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#1950467 - 08/07/14 07:26 PM Balloon Note coming Due
LizzyP Offline
Junior Member
Joined: Jul 2006
Posts: 48
We have a Balloon Note coming due on a Mobile Home not secured by Land and are going to Refinance the note. Let me make sure I am getting this straight. Will this note be subject to disclosures of Reg Z and RESPA? And we will have to make sure that the note is not a HPML or we will have to Escrow. This is the first loan that we will do since the new RULES. HELP
Confused most of the time!

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#1950469 - 08/07/14 07:29 PM Re: Balloon Note coming Due LizzyP
waldensouth Offline
Power Poster
Joined: Nov 2001
Posts: 7,981
FINALLY ABOVE the gnat line
yes to all of the above. YOu are refinancing a 1-4 family home - all rules apply.
"Once you learn to read, you will be forever free."

- Frederick Douglass

My Opinion Only.

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#1950488 - 08/07/14 07:53 PM Re: Balloon Note coming Due LizzyP
rlcarey Online
10K Club
Joined: Jul 2001
Posts: 79,893
Galveston, TX
No land - no RESPA
The opinions expressed here should not be construed to be those of my employer:

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#1950552 - 08/07/14 08:51 PM Re: Balloon Note coming Due LizzyP
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,785
Cape Cod
Agree - RESPA won't apply. But Regulation Z certainly will, and which parts will apply will depend on whether the MH is the consumer's principal dwelling. Your reference to HPML rules suggests that it is.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8

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