FM SFLP.ARM Cap Structure

Definition

ARM Cap Structure: For an adjustable-rate mortgage loan, a numeric string that explains the interest rate caps on the ARM.

• The first number is the Initial Interest Rate Cap Up Percent (i.e., the maximum percentage points the interest rate can adjust upward at the initial rate change date).
• The second number is the Periodic Interest Rate Cap Up Percent (i.e., the maximum percentage points the interest rate can adjust upward at each interest rate change date after the initial interest rate change date).
• The third number is the Lifetime Interest Rate Cap Up Percent (i.e., 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: 95
• Column Label: ARM_CAP_STRUCTURE
• Data Type: ALPHA-NUMERIC
• Data Maximum Length: X(10)
• Temporal Classification: Acquisition
• Data Category: Loan

Implementation

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Disclaimer

This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates

{{#set:Field Type=ALPHA-NUMERIC}}

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