- Business Rules
Do manufactured (mobile home) loans still require the use of the Good Faith Estimate, Truth in Lending Statement, and the HUD-1? Do we have the option to use the Loan Estimate and Closing Disclosure?It depends. If the manufactured home is or will be attached to real property and therefore considered "real property" it would be considered a covered loan under the rule. If the manufactured home is not attached to real property the Good Faith Estimate, Truth in Lending Statement, and the HUD-1 Settlement Statement would continue to be used given the CFPB notes in the preamble to the rule that these disclosures would be more appropriate and more beneficial to the consumer than the integrated disclosures under this property type.
Citation(s): 78 FR 79795-79796; State Law
CFPB announcement regarding the delay of TRID
The full statement from CFPB Director Richard Cordray can be viewed here