exclusively sell our homes.
We offer three types of financing solutions to our customers.
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Manufactured housing is a competitive alternative to other forms of affordable housing, whether new or existing, or located in urban, suburban or rural areas.
−Removed: We believe the target market of manufactured home buyers consists of households with total annual income below $75,000 which comprised 50% of total U.S.
+Added: Our target market of manufactured home buyers consists of households with total annual income below $75,000 which comprised 47% of total U.S.
households in 2023.
−Removed: We believe our target U.S.
+Added: Our target U.S.
age group is wide ranging from young families who are often first time homebuyers to older homebuyers who may be downsizing or moving towards a more rural lifestyle.
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The chart below highlights the increasing all-in average sales price per square foot difference between a new manufactured home and a new site-built home (excluding land).
−Removed: Average Price per Square Foot Comparison
Census Bureau, the Institute for Building Technology and Safety, and the Manufactured Housing Institute.
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As shown in the chart below, there is a growing gap between the average sale price for new single-family homes (including the land on which they were built) and the price of the average manufactured home.
−Removed: management sees this gap as an opportunity for the industry.
Census Bureau, the Institute for Building Technology and Safety, and the Manufactured Housing Institute.
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We offer a complete solution for affordable manufactured housing.
−Removed: We believe that we differentiate ourselves from our competition and have been able to grow our business as a result of the following key competitive strengths:
+Added: We differentiate ourselves from our competition and have been able to grow our business as a result of the following key competitive strengths:
● Quality and Variety of Housing Designs.
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All of our homes are constructed in one of our three U.S.-based manufacturing facilities.
−Removed: By utilizing an assembly-line process that employs from approximately 150 to 275 individuals per facility, we are able to manufacture a home in approximately three to six days and can produce, on average, approximately 70 home sections, or 60 fully-completed homes depending on product mix, in total per week.
+Added: By using an assembly-line process that employs from approximately 150 to 275 individuals per facility, we are able to manufacture a home in approximately three to six days and can produce, on average, up to approximately 70 home sections, or 60 fully-completed homes depending on product mix, in total per week.
We use local market research to design homes that meet the specific needs of our customers and offer a variety of structural and decorative customization options, including, fireplaces, central air conditioning, overhead heat ducts, stipple-textured ceilings, decorative woodgrain vinyl floors, wood cabinetry and energy conservation elements.
−Removed: Additionally, our homes have vaulted ceilings in every room, have our copyrighted “furniture friendly” floor plans and, in most cases, are wider, have taller ceilings and steeper roof pitches than our competitors’ products.
−Removed: Altogether, we believe our ability to offer our customers a range of home sizes and styles, as well as sophisticated design and customization, allows us to accommodate virtually all reasonable customer requests.
−Removed: Our vertical integration enables us to respond quickly to our customers’ needs and modify designs during the construction process.
+Added: Additionally, most of our homes have vaulted ceilings in every room, have our copyrighted “furniture friendly” floor plans and, in many cases, are wider, have taller ceilings and steeper roof pitches than our competitors’ products.
+Added: Altogether, our ability to offer our customers a range of home sizes and styles, as well as sophisticated design and customization, allows us to accommodate virtually all reasonable customer requests.
+Added: integration enables us to respond quickly to our customers’ needs and modify designs during the construction process.
● Manufacturing Facilities Strategically Located Near Customers in Key Markets.
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Our first company-owned retail location opened in June 2016.
−Removed: We believe our company-owned stores, on average, carry higher gross margins.
+Added: Our company-owned stores generate higher gross margins.
● Competitive Production Strategies and Direct Sourcing.
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We believe that our interests are strongly aligned with our stockholders as our co-founders, Curtis D.
−Removed: Hodgson (Executive Chairman of the Board) and Kenneth E.
−Removed: Shipley (Executive Vice President and Director) own a significant percentage of outstanding shares.
+Added: Hodgson (Director) and Kenneth E.
+Added: Shipley (Executive Vice President and Chairman of the Board of Directors) own a significant percentage of outstanding shares.
By providing structural and economic alignment with the performance of our company, Messrs.
−Removed: Hodgson’s and Shipley’s continuing controlling interests are directly aligned with those of our investors.
−Removed: We believe that the controlling interests and involvement of our co-founders has promoted long-term planning, an enhanced culture among our customers, development of strategic partners and employees, and ultimately the creation of value for our stockholders.
