RAT Adjustable Rate Description

To describe terms of rate adjustment

Position
Element
Name
Type
Requirement
Min
Max
Repeat
RAT-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
RAT01 defines period type from 1st payment to 1st rate change.
RAT-02
Quantity
Decimal number (R)
Mandatory
1
15
-
Numeric value of quantity.
RAT02 is number of periods from 1st payment to 1st rate change.
RAT-03
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.
RAT-04
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT04 is the adjustment margin to add to the index value.
RAT-05
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT05 is the initial index percent value.
RAT-06
Percent
Decimal number (R)
Mandatory
1
10
-
Percentage expressed as a decimal
RAT06 is the periodic interest rate cap percent.
RAT-07
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.
RAT-08
Quantity
Decimal number (R)
Mandatory
1
15
-
Numeric value of quantity.
RAT08 is the number of periods for the periodic rate cap.
RAT-09
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
P0910: If either RAT-09 or RAT-10 is present, then the other is required
RAT09 is the period type between rate changes after the 1st.
RAT-10
Quantity
Decimal number (R)
Conditional
1
15
-
Numeric value of quantity.
RAT10 is the number of periods between rate changes after 1st.
RAT-11
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.
RAT-12
Percent
Decimal number (R)
Conditional
1
10
-
Percentage expressed as a decimal
RAT12 is the interest rate life cap percent.
RAT-13
Percent
Decimal number (R)
Optional
1
10
-
Percentage expressed as a decimal
RAT13 is the interest rate life floor percent.
RAT-14
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.
RAT-15
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.
RAT-16
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.

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