RAT Adjustable Rate Description

To describe terms of rate adjustment

Position
Element
Name
Type
Requirement
Min
Max
Repeat
RAT01
Composite Unit of Measure
Composite (composite)
Mandatory
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.
RAT02
Quantity
Decimal number (R)
Mandatory
1
15
-
Numeric value of quantity
RAT02 is number of periods from the first payment to the first rate change.
RAT03
Index Identity Code
Identifier (ID)
Mandatory
2
2
-
Code identifying the index value used for adjustable rate mortgage rate changes
RAT03 defines the index used to adjust the mortgage interest rate.
RAT04
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT04 is the adjustment margin to add to the index value.
RAT05
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT05 is the initial index percent value.
RAT06
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT06 is the initial periodic interest rate cap percent.
RAT07
Composite Unit of Measure
Composite (composite)
Mandatory
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.
RAT08
Quantity
Decimal number (R)
Mandatory
1
15
-
Numeric value of quantity
RAT08 is the number of periods from the first payment until rate caps no longer apply.
RAT09
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.
RAT10
Quantity
Decimal number (R)
Conditional
1
15
-
Numeric value of quantity
RAT10 is the number of periods between rate changes after the first.
RAT11
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
RAT11 defines whether a loan may be converted to fixed rate. A "Y" indicates it may be converted to a fixed loan; an "N"' indicates it may not.
RAT12
Percent
Decimal number (R)
Conditional
1
10
-
Percentage expressed as a decimal
RAT12 is the interest rate life cap percent.
RAT13
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
RAT13 is the interest rate life floor percent.
RAT14
Percent
Decimal number (R)
Conditional
1
10
-
Percentage expressed as a decimal
P1415: If either RAT-14 or RAT-15 is present, then the other is required
RAT14 is the rounding percent used for adjusting rates.
RAT15
Rounding System Code
Identifier (ID)
Conditional
1
1
-
Code indicating the mechanism used to round a calculated value
RAT15 defines the rounding mechanism to be used.
RAT16
Rate Life Cap Source Code
Identifier (ID)
Optional
1
1
-
Code identifying the rate life cap source
C1612: If RAT-16 is present, then RAT-12 is required
RAT16 is the interest rate life cap source code.
RAT17
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
RAT17 is the rate cap percent for changes after the first periodic rate adjustment.

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