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Reply To: Appraisal or Evaluation needed for a mobile home without land?

Home Forums Compliance Masters Group (Members Only) Appraisal or Evaluation needed for a mobile home without land? Reply To: Appraisal or Evaluation needed for a mobile home without land?

#12206

jholzknecht
Keymaster

An appraisal is required for a higher-priced mortgage loan secured by a first lien on a consumer’s principal dwelling according to 1026.35(b). However 1026.35(c)(2) contains an exemption for a HPML secured by a mobile home. There is a partial exemption for a HPML secured by a manufactured home. Is your collateral a mobile home or a manufactured home?

In your case the appraisal requirement probably does not apply due to the mobile home exemption, the fact that the mobile home is apparently not a principal dwelling, and the loan may or may not be an HPML.