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Modular homes. Is just a home that is modular manufactured house for purposes of Regulation C?
Response: For Regulation C reporting, a manufactured house is just one which satisfies the HUD rule, 12 CFR 203.2(i). The formal staff commentary shows that modular houses which can be prepared for occupancy once they leave the factory and satisfy most of the HUD rule criteria are within the concept of "manufactured house". 203.2(i)-1. The remark, and a prior FAQ on this website, have actually raised questions regarding whether a modular house should really be reported as being a manufactured home or as a single- to four-family dwelling. Before the Board provides further guidance regarding modular houses, loan providers may, at their option, report a modular house as either a single- to four-family dwelling or being a manufactured house.
This FAQ supersedes the prior FAQ on modular domiciles published in December 2003.
Conditional loan-commitment that is approvals---customary loan-closing conditions. The commentary shows that an organization states a "denial" if an organization approves that loan at the mercy of underwriting conditions (except that customary loan-commitment or loan-closing conditions) additionally the applicant will not satisfy them. See remark 4(a)(8)-4. Exactly what are customary loan-closing or loan-commitment conditions?
Response: Customary loan-commitment or loan-closing conditions consist of clear-title needs, appropriate home study, appropriate name insurance coverage binder, clear termite assessment, and, where in actuality the applicant intends to utilize the arises from the purchase of 1 house to shop for another, funds statement showing sufficient arises from the purchase.