Dwellings under HMDA rules

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Question:

We have a loan secured by an older mobile home and another security by an older floating home. Are these dwellings for HMDA purposes?

Answer:

The answer for the mobile home depends upon how old is old. The "new" HMDA rule as of 1/1/2018 set a solid date to define what is a mobile home that is not considered a dwelling for HMDA, as well as what is a reportable manufactured home. On the other hand, floating homes are never HMDA reportable. In the webinar, we will cover this topic and provide the reference from the preamble to the final rule that contains the discussion of the topic and the applicable date for mobile homes.

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Learn more about Kathleen Blanchard Improving HMDA Knowledge and Year-End LAR Preparation webinar.