Field

Description

Current Balance

Mnemonic: LNPBAL

This field displays the current principal balance of the loan. If the principal balance is zero and the loan status is “open” or “closed,” the total remaining deferred fees, costs, and Mortgage Servicing Rights (MSR) are taken to income at the same time your institution has the deferred fees cycle (usually monthend) and not on the day of the payoff.

For payment method 5 (precomputed) loans with zero principal balance and an “open” status, normal monthly amortization is processed rather than taking all fees to income, as does a “closed” zero balance loan. Institution Option AMIP indicates that the institution portion of the principal balance should be used to amortize the deferred fees or costs.

Balance + Fees

Mnemonic: LNXFEER

This field displays the Current principal balance of the loan plus any Fees incurred on the loan.

Product Type

Mnemonic: LNTYPC

This field displays the loan type and class description for the loan. This information is defined by your institution and set up using GOLDTrak PC.

Due Date

Mnemonic: LNDUDT

This field displays the current due date for the customer loan account. Your institution has the option of determining the number of times a due date for an account can be changed. Once the due date has been changed the determined number of times, the number to the right of the due date will be highlighted in red. This means that all changes have been made and that the Due Date cannot be changed again. With prior security, the Due Date can be file maintained from the Loans > Misc Secured F/M Data screen.

Current Payment

Mnemonic: LNPICN

This field displays the portion of the regular payment that is divided between the amount to interest and amount to principal.

Interest Rate

Mnemonic: N/A

This field contains two parts: Loan interest type and interest rate.

The loan interest type may be PC (precomputed interest), IB (interest bearing account), or LOC (line-of-credit).

A PC account is also known as a Rule of 78 account. This means that interest will be assessed by the following method using a 12-month term: The first month's interest earned by the institution is 12/78 of the original charge on the account. The second month is 11/78 of the original charge. The third month is 10/78 of the original charge, and so on. For more information about precomputed loans, see the Loans > Account Information > Precomputed Loans screen.

Interest-bearing loans use a simple interest rate that is determined at loan setup. Interest is then accrued and posted to the loan each time a payment is made.

A line-of-credit loan includes revolving lines, interest only loans, interest only loans with a principal constant, credit card loans, and more. For more information about line-of-credit loans, see the Loans > Line of Credit Loans screen.