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New Payment Recalculation

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New Payment Recalculation

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Use the fields in the Account Adjustment field group to calculate and/or establish a new loan payment based on a new term, interest rate, or both. Use this field group to estimate how much a loan payment and loan amount would increase or decrease if the customer refinanced their loan to a different rate or a different term. This calculation is made using the Current Balance on the loan, not the original balance.

 

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Note: See the OPCO institution options for information on how changing the interest rate, term, or payment on a loan may affect whether or not the account is designated with Special Comment code "CO" (account adjustment) during monthend credit reporting.

 

LTCP2acctadjust

 

hmtoggle_arrow1To calculate a new payment based on a new interest rate:

1.

Enter the new interest rate in the New Interest Rate field. Note: This field may not be file maintainable according to your institution's field-level security.

2.

Enter the existing loan term (shown in the Current Term field) in the New Term field.

3.

Click <Calculate New Payment>. The New Payment field displays the amount of the new payment based on the interest rate entered.

4.

A manager or supervisor needs to click <AVP Approval> or <VP Approval> to process the interest rate change. Note: Depending on your institution's policies, interest rate changes may require approval from one or two supervisors.

NOTE

 

The cp2_vpapproval or cp2_avpapproval buttons are set up with field-level security on the Field Level tab of the Security > Setup screen.

 

1.        From the Record Type field in the All Fields field group, select "FPD1 - Loan CP2 Record." The following fields will be displayed:

 

LTCP2_avpsecurity

 

2.        To restrict the selected user from clicking the cp2_vpapproval or cp2_avpapproval buttons, mark the Not Vice President (D1NOVP) and Not Assistant Vp (D1AVP) boxes (as highlighted above).

 

That person will not be able to click those buttons on the CP2 tab.

 

hmtoggle_arrow1To calculate the cost of a loan based on a new term:

1.

Click <Clear> to clear out any numbers in the Account Adjustment field group.

2.

Enter the current interest rate of the loan (pulled from the Current Interest Rate field) in the New Interest Rate field. Note: This field may not be file maintainable according to your institution's field-level security.

3.

Enter the New Term of the loan. For example, if the Current Term is 60 and the customer wants to see how much the loan payment would be if the term was extended to 70 payments, enter "70" in the New Term field.

4.

Click <Calculate New Payment>. The New Payment field will display the new amount based on the indicated term.

5.

A manager or supervisor needs to click <AVP Approval> or <VP Approval> to process the new term change. Note: Depending on your institution's policies, loan term changes may require approval from one or two supervisors.

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