+Added: Hodgson’s and Shipley’s continuing controlling interests are aligned with those of our investors.
+Added: We believe that the controlling interests and involvement of our co-founders has led to the creation of value for our stockholders.
Our Growth Strategy
We have a strong operating history of investing in successful growth initiatives over the past 19 years.
−Removed: We believe that the solution we are able to provide for our customers, as a result of the vertical integration of our company,
−Removed: enhances our brand recognition as a leading producer, results in higher and more efficient utilization of our manufacturing factories and expands our direct-to-consumer outreach on the competitive advantages of our wide variety of customizable homes.
−Removed: This operational focus has provided us with sustainable net sales and net income growth over the years.
+Added: The solution we are able to provide for our customers, as a result of the vertical integration of our company, enhances our brand recognition as a leading producer, results in higher and more efficient utilization of our manufacturing factories and expands our direct-to-consumer outreach on the competitive advantages of our wide variety of customizable homes.
+Added: This operational focus has enabled us to maintain strong margins and to increase net income over the years.
Our growth strategy includes the following key initiatives:
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Providing financing improves our responsiveness to the needs of prospective purchasers while also providing us with opportunities for interest and servicing revenues, which act as additional drivers of net income for us.
−Removed: We intend to expand financing and leasing solutions to manufactured housing community-owner customers, in a manner that includes developing new sites for products in or near urban locations where there is a shortage of sites to place our products.
+Added: We continue to expand financing solutions to manufactured housing community-owner customers in a manner that includes developing new sites for products in or near urban locations where there is a shortage of sites to place our products.
● Continue to Focus on Innovation and Customization for Core Customer Groups.
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These projects vary in size and density but generally include sales of 30 to 300 homes.
−Removed: We believe there are significant growth opportunities to work with our development partners on such projects and view these opportunities as an important driver for both the sale of more homes and for financing bulk purchases of those homes by community owners.
+Added: We have opportunities to work with our development partners on such projects and view these opportunities as an important driver for both the sale of more homes and the expansion of our commercial loan portfolios.
● Pursue Selective Development Opportunites.
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This will provide for a future revenue stream for the underlying land as well as ensure high utilization of our expertise in manufacturing and distribution.
−Removed: The Company owns over 1,000 acres of land in several counties in Texas:
−Removed: Bastrop County, Johnson County, Wise County, and Bexar County.
+Added: We own over 1,000 acres of land across Texas.
We continue to evaluate opportunities to develop the remaining land, or to provide financing to third party developers of additional manufactured housing communities in order to provide locations for manufactured homes for our customers.
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As of December 31, 2024, we distribute our products primarily across 15 states through a combination of 13 company-owned retail locations and over 125 independent retail locations.
−Removed: We believe that a focused network of company-owned retail locations allows us to be more responsive and improve the customer experience at all stages, from manufacturing and design to sales, financing and customer service.
−Removed: We believe our company-owned stores, on average, carry higher gross margins due to our ability to select critical markets and develop highly-trained sales representatives who possess a deep understanding of our business and customer needs.
−Removed: We are the sixth largest producer of manufactured homes in the United States as ranked by number of homes manufactured based on information available from the Manufactured Housing Institute and IBTS for the nine month period ending September 30, 2023.
+Added: Our focused network of company-owned retail locations allows us to be more responsive and improve the customer experience at all stages, from manufacturing and design to sales, financing and customer service.
+Added: Our company-owned stores, on average, carry higher gross margins due to our ability to select critical markets and develop highly-trained sales representatives who possess a deep understanding of our business and customer needs.
+Added: We are one of the largest producers of manufactured homes in the United States.
We produce a wide variety of homes that can be used by our customers in a number of ways.
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Manufacturing and Quality Design.
−Removed: We utilize local market research to design homes that meet the specific requirements of our customers, and our homes are designed after extensive field research and consumer feedback.
−Removed: We frequently introduce new floor plans, decor, exterior design, features and accessories to appeal to changing consumer trends, and we offer an assortment of customizations to match each customer’s individual tastes.
+Added: We use local market research to design homes that meet the specific requirements of our customers, and our homes are designed after field research and consumer feedback.
+Added: We introduce new floor plans, decor, exterior design, features and accessories to appeal to changing consumer trends, and we offer an assortment of customizations to match each customer’s individual tastes.
