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#2168062 - 03/14/18 02:48 PM Re: Land interest choices - Manufactured housing RR Joker
RR Becca Offline
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out of the frying pan...
Excellent.
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#2169926 - 03/23/18 06:16 PM Re: Land interest choices - Manufactured housing RR Joker
RR Joker Offline
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I just spoke with a representative from the CFPB and he stated that in the case of a manufactured home and land as collateral, where the borrower is NOT the owner, to complete the “Manufactured home secured Property Interest- 5 “NA” as the best choice.

He is further requesting that this issue be addressed at some point in the FIG and the NA chart.

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Last edited by RR Joker; 03/23/18 06:16 PM.
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#2169931 - 03/23/18 06:25 PM Re: Land interest choices - Manufactured housing RR Joker
raitchjay Online
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Why wouldn't it be paid or unpaid leasehold?
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#2169932 - 03/23/18 06:26 PM Re: Land interest choices - Manufactured housing RR Joker
raitchjay Online
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OK
(I just realized i never read this thread....)
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#2169962 - 03/23/18 07:32 PM Re: Land interest choices - Manufactured housing RR Joker
RVFlyboy Offline
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Originally Posted By RR Joker
I just spoke with a representative from the CFPB and he stated that in the case of a manufactured home and land as collateral, where the borrower is NOT the owner, to complete the “Manufactured home secured Property Interest- 5 “NA” as the best choice.

He is further requesting that this issue be addressed at some point in the FIG and the NA chart.

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Not to mention that if you select 5-NA yet you've indicated collateral is not multi-family and indicated it is a manufactured home, and you've provided a property address, aren't you going to get a validity error since those are the only options specified as eligible for code 5?
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#2170015 - 03/26/18 12:44 PM Re: Land interest choices - Manufactured housing RR Joker
RR Joker Offline
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So far, I have not received an error for it. I mentioned that to him as well and he felt it would not be because it was a factual response. He also requested I contact him if I did...but I haven't tested it, not even sure how I would go about it on the bureau's system nor if I want to worry about it right now.

So, in a nutshell, I answered manufactured home and land and NA for ownership of the land because the borrowers are in fact not owners in any capacity. My system did not give me an error.

RJ, they felt it wouldn't be paid or even unpaid because the borrower doesn't own the land, they don't even own the home the land sits on.
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#2174994 - 04/24/18 08:50 PM Re: Land interest choices - Manufactured housing RR Joker
RR Becca Offline
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out of the frying pan...
FWIW, I've got a somewhat similar situation in front of me and our software is giving me a validity error for the combo of const. method: MH, manu. property type: MH and not land, manu. land interest: NA.


ETA: I'm going to go with 'unpaid leasehold' for the land interest. All I can do is document the file as to why and be ready to defend it to an examiner.
Last edited by RR Becca; 04/24/18 08:52 PM.
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#2175039 - 04/25/18 01:34 PM Re: Land interest choices - Manufactured housing RR Joker
RR Joker Offline
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I've had many instances where NA was appropriate on these deals and I'm not receiving any validity edits at all for them.

We won't discuss the V edits I'm getting in other areas that are truly and clearly just plain WRONG. laugh!
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#2175054 - 04/25/18 01:54 PM Re: Land interest choices - Manufactured housing RR Joker
RR Becca Offline
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RR Becca
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out of the frying pan...
Yeah, I'm suddenly getting a Q edit for business entities on purchases. crazy
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#2175070 - 04/25/18 02:45 PM Re: Land interest choices - Manufactured housing RR Joker
RR Joker Offline
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It's freakishly CRAZY!
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#2175097 - 04/25/18 03:19 PM Re: Land interest choices - Manufactured housing RR Becca
raitchjay Online
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Originally Posted By RR Becca
Yeah, I'm suddenly getting a Q edit for business entities on purchases. crazy


What kind of Q edit?
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#2175143 - 04/25/18 04:29 PM Re: Land interest choices - Manufactured housing RR Joker
RR Becca Offline
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RR Becca
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out of the frying pan...
Q629 - Loan Purpose: Action Taken = 1-5,7 or 8 and Total Units = < 4 and Loan Purpose = 1,2 or 4 and Income = NA


Looks like they don't think business entities should be buying houses.
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#2175144 - 04/25/18 04:32 PM Re: Land interest choices - Manufactured housing RR Joker
raitchjay Online
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OK
LOL.....maybe i've already seen that edit and forgot....i'm pretty good at hurrying past QS's edits now.
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