This program is used when the credit union wants to alter the interest rate of mortgage loans already allocated on a selected product.
User defined fields
Effective date = The date that the interest rates will change from.
Product code = Select from the dropdown list, the product that the interest rate will change for.
Old interest rate = Select from the dropdown list, the rate which has already been allocated to the loans.
New interest rate = Enter the rate which will be applied to the loans.
Clicking the button will then search for loans which meet the criterea entered. The loans will not be updated at this point, instead a text file will be created. This will then be used to update the individual members accounts. A message box will appear once the search has complete. Take a note of the filename and location displayed on the message, as this will be used to update the members accounts.
To update the members accounts, click on the button. You will then be prompted to open a text file. Simply browse for the file and click . It is important that the update takes place on the effective date and not before. Otherwise the new rate will be applied, and future loan repayments will calculate interest at the new rate.