EDI 264 is an electronic document containing information about mortgage loan default status. It helps in notifying about the status of the mortgage loan and sending alerts about loans that have a potential to default.
The transaction set can be used for the following purposes:
The data contents and format of EDI 264 Mortgage Loan Default Status are used for the electronic interchange of information. The information is mapped to EDI 264 format using an EDI solution.
EDI 264 falls under the category of X12F Finance transaction sets. Mortgage insurers, real estate agents, investors, and guarantors use this transaction set to file notifications of mortgage loan default status. Information is also exchanged about loans that may probably result in a foreclosure using an EDI 264 document. It can also be used in conjunction with other transaction sets to provide information related to mortgage loans.
Simplifying the process of sending and receiving EDI messages, EDIConnect is designed for handling all X12, EDIFACT, and HL7 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.
For a more detailed introduction of EDIConnect and its extensive features, view our demo or contact us for more information.