Loan purposes are classified as one of the following: Purchase, Refinance, Cashout Refinance, or Streamline Refinance.

Information on loans is stored principally in the loanPurpose field in the criteria model. loanPurpose is a mandatory field and takes the following values: "Purchase", "Refinance", or "CashoutRefinance".

loanPurposeCriteria is a mandatory/optional field was added later to allow a lender to classify a set of programs as strictly "Streamline Refinance". However, some lenders simply use "Refinance" in this field.

If loanPurpose and loanPurposeCriteria have different values, the value in loanPurposeCriteria takes priority over loanPurpose.