Skip to content
GeoDataVision
Thread Options
#2272156 - 06/27/22 07:21 PM Purchase Modular Home-Already 2 Manufactured Hms
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,061
In the mountains
We had an application to purchase a modular home that was going to be put on the property securing the loan. The property already had two manufactured homes on the property, each with their own address (property is one parcel though). The applicants live in one of the manufactured homes currently, but would make the modular home the primary residence instead. The intended to let their daughter stay in the manufactured home they were vacating. We don't know the use of the 2nd manufactured home. We don't know what the street address would have been for the modular home or if they intended on getting a 911 address for it. The loan was declined due to credit.

We are reporting the property address for the manufactured home that the applicants are living in. The loan purpose is a purchase. Should we be reporting the construction method and occupancy based on the modular home being purchased - site built and owner occupied? or Should we be reporting the construction method and occupancy based (as they were currently using) on the manufactured home - manufactured home and owner occupied? or Should we be reporting it on the manufactured home as it would be after the modular home was purchased - manufactured home and investment property?

If we are supposed to report the modular home information for construction method and occupancy, do we still report the information for the manufactured homes for Manufactured home secured property type and land property interest?

Thanks in advance!
_________________________
Always learning something new...

Return to Top
HMDA

   
HMDA Academy
#2272165 - 06/27/22 08:21 PM Re: Purchase Modular Home-Already 2 Manufactured Hms Likes to Comply
Dan Persfull Offline
10K Club
Dan Persfull
Joined: Aug 2002
Posts: 46,955
Bloomington, IN
Look at the Official Interpretation to 1003.4(a)(9) - 2. I think you could follow the multiple property guidelines.
_________________________
The opinions expressed are mine and they are not to be taken as legal advice.

Return to Top