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#1899245 - 02/24/14 02:27 PM Bridge loan/was told HMDA reportable
ougirl Offline
Junior Member
ougirl
Joined: Apr 2009
Posts: 49
oklahoma
We have a loan that the funds are to purchase a trailer that will be paid off with the sale of her home. She is set up on 12 months int pd monthly. We were told this is HMDA reportable? If so, would be RESPA and how do you escrow??

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#1899258 - 02/24/14 02:49 PM Re: Bridge loan/was told HMDA reportable ougirl
swiggles Offline
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swiggles
Joined: Aug 2001
Posts: 7,351
What is a "trailer?".........a manufactured home?
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#1899259 - 02/24/14 02:50 PM Re: Bridge loan/was told HMDA reportable ougirl
ougirl Offline
Junior Member
ougirl
Joined: Apr 2009
Posts: 49
oklahoma
Yes it would be a manufactured home
Sorry!

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#1899273 - 02/24/14 03:15 PM Re: Bridge loan/was told HMDA reportable ougirl
RR Joker Offline
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RR Joker
Joined: Nov 2002
Posts: 20,656
The Swamp
It's to be paid in full so I would consider it short term rather than temp/bridge.
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#1899356 - 02/24/14 05:48 PM Re: Bridge loan/was told HMDA reportable ougirl
SMQ, CRCM Offline
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SMQ, CRCM
Joined: Apr 2001
Posts: 4,828
Between the lines
Do you have the manufactured home as collateral, or any other 1-4 as collateral?

If so, then I agree that it is short term rather than temp and reportable.

If, however, you are using the current home as collateral and will refi (in the event of a shortfall) the mobile home when the current house sells, then it would be temp.
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