Loan Screens > Account Information Screen Group > Account Detail Screen > Interest Detail tab > Interest Information field group

Entry: User, numeric

F/M: Yes

Mnemonic: LNRATE

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

This field displays the interest or payment rate to use on this loan. The information in this field is brought over during loan origination. If you have proper security, you can make changes to this field.

Enter the annual interest rate using five decimal places. This field is called Payment Rate only for ARM loans (payment method 7), and for daily simple interest loans (payment methods 4 and 6) with the Use ARM Fields field checked on the Payment Detail tab. It is the rate entered or calculated at which the payment is being made. For these loans, you must enter the interest rate in the Current Rate field on the Loans > Account Information > ARM Information screen for interest to be calculated on this loan. This is generally used with a rate pointer other than "255."

If the rate is file maintained on 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.

Note: For institution 158, this field cannot be changed if the loan was charged-off (General Category 82). The rate will be zero percent (or the Interest Rate field will be blank) and cannot be changed. If users attempt to change the rate from zero to something else, they will receive an error message.