RAT Adjustable Rate Description
To describe terms of rate adjustment
Position
Element
Name
Type
Requirement
Min
Max
Repeat
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
RAT02 is number of periods from the first payment to the first rate change.
Code identifying the index value used for adjustable rate mortgage rate changes
RAT03 defines the index used to adjust the mortgage interest rate.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT04 is the adjustment margin to add to the index value.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT05 is the initial index percent value.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT06 is the initial periodic interest rate cap percent.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
RAT08 is the number of periods from the first payment until rate caps no longer apply.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-02 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-05 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-08 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-11 is not used, its value is to be interpreted as 1.
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.
Code specifying the units in which a value is being expressed, or manner in which a measurement has been taken
Power to which a unit is raised
If C001-14 is not used, its value is to be interpreted as 1.
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.
Numeric value of quantity
RAT10 is the number of periods between rate changes after the first.
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.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT12 is the interest rate life cap percent.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT13 is the interest rate life floor percent.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
P1415: If either RAT-14 or RAT-15 is present, then the other is required
RAT14 is the rounding percent used for adjusting rates.
Code indicating the mechanism used to round a calculated value
RAT15 defines the rounding mechanism to be used.
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.
Percentage expressed as a decimal (e.g., 0.0 through 1.0 represents 0% through 100%)
RAT17 is the rate cap percent for changes after the first periodic rate adjustment.