Each home typically contains a living room, dining area, kitchen, 1 to 5 bedrooms and 1 to 3 1 / 2 bathrooms, and each home can be customized to include certain features including, among others, fireplaces, central air conditioning, mini-split climate control, overhead heat ducts, stipple-textured ceilings, decorative wood grain vinyl floors, wood cabinetry and energy conservation elements.
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During the years ended December 31, 2024 and 2023 we sold 2,471 and 2,877 home sections, including 124 and 151 tiny houses, respectively.
+Added: We subcontract home production to other manufacturers for delivery in regions of the country that we do not serve from our own factories.
Manufacturing Facilities.
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We procure multiple sources of supplies for all key materials in order to mitigate any supply chain risk.
−Removed: We intend to continue seeking greater direct sourcing of materials from original manufacturers.
−Removed: This will allow us to save costs, gain greater control over the quality of the materials we use in our products and increase customization to meet our customers’ changing preferences.
+Added: We continue to seek greater direct sourcing of materials from original manufacturers.
+Added: This allows us to save costs, gain greater control over the quality of the materials we use in our products and increase customization to meet our customers’ changing preferences.
The inability to obtain any materials used in the production of our homes, whether resulting from material shortages, limitation of supplier facilities or other events affecting production of component parts, may affect our ability to meet or maintain production requirements.
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Additionally, some independent retailers operate multiple sales outlets.
−Removed: We continually seek to increase our wholesale shipments by growing sales at our existing independent retailers and by finding new independent retailers to sell our homes.
+Added: We seek to increase our wholesale shipments by growing sales at our existing independent retailers and by finding new independent retailers to sell our homes.
We provide comprehensive sales training to retail sales associates and bring them to our manufacturing facilities for product training and to view new product designs as they are developed.
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Additionally, we display our products at trade shows and support our retailers through the distribution of floor plan literature, brochures, decor selection displays and point of sale promotional material, as well as internet-based marketing assistance.
−Removed: We believe we have the most comprehensive printed catalog of manufactured housing products in the industry.
Our independent retailers generally either pay cash to purchase inventory or finance their inventory needs through our inventory finance program.
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This also gives us a direct window into consumer preferences and lending opportunities.
−Removed: We believe that our company-owned stores are, on average, more productive than our independent retail locations and carry higher gross margins.
Sales and Marketing
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We rely on a number of channels in this area, including digital advertising, email marketing, social media and affiliate marketing, as well as through various strategic partnerships.
−Removed: We maintain our website at www.legacyhousingcorp.com.
+Added: We participate in industry trade shows and host an annual home show for our customers.
+Added: We maintain our website at www.legacyhousing.com.
Our sales and marketing strategy focuses on households with annual incomes of less than $75,000 which includes young families, working class families and persons age 55 and older.
−Removed: We also market to other types of customers, including owners of manufactured home communities, buyers interested in tiny houses, recreational buyers and houses for workforces or man-camp housing.
+Added: We also market to other types of customers, including owners of manufactured home communities, buyers interested in tiny houses, recreational buyers and houses for workforces housing.
Additionally, we continue to be well-positioned to react to any increase in demand for affordable, quickly-delivered manufactured homes as a result of unforeseen harsh weather conditions and similar events.
All of our customers are located in the United States.
−Removed: During the years ended December 31, 2023 and 2022, no customer accounted for more than 10% of our net sales.
Financing Solutions for Our Customers
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1.0% average monthly contractual rate
−Removed: (1) Dealer finance number includes number of loan agreements which generally is one per dealer
+Added: (1) Dealer finance includes number of loan agreements which generally is one per dealer
Inventory Financing.
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In an inventory finance arrangement, the Company sells products to our independent retailers and provides financing for the sales.
−Removed: The terms of the financing typically include a three year term, a monthly interest payment, an annual curtailment payment and require the retailer to pay the principal amount of the loan to the Company upon the earlier of the sale of the home from by the retailer to its customer or the end of the term.
+Added: The terms of the financing typically include a three year term, a monthly interest payment, an annual curtailment payment and require the retailer to pay the principal amount of the loan to the Company upon the earlier of the sale of the home by the retailer to its customer or the end of the term.
In late 2022 and early 2023, the Company transitioned many of its dealers from a traditional consignment arrangement to an inventory finance arrangement.
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We also make loans to community owners for the purpose of acquiring or developing properties and, as part of the arrangement, these community owners contract to buy homes from us.
