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#2262619 - 11/17/21 10:21 PM Mobile Home Purchase
Nicole Offline
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Joined: Nov 2018
Posts: 133
Hello

We have a loan request to purchase a mobile home and a debt consolidation, borrower already owns the property. On the LE the purpose should be purchase correct? As for disclosing the title - owner's policy since the borrowers already own the property should we disclose?

Thank you in advance!

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TRID - TILA/RESPA Integrated Disclosures Rule
#2262620 - 11/17/21 10:31 PM Re: Mobile Home Purchase Nicole
raitchjay Offline
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Joined: Oct 2009
Posts: 8,721
OK
Your TRID purpose isn't purchase if he already owns the dirt....sounds like a home equity loan based on the information provided. I would see no need for OTI since he already owns the property.
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#2262621 - 11/17/21 10:32 PM Re: Mobile Home Purchase Nicole
raitchjay Offline
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Joined: Oct 2009
Posts: 8,721
OK
(9) Purpose. The consumer's intended use for the credit, labeled “Purpose,” using one of the following terms:

(i) Purchase. If the credit is to finance the acquisition of the property identified in paragraph (a)(6) of this section, the creditor shall disclose that the loan is for a “Purchase.”


And here's how (a)(6) reads:

(6) Property. The address including the zip code of the property that secures or will secure the transaction, or if the address is unavailable, the location of such property including a zip code, labeled “Property.”
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