FCL Foreclosure

To specify legal outcome and impact of foreclosure on a lender's claim for mortgage insurance benefits

Position: FCL-01 · Element: 605 · Name: Deficiency Judgment Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 2 · Repeat: 1

Code identifying the deficiency judgment

FCL01 indicates whether mortgagee obtained a deficiency judgment against mortgagor.

Position: FCL-02 · 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

FCL02 indicates whether mortgagee's bid for real estate property was successful. A "Y" indicates that it was; an "N" indicates that it was not.

Position: FCL-03 · Element: 522 · Name: Amount Qualifier Code · Type: Identifier (ID) · Requirement: Conditional · Min: 1 · Max: 3 · Repeat: 1

Code to qualify amount

P0304: If either FCL-03 or FCL-04 is present, then the other is required

FCL03 and FCL04 indicate the authorized bid amount.

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

Monetary amount

Position: FCL-05 · Element: 426 · Name: Adjustment Reason Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: 1

Code indicating reason for debit or credit memo or adjustment to invoice, debit or credit memo, or payment

FCL05 indicates factors that will cause an adjustment to mortgagee's claim, for example, the sale of the mortgaged real estate property.