RAT Adjustable Rate Description

To describe terms of rate adjustment

Position: RAT-01 · Element: 355 · Name: Unit or Basis for Measurement Code · Type: Identifier (ID) · Requirement: Mandatory · 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

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

Position: RAT-02 · Element: 380 · Name: Quantity · Type: Decimal number (R) · Requirement: Mandatory · Min: 1 · Max: 15 · Repeat: -

Numeric value of quantity.

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

Position: RAT-03 · Element: 1089 · Name: Source of Interest Rate Change Code · Type: Identifier (ID) · Requirement: Mandatory · Min: 2 · Max: 2 · Repeat: -

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

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

Position: RAT-04 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Mandatory · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

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

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

Percentage expressed as a decimal

RAT05 is the initial index percent value.

Position: RAT-06 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Mandatory · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

RAT06 is the periodic interest rate cap percent.

Position: RAT-07 · Element: 355 · Name: Unit or Basis for Measurement Code · Type: Identifier (ID) · Requirement: Mandatory · 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

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

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

Numeric value of quantity.

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

Position: RAT-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

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

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

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.

Position: RAT-11 · 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.

RAT11 defines whether a loan may be converted to fixed rate. A ``Y'' indicates it may. A ``N'' indicates it may not.

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

Percentage expressed as a decimal

RAT12 is the interest rate life cap percent.

Position: RAT-13 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Optional · Min: 1 · Max: 10 · Repeat: -

Percentage expressed as a decimal

RAT13 is the interest rate life floor percent.

Position: RAT-14 · Element: 954 · Name: Percent · Type: Decimal number (R) · Requirement: Conditional · Min: 1 · Max: 10 · Repeat: -

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.

Position: RAT-15 · Element: 1072 · Name: Rounding System Code · Type: Identifier (ID) · Requirement: Conditional · Min: 1 · Max: 1 · Repeat: -

Code indicating the mechanism used to round a calculated value.

RAT15 defines the rouding mechanism to be used.

Position: RAT-16 · Element: 1088 · Name: Rate Life Cap Source Code · Type: Identifier (ID) · Requirement: Optional · Min: 1 · Max: 1 · Repeat: -

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.