How are Louisiana bankers addressing the HPML escrow requirement when they are securing their loan with mobile home only?

If a mobile home only loan turns out to be a HPML, we require escrow of any insurance (hazard and, if applicable, flood).

The majority of our consumer residential loans ARE HPML due to our rate structure.

Hope this helps.

What about the escrow requirement for taxes? How are you getting the information?

According to our Lending personnel we are having problems with getting this information and have been told that we cannot escrow for this since, in some circumstances, it's not considered real estate but instead it's considered personal property with a decal.

When it is ONLY a mobile home, there should be no property taxes in Louisiana, since it is personal property.

You could have to escrow for flood insurance if the mobile home will be placed in a special flood hazard area.

The only instance where you would have property taxes to escrow is if, in a purchase money loan, the mobile home will be immobilized and become part of the real estate either already owned or purchased concurrently. Then you would get the property tax information from the assessor's office or closing attorney.

PM me if you have other questions.

Most parishes charge a fire tax on mobile homes with no land. Check with your parish tax assessor, it is normally $72.00 per year