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Segment
in
X12 Release 005040

LUC Loan Underwriting

To identify the loan underwriting codes
Sequence
Element
Name
Type
Requirement
Min
Max
Repeat
01
1103
Loan Documentation Type Code
Identifier (ID)
Mandatory
1
1
1
Code indicating type of documentation used in underwriting the loan
Codes (8)
02
Loan Purpose Code
Identifier (ID)
Mandatory
2
2
1
Code identifying the reason the loan is needed
Codes (45)
03
Composite Use of Proceeds
Composite (composite)
Optional
1
01
Use of Proceeds Code
Identifier (ID)
Mandatory
2
2
-
Code specifying how proceeds will be used or why they are being requested
Codes (21)
02
Refinance Type Code
Identifier (ID)
Optional
2
2
-
Code specifying a type of refinance
Codes (3)
03
Use of Proceeds Code
Identifier (ID)
Optional
2
2
-
Code specifying how proceeds will be used or why they are being requested
Codes (21)
04
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
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.
Codes (4)
04
Risk of Loss Code
Identifier (ID)
Optional
2
2
1
Code specifying where responsibility for risk of loss passes
LUC04 identifies the party who carries the risk associated with the underwriting of the loan.
Codes (9)
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Stedi is a registered trademark of Stedi, Inc. Stedi's EDI Reference and Mapping Guides are provided for marketing purposes and are free of charge. All names, logos, and brands of third parties listed on our site are trademarks of their respective owners (including “X12”, which is a trademark of X12 Incorporated). Stedi, Inc. and its products and services are not endorsed by, sponsored by, or affiliated with these third parties. Our use of these names, logos, and brands is for identification purposes only, and does not imply any such endorsement, sponsorship, or affiliation.