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Modular houses. Is just a modular house a manufactured house for purposes of Regulation C?
Response: For Regulation C reporting, a manufactured home is just one that fits the HUD rule, 12 CFR 203.2(i). The formal staff commentary shows that modular houses which can be prepared for occupancy if they leave the factory and satisfy all the HUD rule requirements are within the concept of „manufactured home“. 203.2(i)-1. The remark, and a previous FAQ on this website, have actually raised questions regarding whether a modular house must be reported as being a manufactured home or as a one- to four-family dwelling. A modular home as either a one- to four-family dwelling or as a manufactured home until the Board provides further guidance regarding modular homes, lenders may, at their option, report.
This FAQ supersedes the previous FAQ on modular houses 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 (aside from customary loan-commitment or loan-closing conditions) as well as the applicant will not satisfy them. Weiterlesen