Navigation:  Loan Screens > Original Loan Disclosure Screen > Loan Disclosure Information field group > Interest Charge

Entry: System, numeric

F/M: No

Mnemonic: LN78OI for precomputed. Calculated for other types of loans.

Screen: Loans > Original Loan Disclosure screen

 

For precomputed accounts, this field displays the original amount of interest precalculated to be due over the life of the loan (also known as Original Unearned Interest).

 

This field may also be calculated by taking the Original Interest Charge (OTOINT) minus any Extension Interest (OTXINT). These fields are calculated at origination and shown on the Loans > Account Information > Additional Loan Fields screen, then click <Show Origination>.

 

This field is used in many different calculations, such as:

 

•Interest Rebate Method for precomputed loans.

•Refund Rule in precomputed loans.

•Finance Charge Amortization Method for insurance policies.

•Amortization Method in amortizing fees.

•Deferment calculations.