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


### Answer
The definition of **residential mortgage transaction** is as follows in *15 U.S.C. § 1602*:

> a transaction 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 the consumer's dwelling to finance the acquisition or initial construction of such dwelling

#### Citation:
  - *15 U.S.C. § 1602*
  - Heading: **CHAPTER 40-DEPARTMENT OF COMMERCE > SUBCHAPTER I-CONSUMER CREDIT COST DISCLOSURE > Part A-General Provisions**

