EDI 205 Mortgage Note

Functional Group MN

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Mortgage Note Transaction Set (205) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used by mortgage originators, settlement agents, warehouse lenders, document custodians, secondary market entities and other industry participants to exchange the data comprising the mortgage note and mortgage characteristics.

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 uniquely identify a transaction to an application

  4. NM1 Loop Mandatory
    Repeat 5
    1. To supply the full name of an individual or organizational entity

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

    6. To specify identifying information

Detail

Position
Segment
Name
Max use
  1. MNC Loop Mandatory
    Repeat >1
    1. To provide detailed characteristics information of a mortgage note

    2. To provide information on the status of a mortgage and the date actions were taken regarding the loan and the property

    3. To specify identifying information

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

    5. To specify the geographic place of the named party

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

    7. To qualify percent amounts and supply percent amounts

    8. To indicate the total monetary amount

    9. To specify quantity information

    10. 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 regarding the high level options associated with the mortgage note (e.g., assumable, convertible, etc.) and electronic mortgage registration (e.g., Consolidation, Extension, or Modification Agreement, or Metes and Bounds Legal Description).
    11. To report information

    12. CDI Loop Optional
      Repeat >1
      1. To provide information on changes or adjustments

      2. LX Loop Optional
        Repeat >1
        1. To reference a line number in a transaction set

        2. To provide detailed description of a financial value

        3. 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 regarding the details for specific mortgage note options (e.g., fee required, interest only, prepayment restrictions, etc.)
        4. To indicate the total monetary amount

        5. To qualify percent amounts and supply percent amounts

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

        7. To report information

    13. IN1 Loop Mandatory
      Repeat >1
      1. To provide identification of an individual or entity

      2. To sequence individual name components for maximum specificity

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

      4. To specify identifying information

      5. NX1 Loop Optional
        Repeat >1
        1. To define the attributes of a property or an entity

        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

Summary

Position
Segment
Name
Max use
  1. To transmit a hash total for a specific element in the transaction set

    Number of line items (CTT01) is the accumulation of the number of MNC segments.
  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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