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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.

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.

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First published on 05/31/2015

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