Mobile home disclosures are collateral dependent

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Question:

Our customer wants to buy a new lot on which they will put a mobile home they already own. We aren’t sure yet what we will secure the loan with, but what are some of the issues we'll have to deal with?

Answer:

The disclosures will depend on what your collateral is -- the home, the lot, or both. Taking more collateral than needed can be good for loan security but it affects disclosures such as rescission, TRID, RESPA, HMDA and other requirements that could come into play. Knowing what the collateral will be is necessary.
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Learn more about Andy Zavoina’s webinar Mobile Home Loan Compliance