Field Reference for Creating a Contract
Field Name | Description | ||||||||
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Create Loan Contract Page | |||||||||
Contact | An individual associated with an account. Each contact stores information such as name, address, phone numbers, contact information and bank accounts. You can create, query, delete or update any attachment associated with a contact. | ||||||||
Account | An Account is your organization's customer or partner. Each account stores information such as organization name, address, phone numbers etc. An account number may be associated with multiple contacts. | ||||||||
Application information | |||||||||
Contract Type |
The type of the contract whether it is a new contract or a refinanced contract.
Note:
For a Master Loan contract, the Contract Type is always New, and not Refinanced as you cannot refinance a parent Master Loan contract. |
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Purpose | The purpose for which the loan is being availed for. For example, personal loan, student loan. | ||||||||
Product | The lending product which is associated with this loan account. | ||||||||
Loan details | |||||||||
Loan Amount | The maximum amount approved for this borrower’s loan. Interest and repayment schedule are computed on this amount after funding of the loan. The loan amount must fall between the limits specified in the lending product. | ||||||||
Interest Rate | The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.The default values are fetched from the lending product. For more information on interest rate, refer to chapter Key Concepts of a CL Contract. | ||||||||
Minimum Interest Rate | The interest rate cannot be charged below this value. This value is defaulted from the product, but you can change it. | ||||||||
Maximum Interest Rate | The interest rate cannot be charged above this value. This value is defaulted from the product, but you can change it. | ||||||||
Interest Calculation Method |
The method used for calculation of interest. Declining Balance: Declining Balance method is based on the outstanding loan balance. It is the balance of the money that remains in the borrower’s hands as the loan is repaid during the loan term. As the borrower repays installments, the remaining loan balance declines over time. The Interest is then charged only on the loan amount that the borrower still holds. Flat Rate: Flat Rate Calculation Method is a method in which the Interest is computed on the original amount every month. Flexible Repayment: Flexible Repaymentis a method in which the Interest is calculated on the reduced Principal balance, with the change in Interest rate. For more information about interest calculation method, refer to chapter Key Concepts of a CL Contract. |
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Additional Interest Paid |
This field stores the amount paid by the borrower toward the additional interest component. Note: The Interest Paid field on the Additional Interest Component page is the same as this Additional Interest Paid on the contract page. However, if there are multiple Interest Components, then Additional Interest Paid is the sum of all the Interest Paid amounts of each Interest Component on the Additional Interest Component page. Additionally, the Additional Interest field on the Loan Payment Transaction page holds the same value as well. This field is added in the August 2024 release. |
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Repayment Procedure |
The procedure followed to create the repayment schedule. The options include: Equal Monthly Installments: The installment amount remains constant each month. Flexible: The installment amount changes each month. Equated Principal: The principal amount remains constant each month. The interest is calculated based on the principal outstanding, and over the life cycle of the loan, both the installment amount and the interest amount decreases. This field is not applicable for LOC loans. |
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Time Counting Method | The method of determining number of days in a year. Options are Months and Days, Actual Days. | ||||||||
Interest Only Period | The period during which only Interest is billed. After this, both Principal and Interest is due. | ||||||||
Balloon Payment | A heavy payment amount due at the end of a loan repayment schedule. The loans with a larger balloon payment have lower regular repayments over the term of a loan. | ||||||||
Actual Interest Only Payments | Indicates if the Actual interest only period behavior is adopted. For information on the interest only period behaviors, see the Defining Org Parameters section. | ||||||||
Is Capitalized Enabled |
Interest capitalization is a method where the interest is accrued on any unpaid interest. Interest is calculated on the principal amount and on the unpaid interest till date in case of non-payment. It is also termed as 'Interest on Interest'. If the capitalization frequency is higher, the capitalized interest grows. This is applicable for simple and AMZ loans, but not for Flexible AMZ and LOC loans. |
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Interest Posting Frequency |
The frequency at which the interest posting transaction is created.
Note:
The system supports all the frequencies that are supported by Payment Frequency except Single-Payment and Semi-Monthly-PD, and also has an additional frequency option called Billing Frequency. This frequency indicates that the system should post on the due dates, schedule dates of the loan. (This is the option used by mortgage lenders in AU.) Supported Options:
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Interest Rate Change Method |
The method for regenerating the payment schedule upon an interest rate change. If no value is selected, the payment schedule is not regenerated if there is an interest rate change action on the contract.
