LUC Loan Underwriting

To identify the loan underwriting codes

Position
Element
Name
Type
Requirement
Min
Max
Repeat
LUC01
Loan Documentation Type Code
Identifier (ID)
Mandatory
1
1
1
Code indicating type of documentation used in underwriting the loan
LUC02
Loan Purpose Code
Identifier (ID)
Mandatory
2
2
1
Code identifying the reason the loan is needed
LUC03
Composite Use of Proceeds
Composite (composite)
Optional
1
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.
LUC04
Risk of Loss Code
Identifier (ID)
Optional
2
2
1
Code specifying where responsibility for risk of loss passes
LUC04 identifies the party who carries the risk associated with the underwriting of the loan.

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