FM SFLP.Loan Purpose

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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