−Removed: The manufactured housing industry is highly competitive at both the manufacturing and retail levels and is based upon several factors, including price, product features, reputation for service and quality, depth of distribution, promotion, merchandising and the terms of retail and wholesale consumer financing.
+Added: The manufactured housing industry is highly competitive at both the manufacturing and retail levels and is based upon several factors, including price, product features, reputation for service and quality, depth of distribution,
+Added: promotion, merchandising and the terms of retail and wholesale consumer financing.
We compete with other producers of manufactured homes and new producers continue to enter the market.
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In addition to our company, there are a number of other national manufacturers competing for a significant share of the manufactured housing market in the United States, including Clayton Homes, Inc., Cavco Industries, Inc.
−Removed: and Skyline Champion Corporation.
+Added: and Champion Homes, Inc.
Certain of these competitors possess greater financial, manufacturing, distribution and marketing resources than we do.
For the past 20 years, the industry has experienced a trend towards consolidation and, as a result, the bulk of the market share is controlled by a small number of companies.
−Removed: We are the country’s sixth largest producer of manufactured homes.
−Removed: Accordingly, we believe we have a significant opportunity to expand in this industry by effectively growing our market share.
There are significant competitors among lenders to manufactured home buyers including national, regional and local banks, independent finance companies, mortgage brokers and mortgage banks.
−Removed: Examples of such lenders include 21st Mortgage Corporation, an affiliate of Clayton Homes, Inc., Berkshire Hathaway, Inc., Triad Finance Corporation and CU Factory Built Lending, LP.
+Added: Examples of such lenders include 21st Mortgage Corporation, an affiliate of Clayton Homes, Inc., Berkshire Hathaway, Inc., and Triad Finance Corporation.
Certain of these competitors are larger than us and have access to substantially more capital and cost efficiencies.
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Government Regulation
−Removed: Our company operates in a regulated industry, and there are many federal, state and local laws, codes and regulations that impact our business.
−Removed: Governmental authorities have the power to enforce compliance with their regulations, and violations may result in the payment of fines, the entry of injunctions or both.
−Removed: Although we believe that our operations are in substantial compliance with the requirements of all applicable laws and regulations, we are unable to predict the ultimate cost of compliance with all applicable laws and enforcement policies.
−Removed: Federal Manufactured Homes Regulations.
−Removed: Our manufactured homes are subject to a number of federal, state and local laws, codes and regulations.
−Removed: Construction of manufactured housing is governed by the National Manufactured Housing Construction and Safety Standards Act of 1974, and the regulations issued under such act by HUD.
−Removed: The HUD regulations, known collectively as the Federal Manufactured Home Construction and Safety Standards, cover all aspects of manufactured home construction, including structural integrity, fire safety, wind loads, thermal protection and
−Removed: Our Texas manufacturing facilities, and the plans and specifications of the HUD-compliant homes they produce, have been approved by a HUD-certified inspection agency.
−Removed: Further, an independent HUD-certified third-party inspector regularly reviews our manufactured homes for compliance with HUD regulations during construction.
−Removed: Failure to comply with applicable HUD regulations could expose us to a wide variety of sanctions, including mandated closings of our manufacturing facilities.
−Removed: We believe our manufactured homes are in substantial compliance with all present HUD requirements.
−Removed: Manufactured homes are typically built with wood products that contain formaldehyde resins.
−Removed: HUD regulates the allowable concentrations of formaldehyde in certain products used in manufactured homes and requires manufacturers to warn purchasers as to formaldehyde-associated risks.
−Removed: The Environmental Protection Agency (“EPA”) and other governmental agencies have in the past evaluated the effects of formaldehyde.
−Removed: We use materials in our manufactured homes that meet HUD standards for formaldehyde emissions and believe we comply with HUD and other applicable government regulations in this regard.
−Removed: Transportation and Zoning Regulations.
−Removed: The transportation of manufactured homes on highways is subject to regulation by various federal, state and local authorities.
−Removed: Such regulations may prescribe size and road use limitations and impose lower than normal speed limits and various other requirements.
−Removed: Our manufactured homes (including our tiny houses) are also subject to local zoning and housing regulations.
−Removed: In certain cities and counties in areas where our homes are sold, local governmental ordinances and regulations have been enacted which restrict the placement of manufactured homes on privately-owned land or which require the placement of manufactured homes in manufactured home communities.
