PRC Payment Rate Change

To identify interest rate or payment changes for adjustable rate mortgages

Sequence

Element

Name

Type

Requirement

Min

Max

Repeat

01

374

Date/Time Qualifier

Identifier (ID)

Mandatory

3

3

1

Code specifying type of date or time, or both date and time

Codes (1343)

02

1250

Date Time Period Format Qualifier

Identifier (ID)

Mandatory

2

3

1

Code indicating the date format, time format, or date and time format

Codes (42)

03

1251

Date Time Period

String (AN)

Mandatory

1

35

1

Expression of a date, a time, or range of dates, times or dates and times

04

953

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.

05

953

Interest Rate

Decimal number (R)

Conditional

1

6

1

The interest rate as a percentage

PRC05 identifies the new pass through rate.

06

953

Interest Rate

Decimal number (R)

Conditional

1

6

1

The interest rate as a percentage

PRC06 identifies the new note rate.

07

522

Amount Qualifier Code

Identifier (ID)

Conditional

1

3

1

Code specifying the amount qualifier

P0708: If either PRC-07 or PRC-08 is present, then the other is required

Codes (1797)

08

782

Monetary Amount

Decimal number (R)

Conditional

1

18

1

Monetary amount

09

1073

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.

Codes (9)

10

673

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

Codes (1158)

11

380

Quantity

Decimal number (R)

Conditional

1

15

1

Numeric value of quantity

PRC11 identifies the extended term.

12

C001

Composite Unit of Measure

Composite (composite)

Conditional

1

01

355

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

Codes (925)

02

1018

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

649

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

355

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

Codes (925)

05

1018

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

649

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

355

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

Codes (925)

08

1018

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

649

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

355

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

Codes (925)

11

1018

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

649

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

355

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

Codes (925)

14

1018

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

649

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.