Data Dictionary
Item Number 6335
MORTGAGE LOANS AND CONTRACTS - FIRST MORTGAGE LOANS - BALLOON AND ADJUSTABLE RATE (ALL PROPERTY TYPE) - SIX MONTHS OR LESSCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| SVGL6335 | 1984-03-31 | 1989-03-31 | Yes | FHLBB 1313 |
Data Description:
Includes only those loans reported in "FHA/VA And Other Federally-Insured Or -Guaranteed Loans (1518)", "1-4 Dwelling Units, Conventional (1519)", "Real Estate Loans Secured By Multi-Family Residential Properties, Conventional (1470)", "Loans On Other Improved Real Estate (1447)", "Developed Building Lots, Acquisition And Development Of Land, And Unimproved Land, Conventional (1534)", "Nonconforming Loans/Contracts To Facilitate Sale Of Real Estate Owned, Conventional (1543)", "Participations Or Mortgage-Backed Securities Insured Or Guaranteed By An Instrument Or Agency Of The United States (1454)" and "Mortgage-Backed Pass-Through Securities, Conventional (1544)" that are adjustable or have a balloon payment and are also first mortgage loans.
Loans are considered to be adjustable rate mortgage loans whenever their contract terms permit periodic adjustments of the contractual interest rate. It is irrelevant for purposes of this definition if the monthly payment also changes at the adjustment date. Graduated Payment Mortgages (GPM's) and loans whose interest rate have been "bought down" for a period of time are not considered adjustable rate mortgage loans.
Adjustable loans whose adjustment features are effective should be included in the column that describes the time from the reporting date to the date on which the next rate adjustment can be made. Adjustable loans whose adjustment features are ineffective should be included in the column that describes the time remaining to maturity of the loan. Adjustment features are considered not to be effective whenever adjustments to the contractual interest rate at the next scheduled adjustment date would not be permitted because of limitations which have already been met regarding the extent of the interest rate changes that can occur during the contract life. These limitations are generally referred to as "caps". If adjustment features are permitted again at a later time, the loan should again be treated as an adjustable loan. Each reported amount should include the sum of balances whose interest rate will adjust (or mature, if the adjustment features are ineffective) within the designated time period. Thus, a loan whose rate adjusts every three years would have its principal balance reported in item (6337).
Balloon payment loans (including construction loans with a balloon payment) should be reported in the column corresponding with the date the balloon payment is due.