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How to edit an ARM index?

This article discusses how to edit an ARM index.

Before you can process ARM calculations for a loan, you must first enter the corresponding index and rate information. To learn more about ARM indexes read this article. You can edit an ARM index through the loan file and through Tasks & Reports. 

To edit an ARM index through the loan file:

  • Click on the image-png-Jul-14-2023-12-46-04-6535-AM 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 FindSearch icon box 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 PENCIL (NEW) no outline Edit at the top of the screen or double-click on the selected file.
  • Click on Terms from drop-down on Borrower page- Terms in the left-hand navigation panel. 
  • In the Terms from drop-down on Borrower page- 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. 
  • Select the index to edit. 
  • Click Table pencil Edit icon with border_r-PNG to open the Manage Index assistant and edit the following information: 
Field: Description: 
Index Name Enter the name of the index. 
Publish Frequency Enter how often the index will be published. 
Source of Information  Enter where the source of the index information is coming from. 
Other Information Enter any other information about the index. 

    TIP: The index name can be up to 50 characters long. See examples of commonly used names below:

    • 6-Month LIBOR
    • 1-Year WSJ Prime (Wall Street Journal)
    • 1-Year CMT (Constant Maturity Treasury)
    •  Click OKOK to save the changes, or CANCEL Cancel to abort.

    To edit an ARM index through Tasks & Reports:

      • Go to running Loan Servicing in the left panel of The Mortgage Office®.
      • Scroll down to Tasks & Reports and click on it.
      • Click ARM manage indexes graph with arrow Manage Indexes located underneath the Adjustable Rate Mortgages section of the page.
      • Select the index to edit. 
      • Click Table pencil Edit icon with border_r-PNG to open the Manage Index assistant and edit the following information: 
      Field: Description: 
      Index Name Enter the name of the index. 
      Publish Frequency Enter how often the index will be published. 
      Source of Information  Enter where the source of the index information is coming from. 
      Other Information Enter any other information about the index. 

      TIP: The index name can be up to 50 characters long. See examples of commonly used names below:

      • 6-Month LIBOR
      • 1-Year WSJ Prime (Wall Street Journal)
      • 1-Year CMT (Constant Maturity Treasury)
      •  Click OK OK to save the changes, or CANCEL Cancel to abort.

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