LRQ Mortgage Characteristics Requested

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

Position: LRQ-01 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Mandatory · Min: 1 · Max: 18 · Repeat: 1

Monetary amount

LRQ01 is the principal amount requested.

Position: LRQ-02 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: 1

Percentage expressed as a decimal

LRQ02 is the loan requested interest rate percent.

Position: LRQ-03 · Element: 122 · Name: Rate/Value Qualifier · Type: Identifier (ID) · Requirement: Conditional · Min: 2 · Max: 2 · Repeat: 1

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.

Position: LRQ-04 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Conditional · Min: 1 · Max: 18 · Repeat: 1

Monetary amount

LRQ04 is the initial periodic principal and interest payment.

Position: LRQ-05 · Element: 1070 · Name: Type of Residence Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 1

Code identifying type of residence

LRQ05 defines intended property use.

Position: LRQ-06 · Element: 1079 · Name: Contact Method Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 1

Code indicating the type of contact

LRQ06 defines the method of conduct of the interview.

Position: LRQ-07 · Element: 1073 · Name: Yes/No Condition or Response Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 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.

Position: LRQ-08 · Element: 1080 · Name: Assumption Terms Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 1

Code indicating the terms for loan assumption

Position: LRQ-09 · Element: 1081 · Name: Loan Purpose Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: 1

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 C048 Composite Use of Proceeds Composite (composite) Optional 1

Position: 01 · Element: 1082 · Name: Use of Proceeds Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 2 · Max: 2 · Repeat: -

Code specifying how proceeds will be used or why they are being requested

Position: 02 · Element: 1680 · Name: Refinance Type Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: -

Code specifying a type of refinance

Position: 03 · Element: 1082 · Name: Use of Proceeds Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: -

Code specifying how proceeds will be used or why they are being requested

Position: 04 · Element: 1073 · Name: Yes/No Condition or Response Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

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.

Position: LRQ-11 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 18 · Repeat: 1

Monetary amount

LRQ11 is the total amount of existing liens.

Position: LRQ-12 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 18 · Repeat: 1

Monetary amount

LRQ12 is the total amount of debts paid by proceeds.

Position: LRQ-13 · Element: 352 · Name: Description · Type: String (AN) · Requirement: Optional · Min: 1 · Max: 80 · Repeat: 1

A free-form description to clarify the related data elements and their content

LRQ13 is the legislative reference of a government loan program.

Position: LRQ-14 · Element: 352 · Name: Description · Type: String (AN) · Requirement: Optional · Min: 1 · Max: 80 · Repeat: 1

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.

Position: LRQ-15 · Element: 1093 · Name: Real Estate Loan Type Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 1

Code identifying the loan product category

If LRQ15 is "7 - Other Real Estate Loan Type," then LRQ16 is required.

Position: LRQ-16 · Element: 352 · Name: Description · Type: String (AN) · Requirement: Optional · Min: 1 · Max: 80 · Repeat: 1

A free-form description to clarify the related data elements and their content

Position: LRQ-17 · Element: 1085 · Name: Loan Payment Type Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: 1

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.

Position: LRQ-18 · Element: 352 · Name: Description · Type: String (AN) · Requirement: Optional · Min: 1 · Max: 80 · Repeat: 1

A free-form description to clarify the related data elements and their content

Position: LRQ-19 · Element: 1470 · Name: Number · Type: Numeric (N0) · Requirement: Optional · Min: 1 · Max: 9 · Repeat: 1

A generic number

LRQ19 is the mortgage term expressed in months.

Position: LRQ-20 · Element: 352 · Name: Description · Type: String (AN) · Requirement: Optional · Min: 1 · Max: 80 · Repeat: 1

A free-form description to clarify the related data elements and their content

Position: LRQ-21 · Element: 1136 · Name: Code Category · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: 1

Specifies the situation or category to which the code applies

LRQ21 defines the current investor of the refinanced loan.