RAT Adjustable Rate Description

To describe terms of rate adjustment

Position

Element

Name

Type

Requirement

Min

Max

Repeat

RAT-01 C001 Composite Unit of Measure Composite (composite) Mandatory

01 · 355 · 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

02 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-02 is not used, its value is to be interpreted as 1.

03 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-03 is not used, its value is to be interpreted as 1.

04 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

05 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-05 is not used, its value is to be interpreted as 1.

06 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-06 is not used, its value is to be interpreted as 1.

07 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

08 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-08 is not used, its value is to be interpreted as 1.

09 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-09 is not used, its value is to be interpreted as 1.

10 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

11 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-11 is not used, its value is to be interpreted as 1.

12 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-12 is not used, its value is to be interpreted as 1.

13 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

14 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-14 is not used, its value is to be interpreted as 1.

15 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-15 is not used, its value is to be interpreted as 1.

RAT-02 · 380 · Quantity · Decimal number (R) · Mandatory · 1 · 15 · -

Numeric value of quantity

RAT02 is number of periods from the first payment to the first rate change.

RAT-03 · 1089 · Index Identity Code · Identifier (ID) · Mandatory · 2 · 2 · -

Code identifying the index value used for adjustable rate mortgage rate changes

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

RAT-04 · 954 · 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 · 954 · Percent · Decimal number (R) · Mandatory · 1 · 10 · -

Percentage expressed as a decimal

RAT05 is the initial index percent value.

RAT-06 · 954 · Percent · Decimal number (R) · Mandatory · 1 · 10 · -

Percentage expressed as a decimal

RAT06 is the initial periodic interest rate cap percent.

RAT-07 C001 Composite Unit of Measure Composite (composite) Mandatory

01 · 355 · 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

02 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-02 is not used, its value is to be interpreted as 1.

03 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-03 is not used, its value is to be interpreted as 1.

04 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

05 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-05 is not used, its value is to be interpreted as 1.

06 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-06 is not used, its value is to be interpreted as 1.

07 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

08 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-08 is not used, its value is to be interpreted as 1.

09 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-09 is not used, its value is to be interpreted as 1.

10 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

11 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-11 is not used, its value is to be interpreted as 1.

12 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-12 is not used, its value is to be interpreted as 1.

13 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

14 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-14 is not used, its value is to be interpreted as 1.

15 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-15 is not used, its value is to be interpreted as 1.

RAT-08 · 380 · Quantity · Decimal number (R) · Mandatory · 1 · 15 · -

Numeric value of quantity

RAT08 is the number of periods to the first rate change.

RAT-09 C001 Composite Unit of Measure Composite (composite) Conditional

01 · 355 · 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

02 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-02 is not used, its value is to be interpreted as 1.

03 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-03 is not used, its value is to be interpreted as 1.

04 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

05 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-05 is not used, its value is to be interpreted as 1.

06 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-06 is not used, its value is to be interpreted as 1.

07 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

08 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-08 is not used, its value is to be interpreted as 1.

09 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-09 is not used, its value is to be interpreted as 1.

10 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

11 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-11 is not used, its value is to be interpreted as 1.

12 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-12 is not used, its value is to be interpreted as 1.

13 · 355 · Unit or Basis for Measurement Code · Identifier (ID) · Optional · 2 · 2 · -

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

14 · 1018 · Exponent · Decimal number (R) · Optional · 1 · 15 · -

Power to which a unit is raised

If C001-14 is not used, its value is to be interpreted as 1.

15 · 649 · Multiplier · Decimal number (R) · Optional · 1 · 10 · -

Value to be used as a multiplier to obtain a new value

If C001-15 is not used, its value is to be interpreted as 1.

RAT-10 · 380 · Quantity · Decimal number (R) · Conditional · 1 · 15 · -

Numeric value of quantity

RAT10 is the number of periods between rate changes after the first.

RAT-11 · 1073 · 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 be converted to a fixed loan; an "N"' indicates it may not.

RAT-12 · 954 · Percent · Decimal number (R) · Conditional · 1 · 10 · -

Percentage expressed as a decimal

RAT12 is the interest rate life cap percent.

RAT-13 · 954 · Percent · Decimal number (R) · Optional · 1 · 10 · -

Percentage expressed as a decimal

RAT13 is the interest rate life floor percent.

RAT-14 · 954 · 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 · 1072 · Rounding System Code · Identifier (ID) · Conditional · 1 · 1 · -

Code indicating the mechanism used to round a calculated value

RAT15 defines the rounding mechanism to be used.

RAT-16 · 1088 · 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.

RAT-17 · 954 · Percent · Decimal number (R) · Optional · 1 · 10 · -

Percentage expressed as a decimal

RAT17 is the rate cap percent for changes after the first periodic rate adjustment.