198 Loan Verification Information

Functional Group ME

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Loan Verification Information Transaction Set (198) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used to request, validate, or exchange standard loan verification information among entities involved in the loan life-cycle. These entities may include lenders, employers, depository institutions, credit agencies, investors, mortgage insurance companies, and so on.

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 Optional
    Repeat >1
    1. To identify a party by type of organization, name, and code

      The N1 loop is used to identify the requestor, respondent, forwarder, and/or any bill-to information.
    2. To specify additional names

    3. To specify the location of the named party

    4. To specify the geographic place of the named party

    5. To specify identifying information

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

Detail

Position
Segment
Name
Max use
  1. IN1 Loop Mandatory
    Repeat >1
    1. To provide identification of an individual or entity

      The IN1 loop is used to identify the applicant(s) or borrower(s).
    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 specify identifying information

    6. API Loop Mandatory
      Repeat >1
      1. To provide information on activity or process

        The API loop is used to indicate the type of verification.
      2. N1 Loop Mandatory
        Repeat >1
        1. To identify a party by type of organization, name, and code

          The N1 loop is used to identify the verification entity, i.e., Holder of Account, Income Provider.
        2. To specify additional names

        3. To specify the location of the named party

        4. To specify the geographic place of the named party

        5. To specify identifying information

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

          The PER segment is used to provide contact information for person supplying highest verified income.
        7. To provide type and amount of income obtained

          The AIN segment is used to indicate the highest verified income.
        8. To specify any or all of a date, a time, or a time period

        9. PWK Loop Optional
          Repeat >1
          1. To identify the type or transmission or both of paperwork or supporting information

            The PWK segment is used to define the source documentation used for the verification.
          2. To identify a person or office to whom administrative communications should be directed

            The PER segment is used to provide contact information for person supplying or recording verification information.
          3. To describe employment position

            The EMS segment is used to flag current versus previous employment and also indicates the position held.
          4. To transmit information in a free-form format, if necessary, for comment or special instruction

            The NTE segment is used to describe a leave of absence or reason for leaving.
          5. To specify any or all of a date, a time, or a time period

          6. To specify identifying information

          7. AIN Loop Optional
            Repeat >1
            1. To provide type and amount of income obtained

              The AIN loop is used to provide detailed income information.
            2. To specify any or all of a date, a time, or a time period

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

              The NX1 loop is used to provide detailed rental or mortgage information.
            2. To define types and values of a geographic location

            3. To specify account information

            4. To supply the full name of an individual or organizational entity

            5. To describe terms of a mortgage product

            6. To provide housing expense information

            7. To indicate the total monetary amount

            8. To specify quantity information

            9. 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 relating to the status of a mortgage account.
            10. To specify any or all of a date, a time, or a time period

            11. To provide a free-form format that allows the transmission of text information

          9. FAA Loop Optional
            Repeat >1
            1. To provide duration, amount and associated information on financial assets

              The FAA loop is used to provide detailed deposit information.
            2. To supply the full name of an individual or organizational entity

            3. To specify quantity information

            4. To provide a free-form format that allows the transmission of text information

            5. DTP Loop Optional
              Repeat >1
              1. To specify any or all of a date, a time, or a time period

              2. To indicate the total monetary amount

          10. CDA Loop Optional
            Repeat >1
            1. To provide duration, amount and associated information on consumer credit accounts

              The CDA loop is used to provide detailed loan information.
            2. To supply the full name of an individual or organizational entity

            3. To specify quantity information

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

            5. To provide a free-form format that allows 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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