Navigation:  Loan Screens > Account Information Screen Group > ARM Information Screen > Rate Caps & Negative Amortization tab > Negative Amortization field group > Interest Only P/I

Entry: User, numeric

F/M: Yes

Mnemonic: LNIPIC

Screen: Loans > Account Information > ARM Information > Rate Caps & Negative Amortization tab

 

If a loan is set up for negative amortization, the system will automatically enter the Interest Only P/I needed to pay just the interest that is due with the payment. This amount will automatically be displayed on the ARM event letters and the bill and receipt statement. Refer to warning below.

 

WARNING: Manual adjustments can be made to this field; however, it is not recommended. Regulations require the disclosure of the amortized P/I or interest only P/I under certain conditions. File maintenance to this field should only be performed by employees who understand the regulatory requirements and are sure that the amount entered is correct.