PRC Payment Rate Change
PRC Payment Rate Change
To identify interest rate or payment changes for adjustable rate mortgages
Position
Element
Name
Type
Requirement
Min
Max
Repeat
PRC-01
Date/Time Qualifier
Identifier (ID)
Mandatory
3
3
-
Code specifying type of date or time, or both date and time
PRC-02
Date Time Period Format Qualifier
Identifier (ID)
Mandatory
2
3
-
Code indicating the date format, time format, or date and time format
PRC-03
Date Time Period
String (AN)
Mandatory
1
35
-
Expression of a date, a time, or range of dates, times or dates and times
PRC-04
Interest Rate
Decimal number (R)
Conditional
1
6
-
The interest rate as a percentage
PRC04 identifies the index value.
PRC-05
Interest Rate
Decimal number (R)
Conditional
1
6
-
The interest rate as a percentage
PRC05 identifies the new pass through rate.
PRC-06
Interest Rate
Decimal number (R)
Conditional
1
6
-
The interest rate as a percentage
PRC06 identifies the new note rate.
PRC-07
Amount Qualifier Code
Identifier (ID)
Conditional
1
3
-
Code specifying the amount qualifier
PRC-08
Monetary Amount
Decimal number (R)
Conditional
1
18
-
Monetary amount
PRC-09
Yes/No Condition or Response Code
Identifier (ID)
Optional
1
1
-
Code indicating a Yes or No condition or response
PRC09 confirms that the loan has been converted to fixed rate. A "Y" indicates the loan has converted to fixed rate; an "N" indicates the loan has not converted to fixed rate.
PRC-10
Quantity Qualifier
Identifier (ID)
Conditional
2
2
-
Code specifying the type of quantity
PRC-11
Quantity
Decimal number (R)
Conditional
1
15
-
Numeric value of quantity
PRC11 identifies the extended term.
PRC-12
Conditional
-