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X12 202 — Secondary Mortgage Market Loan Delivery

The 202 transmits the delivery of a closed mortgage loan from the seller (originator) to Fannie Mae, Freddie Mac, or another secondary market investor.

Purpose

The 202 carries a loan delivery package: loan characteristics (type, amount, rate, term), property data, borrower(s), MERS MIN, pool data (for MBS), warranties and reps. It feeds Fannie Mae Loan Delivery (Uniform Loan Delivery Dataset — ULDD) and Freddie Mac Loan Selling Advisor.

It is the instrument of whole-loan sale and MBS pool issuance. Acknowledged by 997; the business return is a 203 (Investor Report) or an 824 if the loan is rejected for ineligibility (LTV, DTI, doc defects). Timing is critical: delivery must follow the commitment / lock period.

Envelope structure

The 202 travels within the three X12 envelope levels (ISA/IEA, GS/GE with functional group LD, and ST/SE). Didactic example in release 004010:

x12 example-202.x12 
ISA*00*          *00*          *ZZ*SELLERBANK    *ZZ*FANNIEMAE      *260514*2100*U*00401*000000202*0*P*>~
GS*LD*SELLERBANK*FANNIEMAE*20260514*2100*1*X*004010~
ST*202*0001~
BGN*00*LD-2026-0042*20260514~
N1*SE*SELLER BANK NA*24*EIN-SELLERBANK~
N1*IN*FANNIE MAE*24*EIN-FNMA~
REF*ZZ*MERS-MIN-100012345678901234~
REF*ZZ*LOAN-NUMBER-7711~
AMT*GW*384000.00~
AMT*PE*0.0675~
REF*ZZ*TERM-360-MONTHS~
DTM*009*20260530~
SE*10*0001~
GE*1*1~
IEA*1*000000202~

Common segments

  • Header — ST, BGN, DTM*009 (delivery date).
  • Parties — N1*SE (Seller), N1*IN (Investor), N1*SV (Servicer if different).
  • Identifiers — REF*ZZ MERS MIN (Mortgage Identification Number), REF*ZZ seller loan number.
  • Characteristics — AMT*GW (amount), AMT*PE (note rate decimal), REF*ZZ (term, ARM/Fixed type).
  • Property — N3/N4 collateral address.
  • Summary — SE.

Common pitfalls

  • MERS MIN required: every loan sold to Fannie Mae / Freddie Mac must carry a MERS MIN; a 202 without MIN is rejected before business validation.
  • Commitment expiration: the Fannie/Freddie commitment has a window (10, 30, 60 days); a delivery after expiration forces repricing or extension fee. Check DTM*009 against commitment date.
  • Eligibility recheck: origination DU/LPA findings do not guarantee delivery; a post-closing change (rate, term, LTV recompute) can break eligibility and trigger an 824 buyback request.

Documentation

The code 202 and the name Secondary Mortgage Market Loan Delivery are public and listed on x12.org/products/transaction-sets. The complete structure of loops, qualifiers and code lists is distributed by DISA via the proprietary Implementation Guides (TR3). ediverse.io covers only public concepts, the envelope and didactic examples.