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HMDA

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  • #33795
    Valerie Redman
    Participant

    I have a question concerning a reportable property, the employee is using land for the 1st lien, but they also have taken a mobile home in as collatrial but not placing a lien on the trailer. The land covers the total loan amount, the trailer is only valued at around $6,000.00 would this be a HMDA reporting?

    #33796
    amarie1126
    Participant

    If I am understanding correctly and the loan is going to be secured by the mobile home, and be part of the loans collateral, then it is HMDA reportable (That is, if the mobile home was made after June 15, 1976; Loans secured by mobile homes built prior to June 15, 1976, are not dwelling-secured for HMDA purposes)

    #33811
    Brent V
    Keymaster

    Thank you @amarie1126 for the very accurate reply!

    #33812
    pcorder
    Participant

    When you say “reportable property”, do you mean the purpose of the loan was to purchase, refinance or improve the mobile home (and land)?

    Thanks,

    #33815
    Valerie Redman
    Participant

    I went back and looked at the write up it says that it is to refinance investment property.

    #33816
    pcorder
    Participant

    Okay, I’m sorry for all the questions.

    Does the existing lien being satisfied with the new loan also include the mobile home? Did the appraisal on the land for the new loan include the MH? Or, does the lien being satisfied contain land only or non dwelling buildings? So sorry, it really becomes convoluted sometimes.

    IMO, if you don’t place a lien on the MH, and/or if your appraisal does not include it in the appraised value, it would not be reportable.

    Can someone please let me know, if I’m wrong?

    Thanks so much!

    #33817
    amarie1126
    Participant

    Well really, whether the mobile home is included in an appraisal or not, if the lender is taking the mobile home as part of the collateral & the loan is going to be secured by the mobile home, it is HMDA reportable. If the mobile home is not being taken as collateral, it is not a HMDA loan. I hope this helps.

    #33821
    pcorder
    Participant

    I guess my question is regarding the mobile home “being taken as collateral”.

    I was thinking Valerie mentioned they weren’t placing a lien on the mobile home. If the MH is part of the collateral, shouldn’t there by some type of lien, and mentioned in the security instrument (and some type of appraisal)? That’s really what I’m confused about. I was just trying to get all the facts. lol

    Thanks!

    #33822
    jholzknecht
    Keymaster

    Thanks to all of you for submitting the question and for the thorough analysis.

    I suspect that the mobile home was taken as collateral (security agreement) but the security interest was never perfected (UCC-1 or mortgage). A loan secured by a dwelling is HMDA reportable, whether the security interest is perfected or not.

    Valerie – Can you confirm my suspicion?

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