Thread Options
#1507822 - 02/10/11 12:08 AM 1-4 and Manufactured Home - Same Property
ItNeverEnds CRCM Offline
Platinum Poster
Joined: Oct 2006
Posts: 992
Looking for my sanity
I need some help as I'm not very experienced with HMDA. If we have a loan in which the property has a 1-4 and a manufactured home on the same parcel, the borrower lives in the 1-4. Would the property type be 1 - One to Four on the LAR? I'm leaning toward yes, but I'm not sure how to back up that decision. Any help or direction would be greatly appreciated!
_________________________
"The reason I talk to myself is because I'm the only one whose answers I accept."
- George Carlin

Return to Top
HMDA

   
HMDA Academy
#1507835 - 02/10/11 01:32 AM Re: 1-4 and Manufactured Home - Same Property ItNeverEnds CRCM
Truffle Royale Offline

10K Club
Joined: Jul 2003
Posts: 17,285
Sounds like it's a refi so you report the collateral that secures the loan. Is the 1-4 a single family residence? Did you take both the residence and the manufactured home as collateral? Even if you took both of them as collateral, if they're each a 1-4 family unit, you report 1-4.

Return to Top
#1507987 - 02/10/11 03:39 PM Re: 1-4 and Manufactured Home - Same Property Truffle Royale
SMQ, CRCM Offline

Power Poster
SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
http://www.ffiec.gov/hmda/pdf/2010guide.pdf
Search word - multiple

If the loan is secured by multiple properties (purchase or refi), pick one and report on it.

In a HI, you report on the property be improved. If more than one property being improved, pick one.

One clarification "Even if you took both of them as collateral, if they're each a 1-4 family unit, you report 1-4." In your case, one of these would be reported as a 1-4, the other would be reported as a code 2-manufactured housing, depending on which one you selected.
_________________________
NOLA is my Beach!

Return to Top