Navigation:  Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Rates & P/I Tables tab > Rate Information field group > Next Rate Change Date

Entry: User, date

F/M: Yes

Mnemonic: LNAMDT

Screen: Loans > Account Information >ARM Information > ARM Rates & P/I Tables tab

 

The Next Rate Change Date field is also on the ARM Detail tab on this screen.

 

During the funding process (for those clients who do not fill in this field using GOLDTrak or when the 680 tran is processed), the system will automatically calculate the rate change date to be stored in the table in position #1. This is done by taking this field minus one Rate Change Frequency. This may not always be accurate as in the case where the loan is fixed for the first 3 years then adjusts every 6 months thereafter.

 

Example of fixed rate for 3 years, then 6 month adjustment: You fund the loan on 10-04-07, the first rate change date is 11-01-10, and the rate change frequency is 6. The system will automatically calculate the Rate Change Date in position #1 of the table to be 5-01-07, assuming the start of this accrual period to be 6 months prior to the rate change date. To correct this, file maintain the Rate Change Date field in position #1 to be 11-01-10.

 

Enter the date using MMDDYYYY format, or use the drop-down calendar to select the date.