In a supervisory review in Illinois, a review analyst checks a supervisory file note against scope, definitions, and exemptions. What should the file reflect?
Correct Answer
D) The Illinois RMLA defines a residential mortgage or home mortgage loan as a primarily personal, family, or household loan secured by a mortgage, deed of trust, or equivalent.
The Illinois RMLA defines a residential mortgage loan or home mortgage loan as a primarily personal, family, or household loan secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or residential real estate with a dwelling, and includes shared appreciation agreements.
Why This Is the Correct Answer
The Illinois RMLA defines a residential mortgage loan or home mortgage loan as a primarily personal, family, or household loan secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or residential real estate with a dwelling, and includes shared appreciation agreements.
More UST Questions
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