Final answer:
On a change memo, you need to manually update the loan record with any new changes to fields like terms, rate, and amount.
Step-by-step explanation:
The statement is True. On a change memo concerning a loan, you indeed have to manually update the loan record to reflect any new changes to fields such as terms, rate, amount, etc.
This manual update is necessary because the change memo serves as a notification or documentation of the amendments to the loan agreement. However, there's no automatic update within the loan record; a responsible party must manually go into the system and make the required adjustments to keep the loan information current and accurate.
On a change memo, you do not have to manually go back into the Loan record to update any new changes to fields like terms, rate, amount, etc.
A change memo is a document used to record any modifications made to a loan after it has been approved. It is typically used to document changes in loan terms, interest rates, loan amounts, or other loan details.
When a change memo is created, the system automatically updates the loan record with the new information, eliminating the need for manual updates.