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#2237399 - 06/01/20 12:39 PM Floating Homes
Believing... Offline
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In the mountains
For delivery of the appraisal, does a floating home meet the definition of a dwelling?

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Interagency (Reg Z) and CFPB Reg B Appraisal Rules
#2237400 - 06/01/20 01:03 PM Re: Floating Homes [Re: Believing...]
rlcarey Online
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Galveston, TX
A real live float home would be like a mobile home not attached to real property. I would be treating it as covered.


(b) Definitions. For purposes of paragraph (a) of this section:

(2) Dwelling. The term "dwelling" means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.
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#2237401 - 06/01/20 01:05 PM Re: Floating Homes [Re: Believing...]
Dan Persfull Offline
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Bloomington, IN
(b) Definitions. For purposes of paragraph (a) of this section:

(2) Dwelling. The term "dwelling" means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.
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#2237402 - 06/01/20 01:14 PM Re: Floating Homes [Re: Believing...]
Believing... Offline
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In the mountains
That is what I thought. Thanks Randy & Dan!

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#2240118 - 07/24/20 05:12 PM Re: Floating Homes [Re: Believing...]
CRL Offline
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We are granting an assumption to a successor in interest for a loan secured by a manufacture home in a park, no land. It is the successor in interest's primary residence (she was living in the home with her mother, our borrower, before she died.) We made the original loan long before me, and we no longer offer these loans.

I've been searching BOL to learn more, and my understanding is this is not subject to TRID (no dirt), RESPA (not a FRMT), ATR (successor in interest assumption), but is subject to TILA as a consumer loan? Not sure exactly what that entails? And per this thread, would be subject to the ECOA appraisal reg? Any additional guidance/assistance would be appreciated!

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#2240126 - 07/24/20 06:28 PM Re: Floating Homes [Re: Believing...]
rlcarey Online
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Galveston, TX
To be disclosable, it has to be a residential mortgage transaction.

For example, a residential mortgage transaction does not occur when a successor takes on a debt obligation that is secured by a dwelling in which the successor previously acquired an interest. Although these types of transactions may be commonly referred to as assumptions, they are not assumptions under ยง 1026.20(b) because they are not residential mortgage transactions as to the new consumer.
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#2240130 - 07/24/20 06:38 PM Re: Floating Homes [Re: Believing...]
CRL Offline
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Thank you Randy. I'll go with no disclosures required!

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#2240133 - 07/24/20 06:59 PM Re: Floating Homes [Re: Believing...]
CRL Offline
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Randy, just to confirm, since not an RMT, would this assumption by a successor in interest be subject to rescission, since it is her primary residence?

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#2240134 - 07/24/20 07:00 PM Re: Floating Homes [Re: Believing...]
rlcarey Online
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rlcarey
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Galveston, TX
If it is not a refinance under 1026.20(a) or an assumption under 1026.20(b), it is exempt from Regulation Z totally.
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#2240145 - 07/24/20 08:33 PM Re: Floating Homes [Re: Believing...]
CRL Offline
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CRL
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Huh. Ok, thank you!

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