Field

Description

Loan Title

Mnemonic: N/A

Use this field to indicate what will be used as the title of the loan amortization printout. Anything entered in this field will appear on the printout of the loan amortization schedule as the title of that report. If this field is left blank, the borrowers name, address and loan number will be printed on the schedule.  

If you enter data in this field, the information you entered will be displayed on the printed copy of the amortization schedule. The customer name, address and loan number will not be displayed. This allows you to create hypothetical schedules that may or may not be directly tied to the account from which you accessed the screen. For example, if non-customers request that you create a schedule for them, you could access this screen from any loan and create and print a schedule. Exiting this screen clears this field.

Payment Method

Mnemonic: N/A

Use this field to indicate a payment method code to use in the amortization schedule. This code determines how to calculate interest and what rules to follow in processing the loan. Amortization schedules can only be printed for the following types of loans:

	Note: Selecting Rule of 78s" will disable the Payment Frequency, Term of Loan in Months, Interest Rate, and Interest Calculation Method fields below.

*See Note box at the top of this page.

Payment Frequency

Mnemonic: N/A

Use this field to indicate a payment frequency code. Open the link below for more information.

Payment Frequency Details

Possible selections in this field are as follows:   Code Description   1 Monthly 2 Bi-monthly 3 Quarterly 4 Every 4 months 6 Semi-annual 12 Annual 26 Bi-weekly (payment every two weeks)   Note: This field will be disabled if "Rule of 78s" is selected in the Payment Method field above.     Bi-Weekly Payments   For bi-weekly payments, the term of the loan must be the number of months over which the loan is amortized, not the number of payments. For example, for a 25-year loan with bi-weekly payments, you would enter "300" in the Term of Loan In Months field.   Example:   Principal Balance 100,000 Term 300 (25 years) Rate 5% P/I Payment 269.66   The number of payments printed on the amortization schedule would be 649 (26 payments each year).   Note: Some origination systems use a 364-day year when calculating the P/I payment and creating an amortization schedule. Those systems would print 650 payments, whereas the FPS GOLD system prints 649.

Term of Loan in Months

Mnemonic: LNTERM

This field contains the term of the loan in months. This information is automatically pulled from the Loans > Account Information > Account Detail screen. Open the link below for more information.

Term of Loan in Months details

This is the number of months the amortization of the loan is calculated for.  If the loan is an existing loan and payments have been processed the schedule starts the display from the loan due date to the earliest of the balloon date, maturity date, next rate change date or the next P/I payment change date.   Note: This field will be disabled if "Rule of 78s" is selected in the Payment Method field above.     Bi-Weekly Payments   For bi-weekly payments, the term of the loan must be the number of months over which the loan is amortized, not the number of payments. For example, for a 25-year loan with bi-weekly payments, you would enter "300" in the Term of Loan In Months field.   Example:   Principal Balance 100,000 Term 300 (25 years) Rate 5% P/I Payment 269.66   The number of payments printed on the amortization schedule would be 649 (26 payments each year). Note: Some origination systems use a 364-day year when calculating the P/I payment and creating an amortization schedule. Those systems would print 650 payments, whereas the FPS GOLD system prints 649.

Principal Balance

Mnemonic: LNPBAL

This is the unpaid principal balance of the loan. The amortization schedule will begin with this balance.

P/I Payment

Mnemonic: LNPICN

This field contains the portion of the regular payment that is divided between the amount to interest and amount to principal. The amortization schedule will begin with this payment.

Interest Rate

Mnemonic: LNRATE

This field displays the interest rate of the loan as found on the Balances & Dates tab of the Account Detail screen. For ARM loans* it is known as the payment rate. If the loan is an ARM, the accrual rate (LNAMRT) is used in the interest calculation.

	Note: This field will be disabled if "Rule of 78s" is selected in the Payment Method field above.

*See Note box at the top of this page.

Interest Calculation Method

Mnemonic: N/A

Use this field to indicate the interest calculation code. This information is automatically pulled from the Account Detail screen.

Possible interest calculation codes are as follows:

	Note: This field will be disabled if "Rule of 78s" is selected in the Payment Method field above.

Due Date

Mnemonic: LNDUDT

This is the date the next regular payment is due. The amortization schedule will begin with this date.

First Payment Due Date

Mnemonic: LN1DUE

This field displays the first payment due date on this loan. This is displayed for informational purposes only. The schedule begins with the current due date.

Maturity Date

Mnemonic: LNMATD

This field displays the date for when the last payment is due and when the loan should be paid in full. The amortization schedule will display payments up to the maturity date and a message "Maturity Payment xx/xx/xxxx" will be displayed. For example, if the maturity date is 5/1/2018, the message will appear after the 4/1/2018 payment. Even if the principal balance isn’t zero at that time, no more payments will be displayed; however, the outstanding principal balance is still shown in the Remaining Balance column on the Amortization Schedule tab.

	Note: Payments on the schedule will be printed up to the earliest of the maturity date, balloon date, next rate change date or next P/I change date.

Balloon Date

Mnemonic: N/A

This is the date a balloon payment is due (action code 1). The amortization schedule will display payments up to the balloon date and a message "Balloon Payment xx/xx/xxxx" will be displayed.  For example, if the balloon date is 5/1/2018, the message will appear after the 4/1/2018 payment. Even if the principal balance isn’t zero at that time, no more payments will be displayed; however, the outstanding principal balance is still shown in the Remaining Balance column on the Amortization Schedule tab.

Be aware that if a loan has a balloon payment, most institutions set up the maturity date and the balloon date to be the same. The message in those instances will be the balloon message.

	Note: Payments on the schedule will be printed up to the earliest of the maturity date, balloon date, next rate change date or next P/I change date.

Begin Print with this Payment Date

Mnemonic: N/A

If you want the schedule to display payments prior to or after the current due date, enter the applicable date in this field and print the schedule. If this field is left blank, the system will calculate this date for you. This field defaults to the current loan due date.

WARNING: This field does not read loan history and should not be given to a customer as a history statement. It simply calculates a schedule beginning with the date entered and the other parameters on the screen. For example, if a customer made several payments and requested a full schedule, you could enter the first payment due date in this field and calculate the schedule. This will not be accurate for ARMs or loans with interest rate or P/I payments changes if you use a date in the past.

End Print After this Payment Date

Mnemonic: N/A

If you want the schedule to print payments up to a date earlier than the default dates, enter a date in this field. For example, for a 30-year mortgage you may only want to print a schedule for 3 years, and you would enter that date here.

Number of Payments to Print

Mnemonic: N/A

Use this field to indicate the specific number of payments you want the schedule to print. For example, if you want to print a schedule for 24 payments for a 30-year mortgage, you would enter "24" here.

If this field is left blank (default), the schedule will be printed to the earliest of the maturity date, balloon date, next interest rate or P/I payment change date.