Event 41, Payment Change when LIP |
  
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Navigation: Appendix A - Merge Field Descriptions (Loans) >
Event 41, Payment Change when LIP |
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Event 41 calculates the new P/I while the loan is still in the construction process. If the LIP method code is 1 or 101 and the loan fields on the ARM Loan Information screen (payment method 6 or 7 loans) call for a P/I change, the system will calculate the new loan accrual rate and P/I constant.
WARNING
While the loan is in the construction process and payments are posted, the installment number (on the Loans > Account Information > Account Detail, Payment Detail tab) does not increase (it remains zero). Depending on the number of remaining months to be used in the P/I calculation, you may have to manually enter the installment number either from the pattern or prior to the system calculation. Example: You have a construction/permanent loan with a term of 360 months. The first 9 months is the construction period. The mortgage payments on the permanent loan are to amortize over 351 months. In order for the new P/I to be calculated correctly, the installment number should be 9. |
Merge Field |
Field Mnemonic/ Calculation |
Description |
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ARM 2ND NEXT P/I CHANGE DATE |
LNPIEF + |
P/I effective date plus the P/I payment change frequency |
ARM 2ND NEXT RATE CHANGE DATE |
LNAMDT + |
Next accrual rate change date plus the rate change frequency |
ARM AMORTIZED P/I PAYMENT |
LNAPIC |
The P/I payment required to fully amortize the loan |
ARM AMORTIZED PRINCIPAL BALANCE |
AMTZ PRIN |
The principal balance on which the new adjusted payment is based |
ARM DAYS BEFORE RATE CHANGE |
LNAMAD |
Days before the next accrual rate change date to calculate a new rate |
ARM DIFF BETWEEN NXT CURRENT INDEX |
NEW INDEX - |
Difference between the next accrual index and current accrual index |
ARM DIFF BETWEEN NXT ORIGINAL RATE |
LNAMNA - |
Difference between the next accrual rate and the original rate |
ARM GRADUATED PMT INCREASE PERCENT |
LNAMGI |
The percentage the P/I payment will increase each P/I payment frequency |
ARM INDEX PLUS OFFSET LESS ACCR RT |
NEW INDEX + |
New index plus the accrual rate offset/margin minus accrual rate |
ARM INTEREST ACCRUAL RATE |
LNAMRT |
The rate at which interest should accrue for payment method 7 loans |
ARM INTEREST ONLY P/I PAYMENT |
LNIPIC |
The P/I payment required to satisfy the calculated interest |
ARM LENGTH OF RATE CAP PERIOD |
LNAMLP |
Length of rate cap period |
ARM MOST RECENT P/I CHANGE DATE |
Newest P/I change date on the ARM Rates & P/I Tables tab on the ARM Information screen |
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ARM MOST RECENT P/I PAYMENT |
Newest P/I payment on the ARM Rates & P/I Tables tab on the ARM Information screen |
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ARM MOST RECENT TOTAL PAYMENT |
MOST RECENT P/I + |
Newest P/I payment on the ARM Rates & P/I Tables tab on the ARM Information screen, plus Reserve 1 payment effective for the newest payment change date plus Reserve 2 payment effective for the newest payment change date minus subsidy payment effective for the newest payment change date |
ARM NEW INDEX |
LNAPIN |
New index (last index) |
ARM NEW INDEX WITH OFFSET |
LNAPIN + |
New index plus accrual rate offset/margin |
ARM NEW P/I PAYMENT |
LNPINX |
Newly calculated P/I payment |
ARM NEW R1 PAYMENT |
EFFECTIVE R1 |
The Reserve 1 payment effective with the new payment change |
ARM NEW R2 PAYMENT |
EFFECTIVE R2 |
The Reserve 2 payment effective with the new payment |
ARM NEW SUBSIDY PAYMENT |
EFFECTIVE SUBSIDY |
The subsidy payment effective with the new payment |
ARM NEW TOTAL PAYMENT |
NEW P/I + |
New P/I payment plus new Reserve 1 payment plus new Reserve 2 payment minus new subsidy payment |
ARM NEXT INTEREST ACCRUAL RATE |
LNAMNA |
Next accrual rate for this account |
ARM NEXT RATE CHANGE DATE |
LNAMDT |
Date of the next rate change on the loan |
ARM OLD INDEX |
TRLG |
Old (prior) index |
ARM OLD P/I PAYMENT |
LNPICN |
Old P/I payment in effect prior to the new payment change |
ARM OLD R1 PAYMENT |
EFFECTIVE R1 |
Reserve 1 payment in effect prior to the new payment change |
ARM OLD R2 PAYMENT |
EFFECTIVE R2 |
Reserve 2 payment in effect prior to the new payment change |
ARM OLD SUBSIDY PAYMENT |
EFFECTIVE SUBSIDY |
Subsidy payment if effect prior to the new payment change |
ARM OLD TOTAL PAYMENT |
OLD P/I + |
Old P/I payment plus old Reserve 1 payment plus old Reserve 2 payment minus old subsidy payment |
ARM ORIGINAL RATE |
LNAMOA |
Original loan rate |
ARM P/I PAYMENT BASED ON INC LMT |
LNPICN * |
Old P/I payment multiplied by the P/I payment increase limit |
ARM P/I PAYMENT CHANGE COUNTER |
LNAMCC |
Number of times the system calculates the next P/I payment automatically |
ARM P/I PAYMENT CHANGE DATE |
LNPIEF |
The date that the next P/I payment will replace the P/I payment |
ARM P/I PAYMENT CHANGE FREQUENCY |
LNAMPC |
Number of months that should occur between payment changes |
ARM P/I PAYMENT INCREASE LIMIT |
LNAMPL |
The percentage the P/I payment can increase with a payment change |
ARM PAYMENT RATE |
LNRATE |
The payment rate on the loan |
ARM RATE AT PERIOD START |
LNAMSY |
Rate at the start of the rate cap period |
ARM RATE CHANGE FREQUENCY |
LNAMFQ |
Number of months that should occur between rate changes |
ARM RATE CHANGE MINIMUM |
LNAMCM |
The minimum percentage by which the loan rate can be changed |
ARM REMAINING TERM |
LNMATD - |
Month’s difference between the maturity date and next accrual rate change date. For bi-weekly loans, take the term in months divided by 12 multiplied by 26 to get the number of payments. Subtract the installment from the number of payments to get remaining payments. Take remaining payments divided by 26 then multiply by 12 to get the remaining term in months. |
ARM START OF ACCRUAL PERIOD |
LNAMPD |
Starting date of the current rate cap period |
LIP NEXT RATE |
LNLNXT |
Next LIP rate |
LIP NEXT INDEX |
LNLNPR |
Base index used to calculate the next LIP interest rate |
LIP PREVIOUS INDEX |
LNLPIN |
Base index used to calculate the current LIP interest rate |
LIP RATE CHANGE DATE |
LNLCHD |
Effective date of the next LIP rate change |
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