EDI 199 Real Estate Settlement Information

Functional Group TO

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Real Estate Settlement Information Transaction Set (199) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used to transfer real estate settlement information among mortgage lenders, real estate closing agents, and other interested parties.

Heading

1. 0100 · ST · Transaction Set Header · Max 1 · Mandatory

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

2. 0200 · BGN · Beginning Segment · Max 1 · Mandatory

   To indicate the beginning of a transaction set

3. N1 Loop Mandatory Repeat 5

   1. 0300 · N1 · Name · Max 1 · Mandatory

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

      The N1 Loop allows for transmission of information regarding the parties that are sending and receiving the transmission. It can also be used for sending static information regarding the lender, settlement agent, etc. that would hold true for all of the transactions in the transaction file.

   2. 0400 · N2 · Additional Name Information · Max 2 · Optional

      To specify additional names

   3. 0500 · N3 · Address Information · Max 2 · Optional

      To specify the location of the named party

   4. 0600 · N4 · Geographic Location · Max 1 · Optional

      To specify the geographic place of the named party

   5. 0700 · REF · Reference Identification · Max 12 · Optional

      To specify identifying information

      The REF Segment is used for identifying information further identifying the sender, receiver, or parties identified in the transmission (lender, settlement agent, title underwriter, etc.). This may be a service location, customer/vendor number, contract number, tax identification number, branch identification, etc.

   6. 0800 · PER · Administrative Communications Contact · Max 3 · Optional

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

Detail

1. LX Loop Mandatory Repeat >1

   1. 0900 · LX · Assigned Number · Max 1 · Mandatory

      To reference a line number in a transaction set

      The LX Loop allows for the transmission of settlement information for several different real estate transactions to be grouped with a single transmission.

   2. 1000 · REF · Reference Identification · Max 12 · Mandatory

      To specify identifying information

      The REF Segment is used for identifying the loan number, the settlement agent's identifying number, settlement location identification, title underwriter's policy number, mortgage broker's file number, folder number, etc. for the transaction.

   3. 1100 · LRQ · Mortgage Characteristics Requested · Max 1 · Optional

      To describe the characteristics of a mortgage requested by the applicant(s)

   4. 1200 · LN1 · Loan Specific Data · Max 1 · Optional

      To provide high-level information about a loan

   5. 1300 · DTM · Date/Time Reference · Max 2 · Optional

      To specify pertinent dates and times

      The DTM Segment identifies the settlement and disbursement dates.

   6. 1400 · III · Information · Max 5 · Optional

      To report information

      The III Segment identifies the version of the HUD-1 form that is being used for the transaction.

   7. 1500 · NTE · Note/Special Instruction · Max >1 · Optional

      To transmit information in a free-form format, if necessary, for comment or special instruction

      The MSG Segment is for designating any specific closing instructions, i.e. documents to be returned, endorsements to be issued, etc.

   8. NX1 Loop Optional Repeat >1

      1. 1600 · NX1 · Property or Entity Identification · Max 1 · Mandatory

         To define the attributes of a property or an entity

         The NX1 Loop is for identifying the street address for the property involved in the transaction or if a street address does not exist, then the legal description can be used.

      2. 1700 · NX2 · Location ID Component · Max 30 · Optional

         To define types and values of a geographic location

      3. 1800 · PDS · Property Description/Legal Description · Max 20 · Optional

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

      4. 1900 · PDE · Property Metes and Bounds Description · Max >1 · Optional

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

   9. IN1 Loop Optional Repeat >1

      1. 2000 · IN1 · Individual Identification · Max 1 · Mandatory

         To provide identification of an individual or entity

         The IN1 Loop is used for identifying the buyers, sellers, lenders, and settlement agents that are party to the transaction.

      2. 2100 · IN2 · Individual Name Structure Components · Max 30 · Optional

         To sequence individual name components for maximum specificity

      3. 2200 · N3 · Address Information · Max 2 · Optional

         To specify the location of the named party

      4. 2300 · N4 · Geographic Location · Max 1 · Optional

         To specify the geographic place of the named party

      5. 2400 · PER · Administrative Communications Contact · Max 4 · Optional

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

   10. FGS Loop Optional Repeat >1

       1. 2500 · FGS · Form Group · Max 1 · Mandatory

          To provide information for a section or data group in a form or schedule

          The FGS Loop is used for identifying the various charges and disbursements of funds as part of the real estate closing. These charges are identified by the line number of the charge as they exist on either the HUD-1 or HUD1A forms required by the Real Estate Settlement Procedures Act (RESPA).

       2. AMT Loop Optional Repeat >1

          1. 2600 · AMT · Monetary Amount · Max 1 · Mandatory

             To indicate the total monetary amount

             The AMT Segment is used to represent the dollar amounts involved in the settlement charge. This may be one of the following: a total for a charge, a proration amount used to calculate the charge, or a distribution of the charge. The AMT03 qualifier (debt/credit flag), is used to identify whether the charge is to the buyer or the seller. If it is a debit, the charge is to the buyer, if it is a credit the charge is to the seller.

          2. 2700 · YNQ · Yes/No Question · Max 1 · Optional

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

             The YNQ Segment is used to identifying whether the charge was paid outside of the closing and does not need to be disbursed by the settlement agent. A "Y" means that the charge was paid outside of the closing.

          3. 2800 · NM1 · Individual or Organizational Name · Max 1 · Optional

             To supply the full name of an individual or organizational entity

             The NM1 Segment is used to specify a payee for a settlement charge.

          4. 2900 · NTE · Note/Special Instruction · Max 1 · Optional

             To transmit information in a free-form format, if necessary, for comment or special instruction

             The NTE Segment is used for identifying a description of the charge.

          5. 3000 · DTP · Date or Time or Period · Max 2 · Optional

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

             The DTP Segment is used to identify beginning and ending dates for prorated charges.

          6. 3100 · QTY · Quantity · Max 1 · Optional

             To specify quantity information

             The QTY Segment is used to identify the amount of time to be used when calculating prorations.

          7. 3200 · PCT · Percent Amounts · Max 1 · Optional

             To qualify percent amounts and supply percent amounts

             The PCT Segment is used to identify commission rates, loan origination fees (points), and any other charges needing a percentage rate calculation.

2. 3300 · 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)