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Mobile Home Late Fees
Answer by Randy Carey, BOL Guru
Guru Bios
Question: Regarding mobile home late fees, if the loan is a mobile home/land loan to a corporation for investment purposes, does the $5 and 15 day grace period apply or can the regular commercial loan late fee structure apply?
Answer: With limited exceptions, the late fees and interest rates charged are regulated by each individual state. These fees and charges allowed can vary by loan product or term. Specific fees suach as late charges on mobile home loans will be regulated by your stae.
Editor' Note: You may find your answer in the BOL state forums, by asking your peers this question, on a state banking website, or with a state association your bank is a member of.
First published on BankersOnline.com 4/28/08
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