PRD Mortgage Loan Product Description
To describe terms of a mortgage product
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code identifying the nature of loan payment
PRD01 defines the type of loan payment.
Numeric value of quantity
PRD02 is the initial (original) term in months.
Code qualifying how to extend charges or interpret value
PRD03 is the period type for loan payment frequency.
Code indicating the characteristics of the loan rate
PRD04 defines whether the loan rate is fixed or adjustable.
Percentage expressed as a decimal
PRD05 is the initial (original) interest accrual rate.
Numeric value of quantity
PRD06 is the amortization term in months.
Numeric value of quantity
PRD07 is the maximum loan term in months.
Code indicating a Yes or No condition or response
PRD08 defines whether there is a prepayment penalty. A "Y" indicates there is a penalty; an "N" indicates there is not a penalty.
Code indicating a Yes or No condition or response
PRD09 defines whether a loan of this product may be assumed. A "Y" indicates a loan is assumable; an "N" indicates a loan is not assumable.
Numeric value of quantity
PRD10 is number of months until balloon payment.
Monetary amount
PRD11 is the amount of the balloon payment.