This field is not applicable for LOC loans. |
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Flexible Rate | When you select this checkbox, the system allows you to add interest rate schedules to the contract when the contract has fixed type of interest. | ||||||||
Funding information | |||||||||
Funding in Tranches | The disbursal of the total loan amount to the borrower in multiple disbursal transactions at different stages is known as funding or disbursing a loan in tranches. | ||||||||
Expected Disbursal Date | The expected date of the loan disbursal. | ||||||||
Payment information | |||||||||
Payment Frequency |
The frequency at which the borrower must repay the loan amount. You can override this value at the contract level. You can select Daily, Weekly, Bi Weekly, Semi-Monthly, Bi-Monthly, Monthly, Quarterly, Semi Annual, Annual, Single Payment or Semi Monthly PD.For semi-monthly PD, the difference between the first and the second payment dates specified on the CL Contract page must be equal to or greater than four days and less than 31 days. By default the value selected for this field is Monthly.
Note:
PD means Pay day. In Semi Monthly, we add 15 days to start date and get the next date. But in the Semi Monthly PD, the user will need to give first and second payment date and that will be followed. For example, in Semi Monthly, if first payment date is 1st March, then next payment date is 16th March, and next is 1st April and so on. But in the Semi Monthly PD, if first payment date is 1st March and second payment date is 17th March, then next date will be 1st April and next is 17th April. In Semi Monthly PD, since they are giving the second date also it can be more or less than 15 days. |
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Term | The period over which a loan agreement is in force, and before or at the end of which theloan should either be repaid or renegotiated for another term. | ||||||||
Amortization Term | |||||||||
Payment Start Date | The start date of the loan repayments. Generally, the payment start date is the contract start date or funding date + one payment period. |
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Grace period and pre bill days | |||||||||
Late Charge Grace Days |
The number of days the system waits before charging the penalty on any payment that is over due. If the borrower makes a payment within these days after the payment due date is crossed, late charge is not applied. In case of Flexible AMZ loans, in addition to the late payment charge, interest is calculated on the delinquent amount, based on the Interest on Arrears (IOA) setup. For information on interest on arrears, refer to section Interest on Arrears. |
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Delinquency Grace Days | The number of days the system waits before categorizing the account as a delinquent account if payment is not received. Late charge, however, is applied for the days beyond the Late Charge Grace Days in such a case. Usually, delinquency grace days are equal to or more than the late charge grace days. | ||||||||
Prebill Days | The number of days for the bill to be generated before the actual installment date. For example the installment date 10th of every month and the prebill days are entered as 5. As per the prebill days the bill gets generated before 5 days of the actual installment date which is on 5th of every month. | ||||||||
Payoff Tolerance Amount | The maximum amount that the system can allow to remain unpaid while paying off a delinquent loan. | ||||||||
Protect block | |||||||||
Protect Enabled | Indicates if loans for this lending product offer protection in the form of loan waiver to borrowers in case of their inability to pay back. | ||||||||
Protect Type | Indicates whether Full or Partial protection can be claimed by borrowers. | ||||||||
Partial application page | |||||||||
Loan details Loan Details define the general characteristics of the loan product on which a loan contract is based. For example, lenders can view details like loan type, interest rate, and the payment and disbursal dates. Similarly, if the lender refinances or reschedules a loan, or a loan matures, these updates are reflected here. | |||||||||
CL Contract ID | The contract ID associated with a contract is generated. | ||||||||
Product | The lending product which is associated with this loan account. | ||||||||
Record Type | The type of lending product, for example, lease, loan, or line of credit. | ||||||||
Product Type | The classification of the product is defined. For example, Loan, Line of Credit. | ||||||||
Purpose | The purpose for which the loan is being availed for. For example, personal loan, student loan. | ||||||||
Interest Type |
CL Loan has three types of Interest rates, namely:
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Branch | A branch is a retail location where a bank or any other financial institution offers a wide range of services to its customers. | ||||||||
Application Date | The date on which the application for loan is received. | ||||||||
Fee Set | 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. | ||||||||
Approval Date | The date on which the loan is approved. | ||||||||
Active Investor | This field gets selected if there is any investor associated with this loan account. | ||||||||
Rescheduled | A loan is rescheduled in order to restructure the loan repayment. Borrowers can request a reschedule to pay off a loan sooner through bigger repayment amounts or to extend the loan with smaller payments. This is a flag field, and gets selected once the loan account is rescheduled. | ||||||||
