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

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. N1 Loop Mandatory
    Repeat 5
    1. 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. 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 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. To identify a person or office to whom administrative communications should be directed

Detail

Position
Segment
Name
Max use
  1. LX Loop Mandatory
    Repeat >1
    1. 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. 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. To describe the characteristics of a mortgage requested by the applicant(s)

    4. To provide high-level information about a loan

    5. To specify pertinent dates and times

      The DTM Segment identifies the settlement and disbursement dates.
    6. To report information

      The III Segment identifies the version of the HUD-1 form that is being used for the transaction.
    7. 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. 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. To define types and values of a geographic location

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

      4. 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. 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. To sequence individual name components for maximum specificity

      3. To specify the location of the named party

      4. To specify the geographic place of the named party

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

    10. FGS Loop Optional
      Repeat >1
      1. 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. 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. 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. 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. 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. 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. To specify quantity information

          The QTY Segment is used to identify the amount of time to be used when calculating prorations.
        7. 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. 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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