The construction method of the dwelling that is securing the property is another data point that has been slightly modified under the new rule. Changing from requiring the type of property to which the application related to reporting whether the property is site-built or a manufactured home.
One question that is often asked is if a modular home is considered site built or a manufactured home? Modular homes are those that comply with local building codes rather than those by the National Manufactured Housing Construction and Safety Standards and are not required to have HUD Certification Labels. When it comes to these types of homes, whether it is an on-frame or off-frame model does not affect how it is reported. Both would be considered to be site-built homes. Also, dwellings that are built using prefabricated components and then assembled at the permanent site would also be considered to be site-built.
In regards to multifamily dwellings, the construction method should also be reported as site-built. The only time that a multifamily dwelling is reported as a manufactured home is when the property in question is a manufactured home community.
Remember, if there are multiple properties securing the loan, then the institution should report the data on just one.
For more information on HMDA regulations, 2018 data point changes or our HMDA compliance services, please call Rhonda Wannemuehler or Betsy Reynolds at 855-734-7655.