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#2073313 - 04/11/16 02:26 PM RV- Lending
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 238
Wanted to verify that this is correct. Customer is purchasing a RV as their primary residence.
- HPML rules apply (escrow)
- HMDA exempt
- Loan Estimate/Closing Disclosure exempt
- HOEPA applies

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Lending Compliance
#2073457 - 04/11/16 08:00 PM Re: RV- Lending Dodge
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
-HPML rules apply (escrow) = NO
1026.2(a)(19) Dwelling
2. Use as a residence. Recreational vehicles, campers, and the like not used as residences are not dwellings.

- HMDA exempt = Correct

- Loan Estimate/Closing Disclosure exempt = Correct (No DIRT)

- HOEPA applies = Correct
Mortgages secured by manufactured housing (whether titled as real property or personal property) and other types of personal property (e.g., an RV or a houseboat) are subject to HOEPA coverage if the dwelling is the consumer’s primary residence.

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#2073540 - 04/12/16 01:27 PM Re: RV- Lending Dodge
Dodge Offline
100 Club
Joined: Mar 2010
Posts: 238
1026.2(a)(19) Dwelling
2. Use as a residence. Recreational vehicles, campers, and the like not used as residences are not dwellings.

I read the same section and thought that escrow did apply because they are using the RV as a residences. Since it will be their primary escrow will apply.

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#2073556 - 04/12/16 01:59 PM Re: RV- Lending Dodge
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
The RV fits the definition of dwelling in this case. If it is to be the borrower's principal dwelling, and the APR over APOR spread exceeds one of the three thresholds in 1026.35(a)(1), it will be an HPML, and will be subject to the HPML escrow requirements unless you, as the lender, are exempt from those requirements. You'd have to escrow for insurance and any periodic taxes imposed on the RV (personal property taxes included).

Otherwise, I agree with Ski's analysis.
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BankersOnline.com
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#2073561 - 04/12/16 02:08 PM Re: RV- Lending John Burnett
Ski Offline
Platinum Poster
Joined: May 2003
Posts: 639
South Louisiana
Thanks John. That was the one I thought might be Yes, but the definition threw me off.

Thanks for the clarification.

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