Payment application order for LOC and flexible AMZ loans

  • Updated

Payment application order for LOC and flexible AMZ loans

You can apply the borrower payments to the different components such as Principal, Interest and Fees in the order of the payment spread, or in a chronological order and as per the amounts calculated in each bill.  This applies to Flexible Amortization Based Loans and LOC. For more information, refer to sections Amortization Based Loan Products and Creating a Line of Credit Product.

If you are upgrading from an earlier version of CL Loan, you must:

  1. Add the field Payment Application Order to the Amortization Based Loan Product Layout of the Lending Product object.
  2. In the Lending Product object, check the field level accessibility for the Payment Application Order field. The field must  be visible and editable only for the Flexible Amortization Based Loans, and not the regular Amortization Based Loan.
  3. Ensure that this picklist is available for editing in the Flexible Amz Loan Product Record Type.

For steps to do this, refer to section Modify the Page Layout.

Recommended layout

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