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Function
Once a Loan Master file and Loan Activity has been recorded for a loan, altering that loan’s interest rate involves three steps: Processing a zero repayment to accrue interest at the old rate. Editing the Loan Master with the new interest rate. Calculating a revised payment amount and editing the Loan Master to reflect this revised rate. Auto Rate Change will process these three steps automatically. Operating Instructions From the GMS-RLSS Main Menu, select Features, Auto Rate Change. The program allows rate changes to be processed for:
Does the rate change apply to all loans within the database? Click on the appropriate response: “Yes” or “No”. If “Yes” is selected, the cursor will move forward to the effective date. If “No” is selected, you will be asked the next question. Have you established an optional field ….. ? Click on the appropriate response: “Yes” or “No”. If “Yes” is selected, a combo box will appear requesting selection of the Optional Field to be searched for the “yes” response. Click on the appropriate field and tap enter to select. If “No” is selected, from the combo box you will select the loans the rate change will affect. You may select only one loan, or any number of loans. Selection is made by holding down the Ctrl key and clicking on the desired loan number. Removing a selected loan is also accomplished by holding down the Ctrl key and clicking on the loan number. You may also hold down the Ctrl key and “click and drag” to select a range of loan numbers. What is the effective date of the rate change? The field will default to “today’s date”, but the calendar may be used to select a different date. This date may not be retroactive and if you enter a date prior to “today’s date”, you will receive a message that the rate change cannot be processed. The date may be edited to a future date, but should only be done if all activity prior to the date as entered has been recorded. If the date is edited to a future date, you will receive a message asking if all activity prior to this date has been posted. Is the adjustment a rate increase or decrease? Select the appropriate response by clicking on the circle prior to the words “increase” or “decrease”. What amount is the rate change? Please enter the change as a decimal (ex: changing from 2.50 to 2.75 would be entered as .25). Enter the amount of the change as a decimal point. For example, a change of one-quarter percent is entered as .25. Process Buttons Verify Changes This button must be selected prior to posting the rate change. Review the on-screen report very carefully for accuracy. It is strongly advised the report be printed and the hard copy be retained as documentation of the rate changes processed. Post Until Verify Changes has been selected, this option is not available. Once you are certain the appropriate loans will be affected by carefully viewing the report generated by “Verify Changes”, select Post to process the rate changes. Things You Should Know
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