Here is the gist of how we handle mobilehomes...
1) if we take the mobilehome and it is on a permanent foundation and tied down...we go thru normal protocal on notifications, etc.
2) if we take the land only, yet there is a mobilehome sitting on the land (financed by another lender), it will depend on the foundation structure as to whether or not we will require flood determinations as we will hold no lien and it's not permanently affixed.
3) the "home only" part just means that if you make a loan on a mobilehome, say, sitting on the dealer's lot, but the borrower has not yet settled on a location...you do not have to meet timeliness requirments, yet you do still use diligence and handle everything as soon as you have location info.
Hope this helps.
My opinion only. Not legal advice.
Say you'll haunt me - Stone Sour