put https://loanpro.simnang.com/api/public/api/1/odata.svc/Loans()
This request updates an existing interest rate change on a loan.
Click here to learn more about this request
LoanPro's Interest Rate Change tool allows users to change a loan's interest rate at any point in the loan's life:
- This request will update an existing interest rate change.
- To update an interest rate change, you will need its ID. To find an interest rate change ID, send a GET request.
- There are two types of interest rate changes: fixed and variable. Here's a breakdown on how they differ:
- Fixed rate changes are a one-time rate change based on a rate you enter yourself.
- Variable rate changes use interest rate indexes to determine a rate, and they can be used with a combination of LoanPro tools to automatically update a loan's interest on a schedule.
- A scheduled interest rate change will override a schedule roll. For example, if an interest rate change has occurred on a loan and a schedule line later applies, the calculator will use the interest rate specified by the Interest Rate Change tool.
- Using this tool will affect the loan's APR, and the tool does not have a rate limit. Make sure to comply with your local lending laws when logging rate adjustments.
A note regarding interest rate changes:
When using either type of interest rate change, please note that payments and their amounts are not adjusted. Changing the loan's interest rate will only adjust how interest accrues; it will not adjust how much a borrower owes on each scheduled payment.
For an example of how the Interest Rate Change tool works in the UI, take a look at our Interest Rate Changes article.
Database
For information regarding interest rate change database tables, see the following articles:
{
"InterestRateChanges": {
"results": [
{
"type": "loan.interest.rate.change.type.fixed",
"rate": "6",
"description": "Promo Rate Expiration",
"applyDate": "2024-01-01",
"__id": 5,
"__update": true
}
]
}
}
{
"InterestRateChanges": {
"results": [
{
"applyDate": "2023-09-13",
"lookupDate": "2023-08-13",
"type": "loan.interest.rate.change.type.variable",
"rate": "",
"variableRateIndexId": 17,
"margin": -1,
"min": 6.125,
"max": 8.0,
"description": "Variable Rate Change",
"__id": 325,
"__update": true
}
]
}
}