Note
Document outlining loan terms and conditions for financial institutions.
Last updated
December 2, 2024
The Note is a critical financial document that outlines the specific terms and conditions of a loan agreement between a borrower and a lender. It serves as a legally binding commitment where the borrower agrees to repay the borrowed amount, along with any applicable interest, according to the terms specified within the document. This document is essential for both parties, ensuring clarity and protecting their respective rights and obligations.
Used primarily in the financial services sector, the Note contains important information such as loan numbers, repayment details, borrower and co-borrower information, property details, and various loan terms. Accurate classification and extraction of data from this document are vital for lenders to manage loans effectively and for reporting purposes.
Extractable Data Fields
Below is a table listing the key data fields that Vaultedge can extract from the Note document. Please refer to the table below for detailed information.
|
| Document Title | Yes | text |
| Loan Number | Yes | text |
| FHA Case Number | Yes | number |
| VA Case Number | Yes | number |
| Mers/Min Number | Yes | number |
| Opened Date | Yes | date |
| Property Street Address 1 | Yes | text |
| Property Street Address 2 | Yes | text |
| Property City | Yes | text |
| Property State | Yes | text |
| Property Zipcode | Yes | number |
| Lender Name | Yes | text |
| Original Principal Balance | Yes | amount |
| Current Interest Rate | Yes | text |
| Payment Period | Yes | text |
| Payment Day | Yes | text |
| First Due Date | Yes | date |
| Maturity Date | Yes | date |
| Current Principal and Interest payment | Yes | amount |
| First ARM Change Date | Yes | date |
| Subsequent Change Interval | Yes | text |
| Index Name | Yes | text |
| Look Back Days | Yes | text |
| First Margin | Yes | text |
| Rounding Code - Index | Yes | text |
| Rounding Factor - Index | Yes | text |
| Maximum Increase First | Yes | text |
| Maximum Decrease First | Yes | text |
| Increase Decrease Subsequent | No | text |
| Maximum Increase Subsequent | Yes | text |
| Maximum Decrease Subsequent | Yes | text |
| Floor Rate | Yes | text |
| Ceiling Rate | Yes | text |
| 1st Full Amort Rate Change Date (Interest Only ARMs) | Yes | text |
| Prepayment Penalty | Yes | text |
| Grace Days | Yes | number |
| Late Charge Factor | Yes | text |
| Late Charge Code Description | Yes | text |
| Late Charge Code | Yes | text |
| Late Charge Minimum | Yes | amount |
| Late Charge Maximum | Yes | amount |
| Int Only Flag | Yes | text |
| Borrower Name | Yes | text |
| Borrower First Name | Yes | text |
| Borrower Last Name | Yes | text |
| Co-Borrower Name | Yes | text |
| Co-Borrower First Name | Yes | text |
| Co-Borrower Last Name | Yes | text |
| Co-Borrower Name 2 | Yes | text |
| Co-Borrower 2 First Name | Yes | text |
| Co-Borrower 2 Last Name | Yes | text |
| Co-Borrower Name 3 | Yes | text |
| Loan Date | Yes | date |
| Date of Agreement | Yes | date |
| Credit Limit | Yes | amount |
| Effective Disbursement Date | Yes | date |
| Margin Added to Index | Yes | text |
| Annual Percentage Rate | Yes | text |
| Daily Periodic Rate | Yes | text |
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