MIC Mortgage Insurance Coverage

To describe the type and extent of mortgage insurance

Position
Element
Name
Type
Requirement
Min
Max
Repeat
MIC01
Mortgage Insurance Application Type
Identifier (ID)
Mandatory
1
1
1
Code identifying the type of Mortgage Insurance application
MIC02
Mortgage Insurance Coverage Type Code
Identifier (ID)
Optional
1
1
1
Code indicating the nature of the Mortgage Insurance coverage
MIC02 defines the nature of the mortgage insurance coverage.
MIC03
Mortgage Insurance Certificate Type Code
Identifier (ID)
Optional
1
1
1
Code indicating whether Mortgage Insurance certificate is for primary loan or pool loan or both
MIC03 defines whether the coverage is applied at the primary or pool level.
MIC04
Percent
Decimal number (R)
Optional
1
10
1
Percentage expressed as a decimal
MIC04 defines the percent of coverage on the insured loan.
MIC05
Premium Rate Pattern Code
Identifier (ID)
Optional
1
1
1
Code identifying the relative pattern of Mortgage Insurance premium rates charged over the life of the coverage
MIC05 defines the relative pattern of premium rates charged over the life of the coverage.
MIC06
Mortgage Insurance Duration Code
Identifier (ID)
Optional
1
1
1
Code indicating the method of determining the duration of the initial insurance policy
MIC06 defines the term of the coverage.
If MIC06 is "2 - Periodic or 3 - Single (One Time)" then MIC07 and MIC08 are required.
MIC07
Composite Unit of Measure
Composite (composite)
Conditional
1
01
Unit or Basis for Measurement Code
Identifier (ID)
Mandatory
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
02
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
03
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-03 is not used, its value is to be interpreted as 1.
04
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
05
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
06
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-06 is not used, its value is to be interpreted as 1.
07
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
08
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
09
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-09 is not used, its value is to be interpreted as 1.
10
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
11
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
12
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-12 is not used, its value is to be interpreted as 1.
13
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
14
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
15
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-15 is not used, its value is to be interpreted as 1.
MIC08
Quantity
Decimal number (R)
Conditional
1
15
1
Numeric value of quantity
MIC08 defines the number of periods defined in MIC07.
MIC09
Mortgage Insurance Renewal Option Code
Identifier (ID)
Optional
1
1
1
Code indicating the type of renewal option for Mortgage Insurance
MIC09 defines the method used to calculate renewal premiums.
MIC10
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
1
Code indicating a Yes or No condition or response
MIC10 defines if the mortgage insurance premium is refundable. A "Y" indicates that it is refundable, an "N" indicates that it is not.
MIC11
Terms Type Code
Identifier (ID)
Optional
2
2
1
Code identifying type of payment terms
MIC11 defines the payment terms of the initial premium.
MIC12
Mortgage Insurance Premium Type Code
Identifier (ID)
Optional
1
1
1
Code indicating the type of the initial mortgage insurance premium
MIC12 defines if any of the premium paid at settlement is financed as part of the loan or paid from other funds.
MIC13
Amount
N2
Optional
1
15
1
Monetary amount
MIC13 is the amount of the premium being financed.
MIC14
Premium Source Entity Code
Identifier (ID)
Optional
1
1
1
Code identifying the entity or entities responsible for payment of the premium
MIC14 defines the entity or entities responsible for paying the mortgage insurance premium.
MIC15
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
1
Code indicating a Yes or No condition or response
MIC15 defines if the loan participates in an experience related plan. A "Y" indicates that the loan does participate in an experience related plan; an "N" indicates that the loan does not participate in an experience related plan.
MIC16
Product/Service ID
String (AN)
Optional
1
48
1
Identifying number for a product or service
MIC16 is the mortgage insurance product identifier value.
MIC17
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
1
Code indicating a Yes or No condition or response
MIC17 defines if there is an applicable captive reinsurance arrangement. A "Y" indicates that there is, an "N" indicates that there is not.
MIC18
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
1
Code indicating a Yes or No condition or response
MIC18 defines if the normal commitment/certificate document delivery selection should be reversed. A "Y" indicates that it should; an "N" indicates that it should not.

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