Account Delinquency screen > Delinquent Payments tab > Common Loan Information Field Group

Entry: System, numeric

F/M: No

Mnemonic: LNRATE

Screen: Multiple

Field Group: Common Loan Information

This is the annual interest rate to the nearest three decimal places. This field is called Payment Rate only for ARM loans (payment method 7), and for daily simple interest loans (payment methods 4 and 6) with the Use ARM Fields box selected (ARM Detail tab on the ARM Information screen). It is the rate entered or calculated at which the payment is being made.

For ARM loans, you must enter the interest rate in the Current Rate field on the ARM Rates & P/I Tables tab of the ARM Information screen for interest to be calculated on this loan. This is generally used with a rate pointer other than "255." If the rate is file maintained on daily simple interest loans (payment method 5 or 6), the accrued interest is recalculated to the current date using the old rate, and the date last accrued is changed to today's date