Invalid Data | This is a flag field and gets selected if the system identifies any invalid data. | ||||||||
Refinanced | Refinancing a loan involves paying off a borrower's current loan with a new loan. The outstanding amount of an existing active CL Contract of a borrower is carried forward to a new contract and that existing CL Contract is closed. This field gets selected if the loan is refinanced. | ||||||||
Delinquent | This field is selected as soon as the contract becomes delinquent, where the borrower fails to make the payment against the loan. | ||||||||
Matured | This field is selected when the lending account crosses its maturity date and there is outstanding balance on this loan account. | ||||||||
Change Recurring ACH Terms | This field is selected to change the Recurring ACH frequency set up in the contract. |
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Expected Disbursal Date | The date on which the loan will be disbursed to the borrower. | ||||||||
Last Transaction Type | The last transaction type happened on the contract is displayed. The fields are system generated for example, Payment Transaction, Refund. | ||||||||
Payment Start Date | The date on which the borrower will start making payments against the loan. The first payment date will be derived from the payment start date. | ||||||||
Last Transaction Timestamp | The date and timestamp of the last transaction on this contract. This is system generated field. | ||||||||
Payment Application Mode |
Payment Application Mode are of two types, namely, Future Dues and Current Dues. These modes provide lenders the flexibility to decide how any excess payment made by the borrower is applied towards the outstanding dues. In both cases, the borrower's outstanding principal amount is reduced by the excess amount. Future Dues - any amount remaining from [Paid amount - (bill amount - fee component)] is saved as Reserve Amount for Next Due. This amount is used to satisfy the future bills till it is fully consumed. In such a case, the borrower does not have to make a payment against the future bill to the extent that is satisfied by the excess amount. Current Dues - any amount beyond the current bill amount is deducted from the outstanding principal amount. However, the borrower’s payment plan remains unchanged. Therefore, in the system, this amount is not added to the Reserve Amount for the Next Due of a CL Contract. The default Payment Application Mode is Future Dues. This field is not applicable for Flexible AMZ and LOC loans. |
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Payment Mode |
Payment Mode is the means by which a payment or disbursement is made, such as cash, check, Automated Clearing House (ACH). You can set up the payment mode at the following levels:
There may be scenarios where the system looks for the payment mode at the contract level, for example, in case of investor loan transactions (ILT) created for manually deactivated investment orders. Such ILTs do not have a payment transaction, and hence, a payment mode is associated with them, and the system considers the payment mode specified at the loan contract level to process the ILT. |
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Variable Rates Based Repayment Schedule | This checkbox is used to enable generating different EMI amounts based on different rates. | ||||||||
Contract A Contract represents the various contractual parameters agreed upon with the borrower at the time of contract creation for repayment of the loan, like, the loan tenure, the repayment schedule, number of interest only periods, and any balloon payment applicable for the loan. | |||||||||
Contract Type | The type of the contract whether it is a new contract or a refinanced contract. | ||||||||
Loan Amount | The maximum amount approved for this borrower’s loan. Interest and repayment schedule are computed on this amount after funding of the loan. The loan amount must fall between the limits specified in the lending product. | ||||||||
Floating Rate Index |
A floating interest rate, also known as a variable or adjustable rate, can apply to any type of debt, such as a loan, bond, mortgage, or credit, that does not have a fixed rate of interest over the life of the loan. In Floating Rate of Interest, the rate of interest varies over the tenure of the loan, however, it moves in tandem with a reference rate which can be periodically reset, and be calibrated using what is called the Margin Rate. For a floating interest rate, Interest Rate = Index Rate + Margin Rate. You can select the Floating Rate Index and Margin Rate percentages to be applied. When the interest rate changes, the contract needs to specify whether:
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Index Rate | An interest rate charged on loan that is calculated by taking the sum of a benchmark index interest rate and a specified margin. | ||||||||
Margin Rate | It is a measure of the difference between the interest income generated by banks or other financial institutions and the amount of interest paid out to their lenders (for example, deposits), relative to the amount of their (interest-earning) assets. | ||||||||
Term | The contractual term of the contract. | ||||||||
Contract Date | The date on which the contract was signed. CL Loan automatically generates this date. If a contract is signed on January 15, 2013, then the Contract Date is January 15, 2013. | ||||||||
