Thread Options
|
#2154414 - 11/21/17 06:11 PM
Construction Method - Mobile Home Park
|
Diamond Poster
Joined: May 2011
Posts: 1,987
Idaho
|
Which construction method option should I choose when the collateral is a mobile home park with no actual mobile homes. I'm assuming I'd report manufactured home, but neither option really fits because we aren't actually taking a dwelling as collateral. There is no option for NA.
_________________________
All opinions are my own, not my employer's
|
Return to Top
|
|
|
|
#2154420 - 11/21/17 06:24 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
Using their logic, to me it will be construction type - manufactured home.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154424 - 11/21/17 06:36 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
|
It appears they are insinuating a manufactured home community is a multi-family dwelling.
You tell me.......
2. Manufactured home community. A manufactured home community that is a multifamily dwelling is not considered a manufactured home for purposes of § 1003.4(a)(29).
then you have.....
2. Multifamily dwelling. For a covered loan or an application for a covered loan related to a multifamily dwelling, the financial institution should report the construction method as site-built unless the multifamily dwelling is a manufactured home community, in which case the financial institution should report the construction method as manufactured home.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
|
Return to Top
|
|
|
|
#2154426 - 11/21/17 06:39 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
Platinum Poster
Joined: Jul 2015
Posts: 542
Gorham, ME
|
Are mobile homes and manufactured homes the same thing? They aren't where I am.
_________________________
Tracey
|
Return to Top
|
|
|
|
#2154428 - 11/21/17 06:41 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Aug 2002
Posts: 47,530
Bloomington, IN
|
(l) Manufactured home means any residential structure as defined under regulations of the U.S. Department of Housing and Urban Development establishing manufactured home construction and safety standards (24 CFR 3280.2). For purposes of § 1003.4(a)(5), the term also includes a multifamily dwelling that is a manufactured home community.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.
|
Return to Top
|
|
|
|
#2154434 - 11/21/17 06:59 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
Per the government, they changed 'mobile home' to 'manufactured home' across the board to distinguish pre and post 1976 homes.
Mobile homes - The term Mobile Home is often used interchangeably with the term Manufactured Home but in fact they mean quite different things. "Mobile Home" refers to homes built PRIOR to 1976 when the HUD code governing building standards for factory-built homes was instituted, greatly improving quality standards.
Manufactured homes - Homes built AFTER 1976 should, technically, no longer be referred to as Mobile Homes but instead are Manufactured Homes and are built to a higher standard of quality than yesterday's "Mobile Homes".
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154439 - 11/21/17 07:00 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
And Dan, what you posted further up...what it tells me is what I thought it should. MH Parks are 'manufactured' construction type.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154440 - 11/21/17 07:05 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
And this tell me, It appears they are insinuating a manufactured home community is a multi-family dwelling.
You tell me.......
2. Manufactured home community. A manufactured home community that is a multifamily dwelling is not considered a manufactured home for purposes of § 1003.4(a)(29). That if it's a MH community with less than 5 pads, it wouldn't be multi-family. I'd say that's highly unlikely, but possible, hence the wording in 2 above. n) Multifamily dwelling means a dwelling, regardless of construction method, that contains five or more individual dwelling units.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154653 - 11/22/17 05:59 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
David, you seem to be undecided on them being construction type-manufactured. Why is that? To me, it's clear, so I'm wondering what is it I'm missing?
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154689 - 11/22/17 08:50 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
I've never seen one to be honest, but I'm sure it's possible. BUT the entire theory of a manufactured home community, even with no homes existing , and assuming there are 5 or more pads, being a 'dwelling' is even more bizarre to my pea brain. ! So the construction 'type' being 'manufactured' on a 'manufactured home' community only seems to fall in place in this bizarre situation. And I suppose IF you had a manufactured home community with 4 or less, you'd call it 1-4 family, still report it and still call the construction type manufactured, BUT then would you also have to report land owned or land not owned? Obviously, there is only one correct answer to that one, but I'm guessing it would not be NA.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
#2154844 - 11/27/17 05:31 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
Gold Star
Joined: Jan 2010
Posts: 293
Oklahoma
|
Holy moly.
_________________________
Compliance - A Painful Addiction
All comments are mine & should not be taken as legal advice.
|
Return to Top
|
|
|
|
#2154990 - 11/28/17 01:30 PM
Re: Construction Method - Mobile Home Park
TMatt87
|
10K Club
Joined: Nov 2002
Posts: 20,656
The Swamp
|
The entire concept of mobile home park being a dwelling is stupid.
_________________________
My opinion only. Not legal advice. Say you'll haunt me - Stone Sour
|
Return to Top
|
|
|
|
|
|