Skip to content
GeoDataVision
Thread Options
#1950467 - 08/07/14 07:26 PM Balloon Note coming Due
LizzyP Offline
Junior Member
Joined: Jul 2006
Posts: 48
TX
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!

Return to Top
Lending Compliance
#1950469 - 08/07/14 07:29 PM Re: Balloon Note coming Due LizzyP
waldensouth Offline
Power Poster
waldensouth
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.

Return to Top
#1950488 - 08/07/14 07:53 PM Re: Balloon Note coming Due LizzyP
rlcarey Online
10K Club
rlcarey
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: PPDocs.com

Return to Top
#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
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  Andy_Z