RAT Adjustable Rate Description

To describe terms of rate adjustment

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Position

Element

Name

Type

Requirement

Min

Max

Repeat

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

RAT01 defines period type from 1st payment to 1st rate change.

Quantity

Decimal number (R)

Mandatory

1

15

-

Numeric value of quantity.

RAT02 is number of periods from 1st payment to 1st rate change.

Source of Interest Rate Change Code

Identifier (ID)

Mandatory

2

2

-

Code identifying the source of index values for adjustable rate mortgage rate changes.

RAT03 defines the index used to adjust the mortgage interest rate.

Percent

Decimal number (R)

Mandatory

1

10

-

Percentage expressed as a decimal

RAT04 is the adjustment margin to add to the index value.

Percent

Decimal number (R)

Mandatory

1

10

-

Percentage expressed as a decimal

RAT05 is the initial index percent value.

Percent

Decimal number (R)

Mandatory

1

10

-

Percentage expressed as a decimal

RAT06 is the periodic interest rate cap percent.

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

RAT07 is the period type for a periodic interest rate cap.

Quantity

Decimal number (R)

Mandatory

1

15

-

Numeric value of quantity.

RAT08 is the number of periods for the periodic rate cap.

Unit or Basis for Measurement Code

Identifier (ID)

Conditional

2

2

-

Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken

RAT09 is the period type between rate changes after the 1st.

Quantity

Decimal number (R)

Optional

1

15

-

Numeric value of quantity.

C1009: If RAT-10 is present, then RAT-09 is required

RAT10 is the number of periods between rate changes after 1st.

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. A ``N'' indicates it may not.

Percent

Decimal number (R)

Conditional

1

10

-

Percentage expressed as a decimal

RAT12 is the interest rate life cap percent.

Percent

Decimal number (R)

Optional

1

10

-

Percentage expressed as a decimal

RAT13 is the interest rate life floor percent.

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.

Rounding System Code

Identifier (ID)

Conditional

1

1

-

Code indicating the mechanism used to round a calculated value.

RAT15 defines the rouding mechanism to be used.

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.