LUC Loan Underwriting

To identify the loan underwriting codes

Position: LUC-01 · Element: 1103 · Name: Loan Documentation Type Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 1 · Max: 1 · Repeat: 1

Code indicating type of documentation used in underwriting the loan

Position: LUC-02 · Element: 1081 · Name: Loan Purpose Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 2 · Max: 2 · Repeat: 1

Code identifying the reason the loan is needed

LUC-03 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: LUC-04 · Element: 54 · Name: Risk of Loss Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: 1

Code specifying where responsibility for risk of loss passes

LUC04 identifies the party who carries the risk associated with the underwriting of the loan.