(Editor's Note: This article is not current, as the substance herein is no longer relevant.)
S&P Global Ratings uses its LEVELS model to analyze U.S. residential mortgage-backed securities (RMBS) transactions. Related to "Methodology And Assumptions For Rating U.S. RMBS Issued 2009 And Later," published Feb. 22, 2018, we are publishing this article to provide market participants with the input file format to be used with LEVELS (see table). For a general guide to industry terminology, see Appendix V of the related criteria.
The following update has been made to the input file format:
- Added "CA0" as a valid input value for the Claims Adjustment Category field;
- Changed the data type of the Primary Borrower ID Number field from "Numeric/Integer" to "Text"; and
- Changed the format of the Primary Borrower ID Number field from "9(9)" to "X(30)".
Previous updates include:
- Added "05 = Unknown Self-Employed Status" as a valid input value for the Self-employment Flag field.
LEVELS will also accept residential mortgage input data submitted in the American Securitization Forum RMBS Disclosure format. However, additional fields will be required, such as "Truth in Lending Act (TILA) Status," "Most Recent 24 Month Pay History," and "Documentation Type," by the LEVELS model.
| LEVELS Input File Format | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Field | Field name | Data type | Sample input | Format | Required status | Description and valid values | ||||||||
| 1 | Loan ID Number | Text | A123445 | X(30) | Always | Unique mortgage loan ID | ||||||||
| 2 | Loan (Pool) Group | Text | G1 | XX | No | Indicates the collateral group number for structures with multiple collateral groups. Use '1' if there is only one loan group | ||||||||
| 3 | Cut-off Date (Data As Of Date) | Date | 01-Jan-2018 | DD-MON- YYYY | Always | Date of which the information is provided | ||||||||
| 4 | Originator of Loan | Text | Originator1 | X(140) | No | Indicates the entity that originated this loan | ||||||||
| 5 | Servicer of Loan | Text | Servicer1 | X(140) | No | Indicates the entity that has or will have the right to service this loan | ||||||||
| 6 | Occupancy | Text | P | X | Always | Specifies the property occupancy status | ||||||||
| P = Owner Occupied | ||||||||||||||
| I = Investment Property | ||||||||||||||
| S = Second Home | ||||||||||||||
| 7 | Property Type | Numeric/ Integer | 03 | 99 | Always | Specifies the type of property being used to secure the loan | ||||||||
| 01 = Single Family Residence | ||||||||||||||
| 02 = PUD | ||||||||||||||
| 03 = Cooperative | ||||||||||||||
| 04 = Condominium | ||||||||||||||
| 05 = Two Family | ||||||||||||||
| 06 = Three/Four Family | ||||||||||||||
| 98 = Other | ||||||||||||||
| 8 | Loan Purpose | Text | R | X | Always | Indicates the loan purpose | ||||||||
| P = Purchase or Construction to Permanent | ||||||||||||||
| R = Rate/Term Refinance | ||||||||||||||
| C = Cash-Out Refinance | ||||||||||||||
| 9 | Self-employment Flag | Numeric/ Integer | 02 | 99 | Always | An indicator of whether the borrower(s) are self-employed | ||||||||
| 01 = Both the Borrower and Co-Borrower (if applicable) are self-employed | ||||||||||||||
| 02 = Borrower is self-employed, Co-Borrower is not self-employed | ||||||||||||||
| 03 = Co-Borrower is self-employed, Borrower is not self-employed | ||||||||||||||
| 04 = Both the Borrower and Co-Borrower (if applicable) are not self-employed | ||||||||||||||
| 05 = Unknown Self-Employed Status | ||||||||||||||
| 10 | Documentation Type | Text | A | X | Always | The loan documentation type at origination | ||||||||
| Q = Appendix Q or QM (Qualified Mortgage loan or loan debt and income amounts are verified in accordance with Appendix Q) | ||||||||||||||
| F = Full, not Appendix Q or QM (Traditional documentation used for fully verifying and calculating the qualifying income of the borrower(s) (e.g., written verification of employment, pay stubs, W2s, personal and business tax returns, IRS transcripts)) | ||||||||||||||
