Loans > Loan Screens > Account Adjustment Screen > Current Account Information field group

The fields in the Current Account Information field group on the Account Adjustment screen display information about the current loan account. These fields are not file maintainable and are primarily pulled from other screens in the CIM GOLD system. However, you can click the button at the bottom of this box to change the information in the Current Interest Rate field to "0.00" (zero). The system will ask you to verify that you want to change the rate to zero.

WARNING: You cannot reverse changing the Current Interest Rate to zero once you have changed it. This will affect all loan calculations in CIM GOLD. To change the Current Interest Rate to a rate other than zero, use the New Interest Rate field in the Alter Account field group on this screen. You can also change the Current Term, Current Payment Amount, and Current Due Day fields by using the New Term, New Payment Amount, and New Due Day fields in the Alter Account field group.

laa_currentacctinfo

The fields in this field group are as follows:

Field

Description

Principal Balance

Mnemonic: LNPBAL

This field displays the unpaid principal balance of the loan. It can only be entered, changed, or otherwise affected by teller transactions, which means it cannot be file maintained through this screen. Depending on the kind of loan, a transaction may either reduce or increase this balance.

An option is available to open a new loan with a principal balance of zero for payment method 5 loans. This option is requested by work order.

Institution Option SOVC requires a supervisor override when posting a principal decrease.

Payment Method

Mnemonic: LNPMTH

This field displays the payment method code. The payment method code determines how to calculate interest and what rules to follow in processing the loan account. Once the payment method has been set up on a loan, it should not be changed. Loans use fields differently for different payment method codes. In addition, most payment method codes will have a separate screen of individualized fields that will need to be completed for the type of loan specified by the code. These fields are important to the proper processing of the loan. See below for a list of possible selections in this field.

Code	Description
0	Conventional loan amortization
3	Precomputed (Rule of 78s) or sum-of-the-digits
4	Capitalize interest on loans
5	Revolving line-of-credit loan
6	Daily simple interest loan
7	Adjustable rate mortgage loan (ARM)
8	Rental accounts (for more information, see Contract Collections screen
16	Signature loan

Original Maturity Date

Mnemonic: MLOMAT

This field contains the original maturity date from the time the loan was originated and is the date the last payment is due.

Maturity Date

Mnemonic: LNMATD

This field contains the date the last payment is due and the loan should be paid off. At origination, this field and the Original Maturity Date above are the same. See below for information about institution options related to this field.

Original Payment Amount

Mnemonic: LNOPIC

This field is used in connection with late charge code 24 (percentage of original P/I). The late charge uses the original principal and interest (P/I) in the late charge calculation. Also, at the time a loan is opened (tran code 680), the system will automatically enter the principal and interest constant into this field. If there is a zero P/I, such as for a line-of-credit loan, a zero (0) will be entered in this field.

Date Interest Paid To

Mnemonic: LNPDTO

This is the date, calculated with each payment, up to which interest has been paid on the loan. When charging interest on LIP loans, this date will appear in the history. See below for more information.

For payment method 6 loans (daily simple interest), this field is calculated in the following way. When a payment is posted, the Date Last Accrued field on the Loans > Account Information > Account Detail screen is changed to the Date Posted. The system then takes the amount in the Principal Balance field (on the same screen and tab), multiplies it by the Current Interest Rate below and divides it by the interest calculation code base (this determines the per diem). It then divides the Accrued Interest (on the same screen and tab) by the per diem and calculates the number of days. The number of days is subtracted from the Date Last Accrued and that becomes the Date Interest Paid To. When calculating the number of days, the system rounds up. For example, if the number of days is 14.9, then 15 days will be used.

Payment method 5 loans are the same as payment method 6 except as follows:

For periodic loans, this field does not change until the full payment is paid. At that time, the above-mentioned calculation is performed.

Also for periodic loans, the current and previous finance charges are added to the amount in Accrued Interest. The above mentioned calculation is then performed.

	Note: This field is only an interest estimate for payment methods 5 and 6 and LIP loans. Interest rate changes or large adjustments to the principal balance will make the calculated paid-to date slightly inaccurate for the month of the adjustment. The following month this field will be recalculated using the above-mentioned calculation.

For payment method 0 and 7 loans only, if a loan has been sold to an investor, any time a principal decrease (tran code 510) or correction (tran code 518) is processed, the system will write to history the "date interest is paid to." This date is not changed but is written to history so that for scheduled/scheduled reporting, the system can use this date as the payment date for the curtailment.

Institution Option PIWD is available for payment method 6 loans. If this option is set, when a payment is posted (600 transaction code only), interest will only be paid in full-day increments. For example, if the per diem is $5.50, only multiples of $5.50 would be paid to interest ($5.50, $11.00, $16.50, etc.), up to the full amount of interest owed. Any remaining amount will be applied to principal. If the amount paid is less than the per diem, no interest will be paid.

The result of this option will be a more accurate Date Interest Paid To.

Example:

Given:

Principal balance

$3,816.10

Loan rate

30.0000%

Interest base

365

Per diem

$3.14

Interest for 30 days

$97.34

P/I constant

$264.00

A payment of $100.00 divided by the per diem of $3.14 will be 31. The per diem multiplied by 31 is $97.34. The remainder of the payment ($2.66) will be applied to the principal.

