Floating Homes

For delivery of the appraisal, does a floating home meet the definition of a dwelling?

A real live float home would be like a mobile home not attached to real property. I would be treating it as covered.


(b) Definitions. For purposes of paragraph (a) of this section:

(2) Dwelling. The term "dwelling" means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.

(b) Definitions. For purposes of paragraph (a) of this section:

(2) Dwelling. The term "dwelling" means a residential structure that contains one to four units whether or not that structure is attached to real property. The term includes, but is not limited to, an individual condominium or cooperative unit, and a mobile or other manufactured home.

That is what I thought. Thanks Randy & Dan!

We are granting an assumption to a successor in interest for a loan secured by a manufacture home in a park, no land. It is the successor in interest's primary residence (she was living in the home with her mother, our borrower, before she died.) We made the original loan long before me, and we no longer offer these loans.

I've been searching BOL to learn more, and my understanding is this is not subject to TRID (no dirt), RESPA (not a FRMT), ATR (successor in interest assumption), but is subject to TILA as a consumer loan? Not sure exactly what that entails? And per this thread, would be subject to the ECOA appraisal reg? Any additional guidance/assistance would be appreciated!

To be disclosable, it has to be a residential mortgage transaction.

For example, a residential mortgage transaction does not occur when a successor takes on a debt obligation that is secured by a dwelling in which the successor previously acquired an interest. Although these types of transactions may be commonly referred to as assumptions, they are not assumptions under § 1026.20(b) because they are not residential mortgage transactions as to the new consumer.

Thank you Randy. I'll go with no disclosures required!

Randy, just to confirm, since not an RMT, would this assumption by a successor in interest be subject to rescission, since it is her primary residence?

If it is not a refinance under 1026.20(a) or an assumption under 1026.20(b), it is exempt from Regulation Z totally.

Huh. Ok, thank you!