Defining org parameters
You can set up some key org parameters that allow you to record amounts, create schedules and use objects in a consistent manner across all products in your organization. You cannot override the settings defined for these parameters unless specified otherwise.
Some of the parameters that you set here relate to loan contract servicing and renewal and how the loan's amortization schedule is calculated. Hence, the values of these parameters must be the same as set in the loan servicing system. For example, Interest Only Period Behavior, Last Payment Differ and Skip Holidays for Daily Loans.
Prerequisites
None.
Steps
To define the org parameters:
Log in to your Salesforce account.
Go to (Setup) > Setup.
In the Quick Find box, search for Custom Settings, and select it.
Select Manage of Org Parameters (genesis).
Select Edit.
Select on each of the following parameters and define the values. You can specify more parameters as per your requirement:
Parameter Description Location
This is the name of the organization. Auto Assign Queue Items If this parameter is set to true, then an application assigned to a queue is automatically assigned to a user within that queue based on the logic explained below.
If this parameter is set to false, then any user from a queue needs to accept the application in order to proceed working on the application.
When an application is assigned to a queue, the automatic assignment takes place based on the following conditions:
When an application is routed to a queue, the automatic assignment takes place based on the number of applications assigned to each user in that queue. The user with the least number of applications is assigned the new application automatically.
If the users in the queue have no application assigned to them; then, the system assigns the application to the first user in the queue in the order of the serial number.
Some users in the queue have applications assigned to them; then, the system assigns the application to the user in the queue in the order of the serial number.+ least number of applications per user.
If all users in the queue have applications assigned to them; then, the system gets a count of the applications assigned to each user. The user with the least number of applications is assigned as the application owner.
All users in the queue have an equal number of applications assigned to them; then, the system assigns the application based on the serial number of the users in the queue.
Closed Status This is the custom setting that contains a comma-separated list of status values (from the Application object) used in the final status of origination. For example, Rejected, Withdrawn, or Approved-Converted to Contract.
Note:If there is an update on the Account/Party record associated with an application, and the Application Status = Closed status, policy conditions, tasks, and rate card will not be generated for the application.
Party Closed Status To avoid performance issues, when an account is associated with multiple parties, specify the party types, in this field that you don't want to be considered while executing account-specific functionalities such as Documents, Policy Conditions, Tasks, and so on. If there are multiple party types to be specified, the party types should be comma separated.
Custom Final Application Page
This is the final page in the visual page flow (Visualforce wizard UI) while installing the first version of Q2 Origination. This custom setting does not apply to customers using Skuid. Custom Pricing Calculator This interface is used for custom implementation of calculating the maximum loan amount based on Debt-To-Income (DTI). This behavior can be indicated by a custom Apex class name in this custom setting. Custom Yodlee Post Processor Class This setting enables the implementation of custom code as an Apex class, which is run once the bank transactions from Yodlee have been requested and processed. Digits After Decimals The number of decimal points to be placed after amount values. Disable Rounding in AMZ Schedule If this checkbox is selected, all interest and payment amounts in the amortization schedule are reflected as exact values without any rounding off. Disable Triggers If this check box is selected, all triggers are disabled. This option must be used only while migrating data into the system. It must be deselected at all other times. Enumerate Loan Number on Application Enumerate Loan Number on Application setting is used only during contract renewal. This setting determines whether the loan number (copied over from the interface contract record during the renewal process) is appended with an enumeration (for example, R1, R2, R3, etc.) or copied as is.
This number is stored when the application is converted into a contract. This setting helps to assign the same loan number to renewed loans as it allows the user to identify renewals and their chronology in the renewal history. This setting is not used if a new loan number is assigned to every loan.
