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LendingRisk.com Mortage Industry Dictionary

Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.

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Loan Purpose Type

The purpose for which loan proceeds will be used. The two most common loan purpose types in the mortgage industry are Purchase and Refinance.

The MISMO Mortgage Application v2.3.1 specification for electronic commerce supports the following loan purpose type values, under the LOAN/_APPLICATION/LOAN_PURPOSE node, in the [@_Type] attribute of the mortgage application transaction:
  • Construction Only
  • Construction To Permanent
  • Other
  • Purchase
  • Refinance
  • Unknown

These loan pupose types are recognized throughout the mortgage industry and represent various levels of lending risk.

See Mortgage Loan Purpose Type Overview
See Mortgage Industry Standards Maintenance Organization (MISMO)
See Purchase
See Refinance

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Terminology, definitions, terms, explanations, and documents for business professionals in the mortgage lending and mortgage risk management industries.