Common use of Subsequent Periodic Payment Clause in Contracts

Subsequent Periodic Payment. Cap The maximum percentage by which a payment can change (increase or decrease) in one period after the initial cap. Negative Amortization Numeric – Decimal 0.075 9.999999 Negatively Amortizing ARMs Only >= 0 and < 1 60 Initial Minimum Payment Reset Period The maximum number of months a borrower can initially pay the minimum payment before a new minimum payment is determined. Negative Amortization Numeric – Integer 12 999 Negatively Amortizing ARMs Only >= 0 to <=120 61 Subsequent Minimum Payment Reset Period The maximum number of months (after the initial period) a borrower can pay the minimum payment before a new minimum payment is determined after the initial period. Negative Amortization Numeric – Integer 12 999 Negatively Amortizing ARMs Only >= 0 to <=120 62 Option ARM Indicator An indicator of whether the loan is an Option ARM. Negative Amortization Numeric – Integer 1 99 ARMs Only See Coding 0 = No 1 = Yes 99 = Unknown 63 Options at Recast The means of computing the lowest monthly payment available to the borrower after recast. Option ARM Numeric – Integer 2 99 Option ARMs Only N/A 1= Fully amortizing 30 year 2= Fully amortizing 15 year 3=Fully amortizing 40 year 4 = Interest-Only 5 = Minimum Payment 99= Unknown 64 Initial Minimum Payment The initial minimum payment the borrower is permitted to make. Option ARM Numeric – Decimal 879.52 99 Option ARMs Only >=0 65 Current Minimum Payment Current Minimum Payment (in dollars). Negative Amortization Numeric – Decimal 250 9(10).99 Option ARMs Only >= 0 66 Prepayment Penalty Calculation A description of how the prepayment penalty would be calculated during each phase of the prepayment penalty term. Prepayment Penalties Numeric – Integer 12 99 Always See Coding See Appendix C

Subsequent Periodic Payment. Cap The maximum percentage by which a payment can change (increase or decrease) in one period after the initial cap. Negative Amortization Numeric – Decimal 0.075 9.999999 Negatively Amortizing ARMs Only >= 0 and < 1 60 Initial Minimum Payment Reset Period The maximum number of months a borrower can initially pay the minimum payment before a new minimum payment is determined. Negative Amortization Numeric – Integer 12 999 Negatively Amortizing ARMs Only >= 0 to <=120 61 Subsequent Minimum Payment Reset Period The maximum number of months (after the initial period) a borrower can pay the minimum payment before a new minimum payment is determined after the initial period. Negative Amortization Numeric – Integer 12 999 Negatively Amortizing ARMs Only >= 0 to <=120 62 Option ARM Indicator An indicator of whether the loan is an Option ARM. Negative Amortization Numeric – Integer 1 99 ARMs Only See Coding 0 = No 1 = Yes 99 = Unknown 63 Options at Recast The means of computing the lowest monthly payment available to the borrower after recast. Option ARM Numeric – Integer 2 99 Option ARMs Only N/A 1= Fully amortizing 30 year 2= Fully amortizing 15 year 3=Fully amortizing 40 year 4 = Interest-Only 5 = Minimum Payment 99= Unknown 64 Initial Minimum Payment The initial minimum payment the borrower is permitted to make. Option ARM Numeric – Decimal 879.52 99 Option ARMs Only >=0 65 Current Minimum Payment Current Minimum Payment (in dollars). Negative Amortization Numeric – Decimal 250 9(10).99 Option ARMs Only >= 0 Field Number Field Name Field Description Type of Field Data Type Sample Data Format When Applicable? Valid Values Proposed Unique Coding Notes 66 Prepayment Penalty Calculation A description of how the prepayment penalty would be calculated during each phase of the prepayment penalty term. Prepayment Penalties Numeric – Integer 12 99 Always See Coding See Appendix C