Guideline: NM 16 Endorsement - Manufactured Housing Unit

Explanation:

This endorsement is issued in conjunction with either a Loan or Owner's Policy to include the manufactured housing unit located on the land within the term "land" when used in the policy. Manufactured housing includes pre-fab homes, mobile homes, modular homes, and other manufactured housing permanently attached to the land as a fixture.

Rate: See Regulation 13 NMAC 14.10.13.

Underwriting Requirements:

We require the following:

1. The owner of the land is the owner of the manufactured housing unit. You may require a bill of sale or certificate of title showing the owner.

2. The manufactured housing unit is located on the land.

3. The manufactured housing is attached to the property as a permanent improvement. Verify by inspection, affidavit, survey, and/or pictures.

4.  To be permanently affixed, the wheels, axles, and tongue of the unit must have been removed. It must also be served by utilities such as gas or electricity, and telephone. The manufactured housing is not treated under state law as personal property; for example, you must verify that any title certificate previously issued has been canceled.

5.  Review the applicable UCC records in connection with the manufactured housing unit.

6.  Any liens or security interest noted on the title certificate are released and any sales or personal property taxes on the transfer of the manufactured housing unit are paid.

7. Even if not asked to issue this endorsement, whenever insuring land with manufactured housing attached as a permanent improvement, verify that there are no liens on the title (either on the title certificate if applicable or as reflected by a UCC search) or make a general exception to any such possible liens.

8. The tax assessor has assessed the manufactured home as a real property improvement.

[This guideline applies to NM 16.2 endorsement.]