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Payment Frequency |
  
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Navigation: Loan Screens > Account Information Screen Group > Account Detail Screen > Payment Detail tab > Payment Information field group >
Payment Frequency
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Payment Frequency |
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Entry: User, drop-down list
F/M: Yes
Mnemonic: LNFREQ
Screen: Loans > Account Information > Account Detail > Payment Detail tab
This field displays the number of months or frequency of regular loan payments. (Biweekly doesn't work for ARMs, P/I doesn't calculate, etc.)
The codes include the following:
Code |
Description |
|---|---|
1 |
Monthly payment |
2 |
Bi-monthly payments (every 2 months) |
3 |
Quarterly payment |
4 |
Payment every 4 months |
6 |
Semi-annual payment (every 6 months) |
12 |
Annual payment |
26 |
Bi-weekly (every two weeks) |
If payment frequency code 26 is used, an Interest Calculation Method code of 001 or 101 must be used.
If your institution allows changing payment frequencies, see the Loans > Account Information > Payment Information screen help for more information on how to change frequencies.