Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Rates & P/I Tables tab > Rate Information field group

Entry: User, numeric, 7 digits (not including the decimal)

F/M: Yes

Mnemonic: LNAMRT

Screen: Loans > Account Information >ARM Information > ARM Rates & P/I Tables tab

The current rate is also displayed in the Current Rate field on the ARM Detail tab on this screen. However, it can only be file maintained on this tab.

When a new loan is funded, this rate and the rate change date (Rate Change Date minus Rate Change Frequency) is automatically added to the table in position #1. During the funding process (for those clients who do not fill in this field using GOLDTrak or when the 680 tran is processed), the system will automatically calculate the rate change date to be stored in the table in position #1. This is done by taking the current rate change date minus one rate change frequency. This may not always be accurate as in the case where the loan is fixed for the first 3 years, then adjusts every 6 months thereafter.

Example of fixed rate for 3 years, then 6 month adjustment: You fund the loan on 10-04-07, the first rate change date is 11-01-10, and the rate change frequency is 6. The system will automatically calculate the Rate Change Date in position #1 of the table to be 5-01-10, assuming the start of this accrual period to be 6 months prior to the rate change date. To correct this, file maintain the Rate Change Date field in position #1 to be 11-01-10.

Note: Whenever you are converting pre-existing loans onto the system, such as during an acquisition, this field, along with the rate change date, must be added to the table.