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