| A = Alternative (Non-traditional income documentation used for verifying and calculating the qualifying income of the borrower(s) (e.g., bank statements)) | ||||||||||||||
| O = Documentation used to qualify a borrower does not fit into the above documentation type categories | ||||||||||||||
| 11 | Length of Income Verification | Numeric/ Integer | 3 | 9 | Required for Full and Alternative documentation types | A code indicating the number of months to which the income of the borrower used has been verified | ||||||||
| 3 = 24 months or more income verification | ||||||||||||||
| 2 = 12 to 23 months income verification | ||||||||||||||
| 1 = 11 months or less income verification | ||||||||||||||
| 12 | Asset/Down Payment Verification | Numeric/ Integer | 4 | 9 | Always | A code indicating the extent to which the funds used for down payment and closing costs on a purchase money mortgage loan have been verified | ||||||||
| 4 = Stated, Verified (2 months or more of bank statements/balance documentation for liquid assets, or gift letter) | ||||||||||||||
| 3 = Stated, "Partially" Verified | ||||||||||||||
| 2 = Stated, Not Verified | ||||||||||||||
| 1 = Not Stated, Not Verified | ||||||||||||||
| 13 | Original Loan Amount | Numeric/ Decimal | 150050.02 | 9(11).99 | Always | The dollar amount of the mortgage loan, as specified on the mortgage note at the time of the loan's origination | ||||||||
| 14 | Current Loan Balance | Numeric/ Decimal | 150050.02 | 9(11).99 | Always | Mortgage loan outstanding principal balance as of cut-off date. For HELOCs, the current drawn amount* | ||||||||
| 15 | Original Interest Rate (Percent) | Numeric/ Decimal | 6.25 | 999.99 | Always | The original note rate as indicated on the mortgage note | ||||||||
| 16 | Current Interest Rate (Percent) | Numeric/ Decimal | 6.25 | 999.99 | Always | The interest rate used to calculate the current P&I or IO payment | ||||||||
| 17 | Amortization Type | Text | F | X | Always | Indicates whether the loan's interest rate is fixed or adjustable (hybrid ARMs are adjustable) | ||||||||
| F = Fixed Rate | ||||||||||||||
| A = ARM | ||||||||||||||
| 18 | Margin (Percent) | Numeric/ Decimal | 5.00 | 999.99 | No | The spread between the ARM Index value and the mortgage interest rate | ||||||||
| 19 | Initial Fixed Rate Period | Numeric/ Integer | 60 | 999 | Required for ARMs | For ARMs, the number of months from the first payment date of the mortgage to the first interest rate adjustment date | ||||||||
| 20 | Lifetime Maximum Rate (Percent) | Numeric/ Decimal | 12.00 | 999.99 | Required for ARMs | For ARMS, the maximum interest rate that can be in effect during the life of the loan | ||||||||
| 21 | Lifetime Minimum Rate (Percent) | Numeric/ Decimal | 2.25 | 999.99 | No | For ARMS, the minimum interest rate that can be in effect during the life of the loan | ||||||||
| 22 | Origination Date | Date | 01-Jan-2018 | DD-MON- YYYY | No | The date of the mortgage note and mortgage/deed of trust | ||||||||
| 23 | First Payment Date of Loan | Date | 01-Jan-2018 | DD-MON- YYYY | Always | The date of the first scheduled mortgage payment to be made by the borrower as specified on the mortgage note | ||||||||
| 24 | Original Amortization Term | Numeric/ Integer | 240 | 999 | Always | The number of months in which the loan would be retired if the amortizing principal and interest payment were to be paid monthly | ||||||||
| 25 | Original Term to Maturity | Numeric/ Integer | 360 | 999 | Always | The initial number of months between loan origination and the loan maturity date, as specified on the mortgage note | ||||||||
| 26 | Original Interest Only Term | Numeric/ Integer | 120 | 999 | Always | Original interest-only term for a loan in months (including negative amortization loans) | ||||||||
| 27 | HELOC Indicator | Text | Y | X | Always | An indicator of whether the loan is a home equity line of credit | ||||||||
| Y = Yes | ||||||||||||||
| N = No | ||||||||||||||
| 28 | HELOC Maximum Draw Amount | Numeric/ Decimal | 150050.02 | 9(11).99 | Required for HELOC loans | Maximum draw amount provided at loan origination | ||||||||
