[rcooper]

This question was originally posted in our Compliance Master Group forum by ScottH.

What is the definition of residential real property under RESPA? I was told by an auditor that a land only loan secured by a lot with a mobile home sits but the mobile is titled and not taken as colateral is covered under RESPA. Is this correct?

Federally related mortgage loan or mortgage loan means as follows:

(1) Any loan (other than temporary financing, such as a construction loan):

(i) That is secured by a first or subordinate lien on residential real property, including a refinancing of any secured loan on residential real property upon which there is either:

(A) Located or, following settlement, will be constructed using proceeds of the loan, a structure or structures designed principally for occupancy of from one to four families (including individual units of condominiums and cooperatives and including any related interests, such as a share in the cooperative or right to occupancy of the unit); or

(B) Located or, following settlement, will be placed using proceeds of the loan, a manufactured home

[rcooper]

If you don’t have a security interest in the mobile home then RESPA is not applicable.’

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