FM SFLP.Lifetime Interest Rate Cap
From Open Risk Manual
Definition
Lifetime Interest Rate Cap: For an adjustable-rate mortgage loan, the maximum percentage points that the interest rate can adjust upward over the life of the loan relative to the initial interest rate.
Notes
Applicable to certain CIRT offerings.
The field belongs to the FM SFLP Template
Field Characteristics
- FM SFLP Field Index: 98
- Column Label: LIFETIME_INTEREST_RATE_CAP
- Data Type: NUMERIC
- Data Maximum Length: 9(2).9999
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
