C048 Composite Use of Proceeds

To identify one or more uses of loan proceeds

Position
Element
Name
Type
Requirement
Min
Max
Repeat
C048-01
Use of Proceeds Code
Identifier (ID)
Mandatory
2
2
-
Code specifying how proceeds will be used or why they are being requested
C048-02
Refinance Type Code
Identifier (ID)
Optional
2
2
-
Code specifying a type of refinance
C048-03
Use of Proceeds Code
Identifier (ID)
Optional
2
2
-
Code specifying how proceeds will be used or why they are being requested
C048-04
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.

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