Difference between revisions of "FM SFLP.Loan Purpose"
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== Definition == | == Definition == | ||
| − | <b>Loan Purpose</b>: An indicator that denotes whether the [Mortgage Loan]] is either a | + | <b>Loan Purpose</b>: 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). | Purpose may be the purchase of a new property or refinance of an existing lien (with cash out or with no cash out). | ||
== Notes == | == Notes == | ||
| − | * Cash-Out Refinance = C | + | * Valid Values |
| − | * Refinance = R | + | ** Cash-Out Refinance = C |
| − | * Purchase = P | + | ** Refinance = R |
| − | * Refinance-Not Specified = U . | + | ** Purchase = P |
| − | + | ** Refinance-Not Specified = U . | |
| − | + | * The field belongs to the [[FM SFLP Template]] | |
| − | The field belongs to the [[FM SFLP Template]] | ||
== Field Characteristics == | == Field Characteristics == | ||
| Line 18: | Line 17: | ||
* Data Type: Choice | * Data Type: Choice | ||
* Data Maximum Length: X(1) | * Data Maximum Length: X(1) | ||
| + | |||
| + | == See Also == | ||
| + | * [[Mortgage Loan Purpose]] | ||
== Disclaimer == | == Disclaimer == | ||
Revision as of 17:54, 16 May 2024
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
