Loan Interest Rates/Supporting Percentages
Overview of IL461
Loan Interest Rate/Supporting Percentage allows your organization to set up the tiered interest rates applicable for individual loans according to the investment amounts supporting them. This rating structure applies only to loans with an adjustment method of 6. Investment records must indicate the loan they’re supporting. Interest-rate changes are applied through Adjustable Mortgage Processing (IL448).
- From the DDI Connect main menu, double-click Financial Services
- Double-click Loan
- Double-click Setup
- Double-click Loan Interest Rate/Supporting Percentage. You will see this screen:
Please note that what you see on this screen will depend entirely on what your organization has already set up in this area.
- Click the "Add" button on the toolbar. The following screen appears:
| Field | Description |
|---|---|
| Loan # | Enter the loan number that you are associating this record with or click the list icon to select from a list of loans in the system |
| Support % | Percentage of the loan principal balance supported by the investments linked to that loan. Investments are linked to a specific loan through the Loan Support Loan field in the investment record. For more information on loan support, please reference this page: Loan Support Inquiry |
| Rate | Applicable interest rate (up to four decimal places) |
When you have entered the information, click Save. Please note that you can enter multiple tiers for each loan, but you will not be able to save more than one instance of the same combination of loan number and supporting percentage.
