Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Account tab > Payment and Classification field group > Next PI Effective

Entry: System, numeric

F/M: No

Mnemonic: LNPIEF

Screen: Loans > Account Information > Account Detail > Account tab

 

This field contains the principal/interest effective date, which is the date that the Next P/I Constant should replace the P/I Constant. This field, in conjunction with the Next PI field (on the Loans > Account Information > ARM Information screen), can be used to make a payment change in the amount of money applied to principal and interest. (This is the payment due date for the new P/I.)

 

The P/I effective date is used for both manual loan adjustments and automatic principal/interest changes on adjustable mortgage loans (ARMs, payment method 7). The Next PI will be calculated on the date of the number of days entered in the Days Before Rate Change field on the ARM Information screen prior to the actual date entered in the field.

 

To perform file maintenance on ARM (payment method 7) loans, you must access the ARM Rates & P/I Tables tab of the ARM Information screen.

 

If manual changes are desired, the P/I Change Frequency field on the ARM Information screen should be zero (0).

 

If modified payments are set up on the loan (through the Loans > Transactions > CP2 screen, Payment Schedule tab), this field will display the date when the next modified payment amount will be required.