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.
Higher-Priced Mortgage Loans on Mobile Homes
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.
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First published on 05/31/2015