Navigation:  Loan Screens > Account Adjustment Screen > Modify Account field group > New Term

Entry: User, numeric

F/M: Yes

Mnemonic: LNTERM

Screen: Loans > Account Adjustment screen

 

This field has multiple uses. You can enter new information in the other fields to calculate a new term that will show in this field. You can also enter a new term in this field to calculate new information that shows in other fields.

 

Click <Recalculate> and the new amount or term will appear (depending on which field was entered).

 

When you click <Save Changes>, any changes you made in this field will appear in the Current Term field in the Current Account Information field group.

 

To change the current term but not the payment amount:

 

1.In this field, enter the new total term minus the number of payments already made.

2.Click <Save Changes>.

The Current Term will update, but the payment will remain unchanged.

 

To change the payment and the term:

 

1.In this field, enter a new total term minus the number of payments already made.

2.Click <Recalculate>.

The adjusted payment amount will appear in the New Payment Amount field.

3.Enter a reason in the Reason for Payment Adjustment field.

4.Click <Save Changes.>

 

To calculate a new term and display it in this field:

 

1.Enter a new payment in the New Payment Amount field.

2.Click <Recalculate>.

 

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

 

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