LoanAmortizationType
Type : CLOSING_LoanAmortizationTypeEnumerated
Value Description
AdjustableRateA mortgage that allows the lender to adjust the interest rate in accordance with a specified index periodically.
DailySimpleInterestThe interest is calculated as a per diem multiplied by the actual number of days between effective dates.
FixedA mortgage in which the interest rate and payments remain the same for the life of the loan.
GraduatedPaymentARMPeriodic payments/rate changes with additional specified principal and interest changes as documented in the Security Instruments.
GraduatedPaymentMortgageGPM - A type of flexible payment mortgage where the payments increase for a specified period of time and then level off. Usually involves negative amortization.
GrowingEquityMortgageGEM - A graduated payment mortgage in which increases in a borrowers mortgage payments are used to accelerate reduction of principal on the mortgage. Due to increased payment, the borrower acquires equity more rapidly and retires the debt earlier.
OtherAmortizationTypeUsed to describe the amortization type if it is other than those specified in the enumerated list of Loan Amortization Types.
RateImprovementMortgageA type of flexible mortgage where the interest rate may decrease based on payment history.
ReverseMortgageA mortgage which uses present equity in the property to fund payments from the lender to the borrower-in lieu of the borrower receiving the proceeds of the loan in a lump sum. As a general rule no payments are made from the borrower to the lender and inte
Ruleof78s
StepFixed periodic payment/rate changes up to 5 years without subsidy or negative amortization.

Definition
#DOCUMENTATION:01A-090 Enumerated Deprecate valid values DailySimpleInterest and RuleOf78s in AUS 2.4. Not valid in this attribute. Added enumerations in AUS 2.4.

Parents
\LOAN\_APPLICATION\MORTGAGE_TERMS
\LOAN\_APPLICATION\RELATED_LOAN