Examples of Residential mortgage transaction in a sentence
Residential mortgage transaction The term "residential mortgage transaction" means a transaction consummated on or after the date that is 1 year after July 29, 1998, in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling.
It would be more reasonable for afinancial institution to make advances from a line of credit for the purchase of anautomobile than for an automobile dealer to sell a car under an open-end plan.* * * * * 2(a)(24) Residential mortgage transaction.* * * * *5.
Residential mortgage transaction The term “residential mortgage transaction” means a transaction consummated on or after the date that is 1 year after July 29, 1998, in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling.
Residential mortgage transaction (§ 226.2(a)(24))2 Reverse mortgage transaction (§ 226.33)3 Open-end credit plan (Subpart B)(Note prohibition against structuring loans as open-end plans to evade sections 226.32−226.34(b))If the answer is No, STOP HERE Is the loan for the following purpose?If the answer is Yes in Box 1, 2, or 3, STOP HERE.
Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained in the consumer's principal dwelling to finance the acquisition or initial construction of that dwelling.