Amortization Term | The term on which the EMI is calculated. For example, the actual terms can be 24, and amort terms 36. In this case, the schedule is built with the EMI calculated for 36 terms with the last term being adjusted for the excess amount to be collected. |
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Interest Calculation Method |
The method used for calculation of interest. Declining Balance: Declining Balance method is based on the outstanding loan balance. It is the balance of the money that remains in the borrower’s hands as the loan is repaid during the loan term. As the borrower repays installments, the remaining loan balance declines over time. The Interest is then charged only on the loan amount that the borrower still holds. Flat Rate: Flat Rate Calculation Method is a method in which the Interest is computed on the original amount every month. Flexible Repayment: Flexible Repayment is a method in which the Interest is calculated on the reduced Principal balance, with the change in Interest rate. For more information about the interest calculation method, refer to the Key Concepts of a CL Contract section of this guide. |
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Interest Only Period | The period during which only Interest is billed. After this, both Principal and Interest is due. | ||||||||
Time Counting Method | The method of determining number of days in a year. Options are Months and Days, Actual Days. |
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Actual Interest only Payments |
Indicates if the Actual interest only period behavior is adopted. For information on the interest only period behaviors, refer to the Defining Org Parameters section of the Q2 Loan Servicing Administration Guide. This flag is set to True by default. |
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Payoff Fee | Loan payoff, or early repayment, occurs when a borrower completely repays the loan. This is applicable for both Loan and LOC products. Pay off amount is calculated by adding:
This scenario occurs when a borrower decides to pay off the entire pending loan amount in one payment. The field is selected if Payoff fee is present in the loan's fee set, and a Payoff charge should be created. |
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Interest Rate | The proportion of a loan that is charged as interest to the borrower, typically expressed as an annual percentage of the loan outstanding.The default values are fetched from the lending product. For more information on interest rate, refer to chapter Key Concepts of a CL Contract. | ||||||||
Pre bill Days | The number of days for the bill to be generated before the actual installment date. For example the installment date 10th of every month and the prebill days are entered as 5. As per the prebill days the bill gets generated before 5 days of the actual installment date which is on 5th of every month. | ||||||||
Due Day |
The day of the month on which the payment from the borrower is due. For example, 5. The payment would be due on the 5th of every month in this case. In CL Loan 2.3007 or later releases, you can specify "31" in this field to set the due date to the last day of the month for loans with monthly payments. The system automatically adjusts the due date as per the number of days in a given month, such as 31st for January and 28th for February. If you specify the payment due days (that are added to the installment date to derive the payment due date), the system calculates the payment due date as Due Day+ Payment Due Days.This is used at the time of billing. For example, if due day is February 28 and payment due days are 5, the payment becomes due on March 5. |
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Accrual Start Date | The date from which the interest accrual on the loan starts. | ||||||||
Payment Frequency | The Payment Frequency is used to determine how often the payment will be made. The CL Loan user interface behavior is modified to display the Payment Frequency Cycle field when you select the payment frequency as Daily, Weekly, Semi-monthly, Semi-monthly PD, and Monthly. | ||||||||
Accrual Start Days | The number of days after the contract is created and disbursed from when the interest starts accruing. | ||||||||
First Payment Date | The start date of the repayment schedule that is generated after the contract is created and the loan amount is disbursed. | ||||||||
Accrual Stop Indicator | This field is selected and indicates that if the interest accrual has to be stopped on a loan account. | ||||||||
Payment Amount | The loan installment amount due on the contract. | ||||||||
Margin Date | Set up the floating rate index that is an index of rates for different date ranges, and specify the margin rate at the lending product level, to arrive at the applicable floating interest rate. | ||||||||
Maturity Date | Maturity date of the contract. | ||||||||
Balloon Payment |
A heavy payment amount due at the end of a loan repayment schedule. The loans with a larger balloon payment have lower regular repayments over the term of a loan. This field is not applicable for LOC loans. |
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Estimated Interest | Estimated interest on the contract. | ||||||||
Cancellation Tolerance Amount |
The minimum remaining principal that must be paid back by the borrower in order to cancel a loan. This field is not used currently in CL Loan. |
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Reschedule Option on Excess Payment |
The method by which the loan must be rescheduled if "reschedule option on excess payment" is set up for the product.
