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Higher-Priced Mortgage Loans on Mobile Homes

Question: 
Do we need to test for a mortgage loan being a higher-priced mortgage if it is for a mobile home purchase? It will be the consumer's principal dwelling and no land is being taken as collateral.
Answer: 

Whether or not land is taken as collateral is irrelevant. Since the loan will be secured by the borrower's principal dwelling, the transaction must be tested for being a higher-priced mortgage.

Vendor: 
Wipfli's Financial Institutions Practice has served the banking industry for more than 85 years. Our seasoned professionals have banking experience, dedicate their time to clients throughout the United States, and provide regulatory compliance, information technology, risk management, strategic planning, board development, audit, and tax services. Visit http://www.wipfli.com/fi, call 800.486.3454 or contact wipflifipractice@wipfli.com.

First published on 05/31/2015

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