Answer:
It depends on whether a dwelling will be constructed on the real estate. Here is the relevant definition of a residential mortgage loan from the regulation, with emphasis supplied:
Residential mortgage loan means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in section 103(v) of the Truth in Lending Act, 15 U.S.C. 1602(v)) or residential real estate upon which is constructed or intended to be constructed a dwelling, and includes refinancings, reverse mortgages, home equity lines of credit and other first and additional lien loans that meet the qualifications listed in this definition.
First published on BankersOnline.com 2/14/11
print
share