For more information, refer to section Automatic Rescheduling of a Contract |
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Reschedule Status | The status of the reschedule action, which is triggered when excess payment beyond the specified threshold is received on the contract. This can be Failed, Pending or Success. | ||||||||
Protect The Protect feature insures lenders and investors from borrower defaults. Lenders can collect premiums from the borrower and or the investor for insurance against partial or full default. Premiums may differ for each credit grade, loan amount or term. The Protect feature is setup on lending products with an additional option to configure protect fees for automated processing. To enable this feature, the lending product's configuration needs to be updated or new lending products are configured with protect fees. The protect fee percent must be set at the time of contract creation. The Protect tab of a contract displays the details of the protect fees and protect claims. | |||||||||
Protect Enabled | The Protect feature is setup on lending products with an additional option to configure protect fees for automated processing. To enable this feature, the existing lending products' configuration needs to be updated, or new lending products need to be configured with Protect fees. The protect fee percent must be set at the time of contract creation. The Protect tab of a contract displays the details of the protect fees and protect claims. For information on managing Protect enabled loans, refer to chapter Protect Enabled Loans in the CL Loan User Guide. | ||||||||
Protect Type |
The borrower can opt for a Partial or Full Protect. Partial: This option insures the borrower against payment default for a partial duration of the loan. For example, a borrower may not be able to make payments for the next six months due to disability and rehabilitation treatment. These six payments are waived off under Partial protect, while the loan remains in Active-Good Standing status. In the CL Loan systems, the LPTs for these payments are created with payment mode as Waived. In addition, a check box called Waived on the LPT indicates that the payment is waived under Protect. No returns are paid to the investor for these six months. Full: A borrower may claim full protect in case of inability to pay at any time in the future. For example, a borrower may suffer permanent disability. In such case, all accrued and future payments are waived and the loan is written off. The investor does not receive any returns except for the management fee for future periods. There may be a third scenario where a borrower has availed Protect, but not claimed it, and defaulted on the loan. Based on the write off tolerance and other settings on the loan contract, the loan may be written off and the management fee paid back to the investor on pro-rata basis. |
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Protect Fee Amount | The amount of fee to be charged on the protect enabled loan. For example, if the fee is calculated as 1% of loan amount, then enter "1" in the Amount field. | ||||||||
Protect Fee Percent | The percentage of fee to be charged on the protect enabled loan. For example, if the fee is calculated as 1% of loan amount, then enter "1" in the Amount field. | ||||||||
Protect Waiver Type | Indicates which amounts are waived off. This currently is "Principal and Interest". | ||||||||
Funding When the lender pays out money under a loan agreement, it is referred to as Funding. It defines the funding status and distribution of the loan. Lenders can view details related to the approved and the funded amount along with any applicable fees. For example, lenders can view how applicable fees are accounted in the funding and disbursals. If the loan is refinanced from other loan(s), the refinanced amount is reflected here. For loans funded in tranches, lenders can view the disbursal status, disbursed amount, and the amount remaining for funding. | |||||||||
Funding in Tranches | TheFunding in Tranches check box is selected if, this loan is to be funded in parts and the whole amount is not funded at once. These disbursal stages can vary depending on the loan product and other factors. For more information about funding in tranches, referto chapter Funding a Loan in Tranches. | ||||||||
Financed Amount | The loan amount to be disbursed to the borrower. | ||||||||
Draw Billing Method | The method for generating bills during the draw period.
