BUY Loan Buydown

To describe the features of a loan buydown

Position
Element
Name
Type
Requirement
Min
Max
Repeat
BUY-01
Loan Buydown Type Code
Identifier (ID)
Mandatory
1
1
-
Code indicating the type of loan buydown
If BUY01 equals "P", then BUY04 and BUY05 are required.
BUY-02
Buydown Source Code
Identifier (ID)
Mandatory
1
1
-
Code identifying the buydown source
BUY02 defines source of funds for buydown.
BUY-03
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
BUY03 defines total amount of buydown.
BUY-04
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
BUY04 is percent of permanent payment decrease.
BUY-05
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
BUY05 is percent of permanent rate decrease.

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