How to delete ARM index rate history?

CAUTION: When you delete a record, the information is permanently removed from the database. Once a record is deleted it cannot be recovered.

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. The Mortgage Office® allows you to delete an index rate history if there are any inaccuracies.

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

To delete 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.
Select the index to modify.
Click the History button in the upper right to open the Rate History window for the selected index.
Select the rate history to delete.
Click the Delete button and click Yes if you're sure you want to delete the record.
Type the word DELETE in the Confirm Delete assistant.
Click OK to save the changes, or Cancel to abort.

To delete 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.
Select the rate history to delete.
Click the Delete button and click Yes if you're sure you want to delete the record.
Type the word DELETE in the Confirm Delete assistant.
Click OK to save the changes, or Cancel to abort.

How to delete ARM index rate history?

This article explains how to delete ARM index rate history.

To delete index rate history through the loan file:

To delete index rate history through Tasks & Reports: