I have a very unusual situation. I have a loan refinance. The purpose of the new loan is to refinance the existing obligation that appears to have been secured by vacant land (17+ acres, no agriculture) only. When I reviewed the new loan, the security again is vacant land only. When I reviewed the file, there are documents that indicate and show a mobile home on the vacant land. After further review of the documents and discussion with the loan officer, it was noted and stated security interest was not taken in the mobile home, either on the existing loan or new loan; therefore they did not consider it HMDA reportable.

If the mobile home is present on the land, would this be a HMDA reportable loan, regardless or no? How do you exclude a dwelling altogether? Since it was not included on the loan that is refinanced, how can I consider this a HMDA reportable loan if the loan that was refinanced also excluded the the mobile home? If it should have been reportable, how do I fix it?

Any help is appreciated.

If the mobile home is still titled property and a security interest was not taken in the title then the loan is not dwelling secured.

If the title has been retired and/or the mobile home under state law is considered an attached improvement to the land then your mortgage automatically secures the loan with the land and mobile home making it a dwelling secured loan.

You will have to look at the tax records to see how the mobile home is being taxed or engage the services of a title company to make the determination for you.

The title opinion does show property taxes due on the mobile home and I couldn't see any liens previously filed other than what was previously filed for vacant land. So the mobile home looks to be free from any liens.

I think I am answering my own question but going forward, pending state law review, if we have vacant land and a habitable dwelling on that land, then I have to make sure that the dwelling is included as our collateral to be HMDA reportable. If is not included, then it is simply land only and not reportable?

I don't know why I am making it complex when it appears to be relatively simple.

The mortgage, or deed of trust will secure the loan with the land and any existing or future improvements to the land.

As an example if you lend on vacant land and the borrower later builds a barn on the property your mortgage will encumber the barn.

I'm not familiar with KY laws so if under state law if the MH has "property taxes" due is it being taxed as real property or chattel property? If it is being taxed as part of the real estate then most likely it is considered real property and your mortgage will encumber the MH as part of the collateral making your loan dwelling secured. If you don't want the loan secured by the MH then you will have to make a specific reference in the mortgage or deed of trust that specifically excludes the MH. The last I remember, from doing a couple of mortgagees in KY a few years ago, KY requires an attorney to prepare a mortgage so you will have to engage the services of your attorney to properly modify the mortgage.

In Texas you can go to the Manufactured Housing Division and see how they owners have it, it'll be either Personal Property or Real Property. Real property would mean that they relinqueshed the title to the state and it is considered an improvement/attahced to the land under it. Not sure if KY has something similar or not.

Similar scenario, borrower purchases lot loan prior to TRID. Has now moved a MH to the property to serve as his HS. Loan approaching maturity. LO wants to know if he can modify/extend the loan as lot only. However, with the addition of the MH/HS is this a refi situation?

Just following...

If the MH is still separately titled and you are not also taking title, it will remain a land only loan.