Adjustable Rate (AR) module has arrived!

Allows you to adjust interest rates according to a periodic schedule
Tag individual loans as AR loans (others will not be adjusted); adjust the interest rate for designated loans on a periodic basis (quarterly, annually, etc.); perform rate adjustments for all AR loans in a single batch operation

Implements “Prime Plus” loan rates, provides two adjustment factors:
– Common Base Rate factor (e.g., pegged to a published index such as the Prime Rate)
– Individual Plus Rate factor which may be set differently for each AR loan


 

1. Set Adjustable Interest Schedule:

AddAdjustableInterestSchedule

 

2. Change Interest Rate for Selected AR Schedule

First Select the AR Schedule from Interest Rate Adjustment

StartAdjustARate

Then Set the Effective Date and New Base Rate, and Submit.

Adjustable_Rate

3. Set AR for Loan

Now You can Set a loan to use the specific AR Schedule.  You can set the Margin Rate where the effective interest rate is automatically calculated as shown below.

LoanARSetup