Difference between revisions of "FM SFLP.Loan Purpose"
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Revision as of 14:49, 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
- 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