Posted By: Nicole
Mobile Home Only - 03/05/20 05:05 PM
Hello, it's been a while since i have seen a loan secured by a mobile home only title and is primary residence. What applies here, do we do TRID? LE/CD?
Thank you!
Posted By: Gertie
Re: Mobile Home Only - 03/05/20 05:12 PM
Start with Reg B Appraisal Rules.
https://www.bankersonline.com/regulations/12-1002-014Also if Consumer purpose, take a look at Reg Z for Ability to Repay.https://www.bankersonline.com/regulations/12-1026-043
Posted By: Gertie
Re: Mobile Home Only - 03/05/20 05:13 PM
If there's no dirt, then TRID will not apply.
Posted By: Nicole
Re: Mobile Home Only - 03/05/20 05:20 PM
So besides Ability to Repay and Reg B do we have any preliminary disclosures?
Posted By: Gertie
Re: Mobile Home Only - 03/05/20 05:22 PM
If it is closed end, that should cover it. .
Posted By: burke116
Re: Mobile Home Only - 03/05/20 05:23 PM
I believe a RESPA GFE would be required.
Posted By: raitchjay
Re: Mobile Home Only - 03/05/20 05:43 PM
RESPA won't apply if there's no dirt securing the loan.
Posted By: rlcarey
Re: Mobile Home Only - 03/05/20 05:43 PM
No dirt - no RESPA either
Posted By: burke116
Re: Mobile Home Only - 03/05/20 06:01 PM
Ah thanks, I don't know why I was thinking the loan was considered a federally related mortgage loan under RESPA.