Residential mortgage loan services
CPC v2.1 Code: 71131
About residential mortgage loan services
cpc code 71131 covers the industry of residential mortgage loan services, which plays a crucial role in the broader economy by facilitating home ownership and real estate investment. This industry provides a range of financial services, including the origination, underwriting, and servicing of mortgage loans for individuals and families seeking to purchase or refinance residential properties. As a key component of the housing and finance sectors, the residential mortgage loan services industry is integral to economic growth and stability.
Production process
The main production techniques in the residential mortgage loan services industry involve the evaluation of loan applications, assessment of borrower creditworthiness, and the structuring and processing of mortgage loan agreements. Lenders utilize a variety of underwriting criteria, such as credit scores, income verification, and property appraisals, to determine the eligibility and terms of mortgage loans. Once approved, the loans are then serviced through the collection of monthly payments, management of escrow accounts, and the handling of any loan modifications or refinancing requests.
Production inputs
The key inputs required for the residential mortgage loan services industry include access to capital, such as deposits or secondary market funding, as well as a skilled workforce of mortgage underwriters, loan officers, and customer service representatives. Lenders also rely on various data sources, such as credit bureaus and property valuation services, to assess the risk and viability of mortgage loan applications.
Production outputs
The primary output of the residential mortgage loan services industry is the provision of mortgage loans to individuals and families for the purchase or refinancing of residential properties. These mortgage loans are then often packaged and sold as securities to 52311 Investment banking and securities dealing or 52392 Portfolio management firms. The residential mortgage loan services industry also generates revenue through the collection of interest, fees, and other charges associated with the origination and servicing of these loans.
Family tree for residential mortgage loan services
graph LR A["<a href='/classifications/cpc/v2-1/7'>7: Financial and related services; real estate services; and rental and leasing services</a>"] A --> B["<a href='/classifications/cpc/v2-1/71'>71: Financial and related services</a>"] B --> C["<a href='/classifications/cpc/v2-1/711'>711: Financial services, except investment banking, insurance services and pension services</a>"] C --> D["<a href='/classifications/cpc/v2-1/7113'>7113: Credit-granting services</a>"] D --> E["<a href='/classifications/cpc/v2-1/71131'>71131: Residential mortgage loan services</a>"] D --> F["<a href='/classifications/cpc/v2-1/71132'>71132: Non-residential mortgage loan services</a>"] D --> G["<a href='/classifications/cpc/v2-1/71133'>71133: Personal non-mortgage loan services for non-business purposes</a>"] D --> H["<a href='/classifications/cpc/v2-1/71134'>71134: Credit card loan services</a>"] D --> I["<a href='/classifications/cpc/v2-1/71135'>71135: Non-mortgage loan services for business purposes</a>"] D --> J["<a href='/classifications/cpc/v2-1/71139'>71139: Other credit-granting services</a>"] %% Color coordination by level classDef level1 color:#000,fill:#a8f9ff,stroke:#333,stroke-width:2px classDef level2 color:#000,fill:#e0a458,stroke:#333,stroke-width:1px classDef level3 color:#000,fill:#419d78,stroke:#333,stroke-width:1px classDef level4 color:#000,fill:#c04abc,stroke:#333,stroke-width:1px classDef level5 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px classDef level6 color:#000,fill:#f1c40f,stroke:#333,stroke-width:1px classDef highlight color:#000,fill:#fff,stroke:#000,stroke-width:5px %% Apply classes class A level1 class B level2 class C level3 class D level4 class E level5 class F level5 class G level5 class H level5 class I level5 class J level5 class E highlight %% class A level1 %% class B,C level2 %% class D,E,F,G,H,I level2 %% class J,K,L,M,N,O,P level3 %% class E highlight