QM – Mobile Home (no land)

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Tagged: ATR, mobile home, QM

This topic has 1 reply, 2 voices, and was last updated 8 years, 6 months ago by rcooper.

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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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