Difference between revisions of "FM SFLP.Loan Purpose"
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== Definition == | == Definition == | ||
| − | <b>Loan Purpose</b> | + | <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). |
== Notes == | == Notes == | ||
| Line 13: | Line 13: | ||
== Field Characteristics == | == Field Characteristics == | ||
* FM SFLP Field Index: 27 | * FM SFLP Field Index: 27 | ||
| + | * Column Label: PURPOSE | ||
* Data Type: Choice | * Data Type: Choice | ||
* Data Maximum Length: X(1) | * Data Maximum Length: X(1) | ||
Revision as of 15:14, 17 January 2023
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
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)
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