−Removed: Such ordinances and regulations may adversely affect our ability to sell homes for installation in communities where they are in effect.
−Removed: A number of states have adopted procedures governing the installation of manufactured homes.
−Removed: Utility connections are subject to state and local regulations with which the retailer or other person installing the home must comply.
−Removed: Warranty Regulations.
−Removed: Certain warranties we issue may be subject to the Magnuson-Moss Warranty Federal Trade Commission Improvement Act, which regulates the descriptions of warranties on consumer products.
−Removed: For example, warranties that are subject to this act must be included in a single easy-to-read document that is generally made available prior to purchase.
−Removed: This act also prohibits certain attempts to disclaim or modify implied warranties and the use of deceptive or misleading terms.
−Removed: The description and substance of our warranties are also subject to a variety of state laws and regulations.
−Removed: A number of states require manufactured home producers to post bonds to ensure the satisfaction of consumer warranty claims.
−Removed: Financial Services Regulations.
+Added: Our manufactured homes are subject to numerous federal, state and local laws, codes and regulations.
+Added: The majority of our homes are built to comply with the HUD code which includes regulations that cover all aspects of manufactured home construction and installation, including structural integrity, fire safety, wind loads, thermal protection and ventilation.
+Added: To the extent state and local regulations conflict with the HUD code, they are pre-empted.
A variety of laws affect the financing of the homes we manufacture.
−Removed: The Federal Consumer Credit Protection Act and Regulation Z promulgated under that act require written disclosure of information relating to such financing, including the amount of the annual percentage interest rate and the finance charge.
−Removed: The Federal Fair Credit Reporting Act also requires certain disclosures to potential customers concerning credit information used as a basis to deny credit.
−Removed: The Federal Equal Credit Opportunity Act and Regulation B promulgated under that act prohibit discrimination against any credit applicant based on certain specified grounds.
−Removed: The Real Estate Settlement Procedures Act and Regulation X promulgated under that act require certain disclosures regarding the nature and costs of real estate settlements.
−Removed: The Federal Trade Commission has adopted or proposed various Trade Regulation Rules dealing with unfair credit and collection practices and the preservation of consumers’ claims and defenses.
−Removed: Installment sales contracts, direct loans and mortgage loans eligible for inclusion in a Ginnie Mae program are subject to the credit underwriting requirements of the FHA.
−Removed: The American Housing Rescue and Foreclosure Prevention Act provides assistance for the housing industry, including manufactured homes, including, among other things, increased loan limits for chattel (home-only Title I) loans.
−Removed: Recent FHA guidelines provide Ginnie Mae the ability to securitize manufactured home FHA Title I loans to allow lenders to obtain new capital, which can then be used to fund new loans for our customers.
−Removed: The Secure and Fair Enforcement for Mortgage Licensing Act established requirements for the licensing and registration of all individuals that are Mortgage Loan Originators (“MLOs”).
−Removed: Traditionally, manufactured housing retailers have assisted home buyers with securing financing for the purchase of homes, including negotiating rates and the terms for their loans.
−Removed: Under this act, however, these activities are prohibited unless performed by a registered or licensed MLO.
−Removed: A variety of state laws also regulate the form of financing documents and the allowable deposits, finance charge and fees chargeable pursuant to financing documents.
−Removed: Regulation C of the Home Mortgage Disclosure Act, among other things, requires certain financial institutions, including non-depository institutions, to collect, record, report and disclose information about their mortgage lending activity, which is used to identify potential discriminatory lending patterns and enforce anti-discrimination statutes.
−Removed: The Dodd-Frank Wall Street Reform and Consumer Protection Act was passed into law and established the Consumer Financial Protection Bureau (“CFPB”) which regulates consumer financial products and services.
−Removed: Certain CFPB mortgage finance rules apply to consumer credit transactions secured by a dwelling, including real property mortgages and chattel loans secured by manufactured homes.
−Removed: These rules, among other things, define standards for origination of “Qualified Mortgages,” establish specific requirements for lenders to prove borrowers’ ability to repay, outline conditions under which Qualified Mortgages are subject to safe harbor limitations on liability to borrowers and establish interest rates and other cost parameters for determining which Qualified Mortgages fall under safe harbor protection.
−Removed: While many manufactured homes are financed with agency-conforming mortgages in which the ability to repay is verified, and interest rates and other costs are within the safe harbor limits, a significant amount of loans to finance the purchase of manufactured homes, particularly chattel loans and non-conforming land-home loans, fall outside such safe harbors.
