Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mortgage loan originator Trevor Tibbs has accepted a loan application for a dwelling that is a mobile home not permanently affixed to the land. Does
Mortgage loan originator Trevor Tibbs has accepted a loan application for a dwelling that is a mobile home not permanently affixed to the land. Does this mobile home meet the requirements necessary for it to be considered security for a residential mortgage loan?Yes, a dwelling includes a structure whether or not that structure is attached to real propertyNo, dwellings must be permanently attached to real propertyNo, mobile homes are classified as personal property, not real propertyYes, as long as the real property upon which the mobile home will be located is in the borrowers name, the loan may be a residential mortgage loan
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started