LUC Loan Underwriting

To identify the loan underwriting codes

Position
Element
Name
Type
Requirement
Min
Max
Repeat
LUC-01
Loan Documentation Type Code
Identifier (ID)
Mandatory
1
1
-
Code indicating type of documentation used in underwriting the loan
LUC-02
Loan Purpose Code
Identifier (ID)
Mandatory
2
2
-
Code identifying the reason the loan is needed
LUC-03
Composite Use of Proceeds
Composite (composite)
Optional
01
Use of Proceeds Code
Identifier (ID)
Mandatory
2
2
-
Code specifying how proceeds will be used or why they are being requested
02
Refinance Type Code
Identifier (ID)
Optional
2
2
-
Code specifying a type of refinance
03
Use of Proceeds Code
Identifier (ID)
Optional
2
2
-
Code specifying how proceeds will be used or why they are being requested
LUC-04
Risk of Loss Code
Identifier (ID)
Optional
2
2
-
Code specifying where responsibility for risk of loss passes
LUC04 identifies the party who carries the risk associated with the underwriting of the loan.

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