EDI 201 Residential Loan Application

What is an EDI 201 Residential Loan Application?

EDI 201 is an electronic document containing information that is needed to file an application for a residential loan. This EDI document transfers data that is contained in the Uniform Residential Loan Application.

This information included in an EDI 201 document includes, but is not limited to, the following elements:

• Loan terms
• Loan status
• Identification of borrower
• Details of loan
• History of Payment
• History of due diligence

The data contents and format of EDI 201 Residential Loan Application are used for the electronic interchange of information. It is divided into various segments and data elements.

Workflow for the Exchange of an EDI 201 Residential Loan Application

EDI 201 falls under the category of X12F Finance transaction sets. Mortgage lenders, insurance companies, mortgage service vendors, credit reporting agencies, and secondary market organizations use this EDI document. It is also used alongside other EDI documents to transmit information needed to acquire an automated underwriting decision generated by an automated underwriting system of residential real estate.

Stay EDI Compliant with EDIConnect

Simplifying the process of sending and receiving EDI messages, EDIConnect is designed for handling all X12 and EDIFACT transaction sets. Featuring a built-in EDI translator, validator, and transaction builder, EDIConnect aids communication between trading partners, as well as helps them streamline the process of information exchange through process orchestration.