198 Loan Verification Information

Functional Group ME

X12F Finance Subcommittee

This X12 Transaction Set 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
0100
Transaction Set HeaderMandatory
Max 1
To indicate the start of a transaction set and to assign a control number
0200
Beginning SegmentMandatory
Max 1
To indicate the beginning of a transaction set
N1 Loop
Repeat >1
0300
Party IdentificationMandatory
Max 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.
0500
Party LocationOptional
Max 2
To specify the location of the named party
0600
Geographic LocationOptional
Max 1
To specify the geographic place of the named party
0700
Reference InformationOptional
Max 1
To specify identifying information
0800
Administrative Communications ContactOptional
Max 5
To identify a person or office to whom administrative communications should be directed

Detail

Position
Segment
Name
Max use
IN1 Loop
Repeat >1
0100
Individual IdentificationMandatory
Max 1
To provide identification of an individual or entity
The IN1 loop is used to identify the applicant(s) or borrower(s).
0200
Individual Name Structure ComponentsMandatory
Max 10
To sequence individual name components for maximum specificity
0300
Party LocationOptional
Max 2
To specify the location of the named party
0400
Geographic LocationOptional
Max 1
To specify the geographic place of the named party
0500
Reference InformationOptional
Max 5
To specify identifying information
API Loop
Repeat >1
0600
Activity or Process InformationMandatory
Max 1
To provide information on activity or process
The API loop is used to indicate the type of verification.
N1 Loop
Repeat >1
0700
Party IdentificationMandatory
Max 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.
0900
Party LocationOptional
Max 2
To specify the location of the named party
1000
Geographic LocationOptional
Max 1
To specify the geographic place of the named party
1100
Reference InformationOptional
Max 5
To specify identifying information
1200
Administrative Communications ContactOptional
Max 1
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.
1300
IncomeOptional
Max 5
To provide type and amount of income obtained
The AIN segment is used to indicate the highest verified income.
1400
Date or Time or PeriodOptional
Max 1
To specify any or all of a date, a time, or a time period
PWK Loop
Repeat >1
1500
PaperworkMandatory
Max 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.
1600
Administrative Communications ContactOptional
Max 1
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.
1700
Employment PositionOptional
Max 1
To describe employment position
The EMS segment is used to flag current versus previous employment and also indicates the position held.
1800
Note/Special InstructionOptional
Max 10
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.
1900
Date or Time or PeriodOptional
Max 4
To specify any or all of a date, a time, or a time period
2000
Reference InformationOptional
Max 5
To specify identifying information
AIN Loop
Repeat >1
2100
IncomeMandatory
Max 1
To provide type and amount of income obtained
The AIN loop is used to provide detailed income information.
2200
Date or Time or PeriodOptional
Max 1
To specify any or all of a date, a time, or a time period
NX1 Loop
Repeat >1
2300
Property or Entity IdentificationMandatory
Max 1
To define the attributes of a property or an entity
The NX1 loop is used to provide detailed rental or mortgage information.
2400
Location ID ComponentOptional
Max 10
To define types and values of a geographic location
2500
Account IdentificationOptional
Max 1
To specify account information
2600
Individual or Organizational NameOptional
Max 10
To supply the full name of an individual or organizational entity
2700
Mortgage Loan Product DescriptionOptional
Max 1
To describe terms of a mortgage product
2800
Property or Housing ExpenseOptional
Max 10
To provide housing expense information
2900
Monetary Amount InformationOptional
Max 5
To indicate the total monetary amount
3000
Quantity InformationOptional
Max 5
To specify quantity information
3100
Yes/No QuestionOptional
Max 5
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.
3200
Date or Time or PeriodOptional
Max 10
To specify any or all of a date, a time, or a time period
3300
Message TextOptional
Max 20
To provide a free-form format that allows the transmission of text information
FAA Loop
Repeat >1
3400
Financial Asset AccountMandatory
Max 1
To provide duration, amount and associated information on financial assets
The FAA loop is used to provide detailed deposit information.
3500
Individual or Organizational NameOptional
Max 5
To supply the full name of an individual or organizational entity
3700
Quantity InformationOptional
Max 1
To specify quantity information
3900
Message TextOptional
Max 20
To provide a free-form format that allows the transmission of text information
DTP Loop
Repeat >1
3930
Date or Time or PeriodMandatory
Max 1
To specify any or all of a date, a time, or a time period
3960
Monetary Amount InformationOptional
Max 1
To indicate the total monetary amount
CDA Loop
Repeat >1
4000
Consumer Credit AccountMandatory
Max 1
To provide duration, amount and associated information on consumer credit accounts
The CDA loop is used to provide detailed loan information.
4100
Individual or Organizational NameOptional
Max 5
To supply the full name of an individual or organizational entity
4200
Quantity InformationOptional
Max 1
To specify quantity information
4300
Date or Time or PeriodOptional
Max 20
To specify any or all of a date, a time, or a time period
4400
Message TextOptional
Max 20
To provide a free-form format that allows the transmission of text information
4500
Transaction Set TrailerMandatory
Max 1
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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