FM SFLP.Loan Purpose

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)
• Temporal Classification: Acquisition
• Data Category: Loan

Implementation

• openNPL repository

Learn More

• Mortgage Modeling Courses

Discuss

• Commons Mortgage Modeling Discussions
• Commons openNPL Discussions

See Also

• Mortgage Loan Purpose

Disclaimer

This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates

{{#set:Field Type=Choice}}

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