### Question
What is the definition of residential mortgage transaction?


### Answer
The definition of **residential mortgage transaction** is as follows in *12 U.S.C. § 4901*:

> a transaction consummated on or after the date that is 1 year after July 29, 1998, in which a mortgage, deed of trust, purchase money security interest arising under an installment sales contract, or equivalent consensual security interest is created or retained against a single-family dwelling that is the principal residence of the mortgagor to finance the acquisition, initial construction, or refinancing of that dwelling

#### Citation:
  - *12 U.S.C. § 4901*
  - Heading: **CHAPTER 49-HOMEOWNERS PROTECTION**

