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#510217 - 03/08/06 05:04 PM Mobile Home Park & HMDA
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,338
One of our lenders is making a loan to make improvements to mobile homes in a mobile home park. He is not taking titles to the mobile homes, nor referencing any particular mobile home specifically. He is only taking a mortgage on the legal description of the land. It seems that the mobile homes are part of the assets of the business and they are merely rented out to the tenants. We do not formally classify any loan as a home improvement loan.

I'm leaning towards not HMDA reportable, but I am easily swayed! Any thoughts?
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Lending Compliance
#510218 - 03/08/06 06:11 PM Re: Mobile Home Park & HMDA
Dan Persfull Offline
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Dan Persfull
Joined: Aug 2002
Posts: 46,832
Bloomington, IN
If the loan is not secured by a dwelling or is not classified as a HI loan then it is not reportable.
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The opinions expressed are mine and they are not to be taken as legal advice.

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#510219 - 03/08/06 06:45 PM Re: Mobile Home Park & HMDA
#12 Offline
Diamond Poster
Joined: Jun 2005
Posts: 1,338
Thanks for confirming my thoughts Dan. When you state the answer that simply, it makes it seem rather obvious. Have a good day!
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#510220 - 03/08/06 07:24 PM Re: Mobile Home Park & HMDA
CRAatBOK Offline

Power Poster
Joined: Mar 2004
Posts: 6,172
Further South than I wanna be.
If you are a CRA Reporter it would be a Type 1 loan.
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#510221 - 03/09/06 06:30 AM Re: Mobile Home Park & HMDA
Princess Romeo Offline

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Princess Romeo
Joined: Jun 2001
Posts: 8,272
Where the heart is
But only if it's $1Million or less.
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Regulations are a poor substitute for ethics.
Just sayin'

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