PAY Adjustable Payment Description
To provide the terms of payment adjustment
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code identifying the nature of the payment adjustment
PAY01 is the type of adjustment.
Monetary amount
PAY02 is the current (adjusted) payment amount.
Percentage expressed as a decimal
PAY03 is the payment adjustment cap percent per change.
Monetary amount
PAY04 is the payment adjustment cap amount per change.
Percentage expressed as a decimal
PAY05 is the payment adjustment life cap.
Monetary amount
PAY06 is payment adjustment life amount.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
PAY08 is the number of periods from first payment to first to first payment change.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
PAY10 is the number of periods between payment changes after payment change.
Percentage expressed as a decimal
PAY11 is the initial payment rate percent.
Percentage expressed as a decimal
PAY12 is the optional payment cap percent.
Monetary amount
PAY13 is optional payment cap amount.
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.
Numeric value of quantity
PAY15 is the number of scheduled payment changes.
Percentage expressed as a decimal
PAY16 is the percent by which the scheduled payment changes.
Monetary amount
PAY17 is the amount by which the scheduled payment changes.
Code indicating the nature of negative amortization
PAY18 defines the type of negative amortization.
Percentage expressed as a decimal
PAY19 is the negative amortization cap percent.
Monetary amount
PAY20 is the negative amortization cap total amount.
Code identifying the value used to calculate maximum negative amortization allowed
PAY21 is the negative amortization cap source.
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.