MReal-Estate Secured
Portfolio Type M: Mortgage
Portfolio Type M means "Mortgage". Closed-end installment loans secured by real property, including first and second liens, FHA, VA and USDA loans, and construction-to-permanent financing. Mechanically installment, separated because real-estate lending carries its own reporting duties. It is reported in Portfolio Type (Field 14) of the Base Segment, 1 character at position 83.
Specification
| Code | M |
|---|---|
| Meaning | Mortgage |
| Field | Portfolio Type (Field 14) |
| Record | Base Segment |
| Length / position | 1 char · 83–83 |
| Category | Real-Estate Secured |
| CRRG reference | CRRG Base Segment field definition, Portfolio Type |
What Portfolio Type M means
- M is I plus real-property collateral. The amortization behaviour is identical; the separation exists so bureaus, investors, and regulators can isolate real-estate exposure.
- Covers firsts and seconds, government-insured and guaranteed products (FHA, VA, USDA), and construction loans that convert to permanent financing at completion.
- A closed-end second mortgage or home-equity loan is M. A home-equity line of credit is C, because it revolves. The security interest is the same; the repayment behaviour is what decides the field.
- M does NOT change when the loan is sold or the servicing transfers. The new servicer reports M with a K2 segment naming who it was purchased from, and the prior servicer reports the transfer out.
- M does NOT change through foreclosure. The portfolio type stays M and the foreclosure is expressed through Account Status and the payment history, not by re-typing the account.
When to report M
- 1A bank reports a 360-month conventional first mortgage (Account Type 26) with a fixed monthly principal-and-interest payment.
- 2A servicer furnishes an FHA-insured purchase loan and populates the K3 segment with the mortgage identification number and the appropriate type and property indicators.
- 3A lender reports a closed-end second mortgage taken for a renovation, amortizing over 180 months.
- 4A construction-to-permanent loan converts at completion and the servicer continues reporting the same tradeline as M through the permanent phase.
- 5A servicing transfer moves a portfolio to a new subservicer, which reports the loans as M with a K2 segment identifying the seller.
Reporting rules
- Populate Scheduled Monthly Payment with the contractual principal-and-interest payment. Do not include escrow if your bureau mapping treats the field as P and I only, and be consistent across the portfolio either way.
- Populate Terms Duration with the original amortization term (180, 240, 360), not with the remaining number of payments.
- Report the K3 segment where the mortgage identification number and property indicators are available. It is the segment that distinguishes real-estate reporting from generic installment reporting.
- Do not report a HELOC as M. Its revolving behaviour makes it C, and mis-typing it puts a revolving balance into a mortgage bucket.
- Do not restate Original Loan Amount after a modification. Report the modified terms through the terms fields and the appropriate special comment, and leave the original amount as originated.
Codes and fields that must agree
A file can be structurally valid and still be wrong. These are the cross-field conditions Portfolio Type M has to satisfy.
- Valid Account Types are the real-estate family, for example 26 (conventional real-estate mortgage). Pairing M with 18 (credit card) or 89 (home-equity line of credit) is a portfolio-type-mismatch.
- The K3 (Mortgage Information) segment belongs to M records. A K3 attached to a Portfolio Type R or O record is a segment-level contradiction, and an invalid mortgage type or property indicator inside it trips the K3 edits.
- Scheduled Monthly Payment is expected and non-zero for a loan in repayment, inheriting the installment rule.
- Terms Duration is an amortization count in months. Terms Frequency is normally M; B (bi-weekly) is legitimate for accelerated-payment mortgage programs and is the one place bi-weekly cadence is routine rather than exotic.
- Credit Limit should be blank. Utilization is not computed for M; the comparable measure is Current Balance against Original Loan Amount.
- Balloon-payment mortgages should carry the K4 (Specialized Payment Information) segment describing the balloon amount and due date rather than distorting Terms Duration.
- Date of First Delinquency drives the foreclosure reporting clock and must be set at the first missed payment that led to the delinquency, not at the foreclosure filing date.
Common errors involving M
Vocabulary
Keep browsing
- All 5 portfolio types — the full set with categories and cross-field rules.
- Metro 2 codes cheat sheet — every CRRG code set on one page.
- Portfolio Type field reference — position, length, and validation rules.
- Metro 2 format reference
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