Loan Screens > Account Adjustment Screen > Current Account Information field group

Entry: System, numeric

F/M: No

Mnemonic: LNPMTH

Screen: Loans > Account Adjustment screen

This field displays the payment method code. The payment method code determines how to calculate interest and what rules to follow in processing the loan account. Once the payment method has been set up on a loan, it should not be changed. Loans use fields differently for different payment method codes.

In addition, most payment method codes will have a separate screen of individualized fields that will need to be completed for the type of loan specified by the code. These fields are important to the proper processing of the loan.

Possible codes in this field are:

Code	Description
0	Conventional loan amortization
3	Precomputed (Rule of 78s) or sum-of-the-digits
4	Capitalize interest on loans
5	Revolving line-of-credit loan
6	Daily simple interest loan
7	Adjustable rate mortgage loan (ARM)
8	Rental accounts (for more information, see Contract Collections screen)
16	Signature loan