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

The Rate Information field group on the ARM Rates & P/I Tables tab of the ARM Information screen contains rate change information for the account.

Up to 12 Rate Change Dates, with their corresponding Index and New Rate information, can be indicated in this field group (see table below).

laiarmi_rateinfo2

The fields in this field group are as follows:

Field

Description

Current Rate

Mnemonic: LNAMRT

The current rate is also displayed in the Current Rate field on the ARM Detail tab on this screen. However, it can only be file maintained on this tab. See below for more information.

When a new loan is funded, this rate and the rate change date (Rate Change Date minus Rate Change Frequency, see below) is automatically added to the table in position #1. During the funding process (for those clients who do not fill in this field using GOLDTrak or when the 680 tran is processed), the system will automatically calculate the rate change date to be stored in the table in position #1. This is done by taking the current rate change date minus one rate change frequency. This may not always be accurate as in the case where the loan is fixed for the first 3 years, then adjusts every 6 months thereafter.

Example of fixed rate for 3 years, then 6 month adjustment: You fund the loan on 10-04-07, the first rate change date is 11-01-10, and the rate change frequency is 6. The system will automatically calculate the Rate Change Date in position #1 of the table to be 5-01-10, assuming the start of this accrual period to be 6 months prior to the rate change date. To correct this, file maintain the Rate Change Date field in position #1 to be 11-01-10.

	Note: Whenever you are converting pre-existing loans onto the system, such as during an acquisition, this field, along with the rate change date, must be added to the table.

Next Rate

Mnemonic: LNAMNA

The next rate is also displayed on the ARM Detail tab on this screen. However, it can only be file maintained on this tab. The next rate will roll into the Current Rate field above when the applicable loan payment is posted.

Rate Change Frequency

Mnemonic: LNAMFQ

This field will display the Rate Change Frequency field from the ARM Detail tab on this screen. The field can only be file maintained on the ARM Detail tab. This is the frequency (in months) the rate will change on this loan.

Next Rate Change Date

Mnemonic: LNAMDT

The Next Rate Change Date field is also on the ARM Detail tab on this screen. See below for more information.

Days Before Rate Change

Mnemonic: LNAMAD

Enter the number of days prior to a rate change that you want the new rate to be calculated and the notice of the change to be generated.

Rate Change Date (1-12)

Mnemonic: LNADT1 - LNADT9, LNADTA, LNADTB, and LNADTC

The system enters and displays up to 12 past or future rate change dates for the corresponding New Rate (below).

Index (1-12)

Mnemonic: LNNDX1- LNNDX9, LNNDXA, LNNDXB, and LNNDXC

The Index field displays the index value used in calculating each corresponding New Rate field below. The two fields generally are different by the value of the margin. However, they may be different due to rate caps, ceilings or floors (lifetime maximum or lifetime minimum fields).

New Rate (1-12)

Mnemonic: LNANR1 - LNANR9, LNANRA, LNANRB, and LNANRC

The system enters and displays up to 12 past or future rates.