Loans > Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Rates & P/I Tables tab

The P/I Payment Information field group on the ARM Rates & P/I Tables tab of the ARM Information screen contains contains principal and interest payment information about the account.

Up to 12 P/I Change Dates, with their corresponding New P/I Payment information, can be indicated in this field group (see table below).

laiarmi_pipaymentinfo

The fields in this field group are as follows:

Field

Description

Current P/I

Mnemonic: LNPICN

The current P/I is also displayed on the ARM Detail tab on this screen. It is the portion of the loan payment that is divided between the amount to interest and the amount to principal. It can only be file maintained on this tab.

Next P/I

Mnemonic: LNPINX

This field displays the next P/I. The Next P/I will roll into the Current P/I field above when a payment is made.

P/I Change Frequency

Mnemonic: LNAMPC

This field will display the P/I Change Frequency field from the ARM Detail tab on this screen. This field contains the frequency on which the P/I will change on this loan. It should be entered in months. If the P/I is supposed to change annually, “12” would be entered in this field. Enter "6" for semi-annual changes; "1" for monthly changes.

Next P/I Change Date

Mnemonic: LNPIEF

The Next P/I Change Date field is also on the ARM Detail tab on this screen, and shows which P/I will be or was in effect on the respective date. Enter the date using MMDDYYYY format, or use the drop-down calendar to select the date.

Days Before P/I Change

Mnemonic: LNAMID

This field contains the number of days prior to the P/I change date you want the new P/I to be calculated. You can use either 30 day months or actual number of days in the month. See below for more information.

If the number in this field is based on 30-day months and “75” is in the field, the new P/I will be calculated two months and 15 days prior to the P/I change date. For the rate and P/I to roll at the same time, this field should contain 30 more days than the Days Before Rate Change field.

Institution option 9 AMAD allows this field and the Days Before Rate Change field to work on actual day months.

The following is an example of how to determine exactly which night the new rate and P/I are calculated and when notice letters are generated. The example is using 30-day months with 75 days in the Days Before P/I Change; the Days Before Rate Change is 45, the Next Rate Change Date is 03-01, and the Next P/I Change Date above is 04-01.

Using 30-day months means that for every full month you count back, you use 30 days regardless of the actual days in the month. If 03-01 is the rate change date, you would count 30 days for February and then back 15 more days in January (using Jan. 31st), ending up on 01-17. The system will always process the calculations and generate the change letters in the afterhours the night before the change date.

In the example above, if you use Institution Option AMAD, the actual number of days option, then the date will be 01-16. The system will generate the night before 01-16, which is also 75 days before the P/I change date. (Remember, in some years February has 29 days.)

	Note: When using the 30-day month option (default), the system assumes every month consists of 30 days.

If Institution Option AMAD is used, the system will count every calendar day, including the 31st day of applicable months or 28/29 days for February, except as noted below. If the rate and P/I calculations occur within 5 days of one another, the system will roll them together when the rate adjustment normally would occur. When the adjustment occurs, the system will automatically create the appropriate ARM event letter notice.

If you are using the actual number of days option, the following will occur:

•	If the P/I calculation date occurs prior to the rate change calculation date, only the new P/I will calculate on the P/I calculation date. The rate will then calculate on its scheduled date.

•	If the rate change calculation date occurs prior to the P/I change calculation date, and the P/I change date is within the next 5 days of the rate change calculation date, then both the rate and P/I will calculate on the rate change calculation date.

P/I Change Date 1-12

Mnemonic: LNPEF1-LNPEF9, LNPEFA, LNPEFB, and LNPEFC

The system displays up to 12 past or future P/I change dates for the corresponding new P/I payments.

New P/I Payment 1-12

Mnemonic: LNPNX1-LNPNX9, LNPNXA, LNPNXB, and LNPNXC

The system displays up to 12 past or future P/I payments.