How to add ARM index rate history?

Most adjustable rate mortgages tie their variable interest rate changes to changes in an "index rate" and as the index rate moves up or down, so does the interest rate of the loan. Therefore, it is of utmost importance that accurate and up-to-date rate history information is entered for all active indexes. To learn more about ARM indexes read What is an ARM index?.

You can add new index rate history through the loan file and through Tasks & Reports.

To add index rate history through the loan file:

Click on the Loan Servicing drop-down menu in the left panel of The Mortgage Office®.
Click the Loans drop-down menu.
Click All Loans from the list that drops down.
From the All Loans grid, select the loan you want to modify.

TIP: If the record you want to edit is not visible, use the grid's vertical scroll bar to scroll the contents of the grid up or down, or click Find to search for the record by entering your own search criteria. For additional information see How to Use Find and How to Use the Data Grids.

Click Edit at the top of the screen or double-click on the selected file.
Click on Terms in the left-hand navigation panel.
In the Terms page, click the ARM tab.

NOTE: Before you have access to the ARM tab, you must first let the system know this is an adjustable rate loan. To do this, select ARM-Adjustable Rate in the Rate Type drop-down menu located in the Options tab in the Terms page of the loan file.

Click the blue Index hyperlink near the top of the page.
Click the History button in the upper right to open the Rate History window for the selected index.
Click the Add button and enter the following information:

Field:	Description:
Effective Start Date	Enter the starting date in which this rate becomes effective.
Effective End Date	Enter the last date in which this rate is effective. TIP: The ability to enter starting and ending effective rates reduces the number of index rate updates you may need to do. For example: if you enter 10/1/2004 and 10/15/2004 as the starting and ending dates, any loan looking for an index rate value between these two dates will be served.
Effective Rate	Enter the rate amount. Rates may have a precision of 3-decimal places. For example: a 12-1/8 percent rate is entered as 12.125.

Click OK to save the changes, or Cancel to abort.

To add index rate history through Tasks & Reports:

Click on Loan Servicing in the left panel of The Mortgage Office®.
Click Tasks & Reports from the menu located on the left of the window.
Click on Manage Indexes, located underneath the Adjustable Rate Mortgages section of the page.
From the Indexes grid, select the index you want.
Click the History button in the upper right to open the Rate History window for the selected index.
Click the Add button and enter the following information:

Field:	Description:
Effective Start Date	Enter the starting date in which this rate becomes effective.
Effective End Date	Enter the last date in which this rate is effective. TIP: The ability to enter starting and ending effective rates reduces the number of index rate updates you may need to do. For example: if you enter 10/1/2004 and 10/15/2004 as the starting and ending dates, any loan looking for an index rate value between these two dates will be served.
Effective Rate	Enter the rate amount. Rates may have a precision of 3-decimal places. For example: a 12-1/8 percent rate is entered as 12.125.

Click OK to save the changes, or Cancel to abort.

How to add ARM index rate history?

This article explains how to add new ARM index rate history.

To add index rate history through the loan file:

To add index rate history through Tasks & Reports: