Navigation:  Loan Screens > Investor Reporting Screen Group > Loan Investor Fields Screen > Investor Loan Basics tab > Service Fee Type

Entry: User, drop-down list

F/M: Yes

Mnemonic: LNISFC, LNISFM

Screen: Loans > Investor Reporting > Loan Investor Fields > Investor Loan Basics tab

 

Use this field to indicate a service fee type guaranteed rate roll option. Possible selections in this field are "Constant," "Minimum," or left blank.

 

"Constant" indicates that the service fee is constant. When the loan rate is calculated, the next guaranteed rate is also calculated by subtracting the service fee from the next loan accrued rate.

 

"Minimum" indicates that the service fee will be the lowest amount assessed. After the next loan accrued rate and next guaranteed rate are calculated, the difference between the two rates is determined. If the difference is less than the minimum service fee, the next guaranteed rate is recalculated by subtracting the minimum service fee from the next accrued rate. If the "minimum" option is selected, a service fee code of “9” or “10” must be entered in the Service Fee field on this screen.