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Creating a Custom Schedule for Rates and Spreads

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PrecisonLender allows you the ability to define a custom schedule for fixed rates and floating and adjustable spreads. This can be helpful if you're pricing what is commonly called a step up loan or rate step up structure. This functionality must be enabled on the product page in administration.

 

When pricing an opportunity, select the chevron in the box next to 'Rate Type' to select the desired fixed, floating, or adjustable schedule.

Select Fixed Schedule from the rate type field

 

Fixed Rate Schedule

Once you select 'Fixed Schedule', a chevron will appear in the box next to 'Initial Rate.' 

A chevron will appear next to the spread field

 

Once you select the chevron, you can add additional entries for the rate schedule. The month column will equal the start month of the rate that is entered in the adjacent column. 

Interest Spread Schedule popup allows you to enter your eschedule

Adjustable and Floating Spread Schedules

Once you select 'Adjustable Schedule' or 'Floating Schedule,' a chevron will appear in the box next to 'Spread.' 

Adjustable Schedule will enable chevron in spread field to set spread schedule

 

For adjustable rate schedules, once you select the chevron, you'll notice that the first spread schedule will be locked to the month following the fixed period. You can add additional entries to the spread schedule after the fixed period.

Adjustable rate schedule popup

 

For floating rate schedules, you can add additional entries to the spread schedule starting with month one. Adjusting the spread in month one will also update the initial rate. 

The month column will equal the start month of the spread that is entered in the adjacent column.

 

 

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