Does RESPA apply to a land loan with no improvements taken as collateral, but there is a mobile home on the property?

Only if you have a security interest in the MH.

What if you have a mobile home in a park and acreage some place else both securing a loan, and the mobile home and the land are in no way related? RESPA?

If you have a lien on dirt (acreage) and a 1-4 family dwelling (the MH) and it's a consumer purpose loan, then RESPA applies. No where does RESPA say they have to be on the same piece of land or related.

Im not sure if it is ok for me to jump in here but I need help.
A woman is buying a home for her mother to live in but is putting the home in her sons name. (Mother lives in, son owns, she has debt but his home secures the debt) So how would I classify this loan, personal loan?, consumer and does RESPA apply here?

Duplicate question:

http://www.bankersonline.com/forum/ubbthreads.php?ubb=showflat&Number=1570515#Post1570515

David, that is the way I always thought about it too. Land + MH = RESPA. I began questioning that when I looked more closely at the definition of Federally related mortgage loan which really dwells on security being residential real property. I have a MH in a park, and I have vacant land that will never see the MH and is not really residential RE.

I'm arguing with myself - not you - Is there any clarification any place else in RESPA?

§3500.2
Federally related mortgage loan or mortgage loan means as follows:

(1) Any loan (other than temporary financing, such as a construction loan):

(i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property upon which there is either:

(A) Located or, following settlement, will be constructed using proceeds of the loan, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit); or

(B) Located or, following settlement, will be placed using proceeds of the loan, a manufactured home; and

(ii) For which one of the following paragraphs applies. The loan:

(A) Is made in whole or in part by any lender that is either regulated by or whose deposits or accounts are insured by any agency of the Federal Government;

(B) Is made in whole or in part, or is insured, guaranteed, supplemented, or assisted in any way:

( 1 ) By the Secretary or any other officer or agency of the Federal Government; or

( 2 ) Under or in connection with a housing or urban development program administered by the Secretary or a housing or related program administered by any other officer or agency of the Federal Government;

If you have a dwelling and land (not 25 acres or more), then RESPA applies.

Somewhat related question regarding hypothecated property and the wait-to-close requirement: Jr gets a loan against HIS mobile home (primary residence) and also secures it with Dad's land (hypothecated). Does the fact that Jr doesn't own the land under the MH have any bearing on the timing requirements?

No. The loan is secured by land and a dwelling. RESPA applies.

Thank you. That's what I thought but got argued down.

Agree with David..nowhere does ownership come into the picture. Security is key.

Go back in there and win that argument!

It's me again. I've got another one that is getting hung up on the "upon which" phrase in this part of the definition: (i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property upon which there is either

Has anyone ever seen an interpretation or opinion that exempted RESPA for a loan secured by a MH and land when the MH in question was not located on that particular property?

Upon which would mean the improvement would need to be on THAT land...the land securing the loan for RESPA to apply.

So you do not agree with this statement above?

Federally related mortgage loan or mortgage loan means as follows:

(1) Any loan (other than temporary financing, such as a construction loan):

(i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property upon which there is either:

(A) Located or, following settlement, will be constructed using proceeds of the loan, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit); or

(B) Located or, following settlement, will be placed using proceeds of the loan, a manufactured home; and

No, I do not agree, based on the above definition.

FWIW, I don't agee either. I think what's missing from David's statement is that the "dirt" has to be residential real property. In Bville's 2nd post from 6/27/11 above (and perhaps in RR Becca's also but she doesn't specifically say that), the dirt is not RRP. I would agree that if the land securing the loan was RRP and the mobile home was somewhere else in a MH park, RESPA would apply even though the MB is not on that piece of land.

Im new to all of this and want to make sure I understand. I have a mobile home and 95 acres taken as collateral. The mobile home is NOT located on the 95 acres....therefore RESPA is exempt all the way. What about escrows?

I'm a little confused by the RESPA discussion in here, but whether RESPA applies or not doesn't impact whether you have to escrow under HPML.

So even if RESPA is exempt, would I still need to escrow? The mobile home will be used as the customer's primary residence and we are not taking the land it is on. The only land that will be taken will be the 95 acres down the road (not connected with this mh). I'm trying to understand and make sure I get this correct. Thanks

raitch is correct that escrow is REg Z driven and is all about the purpose of the loan (consumer). It also doesn't care how much real estate you have as collateral either.

I appreciate all of the help. I loose more sleep over RESPA and Reg Z than anything else.

^^^don't loose sleep over this stuff!
Remember it's work to live not live to work.
(from the woman who will wake up out of a dead sleep when my mind lands on a problem I missed during the fracus of the work day.)

<<<<----sleeps to forgetaboudit.