| 29 | HELOC Draw Period | Numeric/ Integer | 36 | 999 | Required for HELOC loans | The original number of months during which the borrower may draw funds against the HELOC account | ||||||||
| 30 | Option ARM Indicator | Text | Y | X | Required for ARMs | An indicator of whether the loan is an Option ARM (Negative Amortization) | ||||||||
| Y = Yes | ||||||||||||||
| N = No | ||||||||||||||
| 31 | Negative Amortization Limit (Percent) | Numeric/ Integer | 125 | 999 | Required for Option ARMs | The maximum amount of negative amortization allowed before recast is required (expressed as a percentage of the original loan amount: for example 125%) | ||||||||
| 32 | Negative Amortization Period | Numeric/ Integer | 36 | 999 | Required for Option ARMs | The number of months from first payment date before payment must recast to a fully-amortizing payment | ||||||||
| 33 | Mortgage Insurance Company Name | Text | MICompany | X(140) | Required for loans with mortgage insurance | The name of the mortgage insurance provider | ||||||||
| 34 | Mortgage Insurance Percent | Numeric/ Decimal | 30 | 999.99 | Required for loans with mortgage insurance | Mortgage insurance coverage percentage (indicates % of loan balance covered) | ||||||||
| 35 | Mortgage Insurance Type | Numeric/ Integer | 02 | 99 | Required for loans with mortgage insurance | An indicator of whether mortgage insurance is paid by the borrower or the lender | ||||||||
| 01 = Borrower Paid | ||||||||||||||
| 02 = Lender Paid | ||||||||||||||
| 03 = No MI | ||||||||||||||
| 99 = Unknown | ||||||||||||||
| 36 | Mortgage Insurance Company's Issuer Credit Rating | Numeric/ Integer | 03 | 99 | Required for loans with mortgage insurance | The S&P Global Ratings issuer credit rating on the mortgage insurance provider | ||||||||
| 01 = AAA | ||||||||||||||
| 02 = AA+ | ||||||||||||||
| 03 = AA | ||||||||||||||
| 04 = AA- | ||||||||||||||
| 05 = A+ | ||||||||||||||
| 06 = A | ||||||||||||||
| 07 = A- | ||||||||||||||
| 08 = BBB+ | ||||||||||||||
| 09 = BBB | ||||||||||||||
| 10 = BBB- | ||||||||||||||
| 11 = BB+ | ||||||||||||||
| 12 = BB | ||||||||||||||
| 13 = BB- | ||||||||||||||
| 14 = B+ | ||||||||||||||
| 15 = B | ||||||||||||||
| 16 = B- | ||||||||||||||
| 99 = NR | ||||||||||||||
| 37 | Claims Adjustment Category | Text | CA2 | XXX | Required for loans with mortgage insurance | See definitions in criteria ("Methodology For Assessing Mortgage Insurance and Similar Guarantees And Support In Structured And Public Sector Finance and Covered Bonds, Dec. 7, 2014) | ||||||||
| CA0** | ||||||||||||||
| CA1 | ||||||||||||||
| CA2 | ||||||||||||||
| CA3 | ||||||||||||||
| CA4 | ||||||||||||||
| CA5 | ||||||||||||||
| 38 | Postal Code | Text | 10041 | X(5) | Required if no CBSA provided | The postal zip code where the subject property is located | ||||||||
| 39 | CBSA Code | Text | 52341 | X(5) | Required if no postal code provided | The Core Based Statistical Area code where the subject property is located | ||||||||
| 40 | State/Territorial Code | Text | NY | XX | Always | Postal state abbreviation must be: 50 States; PR = Puerto Rico; VI = Virgin Islands; DC = Washington, DC; GU = Guam | ||||||||
| 41 | Original FICO Score | Numeric/ Integer | 600 | 999 | Required if Most Recent FICO Score not provided | The FICO score at origination | ||||||||
| 42 | Most Recent FICO Score | Numeric/ Integer | 725 | 999 | Required if Original FICO Score not provided | The most recent FICO score, if pulled after loan origination | ||||||||
| 43 | Most Recent FICO Score Date | Date | 01-Jan-2018 | DD-MON- YYYY | Required if Most Recent FICO provided | The date of the most recent FICO score, if pulled after loan origination | ||||||||
| 44 | Borrower Residency Status | Numeric/ Integer | 03 | 99 | Always | An indicator as to whether the borrowers are U.S. citizens or permanent resident aliens | ||||||||
| 01 = Both the Borrower and Co-Borrower (if applicable) are US citizens or Permanent Resident Aliens | ||||||||||||||
| 02 = Borrower is not a US citizen or a Permanent Resident Alien | ||||||||||||||
| 03 = Co-Borrower is not a US citizen or a Permanent Resident Alien | ||||||||||||||
