Navigation:  Loan Screens > Investor Reporting Screen Group > Loan Investor Fields Screen > Rate Change Information tab > Guaranteed Rate field group > Next Guaranteed Rate

Entry: User, numeric, 9 digits

F/M: Yes

Mnemonic: LNIGNX

Screen: Loans > Investor Reporting > Loan Investor Fields > Rate Change Information tab

 

Use this field to indicate the next Guaranteed Rate that will be used for the selected customer loan account (and become effective on the Next Guaranteed Rate Change Date).

 

When the system calculates this field, it first looks at the rate in the rate table, and then adds or subtracts the Guaranteed Rate Offset. Then, if the Use Guaranteed Rate Cap field is marked, the system compares the new rate to the rate increase/decrease per period. This determines if the rate change is within the limit. It will only change the rate within the bounds of the limit fields. Next, the system checks the Guaranteed Rate Maximum and Guaranteed Rate Minimum fields. If the new rate is higher than the maximum rate or lower than the minimum rate, it will use the rate in the maximum/minimum field for the new rate.