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I need to clarify something. Does Credit Property Insurance include VSI insurance? I remember speaking with Jack on the phone and I believe he told me VSI was not a form of Credit Property Insurance. I need to know if we have a mobile home loan that is for consumer purpose and their primary residence can we charge VSI and finance the premium?
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We generally believe that VSI will qualify as credit property insurance. Jack has told me, and you may have heard him say as well, that if the policy provides in part, coverage that protects the consumer’s interest in the property, then that portion of the policy is hazard insurance. Credit property insures the creditor’s interest in the property. This latter statement comes from 1026.32(b)(1)(iv) – 2.
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