Posted by Anthony Demangone
Here's an old post, which references a few other posts as well. All of them touch upon "frequently asked questions" documents. Regulators issue these guidance documents to answer, well, frequenly asked questions. These documents can be very useful for a number of reasons.
- They generally are written in something akin to English.
- They can be a quick way to provide an authoritative answer to a colleague. For example, is a modular home a manufactured home for purposes of Regulation C? Here's what the FFIECsays in a HMDA FAQ.
Modular homes. Is a modular home a manufactured home for purposes of Regulation C?
Answer: For Regulation C reporting, a manufactured home is one that meets the HUD code, 12 CFR 203.2(i). The official staff commentary indicates that modular homes that are ready for occupancy when they leave the factory and meet all of the HUD code standards are included in the definition of "manufactured home".203.2(i)-1. The comment, and a prior FAQ on this site, have raised questions about whether a modular home should be reported as a manufactured home or as a one- to four-family dwelling. Until the Board provides further guidance regarding modular homes, lenders may, at their option, report a modular home as either a one- to four-family dwelling or as a manufactured home.
So, take a look at the blog post below and see if any of the FAQs are useful. We probably should update the post at some point, as new FAQs are being produced all the time.
Here is one of my favorites from the FFIEC website on HMDA FAQs - which covers both regulatory and technical questions. Also, this blog has a category of "FAQs" that you can look through. Also, this post has numerous FAQ documents organized by topic. Sometimes the first place to look is if the regulators have specifically addressed your question before.
Happy hunting, everyone!