Additional Determining Factors Setup

  • Updated

Additional Determining Factors Setup

Additional Determining Factors are used in the selection of rate cards for a given application in order to customize the lending options for the applicant. You can define any number of such factors for a given rate card. These are defined at the rate card setup level. 

You can customize a rate card by defining additional parameters or factors to create more relevant offerings. For example, you can define an additional factor that if the borrower has insurance you can offer a lower rate of interest. Or, you may add the number of years of employment remaining as a factor in the evaluation of an application. These parameters are specific to a rate card. If you make a factor available or unavailable for use, this applies to all rate card detail options that use them. Once you save the additional determining factor, you can provide the benchmark values for the fields you have included in the factor definition. An application's inputs are measured against these benchmark values.

Prerequisites

The following is the prerequisite to defining additional determining factors:

  • Rate card is set up.

Steps

Perform the following steps to define additional determining factors to enhance the rate card:

  1. On the Rate Cards page, in the Additional Determining Factors section, select New Additional Determining Factor.

    The Determining Factor page is displayed.

  2. Provide the information as described in the following table to define the factor, and then select Save:

    Field Name Field Description
    Determining Factor NameName of the additional determining factor. For example, if you want to customize the rate based on the credit score of the applicant, you could name the factor as Credit Risk.
    Evaluation Operator

    The evaluator operator defines how the values are measured. For example, > or <. This is the operator that is applied to the object and field you select in subsequent steps. 

    The operator applied to the values in the factor, for example, >, <, >=.
    Required for EvaluationIndicates whether the factor is used in the rate card detail to generate the pricing options.
    Applicable for Application

    Indicates whether this factor will be used while pricing an application. The Application Object-Field Mapping section is displayed.

    1. Select the Object. This is Application by default. The object of the application and or quick quote to which the determining factor applies.
    2. Select the Field from the application which this factor evaluates using the operator you defined above. For example, the Credit Risk additional determining factor may evaluate the value of the Credit Score field of the application. The API name of the field is displayed alongside.
    3. Select the Apply to all Rate Card Details checkbox if you want to apply the value of the determining factor to all the rate cards.
    4. Specify a value of the determining factor in the Field Value field that is to be applied across all rate cards.
    Applicable for Quick QuoteIndicates whether this factor will be used while generating quick quotes.

    The additional determining factor is created.

  3. Configure the determining factors as follows:

    1. Select the Edit link next to the Rate Card Detail Setup where you want to use these additional determining factors. 

    2. Provide the benchmark values for each additional determining factor and save it. The factors are now available for use. 

      Note:

      If you do not want to use an additional determining factor, you can edit its detail and deselect the Required for Evaluation checkbox.