Answer by Jim Bedsole:
RESPA is the only one of the lending regs that make a distinction whether the real property secures the loan. For Reg Z rescission, it applies to "dwelling" which includes mobile homes (whether or not the real property also secures). If other rescission parameters apply, then you'll need it even on a mobile home.
Answer by Mary Beth Guard:
As Jim indicated, the answer is "Maybe". It depends upon facts not given in your question. You will need to determine whether the mobile home is the principal dwelling of a consumer who is providing you with a security interest in the mobile home. Under 226.23, "In a credit transaction in which a security interest is or will be retained or acquired in a consumer's principal dwelling, each consumer whose ownership interest is or will be subject to the security interest shall have the right to rescind the transaction, except for transactions described in paragraph (f) of this section."
First published on BankersOnline.com 8/05/02