Loans > Loan Screens > Original Loan Disclosure Screen > Loan Disclosure Information field group

This field group displays how information was initially processed for the customer loan account when it was opened. If the loan is a renewal, the renewal information will appear on this screen and the old loan information will appear in the Prior Loans list view.

For disclosure information about loans purchased from another institution, see the Loans > Purchase Disclosure screen.

lold_loandisclosure

The fields in this field group are as follows:

Field

Description

Date of Loan

Mnemonic: LNOPND

This field displays the date the customer loan account was opened or funded. The system automatically supplies this information when a new loan (tran code 680) is set up. For loans with precomputed interest (payment method 3), this field is one of the values used in calculating rebates.

If there is a date in the Date Opened field while performing the open loan transaction, the date will not be changed. If the Date Opened field is blank, the following will occur:

1.	If the transaction is not backdated, the current date is defaulted into the field.

2.	If the transaction is backdated to a date in the current month, the backdated date is defaulted into the field.

If the transaction is backdated to a prior month, the first day of the current month is defaulted into the field. This is done so the loan will appear on new loan and regulatory reports for the current month (if transactions are backdated to a prior month, the loan will not appear on the prior month reports because they will already have been processed).

1st Pmt Due Date

Mnemonic: LN1DUE

This field displays the first payment due date on the customer loan account. This is a critical field that is used by numerous afterhours reports. Coupons and bill/receipt statements use this date to determine the first coupon/billing.

If the first due date is not known for line-of-credit loans (payment method 5), the date the loan was opened will appear in this field. A bill/receipt will not be created until there is a principal advance. The statement will be created on the next coupon/bill cycle after the advance.

Maturity Date

Mnemonic: MLOMAT

This field displays the date the last payment is due on the customer loan account (and the date the loan should be paid off). All loans must have a designated maturity date except payment methods 5 (revolving line-of-credit) and 8 (rental accounts), otherwise payments cannot be posted. See below for more information.

Original Pmt Amt

Mnemonic: LNOPIC

This field displays the original payment amount for both principal and interest for the customer loan account. This field is used in connection with late charge code 24, which uses the original principal and interest in the late charge calculation.

At the time a loan is opened (transaction code 680), the system will automatically enter the P/I constant into the Face Amount field below. If there is a zero P/I, such as for a line-of-credit loan, "0" will appear in this field.

First Pmt Amt

Mnemonic: OTFPAM

This field displays the first minimum payment amount for the customer loan account. Depending on how the loan is set up, the payment may be a monthly, bi-monthly, weekly, etc. payment.

This payment amount includes both principal and interest as designated by your institution.

Face Amount

Mnemonic: LNPICN

This field displays the face amount, or face value, of the loan. The Face Amount is calculated by taking the original balance on the loan and subtracting any maintenance fees (at origination) and original unearned precomputed interest (if applicable).

This field is used in Credit Reporting to determine the high or original amount. This field is also used in many amortizing calculations, such as amortizing fees and precomputed interest.

Face Amount = Original Balance - Maintenance Fees (amortizing fees that are designated at loan origination) - Original Unearned Interest

Example: The Original Balance on a loan is $1,450.00. The loan is a precomputed loan with Original Unearned Interest of $150.00, as well as $45 in maintenance fees.

$1,450.00 - $150.00 - $45 = $1,255.00

Term of Loan

Mnemonic: MLOTRM

This field displays the original maturity term (the time needed to pay off the loan) for the customer loan account.

Maturity term lengths are designated by your institution.

Balloon/Final Pmt

Mnemonic: OTLPAM

This field displays the final payment (or final balloon payment) amount on the customer loan account. See below for more information.

When a loan has processed multiple equal or similar payments for a certain amount of time, but is then paid off when one larger payment is processed, that larger payment is known as a "balloon" payment.

Regardless of the type of final payment processed, the final payment amount appears in this field.

	Note: For loans that are boarded through GOLDAcquire Plus or GOLD Loan Gateway, an institution option is available that affects whether an amount is transferred into the Last Payment Amount field.

If this institution option (OP30 UOLP – Use Origination Payment Amount) is set, when a loan is boarded through GOLDAcquire Plus or GOLD Loan Gateway, the Final Payment amount (OTLPAM) will transfer into the Last Payment Amount field (LNLPMA) for the loan.

Without this option set, the Open Loan transaction (tran code 680) clears the amount in LNLPMA. If UOLP is set, then the CSOT record will be read and populate LNLPMA with OTLPAM.

Amount Financed

Mnemonic: OTAFIN

This field displays the amount your institution financed for the customer loan account. The amount financed is the loan amount applied for less prepaid finance charges. Prepaid finance charges can be found on the Good Faith Estimate/Settlement Statement (HUD-1 or 1A).

For example, if the customer's note is for $100,000 and prepaid finance chargestotaled $5,000, the value in this field would be $95,000. This value is the figure on which the Annual Percentage Rate (APR, see below) is based.

Finance Charges

Mnemonic: OTTPMT - LNOBAL

This field displays the amount of any finance charges accrued on the customer loan account.

This amount includes anything from loan origination fees, interest, etc. This field is calculated by subtracting the original balance of the loan (found on the Loans > Account Information > Account Detail screen) from the value in the Total Payments field below.

Original Principal

Mnemonic: LN78OP

This field displays the original amount of the customer loan account before unearned insurance and unearned interest were added.

Interest Charge

Mnemonic: LN78OI

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). See below for more information.

Total Payments

Mnemonic: OTTPMT

This field displays the total amount of all payments made toward principal, interest, and mortgage insurance (if applicable) over the life of the customer loan account.

Yield APR%

Mnemonic: MLBYAR

This field is used in the Dealer Consolidation Report (FPSRP214) to identify the weighted average branch yield APR at your institution.

APR

Mnemonic: LNOAPR

This field displays the original annual percentage rate (APR) of the customer loan account.

Original Rate

Mnemonic: LN78AO, OTORAT

This field displays the original interest rate on the customer loan account. For payment method 5 (precomputed) loans, the rate of add-on interest appears in this field.

Add-on interest is computed at the beginning of the loan, then added to the principal. Add-on interest must be repaid even if the loan is paid off early.

Original Pmt Mthd

Mnemonic: OTPMTH

This field displays the loan interest type or payment method as indicated when the customer loan account was originated. See below for more information.

Interest Start Date

Mnemonic: OTINDT

This field displays the customer loan account’s interest accrual start date.