Whether you call it a mobile home or manufactured housing loan, there are characteristics that are unique to these loans. Mobile home/manufactured housing loans can be confusing, and may be affected by the answers to these questions:
- Is the home permanently affixed to real estate?
- Is it unaffixed?
- Is your collateral just the home itself?
You need to know those answers at the outset and that can be difficult at times when "mobile" is in the collateral description and your collateral has a title and wheels.
There are times when RESPA disclosures will be needed, depending on your loan characteristics. Compliance with flood insurance regulations may be required before you fund, or later. Later, how can that be? It's mobile and we'll talk about this. There are also exceptions for this type of loan so whether your lenders do these routinely or rarely, you must know which rules apply and when. We will discuss what "permanently affixed" means as you try and determine if your collateral is personal property or real estate.
In this webinar we will discuss mobile/manufactured housing (technically, they're all termed "manufactured homes" these days except those that are really old, but the common use of the term "mobile homes" persists) and compliance under:
- Truth in lending and Reg Z requirements addressing:
- Home Equity Lines of Credit
- Adjustable Rate Mortgages
- HOEPA & High Priced Mortgage Loans
- Appraisal disclosures
- Fair Housing
- And more
Mobile Home Loan Compliance
Questions and Answers