PI Constant

Mnemonic: LNPICN

This field displays the current loan payment amount due this month (or according to how often a payment is due). This field displays the portion of the regular payment that is divided between the amount to interest and amount to principal. This field is calculated by the system. If you calculate a new payment amount or term, after changes are saved, that amount will appear in this field.

Reserve 1/2 Constant

Mnemonic: None (calculated as LNR1CN+LNR2CN)

This is the sum of the reserve 1 constant and the reserve 2 constant.

Current Term

Mnemonic: LNTERM

This field contains the term of the loan in months. It is used in calculating rebates on loans with precomputed interest (payment method 3), and in determining the remaining term of ARM (payment method 7) loans.

	WARNING: This field is used to calculate payments and should reflect the number of calendar months over which the loan is being amortized. This is not always the same number as the maturity date of a loan.

Next PI Constant

Mnemonic: LNPINX

The next P/I constant replaces the P/I constant as the amount to divide between principal and interest on a payment when the due date is advanced by the system to be greater than the P/I effective date, which is the date found in the Next PI Effective field below.

Next PI Effective

Mnemonic: LNPIEF

This field contains the principal/interest effective date, which is the date that the next P/I constant should replace the P/I constant. This field, in conjunction with the Next PI Constant field above, can be used to make a payment change in the amount of money applied to principal and interest. (This is the payment due date for the new P/I.)

Amount of Interest Due

Mnemonic: TYDINT

This is the amount of interest due with the next regular loan payment.

Number of Deferments

Mnemonic: MLCNT1

This field shows the total number of deferments processed for the life of the loan. Deferments are processed either through the EZPay screen (if your institution allows it) or in CIM GOLDTeller. See the following topics for more information on deferments:

Deferment Transactions

Deferments screen

Last Deferment Date

Mnemonic: MLDTE1

This is the date the deferred payment was last late. If this field is blank, the payments have never been late. Deferring interest means that if a principal and interest payment does not cover all of the accrued interest owing, the remaining unpaid interest is added to the loan principal balance. After deferral (adding it to the principal balance), interest is also accrued on the deferred amount. See the Loan Deferments screen for additional help regarding deferments.

Outstanding Fees

Mnemonic: LNFEES

This is the total amount of outstanding fees owed.

Current Due Day/Date

Mnemonic: LNDUDT

This field displays both the current due date day and the date the next regular payment is due. Your institution has the option of changing the current due date; however, once it has been changed once, the field will be highlighted in red. This means that a change has been made and that the Current Due Day cannot be changed again. See below for more information.

You can change the Current Due Day by entering the change in the New Due Day field in the Alter Account group box, then clicking the <Save> button. (If your institution has an option set, you cannot change the New Due Day field. Contact your GOLDPoint Systems banking consultant if you want this option set.)

Current Due Day:

This field is used for the due date of the next regular payment when you want to have the due date be the last day of the month and the end of the current month is less than 30 days. For example, if you wanted the due date to be the last day of February, the last day that could be entered in the Current Due Date field is February 28. The system would not allow 31 days in February because that is an invalid date. Thus, on succeeding months the due date would appear as the 28th of the month. The Current Due Day field overrides that date making the due date as the 31st of each subsequent month.

On months that have 31 days, the system will automatically place "31" in the Current Due Day field. In the months that follow, the system will make the due date the last day of the month, even when there are only 30 days in the month.

If Institution Option DD27 is set, the Current Due Day will not be allowed to be greater than 27.

Current Due Date:

The Current Due Date is determined by the system from the Pmt Frequency code on the Loans > Account Information > Account Detail screen. The system requires a due date to be on the loan before the loan can be opened. The Current Due Date displays the date the next regular payment is due.

For payment method 5 loans with a zero balance, a balance increase transaction will update the Current Due Date field by adding the number of days before the finance charge date to the current run date.

	Note: If your institution uses institution option OPCO COPT, changing the Due Date on the loan will cause the system to apply Special Comment Code "CO" (account adjustment) on the account during monthend credit reporting.

Original Due Day/Date

Mnemonic: LN1DUE

This field displays the first payment due day and date on this loan. The Day portion of this field displays the day of the month, and the date portion displays the date in DD/MM/YYYY format.

This is a critical field that is used by numerous afterhours reports. Coupons and bill/receipt statements use this date to determine the first coupon/billing. For line-of-credit loans (payment method 5), if the first due date is not known, the date the loan was opened will appear in this field, so the field will not be blank. (A bill/receipt will not be created until there is a principal advance. The statement will be created on the next coupon/bill cycle after the advance).

Current Interest Rate

Mnemonic: LNRATE

This field displays the current annual interest rate using three decimal places. This is the rate calculated at which the payment is being made. You can change this rate by clicking <Zero Rate>, then typing a new rate in the New Interest Rate field in the Alter Account field group and clicking <Save>. This will change the interest rate for the loan. If the rate is changed for daily simple interest loans (payment method 5 or 6), the accrued interest is recalculated to the current date using the old rate, and the date last accrued is changed to today's date.

An institution option is available that does not allow employees to change the interest rate through the New Interest Rate field.