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Guidelines for Delivering Required Fields for Adjustable Rate Mortgages (ARMs)

The table below provides a quick reference to the Loan Delivery fields that are applicable to Adjustable Rate Mortgages (ARMs), as well as additional information to assist in delivering the data. Refer to Fannie Mae's Appendix D for details on ARM delivery data.

The following data fields are located in the ARM section in Loan Delivery.

Sort ID	Field #	Source Location	Field Name in Loan Delivery	How to Deliver/Definition
379	1	Fannie Mae ARM Plan Matrix	Plan Number	Enter the Fannie Mae-assigned ARM Plan Number. Refer to the ARM Plan Matrix for further information.
111	2	Note	Index	Enter the Index to be used to determine the interest rate at each adjustment. For import, include SID 110 IndexSourceType = Other.
312	3	Calculated for Closing Disclosure	Disclosed Index Rate	Enter the value of the Index shown in SID 111, used to generate the APR/Closing Disclosure.
321	4	Note	Original Note Rate	Enter the Interest Rate as specified on the Note. The loan’s current interest rate (SID 395) is reported as “Note Rate” in the Loan Terms section of Loan Delivery. If the ARM loan has not adjusted prior to delivery, SIDs 321 and 395 should be the same.
119	5	Note	Mortgage Margin	Enter the Mortgage Margin as specified on the Note.
116	6	Note	Minimum Mtg Interest Rate	Enter the minimum interest rate over the life of the loan as specified on the Note, also known as the interest rate “floor.” (If a minimum interest rate is not indicated on the Note, the margin should be used.)
355	7	Calculated from Note	Next Rate Adjustment Date	Enter the next Interest Rate Adjustment Date based on the delivery date. If the ARM loan has not adjusted prior to delivery, calculate as 1st Payment Change Date (SID 115) minus one month.
117	8	Note	Rounding %	Enter the percentage to which the interest rate is rounded when a new interest rate is calculated as specified on the Note. Used in conjunction with SID 118. Enter 0 if the interest rate is not rounded.
236	9	Calculated from Note	Initial Fixed Period	The number of months that the initial interest rate is in effect. For a one-year ARM, this would be 12. For a 5/1 ARM, this would be 60. Calculate as number of months between First Payment Date (SID 272) and 1st Interest Rate Change Date (SID 115).
114	10	Note	Maximum Mtg Interest Rate	Enter the maximum interest rate over the life of the loan as specified on the Note, also known as the interest rate “ceiling”.
115	11	Note	1^st Payment Change Date	Enter the First Payment Change Date as specified on the Note.
118	12	Note	Rounding Type	Enter how the interest rate is rounded when a new interest rate is calculated. Used in conjunction with SID 117.
113	13	Note	Standard Lookback Days	Enter the number of days to count back from the interest rate change date to determine the applicable index value to use for establishing the new interest rate.
131	14	n/a	% of Increase	Leave Blank; applies to Growing Equity Mortgage Type, which Fannie Mae no longer purchases. For import, do not report SID 126 AdjustmentRuleType.
268	15	Note	Initial P&I	The dollar amount of the principal and interest payment as stated on the Note. The loan’s current principal and interest payment amount (SID 436) is reported as “P&I” in the Loan Terms section of Loan Delivery. If the ARM loan has not adjusted prior to delivery, SIDs 268 and 426 should be the same.
122	16	Note	Cap Up %	First adjustment: Enter the maximum number of percentage points by which the interest rate can increase from the original interest rate as specified on the Note.
121	17	Note	Cap Down %	First adjustment: Enter the maximum number of percentage points by which the interest rate can decrease from the original interest rate as specified on the Note. For import, include SID 120 AdjustmentRuleType = First.
123	18	Calculated from Note	Rate Change Date	First adjustment: Enter the First Interest Rate Change Date. For import, include SID 120 AdjustmentRuleType = First. Calculate as 1st Payment Change Date SID 115 minus one month.
124	19	Calculated from Note	Rate Adjustment Frequency	First adjustment: Enter the Number of months the interest rate will be in effect at the First Rate Change Date. Do not enter the Initial Fixed Period. For all Fannie Mae published ARM Plans (except 760 and 761), this should be 12. For ARM Plans 760 and 761, this should be 6. For import, include SID 120 AdjustmentRuleType = First.
122	20	Note	Cap Up %	Subsequent adjustment: Enter the maximum number of percentage points by which the interest rate can increase from the previous interest rate as specified on the Note. For import, include SID 120 AdjustmentRuleType = Subsequent.
121	21	Note	Cap Down %	Subsequent adjustment: Enter the maximum number of percentage points by which the interest rate can decrease from the previous interest rate as specified on the Note. For import, include SID 120 AdjustmentRuleType = Subsequent.
123	22	Calculated from Note	Rate Change Date	Subsequent adjustment: Enter the Second-Rate Change Date. For import, include SID 120 AdjustmentRuleType = Subsequent. Calculate as SID 115 minus one month. Calculate as First Adjustment Rate Change Date from SID 123 (Field #18) plus number of months from Initial Fixed Period SID 236.
124	23	Calculated from Note	Rate Adjustment Frequency	Subsequent adjustment: Enter the Number of months the interest rates will be in effect at the Subsequent Rate Change dates. For all Fannie Mae published ARM Plans (except 760 and 761), this should be 12. For ARM Plans 760 and 761, this should be 6. For import, include SID 120 AdjustmentRuleType = Subsequent.

NOTE: Refer to "ARMs Note Rate Example" in left-hand navigation panel for an example of where data might be found on the Adjustable Rate Note.

NOTE: Refer to "Most Frequently Used ARMs" in left-hand navigation panel for an example of how to populate ARM data in Loan Delivery for common standard ARM loan programs.