PRC Payment Rate Change

To identify interest rate or payment changes for adjustable rate mortgages

Position
Element
Name
Type
Requirement
Min
Max
Repeat
PRC-01
Date/Time Qualifier
Identifier (ID)
Mandatory
3
3
1
Code specifying type of date or time, or both date and time
PRC-02
Date Time Period Format Qualifier
Identifier (ID)
Mandatory
2
3
1
Code indicating the date format, time format, or date and time format
PRC-03
Date Time Period
String (AN)
Mandatory
1
35
1
Expression of a date, a time, or range of dates, times or dates and times
PRC-04
Interest Rate
Decimal number (R)
Conditional
1
6
1
The interest rate as a percentage
R04050608: At least one of PRC-04, PRC-05, PRC-06 or PRC-08 is required
PRC04 identifies the index value.
PRC-05
Interest Rate
Decimal number (R)
Conditional
1
6
1
The interest rate as a percentage
PRC05 identifies the new pass through rate.
PRC-06
Interest Rate
Decimal number (R)
Conditional
1
6
1
The interest rate as a percentage
PRC06 identifies the new note rate.
PRC-07
Amount Qualifier Code
Identifier (ID)
Conditional
1
3
1
Code to qualify amount
P0708: If either PRC-07 or PRC-08 is present, then the other is required
PRC-08
Monetary Amount
Decimal number (R)
Conditional
1
18
1
Monetary amount
PRC-09
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
1
Code indicating a Yes or No condition or response
PRC09 confirms that the loan has been converted to fixed rate. A "Y" indicates the loan has converted to fixed rate; an "N" indicates the loan has not converted to fixed rate.
PRC-10
Quantity Qualifier
Identifier (ID)
Conditional
2
2
1
Code specifying the type of quantity
P101112: If either PRC-10, PRC-11 or PRC-12 are present, then the others are required
PRC-11
Quantity
Decimal number (R)
Conditional
1
15
1
Numeric value of quantity
PRC11 identifies the extended term.
PRC12
Composite Unit of Measure
Composite (composite)
Conditional
1
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.

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