YSlower Than Monthly
Terms Frequency Code Y: Annually
Terms Frequency Code Y means "Annually". A payment is due once a year. Eleven of every twelve reporting cycles carry no payment obligation, which makes this the slowest cadence in the set. It is reported in Terms Frequency (Field 28) of the Base Segment, 1 character at position 194.
Specification
| Code | Y |
|---|---|
| Meaning | Annually |
| Field | Terms Frequency (Field 28) |
| Record | Base Segment |
| Length / position | 1 char · 194–194 |
| Category | Slower Than Monthly |
| CRRG reference | CRRG Base Segment field definition, Terms Frequency |
What Terms Frequency Code Y means
- Y means one payment a year, normally on the anniversary of the loan or at a fixed seasonal date.
- Eleven of every twelve monthly records will show nothing received. Under Y, silence is the default and a payment is the event.
- A missed annual payment leaves the account unpaid for twelve months, which in Payment History Profile terms ages all the way through the delinquency buckets from a single missed obligation. This is the most extreme version of the aging problem the slower codes share.
- Y is used in agricultural lending repaid at harvest, in some land contracts, and in annual-premium or annual-dues arrangements.
- Y is not the same as P. Y means a recurring annual payment over a multi-year term; P means the whole obligation is due once and then the account ends.
- Y does NOT change Scheduled Monthly Payment from a monthly figure. The monthly equivalent is one twelfth of the annual payment.
When to report Y
- 1An agricultural lender reports an operating or land loan repaid once a year after harvest.
- 2A land-contract seller furnishes an annual payment obligation over a ten-year term.
- 3A specialty lender aligns a single yearly payment to a borrower's annual bonus or distribution.
- 4An annual-dues or annual-premium arrangement is furnished under Portfolio Type O.
- 5A furnisher reports eleven consecutive zero-payment months with the account current, then a single large payment in the twelfth.
Reporting rules
- Populate Scheduled Monthly Payment with one twelfth of the annual payment. This is the code where reporting the raw contractual amount produces the largest single overstatement of a consumer's monthly obligation.
- Do not report delinquency during the eleven no-obligation months.
- Express Terms Duration as a count of annual payments, so 010 is ten years, and document that convention prominently.
- Use P instead of Y when there is one payment and the obligation then ends.
- Continue producing a monthly record every cycle, including the eleven quiet ones.
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 Y has to satisfy.
- Scheduled Monthly Payment is a MONTHLY figure and equals one twelfth of the annual payment. The full annual amount in that field overstates monthly debt twelvefold and is the most damaging amount-logic-error in this set.
- Terms Duration counts annual payments. A Terms Duration of 010 under Y is ten years, not ten months, which is the widest month-versus-payment-count gap of any code here.
- Pairs with Portfolio Type I and occasionally O. Y on Portfolio Type R, C, or M is a contradiction.
- Actual Payment Amount is zero in eleven of every twelve cycles by design, so zero-payment monitoring must be gated on Terms Frequency or it will flag the entire portfolio.
- A single missed annual payment produces twelve months of unpaid obligation and will age through every delinquency bucket. Set Date of First Delinquency from the missed annual due date and never advance it.
- The K4 (Specialized Payment Information) segment is the right place for balloon detail on an annual-payment loan whose final payment differs materially from the recurring one.
Common errors involving Y
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 Y in your own file
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