Data Dictionary
Item Number 7224
MORTGAGE LOANS AND CONTRACTS - FIRST MORTGAGE LOANS - ADJUSTABLE-RATE: 1-4 DWELLING UNITS - CURRENT MARKET INDICES, (TREASURY, LIBOR) - LIFETIME CAP (%)Call confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| SVG17224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG27224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG37224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG47224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG57224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG67224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG77224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVG87224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
| SVGL7224 | 1989-06-30 | 1992-12-31 | Yes | Multiple Forms |
Data Description:
Includes the weighted average lifetime cap rate on Lines H039 through H046 for each category of adjustable-rate loans.
1. Adjustable-Rate Loans With Effective Adjustment Features:
The rate adjustment for these loans is not completely restricted by a lifetime rate cap. A lifetime rate cap is defined as the maximum contractual interest rate that could be charged during the contractual maturity of the loan. These loans are included in the maturity/repricing column describing the time from the reporting date to the date of the next rate adjustment.
2. Adjustable-Rate Loans With Ineffective Adjustment Features:
The rate adjustment for these loans is completely restricted or "capped out". These loans are included in the maturity/repricing column describing the time from the reporting date to the contractual maturity date.
For adjustable-rate loans without lifetime caps, the maximum interest rate allowed by state law is used if applicable. If there is no such state limitation, all adjustable-rate loans without lifetime caps are excluded from the weighted average lifetime cap calculation.
Example: A weighted average lifetime cap is calculated as follows: Assume there is a $100,000 mortgage with a maximum lifetime cap of 12% and a $200,000 mortgage with a maximum cap of 13% and a $50,000 mortgage without a lifetime cap and no state maximum. The weighted average lifetime cap is 12.67%.
Weighted Average Lifetime Cap = $100,000(12%) + $200,000(13%) = $300,000 = 12.67%
NOTE:
Data reported under mnemonics SVG1 thru SVG8.