| 04 = Both the Borrower and Co-Borrower (if applicable) are not US citizens or Permanent Resident Aliens | ||||||||||||||
| 45 | Lien Position | Numeric/ Integer | 2 | 99 | Always | A number indicating the loan's lien position (1 = first lien etc.); 99 = Unknown | ||||||||
| 46 | Senior Loan Amount | Numeric/ Decimal | 150050.02 | 9(11).99 | Required for non-first lien loans | For non-first mortgages, the sum of the balances of all associated senior mortgages at the time of origination of the subordinate lien | ||||||||
| 47 | Junior Mortgage Balance | Numeric/ Decimal | 50050.02 | 9(11).99 | No | For first mortgages with subordinate liens at the time of origination, the combined balance of the subordinate liens (if known) | ||||||||
| 48 | Most Recent 24 Month Payment History | Text | 00010000 00000000 00000123 | X(24) | Always | String indicating the payment status per month (oldest to most recent). The most recent month is located to the right | ||||||||
| 0 = Current | ||||||||||||||
| 1 = 30-59 Days Delinquent | ||||||||||||||
| 2 = 60-89 Days Delinquent | ||||||||||||||
| 3 = 90-119 Days Delinquent | ||||||||||||||
| 4 = 120+ Days Delinquent | ||||||||||||||
| 5 = Foreclosure | ||||||||||||||
| 6 = REO | ||||||||||||||
| 7 = Loan Did Not Exist in Period | ||||||||||||||
| X = Unavailable | ||||||||||||||
| 49 | Sales Price | Numeric/ Decimal | 408000.02 | 9(11).99 | Required if no Original Appraised Property Value provided | For purchase loans only: The sales price of the property between the buyer and seller | ||||||||
| 50 | Original Appraised Property Value | Numeric/ Decimal | 418000.02 | 9(11).99 | Required if no Sales Price provided | The appraised value of the property used to approve the loan | ||||||||
| 51 | Original Property Valuation Type | Numeric/ Integer | 03 | 99 | Required if Original Appraised Property Value is provided | The method by which the property value (at time of underwriting) was reported | ||||||||
| 01 = Tax Assessment | ||||||||||||||
| 02 = Drive-By Form 704 | ||||||||||||||
| 03 = URAR Form 1004, Form 70, Form 72, Form 1025, Form 1073, Form 465, Form 2090, Form 1004C, and Form 70B (Form 1075 retired 11/1/2005) | ||||||||||||||
| 04 = Form 2070 and Form 2075 (Form 2065 retired 11/1/2005) | ||||||||||||||
| 05 = Form 2055, Form 1075, Form 466, and Form 2095 (Exterior Only) | ||||||||||||||
| 06 = Form 2055 (with Interior Inspection) | ||||||||||||||
| 07 = Automated Valuation Model | ||||||||||||||
| 08 = No Appraisal/Stated Value | ||||||||||||||
| 09 = Desk Review | ||||||||||||||
| 10 = BPO as-is | ||||||||||||||
| 11 = BPO quick sale | ||||||||||||||
| 12 = NADA/Yellow Book Value (for MH) | ||||||||||||||
| 13 = Land Only (for Lot and MH) | ||||||||||||||
| 14 = Hold for other types of MH valuations | ||||||||||||||
| 15 = Case-Shiller/Other Index Application | ||||||||||||||
| 16 = Form 1004MC | ||||||||||||||
| 98 = Other | ||||||||||||||
| 99 = Unavailable | ||||||||||||||
| 52 | Original Property Valuation Date | Date | 01-Jan-2018 | DD-MON- YYYY | Always | The date on which the original property value (at the time of underwriting) was reported | ||||||||
| 53 | Most Recent Property Value | Numeric/ Decimal | 418000.02 | 9(11).99 | No | The value of the property according to the most recent property valuation, if obtained after loan origination | ||||||||
| 54 | Most Recent Property Valuation Type | Numeric/ Integer | 03 | 99 | Required if Most Recent Property Value is provided | Specifies the method used to obtain the most recent value of the subject property, if the valuation was obtained after loan origination | ||||||||
| 01 = Tax Assessment | ||||||||||||||
| 02 = Drive-By Form 704 | ||||||||||||||
| 03 = URAR Form 1004, Form 70, Form 72, Form 1025, Form 1073, Form 465, Form 2090, Form 1004C, and Form 70B (Form 1075 retired 11/1/2005) | ||||||||||||||
| 04 = Form 2070 and Form 2075 (Form 2065 retired 11/1/2005) | ||||||||||||||
| 05 = Form 2055, Form 1075, Form 466, and Form 2095 (Exterior Only) | ||||||||||||||
| 06 = Form 2055 (with Interior Inspection) | ||||||||||||||
| 07 = Automated Valuation Model | ||||||||||||||
