7BSpecialty and Industry-Specific
Account Type Code 7B: Agricultural Loan
Account Type Code 7B means "Agricultural Loan". A term loan made for a farming or agricultural purpose, repaid on a fixed schedule, where an individual is liable on the obligation. It is reported in Account Type (Field 15) of the Base Segment, 2 characters at position 84.
Specification
| Code | 7B |
|---|---|
| Meaning | Agricultural Loan |
| Field | Account Type (Field 15) |
| Record | Base Segment |
| Length / position | 2 chars · 84–85 |
| Category | Specialty and Industry-Specific |
| CRRG reference | CRRG Exhibits 1 & 2 (Account Type Codes) |
What Account Type Code 7B means
- Purpose-defined. What makes a loan agricultural is what the proceeds fund, not the borrower's occupation.
- A term loan, not a line. Agricultural OPERATING lines, which are drawn and repaid within a production cycle, are Account Type 0A.
- Reported as Portfolio Type I because the loan amortizes on a schedule, even where that schedule is annual rather than monthly.
- Does NOT mean a farm real-estate mortgage. Where the loan is secured by farm real estate as a mortgage product, the mortgage account types and Portfolio Type M apply.
- Repayment is often seasonal, tied to harvest or sale of livestock, which makes Terms Frequency unusually important on this Account Type.
When to report 7B
- 1An agricultural lender reports a five-year equipment term loan to a farmer, repaid annually after harvest.
- 2A bank reports a livestock purchase loan repaid in semiannual installments.
- 3A farm credit institution reports an agricultural term loan on which the borrower is personally liable.
- 4A lender reports an agricultural term loan restructured with a longer term after a poor production year.
- 5A lender reports an agricultural term loan paid in full at maturity and closes the tradeline.
Reporting rules
- Report the funded principal as the Original Loan Amount and the remaining principal as the Current Balance.
- Report the actual repayment interval in Terms Frequency. Defaulting an annual-pay agricultural loan to monthly misstates when a payment is late.
- Do not use 7B for a revolving operating line; that is Account Type 0A.
- Report a restructure prospectively through Terms Duration and Scheduled Monthly Payment, leaving the prior payment history intact.
- Do not report crop or collateral values. There is no field for them.
Codes and fields that must agree
A file can be structurally valid and still be wrong. These are the cross-field conditions Account Type Code 7B has to satisfy.
- Portfolio Type must be I (Installment).
- Portfolio Type I requires Terms Duration in months and a populated Scheduled Monthly Payment. On an annual-pay loan, the scheduled payment is the contractual installment and Terms Frequency must be Y so the payment is not read as monthly.
- Terms Frequency values that fit this Account Type include M (Monthly), Q (Quarterly), S (Semiannual, per the set's frequency values) and Y (Annual). A mismatch between Terms Frequency and Scheduled Monthly Payment produces a terms-frequency edit failure.
- Credit Limit must be blank or zero on Portfolio Type I.
- Because payments are infrequent, the Payment History Profile must be built against the actual due dates; marking non-due months as delinquent is a common error on annual-pay agricultural paper.
- Date of First Delinquency is the first contractual due date that was missed and never cured, which on an annual-pay loan can be a single date a year apart from the next one.
- Original Loan Amount must be greater than zero and stable for the life of the loan; a restructure changes the terms, not the amount originally advanced.
- The ECOA code must reflect the individual's real liability. Where the borrower of record is a farm entity and the individual signed personally, the ECOA value has to say which role that person holds.
Common errors involving 7B
B013B014B018
Terms Frequency Mismatch
The payment terms don't match the payment frequency
Invalid Payment History Profile
The payment history profile contains invalid characters or format
Scheduled Monthly Payment Missing on Installment Account
An installment or mortgage account has no Scheduled Monthly Payment Amount
Vocabulary
Keep browsing
- All 56 account type codes — the full set with categories and cross-field rules.
- Metro 2 codes cheat sheet — every CRRG code set on one page.
- Account Type field reference — position, length, and validation rules.
- Metro 2 format reference
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