FM SFLP.Loan Purpose
From Open Risk Manual
Definition
Loan Purpose: An indicator that denotes whether the Mortgage Loan is either a Refinance mortgage or a purchase money mortgage.
Purpose may be the purchase of a new property or refinance of an existing lien (with cash out or with no cash out).
Notes
- Valid Values
- Cash-Out Refinance = C
- Refinance = R
- Purchase = P
- Refinance-Not Specified = U .
- The field belongs to the FM SFLP Template
Field Characteristics
- FM SFLP Field Index: 27
- Column Label: PURPOSE
- Data Type: Choice
- Data Maximum Length: X(1)
See Also
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates