LUC Loan Underwriting
To identify the loan underwriting codes
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code indicating type of documentation used in underwriting the loan
Code identifying the reason the loan is needed
Code specifying how proceeds will be used or why they are being requested
Code specifying a type of refinance
Code specifying how proceeds will be used or why they are being requested
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.
Code specifying where responsibility for risk of loss passes
LUC04 identifies the party who carries the risk associated with the underwriting of the loan.