Viewing or editing a lending product

You can view or edit the existing lending products at any stage of your business. The changes apply to all new contracts created for the lending product, and to all existing contracts from that point forward. Since the changes may impact the financial obligations for the borrower, lenders often restrict the users who can make such changes.

While most changes are applied prospectively, some changes may have retrospective impact. For example, Late Fee. Suppose a borrower has not made payments from January 2016 to March 2016, and since there is no late fee associated with the lending product, the borrower is not liable to pay any late fee. Now, if the lender adds Late Fee to the fee set attached to the lending product of this contract, the borrower becomes liable to pay late fee for the non-payment of dues from January to March, and the system creates a charge for it. 

Prerequisites

None.

Steps

Perform the following steps to view or edit lending products:

1. Log in to your Salesforce account.
2. Click Servicing Configuration.
3. Go to Product, Product Management.
4. Click View/ Edit Lending Products. The Loan Products page is displayed.
5. Select the Lending Product. The Loan Products page is displayed with the details of the lending product.
6. Click Edit to edit the details, if required.
7. Click Save, the changes made to the lending product are saved.

For descriptions of fields, refer to the Field Reference table of Creating a loan product section in the respective CL Loan User Guide.