EDI 262 Residential Appraisal Report

Functional Group ME

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Residential Appraisal Report Transaction Set (262) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used for the transfer and reporting of mortgage appraisal information among real estate appraisers, mortgage brokers, mortgage servicers, mortgage service bureaus, secondary mortgage market organizations, and other entities involved in the mortgage origination process.

Heading

1. 010 · ST · Transaction Set Header · Max 1 · Mandatory

   To indicate the start of a transaction set and to assign a control number

2. 020 · BGN · Beginning Segment · Max 1 · Mandatory

   To indicate the beginning of a transaction set.

3. N1 Loop Optional Repeat 5

   1. 030 · N1 · Name · Max 1 · Mandatory

      To identify a party by type of organization, name and code

      The N1 Loop is used to identify the appraisal company, lender, and bill-to information.

   2. 040 · N2 · Additional Name Information · Max 1 · Optional

      To specify additional names or those longer than 35 characters in length

   3. 050 · N3 · Address Information · Max 2 · Optional

      To specify the location of the named party

   4. 060 · N4 · Geographic Location · Max 1 · Optional

      To specify the geographic place of the named party

   5. 070 · PER · Administrative Communications Contact · Max 1 · Optional

      To identify a person or office to whom administrative communications should be directed

   6. 080 · REF · Reference Numbers · Max 1 · Optional

      To specify identifying numbers.

Detail

1. LX Loop Mandatory Repeat >1

   1. 010 · LX · Assigned Number · Max 1 · Mandatory

      To reference a line number in a transaction set.

      Each iteration of the LX loop is used to provide appraisal information for a Uniform Residential Appraisal Report.

   2. 020 · PEX · Property or Housing Expense · Max 3 · Mandatory

      To provide housing expense information

      The PEX identifies the real estate taxes and special assessments.

   3. 030 · PDS · Property Description/Legal Description · Max 10 · Optional

      To provide specifics on property or legal description; this segment provides for a simple legal description such as lot, block and subdivision

   4. 040 · PDE · Property Metes and Bounds Description · Max 50 · Optional

      To describe real estate property by boundary lines with their terminal points and angles; this segment defines legal boundaries of real estate property

   5. 050 · PCT · Percent Amounts · Max 8 · Optional

      To qualify percent amounts, and supply percent amounts

      The PCT records the neighborhood present land use percentage.

   6. 060 · QTY · Quantity · Max 15 · Optional

      To specify quantity information.

      The QTY records the number of units and amount of improvements finished above grade.

   7. NX1 Loop Mandatory Repeat 15

      1. 070 · NX1 · Property or Entity Identification · Max 1 · Mandatory

         To define the attributes of a property or an entity

         The NX1 Loop identifies the property address of the subject property and subject property and comparable property sales comparison information.

      2. 080 · NX2 · Real Estate Property ID Component · Max 7 · Mandatory

         To define types and values for geographic location of real estate property

      3. 090 · REF · Reference Numbers · Max 16 · Optional

         To specify identifying numbers.

         The REF segment identifies the mortgage loan number, file number, Federal Housing Administration or Veterans Administration Case number, map reference number, census tract, and site Federal Emergency Management Administration map information.

      4. 100 · DTP · Date or Time or Period · Max 6 · Optional

         To specify any or all of a date, a time, or a time period

         The DTP identifies the tax year for real estate taxes, map date, date of sale, reconciliation date, and appraisal date.

      5. 110 · YNQ · Yes/No Question · Max 43 · Optional

         To identify and answer yes and no questions, including the date, time, and comments further qualifying the condition

         The YNQ indicates the occupancy, property rights, project type, sales or refinancing, neighborhood characteristics, project information for Planned Urban Developments, corner lot, zoning compliance, best use, Federal Emergency Management Administration special flood hazard area, reconciliation appraisal basis information.

      6. 120 · AMT · Monetary Amount · Max 10 · Optional

         To indicate the total monetary amount.

         The AMT records loan charges and concessions, reconciliation of appraised value, indicated value by sales comparison, indicated value by income.

      7. III Loop Optional Repeat >1

         1. 130 · III · Information · Max 1 · Mandatory

            To report information

            The III Loop is used to identify neighborhood boundaries and characteristics, marketability, and market condition information, and the subject property's attributes.

         2. 140 · MSG · Message Text · Max 3 · Optional

            To provide a free form format that would allow the transmission of text information.

   8. IN1 Loop Mandatory Repeat 6

      1. 150 · IN1 · Individual Identification · Max 1 · Mandatory

         To provide identification of an individual or entity

         The IN1 Loop is used to identify lender or client, appraisal company, appraiser, and supervisory appraiser information.

      2. 160 · IN2 · Individual Name Structure Components · Max 1 · Mandatory

         To sequence individual name components for maximum specificity

      3. 170 · N3 · Address Information · Max 10 · Optional

         To specify the location of the named party

      4. 180 · N4 · Geographic Location · Max 1 · Optional

         To specify the geographic place of the named party

      5. 190 · PER · Administrative Communications Contact · Max 1 · Optional

         To identify a person or office to whom administrative communications should be directed

      6. 200 · DTP · Date or Time or Period · Max 2 · Optional

         To specify any or all of a date, a time, or a time period

      7. YNQ Loop Mandatory Repeat 50

         1. 210 · YNQ · Yes/No Question · Max 1 · Mandatory

            To identify and answer yes and no questions, including the date, time, and comments further qualifying the condition

            The YNQ Loop is used to record certifications and changes made to the definition of market value, statement of limiting conditions and appraiser certification.

         2. 220 · REF · Reference Numbers · Max 1 · Mandatory

            To specify identifying numbers.

         3. 230 · DTP · Date or Time or Period · Max 2 · Mandatory

            To specify any or all of a date, a time, or a time period

         4. 240 · III · Information · Max 50 · Mandatory

            To report information

         5. 250 · MSG · Message Text · Max 5 · Optional

            To provide a free form format that would allow the transmission of text information.

   9. LQ Loop Optional Repeat >1

      1. 260 · LQ · Industry Code · Max 1 · Mandatory

         Code to transmit standard industry codes

         The LQ Loop is used to identify the number, type and location of rooms within the subject property.

      2. 270 · REF · Reference Numbers · Max 1 · Mandatory

         To specify identifying numbers.

      3. 280 · QTY · Quantity · Max 1 · Mandatory

         To specify quantity information.

      4. 290 · AMT · Monetary Amount · Max 7 · Optional

         To indicate the total monetary amount.

      5. 300 · MSG · Message Text · Max 3 · Optional

         To provide a free form format that would allow the transmission of text information.

2. 310 · SE · Transaction Set Trailer · Max 1 · Mandatory

   To indicate the end of the transaction set and provide the count of the transmitted segments (including the beginning (ST) and ending (SE) segments).