MNC Mortgage Note Characteristics

To provide detailed characteristics information of a mortgage note

Position
Element
Name
Type
Requirement
Min
Max
Repeat
MNC01
Code Category
Identifier (ID)
Optional
2
2
1
Specifies the situation or category to which the code applies
MNC02
Real Estate Loan Type Code
Identifier (ID)
Optional
1
1
1
Code identifying the loan product category
MNC03
Lien Priority Code
Identifier (ID)
Optional
1
1
1
Code identifying the rights and relationship of a loan to any other loan secured by the same property
MNC04
Loan Payment Type Code
Identifier (ID)
Optional
2
2
1
Code identifying the nature of loan payment
MNC05
Loan Rate Type Code
Identifier (ID)
Optional
1
1
1
Code indicating the characteristics of the loan rate
MNC06
Frequency Code
Identifier (ID)
Optional
1
1
1
Code indicating frequency or type of activities or actions being reported
MNC07
Interest Rate Calculation Method Code
Identifier (ID)
Optional
1
1
1
Code identifying the type of method used to calculate the interest rate
MNC08
Number
Numeric (N0)
Conditional
1
9
1
A generic number
MNC08 indicates the number of period days used in interest computation.
MNC09
Number
Numeric (N0)
Conditional
1
9
1
A generic number
P0809: If either MNC-08 or MNC-09 is present, then the other is required
MNC09 indicates the number of yearly days used in interest computation.
MNC10
Payment Method Type Code
Identifier (ID)
Optional
1
2
1
Code identifying type of payment procedures
MNC11
Interest Payment Code
Identifier (ID)
Optional
1
2
1
Code identifying the method of interest payment
MNC12
Product/Service ID Qualifier
Identifier (ID)
Conditional
2
2
1
Code identifying the type/source of the descriptive number used in Product/Service ID (234)
P1213: If either MNC-12 or MNC-13 is present, then the other is required
MNC13
Product/Service ID
String (AN)
Conditional
1
48
1
Identifying number for a product or service
MNC14
Product/Process Characteristic Code
Identifier (ID)
Conditional
2
3
1
Code identifying the general class of a product or process characteristic
P1415: If either MNC-14 or MNC-15 is present, then the other is required
MNC15
Product Description Code
String (AN)
Conditional
1
12
1
A code from an industry code list which provides specific data about a product characteristic
MNC16
Type of Real Estate Asset Code
Identifier (ID)
Optional
2
2
1
Code identifying the nature of a real estate
MNC17
Real Estate Loan Security Instrument Code
Identifier (ID)
Optional
1
1
1
Code indicating type of security instrument

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