Code identifying the type of Mortgage Insurance application

Code indicating the nature of the Mortgage Insurance coverage

MIC02 defines the nature of the mortgage insurance coverage.

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.

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.

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.

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.

MIC07 defines the unit of measure for the time period.

Numeric value of quantity

MIC08 defines the number of periods defined in MIC07.

Code indicating the type of renewal option for Mortgage Insurance

MIC09 defines the method used to calculate renewal premiums.

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.

Code identifying type of payment terms

MIC11 defines the payment terms of the initial premium.

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.

Monetary amount

MIC13 is the amount of the premium being financed.

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.

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.

Identifying number for a product or service

MIC16 is the mortgage insurance product identifier value.

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.

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.