RAT Adjustable Rate Description
RAT Adjustable Rate Description
To describe terms of rate adjustment
Position
Element
Name
Type
Requirement
Min
Max
Repeat
RAT-01
Mandatory
-
RAT01 defines period type from the first payment to the first rate change.
RAT-02
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
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
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 initial periodic interest rate cap percent.
RAT-07
Mandatory
-
RAT07 is the period type from the first payment until rate caps no longer apply.
RAT-08
Quantity
Decimal number (R)
Mandatory
1
15
-
Numeric value of quantity
RAT08 is the number of periods from the first payment until rate caps no longer apply.
RAT-09
Conditional
-
RAT09 is the period type between rate changes after the first.
RAT-10
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
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
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
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 rounding mechanism to be used.
RAT-16
Rate Life Cap Source Code
Identifier (ID)
Optional
1
1
-
Code identifying the rate life cap source
RAT16 is the interest rate life cap source code.
RAT-17
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.