QM – Mobile Home (no land)

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• November 21, 2014 at 2:59 pm EST #6534
  compliancegirl

  Member

  We have a loan to be secured by a mobile home with no land. Does QM/ATR rules apply?
  It looks like a covered transaction only needs to be secured by a dwelling to be covered, am I thinking correctly? I have not been able to find an exemption that would apply.

  November 24, 2014 at 10:05 am EST #6535
  rcooper

  Member

  You are correct. The QM/ATR rules do apply a consumer loan secured by a mobile home without land.

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