Zero Balance Code
2 definitions

A code indicating the reason the loan's balance was reduced to zero or experienced a credit event. The codes include: 
01 = Prepaid or Matured (non-credit event prior to D180) 
03 = Short sale, Short Payoff, Deed-in-lieu, etc (credit event prior to D180) 
06 = Repurchased (non-credit event prior to D180) 
97 = Delinquency (credit event due to D180) 

 

FK Reading Ease
74.4

FK Grade Level
High School
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  • A code indicating the reason the mortgage loan's balance was reduced to zero or has become 180 days or more delinquent. 

     

    Context

    Loan performance activity for a mortgage loan will no longer be published after a Zero Balance Code event is triggered. In the activity month that a loan becomes 180 days or more delinquent, the actual UPB of the mortgage loan will be reported instead of being defaulted to zero.

    FK Reading Ease
    68.6

    FK Grade Level
    Elementary School
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