PAY Adjustable Payment Description

To provide the terms of payment adjustment

Position
Element
Name
Type
Requirement
Min
Max
Repeat
PAY01
Payment Adjustment Code
Identifier (ID)
Mandatory
1
1
-
Code identifying the nature of the payment adjustment
PAY01 is the type of adjustment.
PAY02
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY02 is the current (adjusted) payment amount.
PAY03
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY03 is the payment adjustment cap percent per change.
PAY04
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY04 is the payment adjustment cap amount per change.
PAY05
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY05 is the payment adjustment life cap.
PAY06
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY06 is payment adjustment life amount.
PAY07
Composite Unit of Measure
Composite (composite)
Conditional
01
Unit or Basis for Measurement Code
Identifier (ID)
Mandatory
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
02
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
03
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-03 is not used, its value is to be interpreted as 1.
04
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
05
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
06
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-06 is not used, its value is to be interpreted as 1.
07
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
08
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
09
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-09 is not used, its value is to be interpreted as 1.
10
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
11
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
12
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-12 is not used, its value is to be interpreted as 1.
13
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
14
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
15
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-15 is not used, its value is to be interpreted as 1.
PAY08
Quantity
Decimal number (R)
Conditional
1
15
-
Numeric value of quantity
PAY08 is the number of periods from first payment to first to first payment change.
PAY09
Composite Unit of Measure
Composite (composite)
Conditional
01
Unit or Basis for Measurement Code
Identifier (ID)
Mandatory
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
02
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
03
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-03 is not used, its value is to be interpreted as 1.
04
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
05
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
06
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-06 is not used, its value is to be interpreted as 1.
07
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
08
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
09
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-09 is not used, its value is to be interpreted as 1.
10
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
11
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
12
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-12 is not used, its value is to be interpreted as 1.
13
Unit or Basis for Measurement Code
Identifier (ID)
Optional
2
2
-
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
14
Exponent
Decimal number (R)
Optional
1
15
-
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
15
Multiplier
Decimal number (R)
Optional
1
10
-
Value to be used as a multiplier to obtain a new value
If C001-15 is not used, its value is to be interpreted as 1.
PAY10
Quantity
Decimal number (R)
Conditional
1
15
-
Numeric value of quantity
PAY10 is the number of periods between payment changes after payment change.
PAY11
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY11 is the initial payment rate percent.
PAY12
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY12 is the optional payment cap percent.
PAY13
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY13 is optional payment cap amount.
PAY14
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
PAY14 defines whether payment adjustments are scheduled. A "Y" indicates payment adjustments are scheduled; an "N" indicates payment adjustment are not scheduled.
If PAY14 contains the "Y" value indicating payment adjustments are scheduled, then PAY15 is required to determine the number of scheduled payment changes and either PAY16 or PAY17 is used to state the payment change.
PAY15
Quantity
Decimal number (R)
Optional
1
15
-
Numeric value of quantity
PAY15 is the number of scheduled payment changes.
PAY16
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY16 is the percent by which the scheduled payment changes.
PAY17
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY17 is the amount by which the scheduled payment changes.
PAY18
Negative Amortization Qualifier
Identifier (ID)
Optional
1
1
-
Code indicating the nature of negative amortization
PAY18 defines the type of negative amoritization.
PAY19
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
PAY19 is the negative amortization cap percent.
PAY20
Monetary Amount
Decimal number (R)
Optional
1
15
-
Monetary amount
PAY20 is the negative amortization cap total amount.
PAY21
Negative Amoritzation Cap Source Code
Identifier (ID)
Optional
1
1
-
Code identifying the value used to calculate maximum negative amortization allowed
PAY21 is the negative amortization cap source.
PAY22
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
PAY22 defines whether payment adjustment cap is optional. A "Y" indicates payment adjustment cap is optional; an "N" indicates payment adjustment cap is not optional.

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