An individual borrowed $1,000 to remodel her mobile home. She lives in the mobile home that is not anchored to the ground. The loan will be secured by the mobile home, but the borrower does not own the lot on which it is parked. For HMDA purposes, this loan is considered to be which of the following types of loans?

Question

Quizplus · Accepted Answer

This loan is specifically taken to remodel the mobile home, which makes it fall under the category of a home improvement loan. It is not a consumer RV loan because it is not for the purchase of an RV, nor is it a home equity loan or second mortgage because the borrower does not own the lot on which the mobile home is parked.

An Individual Borrowed $1,000 to Remodel Her Mobile Home