Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group > Accrued Interest

Entry: User, numeric

F/M: Yes

Mnemonic: LNACIN

Screen: Loans > Account Information > Account Detail > Account tab

 

This is the interest accrued on the loan, including unpaid interest up to but not including the date last accrued. For interest-bearing and ARM loans (payment method 6 and 7), the accrued interest is usually 0. For conventional loans (payment method 0), the Open Loan transaction (tran code 680) will place the interest in the field. It does not move from GOLDTrak PC.

 

The only time there will be a balance in the Accrued Interest field is when the loan is amortizing negatively and interest is deferring based on the rate change frequency. This occurs when the Defer Interest at field on the Rate Caps & Negative Amortization tab of the Loans > Account Information > ARM Information screen is set to "Never Defer Interest" or "Rate Roll." This field is maintained by the system.

 

A GOLDWriter and variable screen mnemonic (LNACRINT) is available that will accrue loan interest either to or through today. The calculation is the same calculation as the Loans > Payoff screen uses. The mnemonic uses the same institution option as for payoffs to determine if the calculation is to or through today.

 

WARNING: This mnemonic does not use the payoff record. If you have already locked in a payoff record on the Loans > Payoff screen, and you run a GOLDWriter report using this mnemonic, but today is not the actual payoff date, the accrued interest may be different on the report than it is on the payoff record.