Navigation:  Loan Screens > Account Information Screen Group > Additional Loan Fields Screen > Origination/Maturity tab > Term in Months

Entry: System, numeric

F/M: Yes

Mnemonic: LNTERM

Screen: Loans > Account Information > Additional Loan Fields > Origination/Maturity tab

 

This field contains the term of the loan in months. It is used in calculating rebates on loans with precomputed interest (payment method 3), and in determining the remaining term of ARM (payment method 7) loans. Generally, you cannot make changes to this field. The information is transferred over when the loan is originated. However, if you have proper security clearance, you can update this field.

 

Note: If this field is file maintained manually by an employee, the account may be flagged with Special Comment Code "CO" (loan modified) during monthend credit reporting. See the Special Comment Code field on the Credit Reporting screen for more information.

 

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.