Interest Rate Change Procedures
In this Example, 6 payments have been made. Amortization Schedule shown here:
Click on Interest button from the Loan screen.
Change the Ending Date on the first line to the Due Date of the last payment in the Amortization Schedule (i.e. 07/01/2015).
Choose the second line in the Interest grid.
Enter the Beginning Date for the new interest rate – this should be the day after a Payment Due Date (i.e. 07/02/2015).
The system will populate several fields with the same information that is on line 1: Int Type Day Count, Payment Frequency, Credit Type, Term Type, Due Day, Index, Base Rate, Spread, Index Floor, Int Rate, Penalty Rate, Auth Amt.
Change the First Pmt Due Date to the Next Payment Due Date in the Amortization Schedule (i.e. 08/01/2015).
Enter the new interest rate in the field/column Base Rate. The Int Rate will populate with the Base plus any Spread, if appropriate.
Click on the Save icon to update the Terms to Maturity on both lines, the new Pmt Amt on the second (new interest rate) line, regenerate the Amortization Schedule and save the changes. Review for accuracy.
Amortization Schedule after Interest Rate change.
