PNo Recurring Schedule
Terms Frequency Code P: Single Payment
Terms Frequency Code P means "Single Payment". The entire obligation comes due in one payment on one date. There is no recurring schedule at all, which makes this the opposite of a frequency. It is reported in Terms Frequency (Field 28) of the Base Segment, 1 character at position 194.
Specification
| Code | P |
|---|---|
| Meaning | Single Payment |
| Field | Terms Frequency (Field 28) |
| Record | Base Segment |
| Length / position | 1 char · 194–194 |
| Category | No Recurring Schedule |
| CRRG reference | CRRG Base Segment field definition, Terms Frequency |
What Terms Frequency Code P means
- P describes a note that matures rather than amortizes. Principal, and often accrued interest, are payable in a single lump sum at maturity.
- Covers demand notes, short-term commercial notes, bridge loans, and single-payment consumer notes.
- It is also the honest answer for a fully interest-only obligation where the principal is repaid once, though a periodic interest-only payment schedule may make a periodic code more accurate. Choose based on what is contractually due, not on what the borrower usually does.
- P does NOT mean a balloon payment on an otherwise amortizing loan. A loan with sixty monthly payments and a final balloon is Terms Frequency M with the balloon reported through the K4 segment, not Terms Frequency P.
- P does NOT mean the loan was paid off early. Prepayment is a payment behaviour and is expressed through balance and status, not through terms.
- P does NOT mean the borrower can pay whenever they like. There is a maturity date, and missing it produces a delinquency like any other.
When to report P
- 1A community bank reports a ninety-day commercial note personally guaranteed by the owner, with principal and interest due at maturity.
- 2A lender furnishes a bridge loan against a property sale where the full balance is due on closing.
- 3An agricultural lender reports a crop-year operating note repaid in full after harvest.
- 4A consumer lender reports a short-term single-payment note used to cover a one-time expense.
- 5A note matures, the borrower does not pay, and the account begins reporting delinquent from the maturity date.
Reporting rules
- Populate Terms Duration in a way that reflects the single-payment maturity rather than a payment count, and be consistent across the portfolio.
- Do not use P to avoid computing a monthly equivalent for Scheduled Monthly Payment on an amortizing loan. That is a data-quality shortcut with real consequences.
- Do not use P for a balloon loan that also has regular periodic payments. Report the periodic cadence and carry the balloon in the K4 segment.
- Begin delinquency reporting from the maturity date once the note is unpaid, and set Date of First Delinquency accordingly.
- Renewing or extending a note is a change of terms, not a new account, unless the renewal is documented as a new obligation with new proceeds.
Codes and fields that must agree
A file can be structurally valid and still be wrong. These are the cross-field conditions Terms Frequency Code P has to satisfy.
- Scheduled Monthly Payment is problematic under P, because there is no monthly obligation. Reporting zero is the common practice; reporting the full note amount as a monthly payment is a serious amount-logic-error that inflates the consumer's apparent monthly debt burden.
- Pairs with Portfolio Type I. P on Portfolio Type R or C is a contradiction, since a revolving account calculates a minimum every cycle.
- The K4 (Specialized Payment Information) segment is where balloon and single-payment detail belongs on products that have a defined balloon amount and due date.
- Terms Duration should express the term to maturity, not a count of recurring payments. A three-digit payment count on a single-payment note is a terms-frequency-mismatch.
- Actual Payment Amount will be zero for every cycle until maturity, then equal to the payoff. That long run of zeros is expected under P and is not evidence of non-payment.
- Date of First Delinquency runs from the missed maturity date, not from the origination date or from the first cycle in which no payment appeared.
Common errors involving P
Vocabulary
Keep browsing
- All 11 terms frequency codes — the full set with categories and cross-field rules.
- Metro 2 codes cheat sheet — every CRRG code set on one page.
- Terms Frequency field reference — position, length, and validation rules.
- Metro 2 format reference
See Terms Frequency Code P in your own file
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