Loan Screens > Account Information Screen Group > ARM Information Screen > ARM Detail tab > Rate Information field group

Entry: System, numeric, 7 digits (not including the decimal)

F/M: No

Mnemonic: LNAMNA

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

This field contains the next rate to be used for this loan. It becomes effective with the payment due on the Next Rate Change Date. This rate rolls into the Current Rate when the payment associated with the Next Rate is posted. File maintenance to this field is done on the ARM Rates & P/I Tables tab.

Prepayments

The system can only accept prepayments up to the installment associated with the next rate change date. The loan cannot advance beyond the next rate change date unless a rate exists in the Next Rate field.

When the prepayment is posted, the system will move the rate in this field to the Current Rate field. The Next Rate field will be left blank until the next rate is calculated.

WARNING: If you enter a rate in this field, instead of allowing the system to automatically calculate the next rate, the system will skip the next rate calculation. File maintenance of this field should be done with caution.