| 08 = No Appraisal/Stated Value | ||||||||||||||
| 09 = Desk Review | ||||||||||||||
| 10 = BPO as-is | ||||||||||||||
| 11 = BPO quick sale | ||||||||||||||
| 12 = NADA/Yellow Book Value (for MH) | ||||||||||||||
| 13 = Land Only (for Lot and MH) | ||||||||||||||
| 14 = Hold for other types of MH valuations | ||||||||||||||
| 15 = Case-Shiller/Other Index Application | ||||||||||||||
| 16 = Form 1004MC | ||||||||||||||
| 98 = Other | ||||||||||||||
| 99 = Unavailable | ||||||||||||||
| 55 | Most Recent Property Valuation Date | Date | 01-Jan-2018 | DD-MON- YYYY | Required if Most Recent Property Value provided | The date of the most recent property valuation, if obtained after loan origination | ||||||||
| 56 | # Months Reserves at Closing | Numeric/ Integer | 24 | 9(11) | No | The cash reserves of the borrower and co-borrower divided by the PITI payments, including Condo and HOA fees | ||||||||
| 57 | Originator Debt-to-Income Ratio (DTI) | Numeric/ Decimal | 65.24 | 999.99 | Required for Appendix Q or QM, Full, and Alternative Documentation Types or if Neutral DTI Flag = "N" in LEVELS | Back-end DTI ratio used by the originator to qualify the loan | ||||||||
| 58 | Debt Service Coverage Ratio (DSCR) | Numeric/ Decimal | 1.25 | 999.99 | No | The ratio used in determining debt servicing ability. DSCR is the primary measure to determine if a property will be able to sustain its debt based on cash flow | ||||||||
| 59 | DSCR Indicator | Text | Y | X | No | A field used to identify debt service coverage ratio loans | ||||||||
| Y = Yes | ||||||||||||||
| N = No | ||||||||||||||
| 60 | Anti-Predatory Lending Category | Text | Y | X | No | A field used to identify "high-cost" loans, "covered" loans, or any other similarly designated loans as defined under any state, local, or federal law with respect to predatory and abusive lending laws | ||||||||
| Y = Yes | ||||||||||||||
| N = No | ||||||||||||||
| 61 | Truth in Lending Act (TILA) status | Numeric/ Integer | 03 | 99 | No | A code to identify the TILA designation | ||||||||
| 01 = QM/Non-HPML (safe harbor) | ||||||||||||||
| 02 = QM/HPML (rebuttable presumption) | ||||||||||||||
| 03 = Non-QM/ATR Compliant | ||||||||||||||
| 04 = Not Covered/exempt | ||||||||||||||
| 62 | Total Origination and Discount Points (in dollars) | Numeric/ Decimal | 18000.02 | 9(11).99 | Required for Non-QM and QM/HPML loans | Dollar amount of points and fees as defined by Regulation Z | ||||||||
| 63 | Credit Grade | Text | A | X | No | The due diligence credit grade | ||||||||
| A = Loan adheres fully to originator guidelines | ||||||||||||||
| B = Loan falls outside of originator guidelines but has adequate compensating factors | ||||||||||||||
| C = Loan falls outside of originator guidelines without compensating factors | ||||||||||||||
| D = Loan file is missing material documentation and has insufficient information to perform review | ||||||||||||||
| 64 | Property Valuation Grade | Text | A | X | No | The due diligence property valuation grade | ||||||||
| A = Valuation performed consistent with industry standards; first secondary value no more than 10% below the original value | ||||||||||||||
| B = Valuation performed consistent with industry standards; additional secondary value no more than 10% below the original appraisal | ||||||||||||||
| C = Valuation does not meet industry standards and/or additional secondary value more than 10% below the original appraisal | ||||||||||||||
| D = Loan file is missing the original value or the original valuation is incomplete | ||||||||||||||
| 65 | Regulatory Compliance Grade | Text | A | X | No | The due diligence regulatory compliance grade | ||||||||
| A = Complies with all applicable enforceable federal, state and local laws | ||||||||||||||
| B = Exceptions represent minor compliance violations that would not impair enforceability of the mortgage or the servicer’s ability to foreclose | ||||||||||||||
| C = Does not comply with all enforceable federal, state and local laws and violations could impair enforceability of the mortgage or the servicer’s ability to foreclose | ||||||||||||||
