Thread Options
#2247075 - 12/31/20 05:39 PM Manufactured Home
Susan Offline
Member
Joined: Jun 2003
Posts: 70
South Dakota
Hello, We have a loan to purchase mobile home park, no homes. We are reporting it with Construction Method of Manufactured Home.

I have found guidance that in this case the Manufactured Home Secured Property Type will be NA. But, I have not found any guidance pertaining to Manufactured Home Land Property Interest. We are debating between Direct Ownership and NA.

Does anyone have experience with this?
Thanks!

Return to Top
HMDA

   
HMDA Academy
#2247078 - 12/31/20 06:48 PM Re: Manufactured Home Susan
Inherent_Risk Offline
Gold Star
Joined: Jan 2017
Posts: 307
We do NA for both, as both are under 1003.4(a)(30). A MH community is only manufactured housing for purposes of 1003.4(a)(5) - Construction Type.

The commentary also notes:
1003.4(a)(30) - 4. Manufactured home community. A manufactured home community that is a multifamily dwelling is not considered a manufactured home for purposes of ยง 1003.4(a)(30).

Return to Top