Mobile Home Lending and the UCC

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Question:

I have some questions regarding the UCC and mobile home lending:<ol><li>When we make a mobile home loan, and take the real estate that the mobile home is setting on as collateral, do we need to file a fixture filing? <li>Do we ever need to file a UCC on a mobile home if we have the title? <li>If it is an older mobile home and there is no title does the UCC help perfect our collateral or are we basically unsecured? </ol>

Answer:

This can vary by state, but in my years on the loan desk if we had manufactured housing as collateral there was a title unless it was permanently affixed to the dirt and was now considered real property. A UCC may perfect an interest on items you are able to take a lien on the inside of the home, but the home itself is titled or taken with the land.

First published on BankersOnline.com 10/02/06