An MLO asks how Arizona handles scope and exemptions. Which answer should compliance give?
Correct Answer
C) Arizona defines residential mortgage loan as a personal, family, or household purpose loan secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling.
Arizona defines residential mortgage loan as a personal, family, or household purpose loan secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or Arizona residential real estate where a dwelling is or will be constructed.
Why This Is the Correct Answer
Arizona defines residential mortgage loan as a personal, family, or household purpose loan secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or Arizona residential real estate where a dwelling is or will be constructed.
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