Uniform State Content (SAFE Act)Question 378 of 400
Under the SAFE Act, the term 'residential mortgage loan' generally refers to a loan that is:
a.Any commercial loan secured by an office building
b.A loan primarily for personal, family, or household use that is secured by a mortgage or lien on a dwelling
c.An unsecured personal signature loan
d.A loan secured only by an automobile
Explanation
The SAFE Act ties the definition of a residential mortgage loan to a loan secured by a consensual security interest (mortgage or lien) on a dwelling or residential real estate. Commercial building loans, unsecured personal loans, and auto loans fall outside this definition.
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