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#1505902 - 02/07/11 02:32 PM Covered Loans
Many Hats Offline
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Orlando, FL
I was asked to confirm whether or not manufactured homes (without land) would be covered under the SAFE Act.

My answer was yes, as we would have a "consensual security interest in a dwelling".


Is my understanding correct?

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#1505980 - 02/07/11 03:51 PM Re: Covered Loans Many Hats
Retired DQ Offline
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Turnpike Exit 10
Yes, if it is a mortgage loan.
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#1505988 - 02/07/11 03:56 PM Re: Covered Loans Retired DQ
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Orlando, FL
We do not record a mortgage; however, we place a lien on the title (similar to automobile loans).

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#1506915 - 02/08/11 09:43 PM Re: Covered Loans Many Hats
John Burnett Offline
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John Burnett
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Cape Cod
If you take a consensual security interest in a dwelling (as that term is defined in the TILA), it's covered by the SAFE Act.

A dwelling is a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.

It matters not whether you record the security instrument in the land records or file a lien with the title division. It's a dwelling-secured loan.
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