Note:
No dues are generated during the draw period. The regular principal plus interest payment starts from first payment date. For details on the billing methods, refer to Billing Methods. |
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Amount Funded | The total amount funded to the borrower. | ||||||||
Draw Period End Date | The date of the final disbursement. | ||||||||
Remaining Amount for Funding | The remaining amount to be funded to the borrower. | ||||||||
Repayment Start Basis |
The regular repayments start based on Repayment Start Basis.
If the first disbursal is a full disbursal, then system will generate the repayment schedule with regular Principal + Interest repayments from the first disbursal date.
Draw Period End is considered only if the Draw Billing Method is Interest Only. |
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Total Prepaid Fees | The sum of the prepaid fees calculated on the contract. | ||||||||
Funding Stop Basis |
The basis on which the funding is stopped. For example, if this field is set to Draw Period End Date, no disbursal happens after the draw period end date. If no value is specified, and the disbursal is made after the Draw Period End Date, the maturity date of the contract is derived based on the setting of the org parameter "Keep Same Maturity Date on FIT Disbursal". For more information, refer to section Defining Org Parameters in the CL Loan Administration Guide. |
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Total Refinance Amount (Actual) | The sum of the actual refinance amount of all settled refinance transactions. | ||||||||
Last Disbursal Transaction Amount | The transaction happened on the last disbursal of the loan amount. | ||||||||
Disbursal Status | The loan disbursal status. For example, Pending Disbursal. | ||||||||
Last Disbursal Transaction Date | The transaction made after the last disbursal. | ||||||||
Activity The Activity section is dynamic in nature. Any changes to the contract subsequent to its creation are captured in this section. For example, if the lender changes the number of loan terms or the interest rate for a loan contract, then, the current values are visible in this section. In addition, this section gives the current picture of the loan. For example, when a bill is generated, the next due generation date and the next due date get updated. Or, when a loan is rescheduled, the revised maturity date is displayed. | |||||||||
Current Term | The term of the loan account. | ||||||||
Last Due Date | The last bill date which will be due at the end of the term. | ||||||||
Last Interest Rate | The last rate of interest applied on the loan | ||||||||
Current Due Day | The day on which the current payment is due. | ||||||||
Last Accrual Date | The date on which interest was computed and posted on the account. | ||||||||
Current Payment Amount | The current installment amount that needs to be paid. | ||||||||
Next Rate Change Date | The date of the interest rate change for the loan account if the Multi Rate setup is configured for the contract | ||||||||
Second Payment Date | The second payment date. This is applicable for semi monthly payment frequency only. | ||||||||
Last Rate Change Date | The last date when the interest rate changed on the loan account. | ||||||||
Current Index Rate | The index rate of the floating rate interest type loan product. | ||||||||
Paid Off Date | The date when the loan was closed. | ||||||||
Current Interest Rate | The current rate of the interest on the loan. | ||||||||
Last Payment Amount | The last payment received on the loan account. | ||||||||
Oldest Unpaid Due Date | The oldest due date on the loan account which was unpaid. | ||||||||
Last Payment Date | The date when the last payment was received. | ||||||||
Next Due Date | The date of the next payment due. | ||||||||
Next Commission Payment Date | The date on which commission is next paid to brokers. | ||||||||
Next Due Generation Date | This is determined by using the pre-bill days. | ||||||||
Periodic Fee |
This field is enabled when a periodic fee setup is created for any periodic-fee configured on the loan. The periodic fees are posted to the customer's loan accounts on a routine basis (typically, weekly, monthly, bi-weekly, semi-monthly, monthly, bi-monthly, quarterly, semi-annually, annually, or on a single payment basis). This fee is applied for specific dates. You can create a periodic fee by defining the time of charge of the fee as Periodic. |
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Current Maturity Date | This is the date on which the loan matures. | ||||||||
Account balance details Account Balance Details reflects the balances of principal, interest and fees, and is updated whenever a payment is made. Details like any principal adjustments made for the loan, any reserve amount to be utilized against the next payment, or waived interest can be viewed in this section. Fields like Interest Accrued are updated daily as interest is typically accrued on a daily basis. | |||||||||
Principal/Advance Remaining | The unpaid principal/advance balance on the account. | ||||||||
Principal/Advance Paid | The unpaid principal/advance balance on the account. | ||||||||
