MIC Mortgage Insurance Coverage

To describe the type and extent of mortgage insurance

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Position

Element

Name

Type

Requirement

Min

Max

Repeat

Mortgage Insurance Application Type

Identifier (ID)

Mandatory

1

1

-

Code identifying the type of Mortgage Insurance application

Mortgage Insurance Coverage Type Code

Identifier (ID)

Optional

1

1

-

Code indicating the nature of the Mortgage Insurance coverage

MIC02 defines the nature of the mortgage insurance coverage.

Mortgage Insurance Certificate Type Code

Identifier (ID)

Optional

1

1

-

Code indicating whether Mortgage Insurance certificate is for primary loan or pool loan or both

MIC03 defines whether the coverage is applied at the primary or pool level.

Percent

Decimal number (R)

Optional

1

10

-

Percentage expressed as a decimal

MIC04 defines the percent of coverage on the insured loan.

Premium Rate Pattern Code

Identifier (ID)

Optional

1

1

-

Code identifying the relative pattern of Mortgage Insurance premium rates charged over the life of the coverage

MIC05 defines the relative pattern of premium rates charged over the life of the coverage.

Mortgage Insurance Duration Code

Identifier (ID)

Optional

1

1

-

Code indicating the method of determining the duration of the initial insurance policy

MIC06 defines the term of the coverage.

If MIC06 is "2 - Periodic or 3 - Single (One Time)" then MIC07 and MIC08 are required.

MIC-07

Composite Unit of Measure

Composite (composite)

Conditional

Unit or Basis for Measurement Code

Identifier (ID)

Mandatory

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

Exponent

Decimal number (R)

Optional

1

15

-

Power to which a unit is raised

If C001-02 is not used, its value is to be interpreted as 1.

Multiplier

Decimal number (R)

Optional

1

10

-

Value to be used as a multiplier to obtain a new value

If C001-03 is not used, its value is to be interpreted as 1.

Unit or Basis for Measurement Code

Identifier (ID)

Optional

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

Exponent

Decimal number (R)

Optional

1

15

-

Power to which a unit is raised

If C001-05 is not used, its value is to be interpreted as 1.

Multiplier

Decimal number (R)

Optional

1

10

-

Value to be used as a multiplier to obtain a new value

If C001-06 is not used, its value is to be interpreted as 1.

Unit or Basis for Measurement Code

Identifier (ID)

Optional

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

Exponent

Decimal number (R)

Optional

1

15

-

Power to which a unit is raised

If C001-08 is not used, its value is to be interpreted as 1.

Multiplier

Decimal number (R)

Optional

1

10

-

Value to be used as a multiplier to obtain a new value

If C001-09 is not used, its value is to be interpreted as 1.

Unit or Basis for Measurement Code

Identifier (ID)

Optional

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

Exponent

Decimal number (R)

Optional

1

15

-

Power to which a unit is raised

If C001-11 is not used, its value is to be interpreted as 1.

Multiplier

Decimal number (R)

Optional

1

10

-

Value to be used as a multiplier to obtain a new value

If C001-12 is not used, its value is to be interpreted as 1.

Unit or Basis for Measurement Code

Identifier (ID)

Optional

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

Exponent

Decimal number (R)

Optional

1

15

-

Power to which a unit is raised

If C001-14 is not used, its value is to be interpreted as 1.

Multiplier

Decimal number (R)

Optional

1

10

-

Value to be used as a multiplier to obtain a new value

If C001-15 is not used, its value is to be interpreted as 1.

Quantity

Decimal number (R)

Conditional

1

15

-

Numeric value of quantity

MIC08 defines the number of periods defined in MIC07.

Mortgage Insurance Renewal Option Code

Identifier (ID)

Optional

1

1

-

Code indicating the type of renewal option for Mortgage Insurance

MIC09 defines the method used to calculate renewal premiums.

Yes/No Condition or Response Code

Identifier (ID)

Optional

1

1

-

Code indicating a Yes or No condition or response

MIC10 defines if the mortgage insurance premium is refundable. A "Y" indicates that it is refundable, an "N" indicates that it is not.

Terms Type Code

Identifier (ID)

Optional

2

2

-

Code identifying type of payment terms

MIC11 defines the payment terms of the initial premium.

Mortgage Insurance Premium Type Code

Identifier (ID)

Optional

1

1

-

Code indicating the type of the initial mortgage insurance premium

MIC12 defines if any of the premium paid at settlement is financed as part of the loan or paid from other funds.

Amount

N2

Optional

1

15

-

Monetary amount

MIC13 is the amount of the premium being financed.

Premium Source Entity Code

Identifier (ID)

Optional

1

1

-

Code identifying the entity or entities responsible for payment of the premium

MIC14 defines the entity or entities responsible for paying the mortgage insurance premium.

Yes/No Condition or Response Code

Identifier (ID)

Optional

1

1

-

Code indicating a Yes or No condition or response

MIC15 defines if the loan participates in an experience related plan. A "Y" indicates that the loan does participate in an experience related plan; an "N" indicates that the loan does not participate in an experience related plan.

Product/Service ID

String (AN)

Optional

1

48

-

Identifying number for a product or service

MIC16 is the mortgage insurance product identifier value.

Yes/No Condition or Response Code

Identifier (ID)

Optional

1

1

-

Code indicating a Yes or No condition or response

MIC17 defines if there is an applicable captive reinsurance arrangement. A "Y" indicates that there is, an "N" indicates that there is not.