A borrower applies for a loan to purchase a mobile home that will NOT be attached to real property and will retain its title as personal property. Which TRID requirement applies?
Correct Answer
C) TRID disclosures are not required for personal property transactions
TRID applies only to closed-end consumer credit transactions secured by real property. Mobile homes that are not attached to real property and retain personal property status are not covered by TRID requirements under 12 CFR 1026.19(e)(1)(i).
Why This Is the Correct Answer
TRID applies only to closed-end consumer credit transactions secured by real property. Mobile homes that are not attached to real property and retain personal property status are not covered by TRID requirements under 12 CFR 1026.19(e)(1)(i).
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