Navigation:  Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Detail tab > P/I Payment field group > P/I Rate Pointer

Entry: System, drop-down list

F/M: Yes

Mnemonic: LNRPTR

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

 

Select the P/I index rate pointer to be used for this account. Index rate pointers and descriptions are institution-defined and entered in Loans > System Setup Screens > Interest Rate Table.

 

This field controls the rate at which the P/I is to be calculated. The rate pointer entered in this field should be the same as that entered in the Index Rate Pointer field on this screen unless the P/I payment should be calculated on a different rate than the loan is accruing.

 

Note:  The P/I rate pointer will use the Lifetime Maximum Rate Cap and Lifetime Minimum Rate Cap fields when a new rate is calculated. However, if the accrual rate pointer and the P/I rate pointer are different indexes, then the P/I rate pointer does not use the periodic rate cap fields.