|The Automobile Property Record Change Notification Implementation Guide describes the use of the ANSI ASC X12 Mortgage Record Change (266) transaction set and the ANSI ASC X12 Application Advice (824) transaction set for the following business usages:
- Notification of changes in financial interest on auto property records
- Notification of auto property record change errors
The mortgage company and their agents send a 266 to the insurance company to notify the company of changes in financial interest on auto property insurance, such as termination of financial interest (loan payoff), change or addition of endorsements, consolidation of financial institutions (mergers), and acquiring of new loans (acquisitions).
The insurance company uses the 824 to notify the sender of the 266 that errors were found in the 266 application information.