Residential Mortgage Transaction Law and Legal Definition

The term "residential mortgage transaction" means 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. 15 USCS § 1602, See Castrillo v. Am. Home Mortg. Servicing, Inc., 2009 U.S. Dist. LEXIS 106909 (E.D. La. Nov. 16, 2009)