Difference between revisions of "FM SFLP.Loan Purpose"
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== Notes == | == Notes == | ||
| − | Cash-Out Refinance = C | + | * Cash-Out Refinance = C |
| − | Refinance = R | + | * Refinance = R |
| − | Purchase = P | + | * Purchase = P |
| − | Refinance-Not Specified = U . | + | * Refinance-Not Specified = U . |
| + | |||
The field belongs to the [[FM SFLP Template]] | The field belongs to the [[FM SFLP Template]] | ||
Revision as of 17:30, 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
