Under current HMDA definition is a mobile home that is attached to real estate considered a 1-to-4 family dwelling or is it manufactured housing? In my opinion a mobile home affixed to real estate is more similar to housing manufactured off site and delivered/affixed to the land than a home that was traditionally stick built on-site. However, a mobile home does not meet the technical HUD definition of manufactured housing either.
If a customer has a mortgage on land and now purchasing a mobile home, is a right of rescission required?
We have a loan where we are taking the land as collateral but NOT the mobile homes on the land. The property is in a flood zone but should we require flood insurance since we have no interest in the mobile homes?
We are doing a construction loan on a primary residence. The customer is living in a mobile home on 19 acres where the new house is to be built. Our form system is not giving a right of rescission. Is a ROR required?
We have questions about mobile homes (no real estate) loans. Most of the rates for these type of loans are higher. In most cases the APOR is over the 1.5% making those loans HPML. Is there a separate APOR chart for mobile homes? or are all rates found FFIEC website for all types of loans.
HMDA. I have a customer that is purchasing a mobile home park which consist of land and 5 mobile homes. We are doing a mortgage on the loan for the land and a separate loan for the 5 mobile homes. This is so we can finance the land loan longer. Since the mobile homes are attached to the land, would both loans still be HMDA reportable?
I am currently processing a real estate loan in which the collateral is a mobile home park but does not include the mobile homes (7.3 acres land and improvements consisting of the office/common area building only). The flood cert on the entire property came back as not in a flood zone. I have now been told, "Although we are not taking the mobile homes as collateral, since we are aware that they exist on this property, we must do our due diligence and order a flood determination on each building as well as each mobile home". Are you aware of any requirement for banks to order flood certs for property that is not being taken as collateral?
Are UCC filings required on mobile homes that are attached to the land if a mortgage is going to be filed?
We are making a loan for a $50,000 line of credit to an LLC. They will use it to purchase used mobile homes and place them on vacant lots that they have available. Once they have them in place, they will rent the vacant mobile homes to renters with lease agreements. My questions are: Do we need a flood certification for each used trailer that they purchase with the line of credit? Do we need to fill out a HMDA LAR for each mobile home purchased with the line of credit?
Do we need to escrow for loans that are already on the books prior to April 1, 2010 or October 1, 2010 for mobile homes, when it comes time for them to be refinanced or if the customer refinances early?