Principal Adjustment - Add | Addition to the principal or advance made through principal adjustment transaction. | ||||||||
Principal Adjustment - Sub | Subtraction to the principal or advance made through principal adjustment transaction. | ||||||||
Fees Paid | The fees paid on the loan account, if any. | ||||||||
Fees Remaining | The fees remaining on the loan account, if any. | ||||||||
Interest Paid | The interest paid on the loan account. This is system generated and cannot be edited. | ||||||||
Interest Remaining | The unpaid interest accrued till last accrual date. | ||||||||
Total Amount Paid |
The total amount paid by the customer on this loan account. This includes any amount received towards principal, interest, fees, and excess. As part of the August 2024 release, this field also includes the additional interest paid. Note: The Additional interest paid is stored in a field called Additional Interest Paid on the CL Contract page. This field has been newly added as part of the August 2024 release. It is the same as the Interest Paid field on the Interest Component. However, if there are multiple Interest Components, then Additional Interest Paid is the sum of all the Interest Paid amounts of each Interest Component on the Additional Interest Component page. |
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Interest Accrued | The interest balance as of last accrual date. | ||||||||
Excess | The additional repayment on the loan account is stored as Excess amount and then this is refunded to the borrower's account. | ||||||||
Interest Waived | The interest amount waived on this loan account. | ||||||||
Next Repayment Amount as of Today | The next repayment amount as of current date. | ||||||||
Reserve Amount for Next Due |
The additional amount paid towards the installment so that it gets deducted in the next installment amount. For example you are suppose to pay 100$ as your installment, you decide to pay 120$. The extra 20$ will be considered as the reserve amount and is automatically applied to the next bill when it is generated. Else, it is just maintained as excess on the account. This field is not applicable for Flexible AMZ and LOC loans. |
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Uncleared Payment Amount | The payment amount which is paid and not yet cleared from the system. | ||||||||
Delinquent dues This section is relevant for contracts that have become delinquent. Details like the aging bucket, and delinquency amount denote typical information about delinquent accounts. For a delinquent loan, the loan status field displays the value Active Bad Standing. If a loan is not delinquent, the fields of this section are blank. | |||||||||
Delinquency Aging Interval |
The aging interval in which the contract falls, based on the delinquency aging intervals defined at the product level. For more information on delinquency intervals and sets, refer to chapter Loan, section Delinquency Aging - New. For information on adding this field to the CL Contract page layout, refer to sectionConfigurable Delinquency Aging Intervals. |
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Delinquent Amount | The total unpaid amount on this account. | ||||||||
Days Past Due | The number of days for which there has been an overdue on this loan account. | ||||||||
Aging | Aging is the process of inquiring a company's accounts receivables based on the duration of the outstanding individual invoices. It is used to determine whether a company carries overdue debtors that may never repay their bills. | ||||||||
Amount to Current | The delinquent amount which also includes any unpaid fees on the loan account. | ||||||||
Total Due Charges | The total unpaid fees on the loan account. | ||||||||
Status | The status of the loan account. For example, Partial Application, Active-Good Standing, Active-Bad Standing. | ||||||||
Payment tolerance and grace period Payment tolerance is defined at the contract level. Grace period is defined at the lending product level but can be modified at the contract level. Payment tolerance and grace period define the limits for days and amounts for delinquency and payoffs. Payment tolerance defines the maximum % of the payment amount that the lender is willing to accept some time later in the term of the loan without marking the loan delinquent. Similarly, Late Charge grace days defines the number of days by which a borrower can delay a payment without accruing any penalty. Another type is Delinquency grace days. This represents the number of days that a lender waits before moving the loan to Active Bad Standing status in case of non-payment of dues. | |||||||||
Payment Tolerance Start Date | The date starting which payment tolerance is applicable on the contract. | ||||||||
Payment Tolerance End Date | The date ending which payment tolerance ceases to apply on the contract. After this date, the borrower must make the full payment against each bill to avoid delinquency. | ||||||||
Payment Tolerance Rate | Payment tolerance rate is the rate of permissible payment tolerance provided by a financial institution to clear the bills. This is the maximum % by which a payment may be short, while still marking the bill as satisfied. For example, if payment tolerance is 15%, a borrower may pay 85% of the expected payment amount. The bill is marked satisfied, and the contract remains in Active status. | ||||||||
