A file reviewer is checking whether a Texas process satisfies requirements for scope and exemptions. Which statement is accurate?
Correct Answer
D) Texas defines residential mortgage loans by personal-use purpose and dwelling or residential-real-estate 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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