263 Residential Mortgage Insurance Application Response

Functional Group PZ

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Residential Mortgage Insurance Application Response Transaction Set (263) for use within the context of an Electronic Data Interchange (EDI) environment. This standard is used by a mortgage insurance company to communicate the receipt and disposition of a Residential Mortgage Insurance Application Transaction Set (872). It will be used to provide the mortgage originator with the results of the insurance application and, if accepted, will provide basic information about the insurance coverage. It can also be used to confirm certification of coverage. It is not intended to replace the legal commitment (Certificate of Coverage of Insurance) which will continue to be delivered in its current form.

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

    The N1 segment is used to identify the mortgage insurer and the organization initiating the Mortgage Insurance Application.

Detail

Position
Segment
Name
Max use
  1. LX Loop Mandatory
    Repeat >1
    1. To reference a line number in a transaction set.

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

      The N1 segment is used to identify the name and possibly the identification of the insured.
    3. REF Loop Mandatory
      Repeat >1
      1. To specify identifying numbers.

        The REF segment is used to identify the loan number.
      2. To identify a party by type of organization, name and code

        The N1 segment is used to identify the borrower's name or social security number, or both.
      3. To determine if mortgage insurance has been approved or declined, and if approved, supply details about the coverage

        The MIR segment contains the mortgage insurance company's response to the application for mortgage insurance. If accepted, it will contain information about premium and coverage.
      4. To specify tax information.

        The TXI segment is used to report state tax due on the mortgage insurance.
      5. G63 Loop Optional
        Repeat >1
        1. To define the billing periods

          The G63 segment is used to report the renewal time periods for the mortgage insurance.
        2. To qualify percent amounts, and supply percent amounts

          The PCT segment contains the premium rate used to calculate the renewal premium.
  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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