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EDI 262 Residential Appraisal Report

Functional Group ME

X12F Finance Subcommittee

This Draft Standard for Trial Use contains the format and establishes the data contents of the Residential Appraisal Report Transaction Set (262) for use within the context of an Electronic Data Interchange (EDI) environment. This transaction set can be used for the transfer and reporting of mortgage appraisal information among real estate appraisers, mortgage brokers, mortgage servicers, mortgage service bureaus, secondary mortgage market organizations, and other entities involved in the mortgage origination process.

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 5
    1. To identify a party by type of organization, name and code

      The N1 Loop is used to identify the appraisal company, lender, and bill-to information.
    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 numbers.

Detail

Position
Segment
Name
Max use
  1. LX Loop Mandatory
    Repeat >1
    1. To reference a line number in a transaction set.

      Each iteration of the LX loop is used to provide appraisal information for a Uniform Residential Appraisal Report.
    2. To provide housing expense information

      The PEX identifies the real estate taxes and special assessments.
    3. To provide specifics on property or legal description; this segment provides for a simple legal description such as lot, block and subdivision

    4. To describe real estate property by boundary lines with their terminal points and angles; this segment defines legal boundaries of real estate property

    5. To qualify percent amounts, and supply percent amounts

      The PCT records the neighborhood present land use percentage.
    6. To specify quantity information.

      The QTY records the number of units and amount of improvements finished above grade.
    7. NX1 Loop Mandatory
      Repeat 15
      1. To define the attributes of a property or an entity

        The NX1 Loop identifies the property address of the subject property and subject property and comparable property sales comparison information.
      2. To define types and values for geographic location of real estate property

      3. To specify identifying numbers.

        The REF segment identifies the mortgage loan number, file number, Federal Housing Administration or Veterans Administration Case number, map reference number, census tract, and site Federal Emergency Management Administration map information.
      4. To specify any or all of a date, a time, or a time period

        The DTP identifies the tax year for real estate taxes, map date, date of sale, reconciliation date, and appraisal date.
      5. To identify and answer yes and no questions, including the date, time, and comments further qualifying the condition

        The YNQ indicates the occupancy, property rights, project type, sales or refinancing, neighborhood characteristics, project information for Planned Urban Developments, corner lot, zoning compliance, best use, Federal Emergency Management Administration special flood hazard area, reconciliation appraisal basis information.
      6. To indicate the total monetary amount.

        The AMT records loan charges and concessions, reconciliation of appraised value, indicated value by sales comparison, indicated value by income.
      7. III Loop Optional
        Repeat >1
        1. To report information

          The III Loop is used to identify neighborhood boundaries and characteristics, marketability, and market condition information, and the subject property's attributes.
        2. To provide a free form format that would allow the transmission of text information.

    8. IN1 Loop Mandatory
      Repeat 6
      1. To provide identification of an individual or entity

        The IN1 Loop is used to identify lender or client, appraisal company, appraiser, and supervisory appraiser information.
      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 identify a person or office to whom administrative communications should be directed

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

      7. YNQ Loop Mandatory
        Repeat 50
        1. To identify and answer yes and no questions, including the date, time, and comments further qualifying the condition

          The YNQ Loop is used to record certifications and changes made to the definition of market value, statement of limiting conditions and appraiser certification.
        2. To specify identifying numbers.

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

        4. To report information

        5. To provide a free form format that would allow the transmission of text information.

    9. LQ Loop Optional
      Repeat >1
      1. Code to transmit standard industry codes

        The LQ Loop is used to identify the number, type and location of rooms within the subject property.
      2. To specify identifying numbers.

      3. To specify quantity information.

      4. To indicate the total monetary amount.

      5. To provide a free form format that would allow 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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