PRD Mortgage Loan Product Description

To describe terms of a mortgage product

Position: PRD-01 · Element: 1085 · Name: Loan Payment Type Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 2 · Max: 2 · Repeat: 1

Code identifying the nature of loan payment

PRD01 defines the type of loan payment.

Position: PRD-02 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: 1

Numeric value of quantity

PRD02 is the initial (original) term in months.

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

Code identifying how to extend charges or interpret value

PRD03 is the period type for loan payment frequency.

Position: PRD-04 · Element: 1086 · Name: Loan Rate Type Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: 1

Code indicating the characteristics of the loan rate

PRD04 defines whether the loan rate is fixed or adjustable.

Position: PRD-05 · Element: 954 · Name: Percentage as Decimal · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: 1

Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)

PRD05 is the initial (original) interest accrual rate.

Position: PRD-06 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: 1

Numeric value of quantity

PRD06 is the amortization term in months.

Position: PRD-07 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: 1

Numeric value of quantity

PRD07 is the maximum loan term in months.

Position: PRD-08 · 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

PRD08 defines whether there is a prepayment penalty. A "Y" indicates there is a penalty; an "N" indicates there is not a penalty.

Position: PRD-09 · 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

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.

Position: PRD-10 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: 1

Numeric value of quantity

PRD10 is number of months until balloon payment.

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

Monetary amount

PRD11 is the amount of the balloon payment.