A chattel mortgage is a loan used to purchase an item of movable personal property, such as a vehicle, which then serves as security for the loan. A chattel mortgage is a loan that's secured against a movable asset.Below are the directions for completion of the Mortgage Credit Analysis Worksheet (MCAW) for Section 184 loans. Chattel loan financing refers to loans made for the purpose of purchasing moveable personal property, or chattel. Setting up a New 2nd Mortgage Loan: 1. From the bottom of the Borrower Information screen click the Sub Financing button. After completing the classes, the applicant can submit their application form with supporting documents to the MPDU Application Portal. The bill of sale was not registered. This property is more specifically described in a certain chattel mortgage to which reference is hereinafter made. Beneath themantel shelf there is a 2" strip carved in a lattice design.