Loan Screens > Account Adjustment Screen > Modify Account field group

Entry: User, numeric

F/M: Yes

Mnemonic: LNRATE

Screen: Loans > Account Adjustment screen

In this field, enter the new interest rate you want applied to this loan. Once you've typed in the new interest rate, click <Reclaculate>, and the new payment amount calculated with the new interest rate will appear in the New Payment Amount field.

When you click <Save>, the new interest rate will appear in the Current Interest Rate field.

Field-level security options are available to restrict users from file maintaining this field.

Note: If your institution uses institution option OPCO CORT, changing the interest rate on the loan will cause the system to apply Special Comment Code "CO" (account adjustment) on the account during monthend credit reporting.