Code identifying the nature of the payment adjustment

PAY01 is the type of adjustment.

Monetary amount

PAY02 is the current (adjusted) payment amount.

Percentage expressed as a decimal

PAY03 is the payment adjustment cap percent per change.

Monetary amount

PAY04 is the payment adjustment cap amount per change.

Percentage expressed as a decimal

PAY05 is the payment adjustment life cap.

Monetary amount

PAY06 is payment adjustment life amount.

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

Numeric value of quantity

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

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

Numeric value of quantity

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

Percentage expressed as a decimal

PAY11 is the initial payment rate percent.

Percentage expressed as a decimal

PAY12 is the optional payment cap percent.

Monetary amount

PAY13 is optional payment cap amount.

Code indicating a Yes or No condition or response

PAY14 defines whether payment adjustments are scheduled. A "Y" indicates payment adjustments are scheduled; an "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.

Numeric value of quantity

PAY15 is the number of scheduled payment changes.

Percentage expressed as a decimal

PAY16 is the percent by which the scheduled payment changes.

Monetary amount

PAY17 is the amount by which the scheduled payment changes.

Code indicating the nature of negative amortization

PAY18 defines the type of negative amortization.

Percentage expressed as a decimal

PAY19 is the negative amortization cap percent.

Monetary amount

PAY20 is the negative amortization cap total amount.

Code identifying the value used to calculate maximum negative amortization allowed

PAY21 is the negative amortization cap source.

Code indicating a Yes or No condition or response

PAY22 defines whether payment adjustment cap is optional. A "Y" indicates payment adjustment cap is optional; an "N" indicates payment adjustment cap is not optional.