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#2188720 - 08/10/18 03:52 PM Lot loan - Mobile home put on lot in the interim
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Diamond Poster
Joined: Nov 2008
Posts: 1,061
In the mountains
A customer obtained a lot loan with us. It is now being refinanced. During the term of the loan, the customer put a mobile home on the property and immobilized it. Technically, by immobilizing it it became part of the security interest we had in the lot.

So, is this a refinancing for HMDA or NO because when the original lot loan was originated, no dwelling was involved?
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#2188732 - 08/10/18 05:15 PM Re: Lot loan - Mobile home put on lot in the interim Likes to Comply
Dan Persfull Online
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Dan Persfull
Joined: Aug 2002
Posts: 46,956
Bloomington, IN
Q. Is the current loan secured by a dwelling?

Technically, by immobilizing it it became part of the security interest we had in the lot.

A. Yes.

Q. Will the new loan be secured by a dwelling?

Technically, by immobilizing it it became part of the security interest we had in the lot.

A. Yes

Q. Are the borrowers the same for both loans?

A customer obtained a lot loan with us. It is now being refinanced.

A. Yes (assumption)


(p) Refinancing means a closed-end mortgage loan or an open-end line of credit in which a new, dwelling-secured debt obligation satisfies and replaces an existing, dwelling-secured debt obligation by the same borrower.
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The opinions expressed are mine and they are not to be taken as legal advice.

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