−Removed: Additionally, the CFPB rules, among other things, amended the Truth-in-Lending Act and the Real Estate Settlement Procedures Act by expanding the types of mortgage loans that are subject to the protections of the Home Ownership and Equity Protections Act of 1994 (“HOEPA”) and imposing additional restrictions on mortgages that are covered by HOEPA.
−Removed: As a result, certain manufactured home loans are now subject to HOEPA limits on interest rates and fees.
−Removed: Loans with rates or fees in excess of the limits are deemed “High Cost Mortgages” and provide additional protections for borrowers, including with respect to determining the value of the home.
−Removed: Most loans for the purchase of manufactured homes have been written at rates and fees that would not appear to be considered High Cost Mortgages under these rules, and while some lenders may offer loans that are deemed High Cost Mortgages, the rate and fee limits may deter some lenders from offering such loans to borrowers or be reluctant to enter into loans subject to the provisions of HOEPA.
−Removed: Additionally, certain CFPB rules apply to appraisals on principal residences securing higher-priced mortgage loans.
−Removed: Certain loans secured by manufactured homes, primarily chattel loans, could be considered higher-priced mortgage loans.
−Removed: Among other things, the rules require creditors to provide copies of appraisal reports to borrowers prior to loan closing.
−Removed: Compliance with the regulations may constrain lenders’ ability to profitably price certain loans or may cause lenders to incur additional costs to implement new processes, procedures, controls and infrastructure and may cause some lenders to curtail underwriting certain loans altogether.
−Removed: Furthermore, some investors may be reluctant to participate in owning such loans because of the uncertainty of potential litigation and other costs.
−Removed: As a result, some prospective buyers of manufactured homes may be unable to secure necessary financing.
−Removed: Failure to comply with these regulations, changes in these or other regulations, or the imposition of additional regulations could affect our earnings, limit our access to capital and have a material adverse effect on our business and results of operations.
−Removed: On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (“Dodd-Frank Reform Act”) was signed into law.
−Removed: The Dodd-Frank Reform Act revises portions of the Dodd-Frank Act, reduces the regulatory burden on smaller financial institutions, including eliminating provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (“SAFE Act”), and protects consumer access to credit.
−Removed: With the elimination of certain provisions of the SAFE Act, manufactured housing retailers can now assist home buyers with securing financing for the purchase of homes;
−Removed: however, they may not assist in negotiating the financing terms.
−Removed: This will enable buyers to more easily find access to financing and make the overall home buying experience smoother.
+Added: The Federal Consumer Credit Protection Act and Regulation Z promulgated thereunder require written disclosure of information relating to such financing, including the amount of the annual percentage interest rate and the finance charge, and substantive compliance requirements, such as an evaluation of the consumer’s ability to repay the transaction and limitations on loan originator compensation.
+Added: A variety of state laws also regulate the form of financing documents and the allowable deposits, finance charge and fees charged and impose individual and entity level licensing requirements in connection with the transactions.
+Added: Federal laws permit manufactured housing retailers to assist home buyers with securing financing for the purchase of homes without being considered loan originators under the loan originator compensation rule;
+Added: however, they are prohibited from negotiating the financing terms.
+Added: Governmental authorities enforcing these numerous laws and regulations can impose fines and/or seek injunctive relief for violations.
+Added: We believe that our operations substantially comply with applicable federal laws and regulations.
+Added: At the same time, Legacy has recently become aware that it may need to obtain certain licenses in order to comply with various state licensing requirements applicable to certain retail financing transactions.
+Added: Should Legacy
+Added: determine, with its advisors and counsel, that it is required to obtain additional state licenses, Legacy will compose a plan to do so.
Generally, we experience higher sales volume during the months of March through October.
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Available Information
−Removed: We make available free of charge on our website, www.legacyhousingcorp.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments thereto, as soon as reasonably
−Removed: practicable after such material is filed with, or furnished to, the Securities and Exchange Commission.
+Added: We make available free of charge on our website, www.legacyhousing.com, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments thereto, as soon as reasonably practicable after such material is filed with, or furnished to, the Securities and Exchange Commission.
Information on our Investor Relations page and on our website is not part of this Annual Report on Form 10-K or any of our other securities filings unless specifically incorporated herein by reference.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.