What Is Not Covered by Mla

There are some loans the MLA doesn’t cover – namely, credit that is secured by the property being purchased. … A loan to buy personal property when the credit is secured by the property you’re buying, like a vehicle or home appliance.

What loans are not covered under MLA?

• Residential mortgages to build a home.
• Residential mortgages to buy an existing property.
• Mortgage refinancing loans.
• Home equity loans or lines of credit.
• Reverse mortgages.

Does MLA cover real estate loans?

If yes, is the credit a residential mortgage for purchase, construction, or refinance; a reverse mortgage; or a home equity loan or line of credit? If yes, the MLA does not apply to residential mortgage transactions regardless of whether the covered borrower lives in the home.