7.8.5.3 Amortization Code 802

Instruments with an Amortization Code of 802 do not reference the Payment Amount column in the schedule tables. These instruments are processed as Interest-only Records, with all Principal, Accept Prepayments, running off on the Maturity Date.

The data in the Maturity Date, Next Payment Date, Last Payment Date, the remaining number of payments, and current payment columns from the instrument record should coincide with the same information in the schedule table. When this information is inconsistent, the information in the detail record supersedes the data in the schedule table.

In this case, the payment on the next payment date occurs on the date defined in the Next Payment Date column of the Instrument Record, for the amount defined in the Current Payment column of the Instrument Record. All payments after this date are made according to the Payment Date in the schedule table.