Difference between revisions of "FM SFLP.ARM Cap Structure"
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== Definition == | == Definition == | ||
| − | <b>ARM Cap Structure</b> | + | <b>ARM Cap Structure</b>: 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 == | == Notes == | ||
| Line 10: | Line 14: | ||
== Field Characteristics == | == Field Characteristics == | ||
* FM SFLP Field Index: 95 | * FM SFLP Field Index: 95 | ||
| + | * Column Label: ARM_CAP_STRUCTURE | ||
* Data Type: ALPHA-NUMERIC | * Data Type: ALPHA-NUMERIC | ||
* Data Maximum Length: X(10) | * Data Maximum Length: X(10) | ||
Revision as of 18:25, 17 January 2023
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)
Disclaimer
This information is provided as is. Refer to the FM SFLP Template for pointers to definitive instructions about hte SFLP data templates
