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Segment
in
X12 Release 008010

MIC Mortgage Insurance Coverage

To describe the type and extent of mortgage insurance
Sequence
Element
Name
Type
Requirement
Min
Max
Repeat
01
1097
Mortgage Insurance Application Type Code
Identifier (ID)
Mandatory
1
1
1
Code identifying the type of Mortgage Insurance application
Codes (4)
02
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.
Codes (9)
03
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.
Codes (4)
04
Percentage as Decimal
Decimal number (R)
Optional
1
10
1
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
MIC04 defines the percent of coverage on the insured loan.
05
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.
Codes (4)
06
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.
Codes (5)
07
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
Codes (925)
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
Codes (925)
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
Codes (925)
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
Codes (925)
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
Codes (925)
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.
08
Quantity
Decimal number (R)
Conditional
1
15
1
Numeric value of quantity
MIC08 defines the number of periods defined in MIC07.
09
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.
Codes (3)
10
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.
Codes (9)
11
Terms Type Code
Identifier (ID)
Optional
2
2
1
Code identifying type of payment terms
MIC11 defines the payment terms of the initial premium.
Codes (77)
12
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.
Codes (3)
13
Amount
N2
Optional
1
15
1
Monetary amount
MIC13 is the amount of the premium being financed.
14
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.
Codes (3)
15
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.
Codes (9)
16
Product/Service ID
String (AN)
Optional
1
80
1
Identifying number for a product or service
MIC16 is the mortgage insurance product identifier value.
17
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.
Codes (9)
18
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.
Codes (9)
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Stedi is a registered trademark of Stedi, Inc. Stedi's EDI Reference and Mapping Guides are provided for marketing purposes and are free of charge. All names, logos, and brands of third parties listed on our site are trademarks of their respective owners (including “X12”, which is a trademark of X12 Incorporated). Stedi, Inc. and its products and services are not endorsed by, sponsored by, or affiliated with these third parties. Our use of these names, logos, and brands is for identification purposes only, and does not imply any such endorsement, sponsorship, or affiliation.