PAY Adjustable Payment Description
To provide the terms of payment adjustment
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Monetary amount.
PAY01 is the current (adjusted) payment amount.
Percentage expressed as a decimal
PAY02 is the payment adjustment cap percent per change.
Monetary amount.
PAY03 is the payment adjustment cap amount per change.
Percentage expressed as a decimal
PAY04 is the payment adjustment life cap percent.
Monetary amount.
PAY05 is the payment adjustment life cap amount.
Code identifying the basic unit of measurement.
P0607: If either PAY-06 or PAY-07 is present, then the other is required
PAY06 defines period type from 1st payment to 1st payment change.
Numeric value of quantity.
PAY07 is number of periods from 1st payment to 1st payment change.
Code identifying the basic unit of measurement.
P0809: If either PAY-08 or PAY-09 is present, then the other is required
PAY08 defines period type between payment changes after 1st payment change.
Numeric value of quantity.
PAY09 is the number of periods between payment changes after 1st payment change.
Percentage expressed as a decimal
Percentage expressed as a decimal
PAY11 is the optional payment cap percent.
Monetary amount.
PAY12 is the optional payment cap amount.
Code indicating a Yes or No condition or response.
PAY13 defines whether payment adjustments are scheduled. A "Y" indicates payment adjustments are scheduled. A "N" indicates payment adjustments are not scheduled.
Percentage expressed as a decimal
PAY14 is the percent by which payment amount changes.
Numeric value of quantity.
P1516: If either PAY-15 or PAY-16 is present, then the other is required
PAY15 is the number of scheduled payment changes.
Monetary amount.
PAY16 is the scheduled payment increase amount per change.
Code indicating the nature of negative amortization.
PAY17 defines the type of negative amortization.
Percentage expressed as a decimal
PAY18 is the negative amortization cap percent.
Monetary amount.
PAY19 is the negative amortization cap total amount.
Code identifying the value used to calculate maximum negative amortization allowed.
PAY20 is the negative amortization cap source.
Code indicating a Yes or No condition or response.
PAY21 defines whether payment adjustment cap is optional. A "Y" indicates payment adjustment cap is optional. A "N" indicates payment adjustment cap is not optional.