Defining a fee set

Overview

A fee set is a combination of multiple fees. You can attach a fee set to a lending product in order to define the default set of to be applied on contracts for that lending product.

A fee set can be attached to multiple lending products and vice versa. At least one fee in the fee set must be in Active status. 

Define a Fee Set

Prerequisites

Before defining a fee set, ensure that the following prerequisites are met:

• One or more fees are set up.

• At least one fee is in Active state.

Steps

To define a fee set:

1. Log in to your Salesforce account.

2. Click Servicing Configuration.

3. Go to Product, Fee Setup.

4. Click Manage Fee Set. The Fee Set page is displayed.

5. Click Define New Fee Set. The New Fee Set page is displayed.

6. Specify the Fee Set Name.

7. Select the Fee Set Category such as Loan, Group, or Insurance.

   Note:

   The fee set category Savings has been deprecated.

8. Click Save. The created fee set is displayed in the Fee Set screen. You must now link the fee set to fees you have already defined.

Linking Fees to the Fee Set 

Once you create the fee set, you can link fees to it. 

Steps

To link a fee to the fee set:

1. Do one of the following:

   • Continue from Step 8 of the above procedure.

   • Start from the main navigation:

     • Log in to your Salesforce account.

     • Click Servicing Configuration.

     • Go to Product, Fee Setup.

     • Select Manage Fee Set. The Fee Set page is displayed.

     • Click the Fee Set Name. The Fee Set page is displayed.

2. Click New Fee Set/Fee. The New Fee Set/Fee page is displayed.

3. Specify or click on the lookup icon to search for and select the Fee.

4. Optionally, specify the Fee Set. This is the fee set you created in the above procedure, if you are visiting this page directly after creating the fee set. If you access this page at a later time, you need to select the fee set.

5. Click Save. The fee is linked to the fee set.