C048 Composite Use of Proceeds

To identify one or more uses of loan proceeds

Position: C048-01 · 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: C048-02 · Element: 1680 · Name: Refinance Type Code · Type: Identifier (ID) · Requirement: Optional · Min: 2 · Max: 2 · Repeat: -

Code specifying a type of refinance

Position: C048-03 · 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: C048-04 · 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.