Navigation:  Loan Screens > Account Adjustment Screen > Current Account Information field group > Current Term

Entry: System, numeric

F/M: No

Mnemonic: LNTERM

Screen: Loans > Account Adjustment screen

 

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.