| D = Loan file is missing material documentation and has insufficient information to perform review | ||||||||||||||
| 66 | Servicer Advancing | Text | B | X | Always | The manner in which principal and/or interest are to be advanced by the servicer | ||||||||
| B = Both Principal and Interest | ||||||||||||||
| P = Principal Only | ||||||||||||||
| I = Interest Only | ||||||||||||||
| N = No Advancing | ||||||||||||||
| 67 | Length of Servicer Advancing | Numeric/ Integer | 48 | 999 | Required for "B", "P" or "I" advancing types | Indicates months of principal and interest advancing. Use 999 if loan is to be advanced upon until deemed unrecoverable | ||||||||
| 68 | Primary Borrower ID Number | Text | A1448911 | X(30) | No | Used to identify the number of times a single borrower appears in a given loan pool | ||||||||
| 69 | Outstanding Escrow Advances | Numeric/ Decimal | 1800.02 | 9(11).99 | No | Indicates the balance of escrow advances related to this loan that have not yet been recovered by the servicer nor have they been capitalized onto the loan's current outstanding balance | ||||||||
| 70 | Outstanding Corporate Advances | Numeric/ Decimal | 108.02 | 9(11).99 | No | Indicates the balance of corporate advances related to this loan that have not yet been recovered by the servicer nor have they been capitalized onto the loan's current outstanding balance | ||||||||
| 71 | Outstanding Principal and Interest Advances | Numeric/ Decimal | 100008.02 | 9(11).99 | No | Indicates the balance of P&I advances related to this loan that have not yet been recovered by the servicer nor have they been capitalized onto the loan's current outstanding balance | ||||||||
| 72 | Total Number of Borrowers | Numeric/ Integer | 2 | 99 | Always | Number of borrowers who are obligated to repay the mortgage note | ||||||||
| 73 | Bankruptcy Discharge Date | Date | 01-Jan-2018 | DD-MON- YYYY | No | The date on which the borrower was last discharged from bankruptcy | ||||||||
| 74 | Foreclosure Sale Date | Date | 01-Jan-2018 | DD-MON- YYYY | No | The date of last foreclosure sale | ||||||||
| 75 | Short Sale Date | Date | 01-Jan-2018 | DD-MON- YYYY | No | The date on which a lender accepted a payoff of a previous loan that was less than the principal balance of the borrower's mortgage | ||||||||
| 76 | Deed-In-Lieu Date | Date | 01-Jan-2018 | DD-MON- YYYY | No | The date on which the title was transferred to the servicer pursuant to a deed-in-lieu of foreclosure agreement | ||||||||
| 77 | Modification Flag | Text | N | X | No | An indicator of whether the loan has been modified | ||||||||
| Y = Yes | ||||||||||||||
| N = No | ||||||||||||||
| 78 | Loan Modification Type | Numeric/ Integer | 03 | 99 | No | A code indicating the type of modification loss mitigation method the servicer is pursuing with the borrower. Provide additional details in the Notes field for the following loan modification types: Temporary Interest Rate Reductions, Combination, and Other/Unknown | ||||||||
| 01 = Principal Forgiveness | ||||||||||||||
| 02 = Forbearance Amount | ||||||||||||||
| 03 = Temporary Interest Rate Reduction | ||||||||||||||
| 04 = Permanent Interest Rate Reduction | ||||||||||||||
| 05 = Term Extension | ||||||||||||||
| 06 = Combination | ||||||||||||||
| 99 = Other/Unknown | ||||||||||||||
| 79 | Modification First Payment Date | Date | 01-Jan-2018 | DD-MON- YYYY | Required for modified loans | The date of the first scheduled post loan modification mortgage payment | ||||||||
| 80 | Total Deferred Balance | Numeric/ Decimal | 160008.02 | 9(11).99 | No | Indicates the balance of any non-interest bearing deferred amounts (e.g. principal, interest and fees) | ||||||||
| 81 | Forgiven Principal Amount | Numeric/ Decimal | 160008.02 | 9(11).99 | No | The sum total of all principal balance reductions as a result of loan modifications | ||||||||
| 82 | Modification Debt-to-Income Ratio | Numeric/ Decimal | 65.24 | 999.99 | No | If the loan is modified, the modified DTI used at the time of modification | ||||||||
