Yes, my favorite Reg strikes again. Is this HMDA reportable or not:

A loan to purchase a Mobile Home PARK. Not an individual mobile home, but an entire PARK where the spaces are rented out for mobile homes to sit upon.

I'm having a hard time deciding if this is a "dwelling" or not. In one sense it isn't, but in another sense, it does PROVIDE for dwellings.

Since the loan is not to purchase a dwelling nor secured by a dwelling, it is not HMDA reportable.

THE OPINIONS EXPRESSED ARE MINE AND NOT THOSE OF MY EMPLOYER.

If the mobile park has 5 or more mobile homes, wouldn't it be reported as a multifamily?

I agree with Lee. This is not HMDA reportable since it is not to purchase a dwelling.

Likewise, a loan to purchae a bare lot where a house will be is not a HMDA loan.

Are we sure the purchase agreement doesn't include some mobile homes? If the seller of the property owned some units to rent (as opposed to just the lots), then I think your analysis takes on a different character.

If your borrower is only purchasing the land and the lot lease agreements, but no units themselves, then I agree with Lee & David.

Also, now is a good time to ask the borrower for any information on the average incomes of the renters, or whether any lots are set aside for LMI renters. We couldn't produce this data for our CRA examiners (FRB) on our lots-only park loans, so they wouldn't give us community development credit for the loans.

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- Bart Jonker, CRCM

Opinions stated are not legal advice, and are not necessarily the opinions of OAK Financial Corp.

I had one of these loans once and we did not report because the owner was only renting the land, he did not have any units on the land that were being rented out as housing. Had he been renting out a number of units as rental housing, our analysis would have been different.

No dwelling, no reporting. But -- shouldn't there be some way to get CRA credit such as business loan or "community development?" (said with tongue very much in cheek!)