260 Application for Mortgage Insurance Benefits

Functional Group MG

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Application for Mortgage Insurance Benefits Transaction Set (260) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used by mortgage lenders to file claims with both government agencies and private mortgage insurers in the event that defaults or foreclosure activity allow for the collection of a third-party guarantee/insurance benefit. The information in a standard format will allow all mortgage insurance claim payments to be requested similarly, whether they be to an investor, insurer, or guarantor.

Heading

Position
Segment
Name
Max use
  1. To indicate the start of a transaction set and to assign a control number

  2. To indicate the beginning of a transaction set.

  3. 0100 Loop Mandatory
    Repeat 7
    1. To identify a party by type of organization, name and code

      The 0100 loop identifies the name and address of the sending party, an entity such as the mortgage company, loan servicer, payee or investor, and the receiving party, the mortgage insurer.
    2. To specify additional names or those longer than 35 characters in length

    3. To specify the location of the named party

    4. To specify the geographic place of the named party

    5. To specify identifying numbers.

      The REF segment contains an additional supplemental reference number that identifies only the sender.
    6. To identify a person or office to whom administrative communications should be directed

Detail

Position
Segment
Name
Max use
  1. 0200 Loop Mandatory
    Repeat >1
    1. To indicate the status of a claim for mortgage insurance benefits

      The CSI segment identifies the status of the subject claim within the claim process and provides the date associated with that status.
    2. To supply the full name of an individual or organizational entity

      Loop 0200 contains essential information about the subject real estate property. The NM1 segment provides the name of the mortgagor(s).
    3. To specify identifying numbers.

      The REF segment contains reference numbers that are case-specific.
    4. To specify the location of the named party

      The N3 and N4 segments refer to the location of the real estate property.
    5. To specify the geographic place of the named party

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

    7. To specify interest rate and type and the applicable time period

    8. To determine if mortgage insurance has been approved or declined, and if approved, supply details about the coverage

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

    10. To qualify percent amounts, and supply percent amounts

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

    12. 0210 Loop Optional
      Repeat 1
      1. To specify mortgage loan default information

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

      3. To indicate the total monetary amount.

    13. 0220 Loop Optional
      Repeat 1
      1. To indicate the condition of real estate property

      2. To indicate the total monetary amount.

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

      4. 0221 Loop Optional
        Repeat 1
        1. To specify legal outcome and impact of foreclosure on a lender's claim for mortgage insurance benefits

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

    14. 0230 Loop Optional
      Repeat 100
      1. To specify mortgage loan fiscal data when applying for insurance claim benefits

        The 0230 loop will provide information on mortgage loan fiscal data, such as the fiscal data item name, the credit, debit, and interest amounts associated with the fiscal data item, and the date or time period covered.
      2. To specify any or all of a date, a time, or a time period

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

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

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