Residential mortgage transaction definition

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.

Residential mortgage transaction means a transaction in which a mortgage, deed of

Residential mortgage transaction means a transaction in which a mort- gage, deed of trust, purchase money se- curity interest arising under an install- ment sales contract, or equivalent con- sensual security interest is created or retained in the consumer’s principal dwelling to finance the acquisition or initial construction of that dwelling.

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.

More Definitions of Residential mortgage transaction

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 property upon which four or fewer residential dwelling units are planned or situated, including but not limited to individual units or condominiums and cooperatives. As used in this subsection, “residential dwelling unit” means an improvement designed for residential occupancy.

Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security interest arising under an installment contract or equivalent consensual security interest is created or retained against a single-family dwelling or a dwelling that consists of no more than 4 units that is the principal residence of the mortgagor to finance the acquisition, initial construction or refinancing of that dwelling. [PL 2023, c. 258, §1 (NEW).]

Residential mortgage transaction means a transaction in which a mortgage, deed of trust, purchase money security inter- est arising under an installment sales con- tract, or equivalent consensual security interest is created or retained in property upon which four or fewer residential dwell- ing units are planned or situated, including but not limited to individual units or condo- miniums and cooperatives. As used in this subsection, “residential dwelling unit” means an improvement designed for residential oc- cupancy. [Formerly 59.840; 2013 c.268 §1]

Residential mortgage transaction means a transaction in

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 property upon which four or fewer residential dwelling units are planned or situated, including but not limited to individual units or condominiums and cooperatives. As used in this subsection, “residential dwelling unit” means an improvement designed for residential occupancy. [1993 c.508 §1; 1995 c.129 §1; 1995 c.622 §13; 1997 c.211 §1; 1997 c.631 §377; 1999 c.36 §1; 2001 c.377 §40; 2001 c.952 §1]

Residential mortgage transaction means a transaction in which a mortgage, deed 1515 of trust, purchase money security interest arising under an installment sales contract, or 1516 equivalent consensual security interest is created or retained in the borrower's principal 1517 dwelling to finance the acquisition or initial construction of that dwelling. 1518 (7) "Reverse mortgage transaction" means a nonrecourse borrower credit obligation in 1519 which: 1520 (a) a mortgage, deed of trust, or equivalent consensual security interest securing one or 1521 more advances is created in the borrower's principal dwelling; and 1522 (b) any principal, interest, or shared appreciation or equity is due and payable, other 1523 than in the case of default, only after: 1524 (i) the borrower dies; 1525 (ii) the dwelling is transferred; or 1526 (iii) the borrower ceases to occupy the dwelling as a principal dwelling. 1527 Section 29. Section 63I-2-261 is enacted to read: 1528 63I-2-261. Repeal dates -- Title 61. 1529 Section 61-2c-205.1 is repealed July 1, 2012. 1530 Section 30. Section 70D-1-10 is amended to read: 1531 70D-1-10. Notification of department -- Exemptions. 1532 (1) Except as provided in Subsection (2), [no] a person may not engage in the business 1533 of making mortgage loans [nor may any person] or engage in the business of being a mortgage 1534 loan broker or servicer, without first filing written notification with the department and paying 1535 the fees required by this chapter. 1536 (2) The following persons are exempt from the notification requirements contained in 1537 this chapter and from the annual fee imposed in Subsection 70D-1-12(1): 1538 (a) all persons authorized under Utah law or under federal law to do business as a 1539 depository institution in this state; 1540 (b) all wholly-owned subsidiaries of depository institutions described in Subsection 1541 (2)(a); and

Residential mortgage transaction means a transaction in which a mort- gage, deed of trust, purchase money se- curity interest arising under an install- ment sales contract, or equivalent con- sensual security interest is created or retained in the consumer’s principal dwelling to finance the acquisition or initial construction of that dwelling.(25) Security interest means an inter- est in property that secures perform- ance of a consumer credit obligation and that is recognized by state or fed- eral law. It does not include incidental interests such as interests in proceeds, accessions, additions, fixtures, insur- ance proceeds (whether or not the cred- itor is a loss payee or beneficiary), pre- mium rebates, or interests in after-ac- quired property. For purposes of disclo- sures under §§ 226.6 and 226.18, the term does not include an interest that arises solely by operation of law. However, for purposes of the right of rescission under §§ 226.15 and 226.23, the term does include interests that arise solely by operation of law.(26) State means any state, the Dis- trict of Columbia, the Commonwealth of Puerto Rico, and any territory or possession of the United States.(b) Rules of construction. For purposes of this regulation, the following rules of construction apply: