Navigation:  Loan Screens > Account Information Screen Group > Amortizing Fees And Costs Screen > Loan Information field group > Payment Method

Entry: System, alphanumeric

F/M: No

Mnemonic: LNPMTH

Screen: Loans > Account Information > Amortizing Fees And Costs 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. This field is pulled from the Loans > Account Information > Account Detail screen.

 

In addition, other screens pertain to specific payment methods, such as the Loans > Account Information > ARM Information and Precomputed Loans and Loans > Line-of-Credit Loans screens. Fields on these screens are important to the proper processing of the loan.

 

Click the list icon to view and select the payment method for this loan.