198 - Loan Verification Information

FUNCTIONAL GROUP=ME

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.

SCHEMA

ST

Segment	Name	Position
ST	Transaction Set Header	0100
BGN	Beginning Segment	0200

N1

Segment	Name	Position
N1	Party Identification	0300
N2	Additional Name Information	0400
N3	Party Location	0500
N4	Geographic Location	0600
REF	Reference Information	0700
PER	Administrative Communications Contact	0800

IN1

Segment	Name	Position
IN1	Individual Identification	0100
IN2	Individual Name Structure Components	0200
N3	Party Location	0300
N4	Geographic Location	0400
REF	Reference Information	0500

API

Segment	Name	Position
API	Activity or Process Information	0600

N1

Segment	Name	Position
N1	Party Identification	0700
N2	Additional Name Information	0800
N3	Party Location	0900
N4	Geographic Location	1000
REF	Reference Information	1100
PER	Administrative Communications Contact	1200
AIN	Income	1300
DTP	Date or Time or Period	1400

PWK

Segment	Name	Position
PWK	Paperwork	1500
PER	Administrative Communications Contact	1600
EMS	Employment Position	1700
NTE	Note/Special Instruction	1800
DTP	Date or Time or Period	1900
REF	Reference Information	2000

AIN

Segment	Name	Position
AIN	Income	2100
DTP	Date or Time or Period	2200

NX1

Segment	Name	Position
NX1	Property or Entity Identification	2300
NX2	Location ID Component	2400
ACT	Account Identification	2500
NM1	Individual or Organizational Name	2600
PRD	Mortgage Loan Product Description	2700
PEX	Property or Housing Expense	2800
AMT	Monetary Amount Information	2900
QTY	Quantity Information	3000
YNQ	Yes/No Question	3100
DTP	Date or Time or Period	3200
MSG	Message Text	3300

FAA

Segment	Name	Position
FAA	Financial Asset Account	3400
NM1	Individual or Organizational Name	3500
QTY	Quantity Information	3700
MSG	Message Text	3900

DTP

Segment	Name	Position
DTP	Date or Time or Period	3930
AMT	Monetary Amount Information	3960

CDA

Segment	Name	Position
CDA	Consumer Credit Account	4000
NM1	Individual or Organizational Name	4100
QTY	Quantity Information	4200
DTP	Date or Time or Period	4300
MSG	Message Text	4400
SE	Transaction Set Trailer	4500

COMMENTS

Notes
1/0300	The N1 loop is used to identify the requestor, respondent, forwarder, and/or any bill-to information.
2/0100	The IN1 loop is used to identify the applicant(s) or borrower(s).
2/0600	The API loop is used to indicate the type of verification.
2/0700	The N1 loop is used to identify the verification entity, i.e., Holder of Account, Income Provider.
2/1200	The PER segment is used to provide contact information for person supplying highest verified income.
2/1300	The AIN segment is used to indicate the highest verified income.
2/1500	The PWK segment is used to define the source documentation used for the verification.
2/1600	The PER segment is used to provide contact information for person supplying or recording verification information.
2/1700	The EMS segment is used to flag current versus previous employment and also indicates the position held.
2/1800	The NTE segment is used to describe a leave of absence or reason for leaving.
2/2100	The AIN loop is used to provide detailed income information.
2/2300	The NX1 loop is used to provide detailed rental or mortgage information.
2/3100	The YNQ segment is used to answer questions relating to the status of a mortgage account.
2/3400	The FAA loop is used to provide detailed deposit information.
2/4000	The CDA loop is used to provide detailed loan information.

rev 26/11/2024