MNC Mortgage Note Characteristics

To provide detailed characteristics information of a mortgage note

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Position

Element

Name

Type

Requirement

Min

Max

Repeat

MNC01

1136

Code Category

Identifier (ID)

Optional

Code specifying the situation or category to which the code applies

MNC02

1093

Real Estate Loan Type Code

Identifier (ID)

Optional

Code identifying the loan product category

MNC03

1101

Lien Priority Code

Identifier (ID)

Optional

Code identifying the rights and relationship of a loan to any other loan secured by the same property

MNC04

1085

Loan Payment Type Code

Identifier (ID)

Optional

Code identifying the nature of loan payment

MNC05

1086

Loan Rate Type Code

Identifier (ID)

Optional

Code indicating the characteristics of the loan rate

MNC06

594

Frequency Code

Identifier (ID)

Optional

Code indicating frequency or type of activities or actions being reported

MNC07

1626

Interest Rate Calculation Method Code

Identifier (ID)

Optional

Code identifying the type of method used to calculate the interest rate

MNC08

1470

Number

Numeric (N0)

Conditional

A generic number

MNC08 indicates the number of period days used in interest computation.

MNC09

1470

Number

Numeric (N0)

Conditional

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

107

Payment Method Type Code

Identifier (ID)

Optional

Code identifying type of payment procedures

MNC11

1265

Interest Payment Code

Identifier (ID)

Optional

Code identifying the method of interest payment

MNC12

235

Product/Service ID Qualifier

Identifier (ID)

Conditional

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

234

Product/Service ID

String (AN)

Conditional

Identifying number for a product or service

MNC14

750

Product/Process Characteristic Code

Identifier (ID)

Conditional

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

751

Product Description Code

String (AN)

Conditional

A code from an industry code list which provides specific data about a product characteristic

MNC16

1074

Type of Real Estate Asset Code

Identifier (ID)

Optional

Code identifying the nature of a real estate

MNC17

1076

Real Estate Loan Security Instrument Code

Identifier (ID)

Optional

Code indicating type of security instrument