Update Indexed Variable Rate Code

These steps explain how to update an indexed variable rate code.

An "indexed" variable rate code is used for rates that are tied to an outside indicator such as the current prime rate or the Consumer Price Index (CPI).
After you've followed the steps below:

All variable rate codes attached to the selected index will update on the designated date.
You will see the rate change under the Pending heading in the Loan Variable Rate Configuration report, accessible via Tool #660 Print Loan Variable Rate Config Report.

Launch Tool #935 Variable Rate Code Configuration.
Click Update Index in the Variable Interest Code Definition pop-up.
Select the desired indexed interest-rate code from the list in the first Variable Rate Index Code Definition pop-up.
Click Select.
Enter the updated rate in the New rate field in the second Variable Rate Index Code Definition pop-up.
Enter the effective date of the change in the Effective date field.
Check the Recalculate payment and Print notices boxes per your credit union policy.
Click Calc/Schedule Change.

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