Navigation:  Loan Screens > Account Information Screen Group > Account Detail Screen > Payment Detail tab > Payment Information field group > Next P/I Payment Change

Entry: User, date

F/M: Yes

Mnemonic: LNPIEF

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

 

This field contains the principal/interest effective date, which is the date that the next P/I payment should replace the current P/I payment. This field, in conjunction with the Next P/I Payment field, may 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 P/I payment changes on adjustable mortgage loans (ARM, payment method 7). The Next P/I Payment will be calculated on the date of the number of days entered in the Days Before Rate Change (on the Loans > Account Information > 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 Information screen.

 

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