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#1715749 - 06/29/12 01:44 PM URLA on Loan with Mobile Home No Land?
complofcr Offline
100 Club
Joined: Apr 2010
Posts: 180
SE USA
I am updating our checklists and ran across this Matrix from the Tools section:
www.bankersonline.com/tools/cccmatrix_dg.xls
According to this, a URLA is required on mobile home (no land) loans. Is this right? For some reason, I thought it was only required if there was also land securing the loan. We aren't a HMDA bank if that matters.
Thank you!

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#1715751 - 06/29/12 01:46 PM Re: URLA on Loan with Mobile Home No Land? complofcr
raitchjay Offline
Power Poster
Joined: Oct 2009
Posts: 8,537
OK
It would depend on whether your purpose was to purchase or refinance a primary residence. If for those purposes, you'd need GMI. If not, you wouldn't.
Last edited by raitchjay; 06/29/12 01:48 PM.
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#1715754 - 06/29/12 01:47 PM Re: URLA on Loan with Mobile Home No Land? complofcr
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 76,928
Galveston, TX
HMDA or not - Regulation B will probably apply depending on the purpose of the loan:

1002.13 Information for monitoring purposes.
(a) Information to be requested. (1) A creditor that receives an application for credit primarily for the purchase or refinancing of a dwelling occupied or to be occupied by the applicant as a principal residence, where the extension of credit will be secured by the dwelling, shall request as part of the application the following information regarding the applicant(s):
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#1715761 - 06/29/12 01:55 PM Re: URLA on Loan with Mobile Home No Land? complofcr
complofcr Offline
100 Club
Joined: Apr 2010
Posts: 180
SE USA
Thank you! I couldn't remember which reg it was. When I mentioned that we aren't a HMDA bank, it was because we recently got scolded for been getting GMI on improvement loans that aren't residence secured, big ooops! I wasn't sure if that mattered on MH loans or not.
Thanks!

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