EDI Document Type - 198 Loan Verification Information
What is a 198 Loan Verification Information document?
The 198 Loan Verification Information document contains information regarding the Loan Verification Information Transaction Set (198) for use within the context of an Electronic Data Interchange (EDI) environment.Standard EDI formats include X12, ANSI, EDIFACT and its subsets. Click here to read more about supported EDI Standards.
What makes up the 198 Loan Verification Information document?
A 198 Loan Verification Information document is organized into the following segment and data elements. A segment can contain at least one data element. Each data element contains a data field. Examples of data elements on the 198 EDI document includes include lenders, employers, depository institutions, credit agencies, investors, mortgage insurance companies, and so on.
How is it used?
The 198 Loan Verification Information document is used to request, validate, or exchange standard loan verification information among entities involved in the loan lifecycle.
The Process and Standards
An EDI solution is required to process the EDI documents received into a financial system (click here to view all available financial systems eBridge integrates into) or into a readable format for manual entry. Each trading partner will have an EDI Implementation guide outlining the specific segments, data elements, values accepted, and the applicable business rules to be followed.
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- Pay one low monthly fee regardless of how many transactions you execute, no VAN fees;
- Last mile integration - from trading partner, right into your accounting package;
- Scalable eBridge solutions allow you to grow your business, integrate and exchange information with trading partners, customer relationship management (CRM), supply chain management (SCM) and eCommerce (webstore) systems
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