EDI 198 Loan Verification Information

Functional Group ME

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Loan Verification Information Transaction Set (198) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used to request, validate, or exchange standard loan verification information among entities involved in the loan life-cycle. These entities may include lenders, employers, depository institutions, credit agencies, investors, mortgage insurance companies, and so on.

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 Optional Repeat >1

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

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

      The N1 loop is used to identify the requestor, respondent, forwarder, and/or any bill-to information.

   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 1 · Optional

      To specify identifying information

   6. 0800 · PER · Administrative Communications Contact · Max 5 · Optional

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

Detail

1. IN1 Loop Mandatory Repeat >1

   1. 0100 · IN1 · Individual Identification · Max 1 · Mandatory

      To provide identification of an individual or entity

      The IN1 loop is used to identify the applicant(s) or borrower(s).

   2. 0200 · IN2 · Individual Name Structure Components · Max 10 · Mandatory

      To sequence individual name components for maximum specificity

   3. 0300 · N3 · Address Information · Max 2 · Optional

      To specify the location of the named party

   4. 0400 · N4 · Geographic Location · Max 1 · Optional

      To specify the geographic place of the named party

   5. 0500 · REF · Reference Identification · Max 5 · Optional

      To specify identifying information

   6. API Loop Mandatory Repeat >1

      1. 0600 · API · Activity or Process Information · Max 1 · Mandatory

         To provide information on activity or process

         The API loop is used to indicate the type of verification.

      2. N1 Loop Mandatory Repeat >1

         1. 0700 · N1 · Name · Max 1 · Mandatory

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

            The N1 loop is used to identify the verification entity, i.e., Holder of Account, Income Provider.

         2. 0800 · N2 · Additional Name Information · Max 2 · Optional

            To specify additional names

         3. 0900 · N3 · Address Information · Max 2 · Optional

            To specify the location of the named party

         4. 1000 · N4 · Geographic Location · Max 1 · Optional

            To specify the geographic place of the named party

         5. 1100 · REF · Reference Identification · Max 5 · Optional

            To specify identifying information

         6. 1200 · PER · Administrative Communications Contact · Max 1 · Optional

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

            The PER segment is used to provide contact information for person supplying highest verified income.

         7. 1300 · AIN · Income · Max 5 · Optional

            To provide type and amount of income obtained

            The AIN segment is used to indicate the highest verified income.

         8. 1400 · DTP · Date or Time or Period · Max 1 · Optional

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

         9. PWK Loop Optional Repeat >1

            1. 1500 · PWK · Paperwork · Max 1 · Mandatory

               To identify the type or transmission or both of paperwork or supporting information

               The PWK segment is used to define the source documentation used for the verification.

            2. 1600 · PER · Administrative Communications Contact · Max 1 · Optional

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

               The PER segment is used to provide contact information for person supplying or recording verification information.

            3. 1700 · EMS · Employment Position · Max 1 · Optional

               To describe employment position

               The EMS segment is used to flag current versus previous employment and also indicates the position held.

            4. 1800 · NTE · Note/Special Instruction · Max 10 · Optional

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

               The NTE segment is used to describe a leave of absence or reason for leaving.

            5. 1900 · DTP · Date or Time or Period · Max 4 · Optional

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

            6. 2000 · REF · Reference Identification · Max 5 · Optional

               To specify identifying information

            7. AIN Loop Optional Repeat >1

               1. 2100 · AIN · Income · Max 1 · Mandatory

                  To provide type and amount of income obtained

                  The AIN loop is used to provide detailed income information.

               2. 2200 · DTP · Date or Time or Period · Max 1 · Optional

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

            8. NX1 Loop Optional Repeat >1

               1. 2300 · NX1 · Property or Entity Identification · Max 1 · Mandatory

                  To define the attributes of a property or an entity

                  The NX1 loop is used to provide detailed rental or mortgage information.

               2. 2400 · NX2 · Location ID Component · Max 10 · Optional

                  To define types and values of a geographic location

               3. 2500 · ACT · Account Identification · Max 1 · Optional

                  To specify account information

               4. 2600 · NM1 · Individual or Organizational Name · Max 10 · Optional

                  To supply the full name of an individual or organizational entity

               5. 2700 · PRD · Mortgage Loan Product Description · Max 1 · Optional

                  To describe terms of a mortgage product

               6. 2800 · PEX · Property or Housing Expense · Max 10 · Optional

                  To provide housing expense information

               7. 2900 · AMT · Monetary Amount · Max 5 · Optional

                  To indicate the total monetary amount

               8. 3000 · QTY · Quantity · Max 5 · Optional

                  To specify quantity information

               9. 3100 · YNQ · Yes/No Question · Max 5 · 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 answer questions relating to the status of a mortgage account.

               10. 3200 · DTP · Date or Time or Period · Max 10 · Optional

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

               11. 3300 · MSG · Message Text · Max 20 · Optional

                   To provide a free-form format that allows the transmission of text information

            9. FAA Loop Optional Repeat >1

               1. 3400 · FAA · Financial Asset Account · Max 1 · Mandatory

                  To provide duration, amount and associated information on financial assets

                  The FAA loop is used to provide detailed deposit information.

               2. 3500 · NM1 · Individual or Organizational Name · Max 5 · Optional

                  To supply the full name of an individual or organizational entity

               3. 3700 · QTY · Quantity · Max 1 · Optional

                  To specify quantity information

               4. 3900 · MSG · Message Text · Max 20 · Optional

                  To provide a free-form format that allows the transmission of text information

               5. DTP Loop Optional Repeat >1

                  1. 3930 · DTP · Date or Time or Period · Max 1 · Mandatory

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

                  2. 3960 · AMT · Monetary Amount · Max 1 · Optional

                     To indicate the total monetary amount

            10. CDA Loop Optional Repeat >1

                1. 4000 · CDA · Consumer Credit Account · Max 1 · Mandatory

                   To provide duration, amount and associated information on consumer credit accounts

                   The CDA loop is used to provide detailed loan information.

                2. 4100 · NM1 · Individual or Organizational Name · Max 5 · Optional

                   To supply the full name of an individual or organizational entity

                3. 4200 · QTY · Quantity · Max 1 · Optional

                   To specify quantity information

                4. 4300 · DTP · Date or Time or Period · Max 20 · Optional

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

                5. 4400 · MSG · Message Text · Max 20 · Optional

                   To provide a free-form format that allows the transmission of text information

2. 4500 · 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)