The SAFE Act defines 'residential mortgage loan' to include all of the following characteristics EXCEPT:
Correct Answer
D) The loan amount exceeds the conforming loan limits
The SAFE Act definition of residential mortgage loan does not include any loan amount limitations. The definition focuses on use (personal, family, household), security (mortgage/deed of trust), and property type (1-4 dwelling units), but does not exclude loans based on conforming loan limits or loan amounts.
Why This Is the Correct Answer
The SAFE Act definition of residential mortgage loan does not include any loan amount limitations. The definition focuses on use (personal, family, household), security (mortgage/deed of trust), and property type (1-4 dwelling units), but does not exclude loans based on conforming loan limits or loan amounts.
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