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Determining an HPML

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Question: 
I made a loan to three individuals on a mobile home (no land involved); two of those individuals will make the mobile home their primary residence. Is the loan subject to HPML?
Answer: 

Yes, a mobile home meets the definition of a dwelling as defined in 226, and HPML (226.35) applies to the consumer's primary dwelling.

First published on BankersOnline.com 11/01/10

First published on 11/01/2010

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