If you take a consensual security interest in a dwelling (as that term is defined in the TILA), it's covered by the SAFE Act.
A dwelling is a residential structure that contains one to four units, whether or not that structure is attached to real property. The term includes an individual condominium unit, cooperative unit, mobile home, and trailer, if it is used as a residence.
It matters not whether you record the security instrument in the land records or file a lien with the title division. It's a dwelling-secured loan.
John S. Burnett
Fighting for Compliance since 1976
Bankers' Threads User #8