I've searched through the entire FCRA and can't find an actual definition for Residential Real Property, which is when you have to send the notice of home applicant.

I'm trying to figure out if we should've sent one on a boat loan situation...nobody's living on it, but they could if they really wanted to. We now hold a loan on the boat and the slip.

Any ideas?

Residential Real Property means that dirt was involved. This may be a dwelling under some rules, but it doesn't trigger the NTHLA.

Would you possibly know where that is actually stated? Thanks

609(g) Disclosure of Credit Scores by Certain Mortgage Lenders

(1) In general. Any person who makes or arranges loans and who uses a consumer credit score, as defined in subsection (f), in connection with an application initiated or sought by a consumer for a closed end loan or the establishment of an open end loan for a consumer purpose that is secured by 1 to 4 units of residential real property (hereafter in this subsection referred to as the “lender”) shall provide the following to the consumer as soon as reasonably practicable:

A boat is not "real property" by any definition.

@rlcarey, I respect you opinion - as you are aware, all the laws & regulations have definition sections in them, and words and/or phrases have very specific meanings to them for that reg or statute. Its just basic structure. In the question above, it asks about the definition of "residential real property". Obviously, the term is not defined by FCRA, FACTA, or the implementing regulation. You are using your own definition by suggesting it must include real estate, land, or dirt. Using definitions in other regs or laws and imposing the meaning into a completely new statute is generally unacceptable unless there is a precedent for it. I realize that there is an implied definition. But, keep in mind, as they taught me some time ago in law school, you must look at the intent & spirit of the law as well. This notice is referred to as: "The Notice to the Home Loan Applicant". The notice is not called "Notice to only RE Secured Home Owners" Not all homes include RE: such as mobile homes. AFter speaking with staff members at the CFPB, they agree the intent was never to exclude mobile home (i.e., no RE) applicants.

So, without the term defined in FCRA or FACTA, I would hesitate to use another regs definition of the term to this statute. Simply put, without the term or phase being defined in FCRA or FACTA, I would provide the "Notice" to mobile home loans as well.

I would provide the "Notice" to mobile home loans as well.

I would not unless the real estate the mobile home is located on is also included as collateral.

Mobile homes are chattel (movable personal) property, not real property unless the title has been surrendered and made a part of the real property under state law.

Many HM loans, at closing, go thru an Act of Immobilization. Which changes their classification.

Again, I'm shock how we use definitions from other statutes and interject them into another statute and think that's ok. Not wise.

@ Dan, find me the definition of "real property" in FCRA, FACTA, or its implementing reg. Wait, don't waste your time. Its not there. I understand the statute uses the phrase in section 609(g), however, according to the CFPB this Notice was meant for MHs as well. And it doesn't necessitate RE. That was never the intent of the statute.

Well, if a term is not defined, then you have to go to the law for a definition. Black’s Law Dictionary defines real property as “[l]and, and generally whatever is erected or growing upon or fixed to land.” Both Dan and I have been around this block a few times.

however, according to the CFPB this Notice was meant for MHs as well. And it doesn't necessitate RE. That was never the intent of the statute.

Then they need to amend the regulation to include dwellings not attached to real property because as written it excludes mobile home only loans or other dwellings not attached to real property.

By the way, show me in Reg Z or RESPA where it defines "real property". As you did for me I'll save you some time. You won't find the term "real property" defined in either one.

When the term is not defined within the regulation then you have to rely on the generally acceptable definition.

I'm not advocating not to give the notice on these loans if that is the policy you want to establish, but I am advocating that under the regulation, as written, it is not required to do so and with the regulatory burden we are under I do advocate not to provide any disclosure that is not required.