PRD Mortgage Loan Product Description

To describe terms of a mortgage product

Position
Element
Name
Type
Requirement
Min
Max
Repeat
PRD-01
Loan Payment Type Code
Identifier (ID)
Mandatory
2
2
1
Code identifying the nature of loan payment
PRD01 defines the type of loan payment.
PRD-02
Quantity
Decimal number (R)
Optional
1
15
1
Numeric value of quantity
PRD02 is the initial (original) term in months.
PRD-03
Rate/Value Qualifier
Identifier (ID)
Optional
2
2
1
Code qualifying how to extend charges or interpret value
PRD03 is the period type for loan payment frequency.
PRD-04
Loan Rate Type Code
Identifier (ID)
Optional
1
1
1
Code indicating the characteristics of the loan rate
PRD04 defines whether the loan rate is fixed or adjustable.
PRD-05
Percentage as Decimal
Decimal number (R)
Optional
1
10
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.
PRD-06
Quantity
Decimal number (R)
Optional
1
15
1
Numeric value of quantity
PRD06 is the amortization term in months.
PRD-07
Quantity
Decimal number (R)
Optional
1
15
1
Numeric value of quantity
PRD07 is the maximum loan term in months.
PRD-08
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
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.
PRD-09
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
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.
PRD-10
Quantity
Decimal number (R)
Optional
1
15
1
Numeric value of quantity
PRD10 is number of months until balloon payment.
PRD-11
Monetary Amount
Decimal number (R)
Optional
1
18
1
Monetary amount
PRD11 is the amount of the balloon payment.

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