We have an open-end LOC to a marina to fund the purchase of several floating homes. I do not see that these can be exempted from the appraisal notice requirements by definition. Am I correct? Secondly, if we know at the time of application that we will be relying on the value from a prior appraisal, should we provide the notice anyway since the language states "may" order an appraisal? If so, do we then have to provide a copy of the appraisal again?

I'm not sure on what basis you would exempt the homes. They are 1-4 residential dwellings.

The use of a prior appraisal does not exempt the 1002.14(a)(2) notice requirement.

Many thanks, Dan! Those darn floating homes! We get a pass with HMDA but nothing else.

Well, you don't have to worry about flood insurance . . .

Floating homes are only exempt from HMDA if constructed before 6/15/76.

(f) Dwelling means a residential structure, whether or not attached to real property. The term includes but is not limited to a detached home, an individual condominium or cooperative unit, a manufactured home or other factory-built home, or a multifamily residential structure or community.

3. Exclusions. Recreational vehicles, including boats, campers, travel trailers, and park model recreational vehicles, are not considered dwellings for purposes of § 1003.2(f), regardless of whether they are used as residences. Houseboats, floating homes, and mobile homes constructed before June 15, 1976, are also excluded, regardless of whether they are used as residences. Also excluded are transitory residences such as hotels, hospitals, college dormitories, and recreational vehicle parks, and structures originally designed as dwellings but used exclusively for commercial purposes, such as homes converted to daycare facilities or professional offices.

Can someone explain the reasoning behind the date of 6.15.67? I've seen this enough, but can't remember (if I ever knew) the reason for this particular date. Was it just a line in the sand?

The HUD standards for manufactured homes do not cover mobile homes constructed before June 15, 1976. 24 CFR 3282.8(a). 79 FR 51731, 51749 (Aug. 29, 2014).

Floating homes are only exempt from HMDA if constructed before 6/15/76.

The above statement from my post #2273231 is incorrect. I misread the sentence. Houseboats and floating homes are exempt and mobile homes manufactured before 6/15/1976 are exempt. The manufactured date for the houseboat and the floating home is not a factor.

Sorry for the misinformation.