The interest rate tools let you add a new interest rate to a loan or remove an existing rate. Setting a rate with a past effective date causes the system to recalculate interest and reapply payments and credits from that date forward. Removing a rate replays the loan using the remaining rates.
Availability: All clients Required permissions: rates:create (to set); rates:delete (to remove) Loan status: active Loan types: All
- Setting an interest rate with a past effective date triggers an account replay that can take several minutes.
- For Line of Credit loans, you can apply the rate to the line of credit only, to the line and all draws, or to a specific draw.
- If two rates overlap on the same dates, the system uses the lower rate.
- Rates labeled "At origination" were set at loan creation and cannot be removed.
- From the agent-view Borrower Portal, open the loan and select Loan options > Set interest rate.
- For Line of Credit loans, select the scope from the Applicable to dropdown. See Global behaviors — Applicable-to selector.
- Enter the New rate (annual) as a percentage.
- Select a Start date for the rate. The date can be in the past, today, or in the future.
- Optionally select an End date, or choose End of loan to apply the rate indefinitely. The end date must be after the start date.
- Optionally select End existing rates to update any rates without an end date so they end one day before the new rate's start date.
- If your company requires a Case ID, select a case from the Case ID dropdown. See Global behaviors — Case ID requirement.
- Select Set interest rate.
The new rate takes effect at the start date. If the start date is in the past, the system replays the loan from that date.
| Field | Description | Required | Values / Format |
|---|---|---|---|
| Applicable to | Whether the rate applies to the line of credit, all draws, or a specific draw. Only shown for LOC loans. | Conditional | Select: Line of credit and draws, Line of credit only, or a specific draw |
| New rate (annual) | The annual interest rate as a percentage. | Yes | Number (percentage) |
| Start date | The date the rate takes effect. Past dates trigger a replay. | Yes | Date |
| End date | The date the rate stops. Select End of loan for no end date. | No | Date or "End of loan" preset |
| End existing rates | When selected, updates any existing rates without an end date to end one calendar day before this rate's start date. | No | Checkbox |
| Case ID | The case associated with this action. | Conditional | Select from open cases. Required when forceCaseIdOnAgentActions is enabled. |
If a wrong interest rate was set on a loan, you can remove it. The system replays the loan using the remaining rates.
- From the agent-view Borrower Portal, open the loan and select Loan options > Remove interest rate.
- For Line of Credit loans, select the scope from the Applicable to dropdown. Only Line of credit only is available for removal.
- The form displays the current rates. Select the rate you want to remove. Rates labeled "At origination" cannot be removed.
- If your company requires a Case ID, select a case from the Case ID dropdown.
- Select Remove interest rate.
The rate is removed and the system replays the loan.
| Field | Description | Required | Values / Format |
|---|---|---|---|
| Applicable to | Filters the rate list. Only shown for LOC loans. | Conditional | Select: Line of credit only |
| Rate selection | The rate to remove. Rates labeled "At origination" are not removable. | Yes | Select from current rates list |
| Case ID | The case associated with this action. | Conditional | Select from open cases. Required when forceCaseIdOnAgentActions is enabled. |