For Step-Rate loans where the loan has reached the payment due date reflecting the last step rate change, the date reported in the "Next ARM Reset Date" field should be the date the payment became due reflecting the last step rate increase. SMDU recognizes that a step-rate loan has reached the end of its step period based on data retrieved from SIR. SMDU retrieves the pre-workout “Loan Product Type” that is stored in the SIR database and returns it in the SMDU response. When the loan is a step rate that has reached the end of its step schedule, the servicer must report the last step period change date in the “Next ARM Reset Date” field and it should be a date in the past. SMDU will then evaluate the loan as a fixed rate loan, and generate an Observation message.
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