MIC Mortgage Insurance Coverage
To describe the type and extent of mortgage insurance
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code identifying the type of Mortgage Insurance application
Code indicating the nature of the Mortgage Insurance coverage
MIC02 defines the nature of the mortgage insurance coverage.
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.
Percentage expressed as a decimal
MIC04 defines the percent of coverage on the insured loan.
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.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
MIC08 defines the number of periods defined in MIC07.
Code indicating the type of renewal option for Mortgage Insurance
MIC09 defines the method used to calculate renewal premiums.
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.
Code identifying type of payment terms
MIC11 defines the payment terms of the initial premium.
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.
Monetary amount
MIC13 is the amount of the premium being financed.
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.
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.
Identifying number for a product or service
MIC16 is the mortgage insurance product identifier value.
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.
Code indicating a Yes or No condition or response
MIC18 defines if the normal commitment/certificate document delivery selection should be reversed. A "Y" indicates that it should; an "N" indicates that it should not.