Loans > Loan Screens > Account Information Screen Group > Precomputed Loans Screen

The fields in the Loan Information field group on the Precomputed Loans screen display the current interest, balance, and other details of the loan. These fields are not file maintainable on this screen; however, they are file maintainable on other screen in the loan system or through GOLDTeller transactions.

laipl_loaninfo

The following fields are in this field group:

Field

Description

Due Date

Mnemonic: LNDUDT

This is the date the next regular payment is due. This field can be file maintained through the Loans > Account Information > Account Detail screen.

Principal Balance

Mnemonic: LNPBAL

This field displays the unpaid principal balance of the loan. It can only be entered, changed, or otherwise affected by teller transactions, which means it cannot be file maintained through this screen. Depending on the kind of loan, a transaction may either reduce or increase this balance.

Date Opened

Mnemonic: LNOPND

This field displays, in MMDDYY format, the date the loan was opened or funded. The system automatically supplies this information when a new loan (tran code 680) is performed or the loan is boarded and funded from GOLDTrak PC. For loans with precomputed interest (payment method 3), this field is one of the keys for calculating rebates. Although the system enters the data for this field, it is file maintainable on the Account Detail screen if you have the proper security clearance.

Term

Mnemonic: LNTERM

This field contains the term of the loan in months. It is used in calculating Rebated Interest on loans with precomputed interest (payment method 3).

	WARNING: This field is used to calculate payments and should reflect the number of calendar months over which the loan is being amortized. This is not always the same number as the maturity date of a loan.

Original Balance

Mnemonic: LNOBAL

This field contains the original amount of the loan. On loans with precomputed interest (payment method 3), this amount will include the loan principal plus the add-on amounts. This field is originally entered through loan origination.

Original P/I Constant

Mnemonic: LNOPIC

This field contains the original amount of the principal and interest monthly payment on the loan. This field is originally entered when the loan is initially set up.

P/I Constant

Mnemonic: LNPICN

The P/I Constant field contains the portion of the regular payment that is divided between the amount to interest and amount to principal. This field is calculated by the system.

Loan Rate

Mnemonic: LNRATE

This is the annual interest rate of this precomputed loan to the nearest three decimal places. The information in this field is set up when the loan is opened.

Original APR

Mnemonic: LNAPRO

This field displays the original annual percentage rate (APR) of the loan. This field is for informational purposes and is not file maintainable.

First Due Date

Mnemonic: LN1DUE

This field displays the first date the first payment was due on this loan. This field will be in the future if this is a new loan.

Maturity Date

Mnemonic: LNMATD

This field contains the date the last payment is due and the loan should be paid off. All loans must have a maturity date or the payment cannot be posted.

Institution Option APML allows a principal increase to be processed if a loan is past the maturity date. It requires a supervisor override (SOV). Institution Option APCO allows a loan payment (tran code 600/608) or an optional loan payment (tran code 690/698) to be processed if a loan has been charged off (hold code 2).

Original Term

Mnemonic: LNTRMO

This is the original term of the loan (in months) established during the origination of the loan.

Original Principal Before Add-Ons

Mnemonic: LN78OP

This field displays the original amount of the loan before the unearned insurance and unearned interest are added to it. This field plus the Original Unearned Interest field and any unearned dealer reserve and unearned insurance amounts constitute the financed amount.

Converted from PC to IB

Mnemonic: LNPCIB

If this account has been converted from a precomputed to an interest-bearing account, a checkmark will appear in this box. You can also checkmark this box if you or another person at your institution intends to convert this precomputed loan to an interest-bearing loan. This field is for informational purposes only. Open the link below for more information.

Converting Precomputed Loans to Daily Simple Interest

You can convert a precomputed loan to a daily simple interest loan (payment method 6) from three different places in CIM GOLD:

1. By clicking <Run PC2IB Transaction> from the Loans > Transactions > CP2 screen on the CP2 tab.

2. You can also use the Loans > Transactions > Charge Off Transactions screen, Convert Precomputed to Simple tab.

3. From the Loans > Account Adjustment screen, then click <Convert to Interest Bearing>.

	Note: You can skip certain amortizing fees from being included when converting precomputed loans to interest-bearing loans. This option (F1CIBS) is set during loan origination (either through GOLDTrak PC, GOLDTrak Express, or eGOLDTrak) for each fee you do not want included and is only available for precomputed loans (payment method 3).

For more information, see Convert Precomputed to Daily Simple Interest.