A mortgage company is training staff on Texas requirements for scope and exemptions. Which statement should the trainer use?
Correct Answer
B) Texas defines covered residential mortgage loans by personal-use purpose and dwelling security.
Texas defines a residential mortgage loan as a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or residential real estate.
Why This Is the Correct Answer
Texas defines a residential mortgage loan as a loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or equivalent consensual security interest on a dwelling or residential real estate.
More UST Questions
In a Missouri mortgage file, the loan file reviewer is asked to document licensing and NMLS authority before continuing. Which rule controls?
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