PAY Adjustable Payment Description

To provide the terms of payment adjustment

Position: PAY-01 · Element: 1374 · Name: Payment Adjustment Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 1 · Max: 1 · Repeat: -

Code identifying the nature of the payment adjustment

PAY01 is the type of adjustment.

Position: PAY-02 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY02 is the current (adjusted) payment amount.

Position: PAY-03 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY03 is the payment adjustment cap percent per change.

Position: PAY-04 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY04 is the payment adjustment cap amount per change.

Position: PAY-05 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY05 is the payment adjustment life cap.

Position: PAY-06 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY06 is payment adjustment life amount.

Position: PAY-07 · Element: 355 · Name: Unit or Basis for Measurement Code · Type: Identifier (ID) · Requirement: Conditional · Min: 2 · Max: 2 · Repeat: -

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

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

PAY07 defines period type from first payment to first payment change.

Position: PAY-08 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Conditional · Min: 1 · Max: 15 · Repeat: -

Numeric value of quantity.

PAY08 is the number of periods from first payment to first to first payment change.

Position: PAY-09 · Element: 355 · Name: Unit or Basis for Measurement Code · Type: Identifier (ID) · Requirement: Conditional · Min: 2 · Max: 2 · Repeat: -

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

P0910: If either PAY-09 or PAY-10 is present, then the other is required

PAY09 defines period type between payment changes after first payment change.

Position: PAY-10 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Conditional · Min: 1 · Max: 15 · Repeat: -

Numeric value of quantity.

PAY10 is the number of periods between payment changes after payment change.

Position: PAY-11 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY11 is the initial payment rate percent.

Position: PAY-12 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY12 is the optional payment cap percent.

Position: PAY-13 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY13 is optional payment cap amount.

Position: PAY-14 · Element: 1073 · Name: Yes/No Condition or Response Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

Code indicating a Yes or No condition or response.

PAY14 defines whether payment adjustments are scheduled; a ``Y'' indicates payment adjustments are scheduled; a ``N'' indicates payment adjustment are not scheduled.

If PAY14 contains the ``Y'' value indicating payment adjustments are scheduled, then PAY15 is required to determine the number of scheduled payment changes and either PAY16 or PAY17 is used to state the payment change.

Position: PAY-15 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Numeric value of quantity.

PAY15 is the number of scheduled payment changes.

Position: PAY-16 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY16 is the percent by which the scheduled payment changes.

Position: PAY-17 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY17 is the amount by which the scheduled payment changes.

Position: PAY-18 · Element: 1087 · Name: Negative Amortization Qualifier · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

Code indicating the nature of negative amortization.

PAY18 defines the type of negative amoritization.

Position: PAY-19 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

PAY19 is the negative amortization cap percent.

Position: PAY-20 · Element: 782 · Name: Monetary Amount · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 15 · Repeat: -

Monetary amount.

PAY20 is the negative amortization cap total amount.

Position: PAY-21 · Element: 1092 · Name: Negative Amoritzation Cap Source Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

Code identifying the value used to calculate maximum negative amortization allowed.

PAY21 is the negative amortization cap source.

Position: PAY-22 · Element: 1073 · Name: Yes/No Condition or Response Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

Code indicating a Yes or No condition or response.

PAY22 defines whether payment adjustment cap is optional; ``Y'' indicates payment adjustment cap is optional; ``N'' indicates payment adjustment cap is not optional.