Enable Criteria Based TaskThis allows for defining execution criteria that determine when a specific task should be applied to a loan. The purpose of this execution criteria is to enable financial institutions to enforce additional tasks as the parameters of the loan opportunity (or the borrowers, collateral, and so on related to it) change. However, the current approach towards generating tasks does not adequately support this, as changes to related records - Parties, Accounts, Collateral, and so on - do not create a task. Financial Calculator Version This is the version number of the financial calculator used. If null, then the system uses the default version of 2.0. Final Payment Differ (in AMZ Schedule) If this checkbox is selected, rounding is done in the last payment by increasing the last payment amount. If this checkbox is cleared, then all the payments are equated. Interest Only Period Behavior The method is used by the system to calculate the interest amount during the interest only period for a loan. Refer to below for details on the behavior of each option. Log Level This is the login level of the application. The options are Debug, Error, and None. Map Loan Number on Application This setting is used to configure the loan renewal process. Select this check box to automatically map the loan number on the existing contract to the resulting application record whenever a renewal is initiated. Namespace Prefix This is an internal value used to define a specific namespace value, which must not be changed or removed. For example, Q2 Origination objects have the namespace prefix genesis. Rounding Mode This is the setting to determine the rounding-off method for specific decimal values. The supported values are Nearest, Up, or Down. The rounding method is applied during calculations such as amortization schedule or pricing calculations in Q2 Origination. Scorecard Selection Allowed Select this check box to allow users to select the scorecards on which an application must be evaluated. Skip Holidays for Daily Loans Applicable for loans with payment frequency as Daily. If this check box is selected, holidays are not included in the dates of the amortization schedule, and no dues are generated on holidays. Use CL Product Use Common Document Management If this check box is selected, borrower or collateral documents can be uploaded once into Q2 Origination to be reused across multiple applications, where relevant. Use Rule Based Document Management If this checkbox is selected, a rule-based documents checklist can be defined for loan applications. Use Contact as Account This checkbox must be selected to use the contact as an account. Both contact and account are then considered as accounts in the system. This parameter is necessary to enable the new functionality offered in Q2 Origination 2.1000 later. Enable Q2 Theme Select this checkbox to view the new Skuid pages (new UI theme). Delete Active Scorecards for Closed apps Selecting this checkbox ,in clean up jobs of rule evaluation result to Delete active scorecards for Closed applications
Payment Amount With Non Zero Principal Selecting this checkbox, indicates the first Payment Amount on the application with a non-zero principal from the payment schedule.
Account Based Documents Generation Selecting this checkbox, enables the users to generate the document categories based on account types. Select Save.
Interest only period behavior
For CL Loan systems using Financial Calculator version 2, the system selects the method for calculating the interest payment for borrowers for the interest only period of a loan contract based on factors like the loan contract, payment date, and payment periods.
The Financial Calculator version 3 provides lenders the flexibility to select from the following methods for interest calculation:
Actual: In this method, the interest amount is based on the actual interest calculation for that period. For example, for a loan of 12000 at 12% interest, and time counting method of 30/360, an interest only period of 2 months, and a loan term of 12 months, the unpaid principal would be considered as 12000, and the interest would be 1% for each month. So, the interest amount is a constant amount of 120 for each month in the interest only period. In the time counting method of Actual/365, the number of days in each month is different, for example, 30 in April and 31 in May; therefore, the interest amount may vary slightly. This difference in interest amount is apparent based on the payment frequency. For example, in the payment frequency of Weekly, the interest amount is constant in each payment period.
First period interest: The interest applicable for the first payment period is charged for all the interest only periods. Caveat: this may result in an excess or short payment of interest by the borrower, depending on whether the first payment period was longer or shorter than the regular period duration. For example, if the disbursal date is October 10 and the first payment date is December 1, the first payment period is of 50 days. But, if the first payment date is November 1, the first payment period is of 15 days.
One cycle interest: The interest is calculated per a payment interest cycle. For example, for a weekly payment cycle, interest is calculated every week. In the case of monthly payment cycles, where the days in a month may vary, CL Loan assumes a constant payment cycle of 30 days and applies it to each payment period.
Uniform interest spread: This option computes the interest based on the Actual option and averages it out for the entire interest only payment period. This is the recommended selection for interest calculation as a constant interest amount allows an automated payment setup.
Financial calculator
The Financial Calculator Version field in the Org Parameter is used to check if financial calculators of Q2 Platform are to be used for amortization schedule calculation or not. The previous version of financial calculators, such as versions 2 and 3, are used for previous and newer versions of Q2 Originate. The value of the Financial Calculator Version org parameter decides the version of the financial calculator (FInCalc) to be used. The use of FinCalc 3 enables enhanced integration between Q2 Loan and Q2 Originate, as FinCalc 3 features like custom billing periods and payment frequency multiplier are now available in both applications.
For more information, see Defining financial calculator 4.0 version
This setting determines whether the CL Product object is used to create lending products in Q2 Origination or not. Most of the latest functionality, such as Skuid enabled pages and rule criteria definition, uses CL Product.
Clear this check box if a Lending Product is used.