Update Non-Indexed Variable Rate Code

These steps explain how to update a non-indexed variable rate code.

A 'non-indexed' variable rate code is used for rates that are a) not tied to an outside indicator such as the current prime rate and b) remain fixed until updated.
After you've followed the steps below:

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.
Select the desired non-indexed interest-rate code from the list in the first Variable Interest Code Definition window.
Click Select.
Enter the updated rate in the Pending interest rate field in the second Variable Interest Code Definition window.
Enter the effective date of the change in the Change date field.
Check the Recalculate payment and Print notices boxes per your credit union policy.
Click the forward arrow.

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