LRQ Mortgage Characteristics Requested

To describe the characteristics of a mortgage requested by the applicant(s)

Position
Element
Name
Type
Requirement
Min
Max
Repeat
LRQ-01
Monetary Amount
Decimal number (R)
Mandatory
1
18
-
Monetary amount
LRQ01 is the principal amount requested.
LRQ-02
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
LRQ02 is the loan requested interest rate percent.
LRQ-03
Rate/Value Qualifier
Identifier (ID)
Conditional
2
2
-
Code qualifying how to extend charges or interpret value
P0304: If either LRQ-03 or LRQ-04 is present, then the other is required
LRQ03 is the period type for payment frequency.
LRQ-04
Monetary Amount
Decimal number (R)
Conditional
1
18
-
Monetary amount
LRQ04 is the initial periodic principal and interest payment.
LRQ-05
Type of Residence Code
Identifier (ID)
Optional
1
1
-
Code identifying type of residence
LRQ05 defines intended property use.
LRQ-06
Contact Method Code
Identifier (ID)
Optional
1
1
-
Code indicating the type of contact
LRQ06 defines the method of conduct of the interview.
LRQ-07
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
LRQ07 defines if the loan is an assumption of an existing loan. A "Y" indicates it is an assumption; an "N" indicates it is not.
If LRQ07 is "Y - Yes", then LRQ08 is required.
LRQ-08
Assumption Terms Code
Identifier (ID)
Optional
1
1
-
Code indicating the terms for loan assumption
LRQ-09
Loan Purpose Code
Identifier (ID)
Optional
2
2
-
Code identifying the reason the loan is needed
LRQ09 defines the loan purpose.
If LRQ09 is "05 - Refinance," then LRQ12 is required.
If LRQ09 is "15 - Other Loan Purpose," then LRQ20 is required.
If LRQ09 is "05" - Refinance and LRQ10 is "14" - Other Purpose of Refinance, then LRQ20 is required.
LRQ-10
Composite Use of Proceeds
Composite (composite)
Optional
01
Use of Proceeds Code
Identifier (ID)
Mandatory
2
2
-
Code specifying how proceeds will be used or why they are being requested
02
Refinance Type Code
Identifier (ID)
Optional
2
2
-
Code specifying a type of refinance
03
Use of Proceeds Code
Identifier (ID)
Optional
2
2
-
Code specifying how proceeds will be used or why they are being requested
04
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
C048-04 determines whether or not the subordinate mortgage will be paid off. A "Y" indicates the subordinate mortgage will be paid off and rolled into the new first mortgage. A "N" indicates the subordinate mortgage will not be paid off.
LRQ-11
Monetary Amount
Decimal number (R)
Optional
1
18
-
Monetary amount
LRQ11 is the total amount of existing liens.
LRQ-12
Monetary Amount
Decimal number (R)
Optional
1
18
-
Monetary amount
LRQ12 is the total amount of debts paid by proceeds.
LRQ-13
Description
String (AN)
Optional
1
80
-
A free-form description to clarify the related data elements and their content
LRQ13 is the legislative reference of a government loan program.
LRQ-14
Description
String (AN)
Optional
1
80
-
A free-form description to clarify the related data elements and their content
LRQ14 is the name of the lender's program for this loan.
LRQ-15
Real Estate Loan Type Code
Identifier (ID)
Optional
1
1
-
Code identifying the loan product category
If LRQ15 is "7 - Other Real Estate Loan Type," then LRQ16 is required.
LRQ-16
Description
String (AN)
Optional
1
80
-
A free-form description to clarify the related data elements and their content
LRQ-17
Loan Payment Type Code
Identifier (ID)
Optional
2
2
-
Code identifying the nature of loan payment
If LRQ17 is "01 - Adjustable Rate Mortgage (ARM)" or "13 - Other Loan Payment Type," then LRQ18 is required.
LRQ-18
Description
String (AN)
Optional
1
80
-
A free-form description to clarify the related data elements and their content
LRQ-19
Number
Numeric (N0)
Optional
1
9
-
A generic number
LRQ19 is the mortgage term expressed in months.
LRQ-20
Description
String (AN)
Optional
1
80
-
A free-form description to clarify the related data elements and their content
LRQ-21
Code Category
Identifier (ID)
Optional
2
2
-
Specifies the situation or category to which the code applies
LRQ21 defines the current investor of the refinanced loan.

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