Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Detail tab > Rate Information field group

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

F/M: Yes

Mnemonic: LNAPIN

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

This is the last index rate used (pulled from the ARM Rates & P/I Tables tab). This is the interest rate used on this loan before the current interest rate. If this field is blank, then this is the first interest rate for this loan.

The interest rate margin would have been added to or subtracted from this rate to determine the actual loan rate. This rate is used on the rate change notice to the borrower when disclosing the last index. File maintenance of this field should be done with caution.

For delinquent loans the index rate appearing here does not match the rate for the delinquent payment. It displays the rate as if the loan were current. To see the rate for the delinquent payment you must look in the history of the loan. It will appear in the history as “LST RT IND.”