| 83 | Pre-Modification Amortization Type | Text | F | X | No | If the loan is modified, indicate whether the loan's pre-modification interest rate is fixed or adjustable (hybrid ARMs are adjustable) | ||||||||
| F = Fixed Rate | ||||||||||||||
| A = ARM | ||||||||||||||
| 84 | Pre-Modification Original Amortization Term | Numeric/ Integer | 240 | 999 | No | If the loan is modified, the pre-modification number of months in which the loan would be retired if the amortizing principal and interest payment were to be paid monthly | ||||||||
| 85 | Pre-Modification Original Term to Maturity | Numeric/ Integer | 360 | 999 | No | If the loan is modified, the pre-modification initial number of months between loan origination and the loan maturity date, as specified on the mortgage note | ||||||||
| 86 | Pre-Modification Original Interest Only Term | Numeric/ Integer | 120 | 999 | No | If the loan is modified, the pre-modification original interest-only term for a loan in months (including negative amortization loans) | ||||||||
| 87 | Pre-Modification Documentation Type | Text | A | X | No | If the loan is modified, the loan documentation type at origination | ||||||||
| Q = Appendix Q or QM (Qualified Mortgage loan or loan debt and income amounts are verified in accordance with Appendix Q) | ||||||||||||||
| F = Full, not Appendix Q or QM (Traditional documentation used for fully verifying and calculating the qualifying income of the borrower(s) (e.g., written verification of employment, pay stubs, W2s, personal and business tax returns, IRS transcripts)) | ||||||||||||||
| A = Alternative (Non-traditional income documentation used for verifying and calculating the qualifying income of the borrower(s) (e.g., bank statements)) | ||||||||||||||
| O = Documentation used to qualify a borrower does not fit into the above documentation type categories | ||||||||||||||
| 88 | Pre-Modification Length of Income Verification | Numeric/ Integer | 3 | 9 | No | If the loan is modified, a code indicating the number of months to which the income of the borrower used has been verified at origination | ||||||||
| 3 = 24 months or more income verification | ||||||||||||||
| 2 = 12 to 23 months income verification | ||||||||||||||
| 1 = 11 months or less income verification | ||||||||||||||
| 89 | Pre-Modification Maximum Rate (Percent) | Numeric/ Decimal | 20.25 | 999.99 | No | If the loan is modified, the pre-modification maximum interest rate that can be in effect during the life of the loan | ||||||||
| 90 | Pre-Modification Senior Loan Amount | Numeric/ Decimal | 150050.02 | 9(11).99 | No | For modified non-first mortgages, the sum of the balances of all associated senior mortgages at the time of origination of the subordinate lien | ||||||||
| 91 | Pre-Modification Junior Mortgage Balance | Numeric/ Decimal | 50050.02 | 9(11).99 | No | For modified first mortgages with subordinate liens at the time of origination, the combined balance of the subordinate liens (if known) | ||||||||
| 92 | Notes | Text | Sample Text | X(1000) | No | Input information or commentary related to the mortgage loan | ||||||||
| Note: For modified loans (excluding trial modifications), input post-modification values in fields 1-82, if applicable. Fields 83-91 should be input with pre-modification values. *For HELOCs that have been drawn upon (Current Loan Balance > 0) the HELOC Maximum Draw Amount will be used in the calculation of foreclosure frequency and loss severity. For HELOCs without a current draw amount (Current Loan Balance = 0) the loss severity in LEVELS will be zero. **CA0 corresponds to a claims adjustment rate of 0% for all rating categories. It is added for sensitivity analysis. Our criteria ("Methodology For Assessing Mortgage Insurance and Similar Guarantees And Support In Structured And Public Sector Finance and Covered Bonds, Dec. 7, 2014) is unchanged. | ||||||||||||||
This report does not constitute a rating action.
| Primary Credit Analyst: | Julian He, CFA, New York + 1 (212) 438 8154; julian.he@spglobal.com |
| Secondary Contact: | Jun Wang, New York (1) 212-438-5553; jun.wang@spglobal.com |
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