Delinquency Grace Days | The number of days the system waits before categorizing the account as a delinquent account if payment is not received. Late charge, however, is applied for the days beyond the Late Charge Grace Days in such a case. Usually, delinquency grace days are equal to or more than the late charge grace days. | ||||||||
Late Charge Grace Days | The number of days the system waits before charging the penalty on any payment that is over due. If the borrower makes a payment within these days after the payment due date is crossed, late charge is not applied. | ||||||||
Minimum Amount Due Type |
Indicates whether the minimum amount due is a Fixed Amount or a Percent of the bill amount. The maximum value considered for Percent type is 100. This means, if a user specifies the minimum amount due as 200, but specifies the due type as %, then CL Loan considers this to be 100% and not 200%. If a user specifies the minimum amount due, but leaves the due Type field blank, the system assumes it to be Percent. This field is not applicable to Flexible AMZ loans. |
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Minimum Amount Due |
Fixed amount or percentage of the bill amount that a borrower must pay to avoid late charges on a payment. You can override the value specified at the loan product level, if any. This field is available in CL Loan version 2.2003 and later. For ongoing contracts created on earlier CL Loan versions, the existing CL Loan behavior applies, whereby, a borrower is not charged a late fee if even 1 cent is received towards a bill. Lenders need to add these fields to the definition of the loan product, to be able to apply this behavior to new contracts and to existing contracts for the remaining payments. Example: Loan Amount = 10000 Due Amount = 500, Payment Amount = 90, Due Date = January 31, Current System Date = February 1, Grace Period = 0. Case 1: Payment Amount = 90, Minimum Amount Due = 100, Minimum Amount Due Type = Fixed Amount, Payment Date = January 31. Payment amount received (90) is less than the defined minimum due amount (100). Therefore, when the grace period is over, that is, on February 1, a late charge is created provided late fee is included in the fee set attached to the contract. Case 2: Payment Amount = 300, Minimum Amount Due = 50, Minimum Amount Due Type = Percent, Payment Date = January 31. Payment amount received (300) is more than the minimum amount due (50% of due amount = 250). Therefore, when the grace period is over, that is, on February 1, no late charge is created. This field is not applicable to Flexible AMZ loans. |
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Charge off details A charge off is a debt that has been determined as noncollectable by the lender. The charged off amount includes all outstanding dues on the loan contract till that date. If the loan was in Active-Bad Sanding status, any interest accrued for the outstanding payments on the loan is also added to the remaining interest in the charge off transaction. The charged off amount is updated in the Write Off GL account. | |||||||||
Charged Off Principal | The charged off principal or advance balance on the loan account. | ||||||||
Charged Off Interest | The charged off interest balance on the loan account. | ||||||||
Charged off Fees | The charged off fees balance on the loan account. | ||||||||
Charged off Date | The date on which the loan account was charged off. | ||||||||
Prepayment penalty Prepayment Penalty Fee is the fee that a lender may assess when a borrower repays the loan before the scheduled maturity date. | |||||||||
Prepayment Penalty Indicator | The box must be selected to enable prepayment penalties. | ||||||||
Prepayment Penalty Periods | The number of payment periods for which the prepayment penalty is applicable. | ||||||||
Prepayment Penalty Method |
The prepayment penalty methods must be selected in this field.
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Prepayment Penalty Value | The Prepayment Penalty Value based on the prepayment penalty method you selected. | ||||||||
Refinance This is relevant for refinanced loans. Lenders can view the additional amount financed during the refinancing and also the resulting total refinanced amount. Refinancing a loan involves paying off the current loan(s) with a new loan. The outstanding amount of an existing active loan contract of a borrower is carried forward to a new contract and the existing contract is closed. Refinancing simply means that the existing loan(s) can be restructured in terms of interest rates and the loan terms. Generally, in a refinanced contract an additional loan amount is also disbursed to the borrower. In that scenario, the total loan amount of the new loan contract is the sum of the outstanding amount on the previous loan(s) and the additional loan amount disbursed by the new contract. A lender can choose to refinance a loan that may be in Active Good or Bad Standing status. | |||||||||
Total Refinance Amount | The total refinanced amount required by the borrower. | ||||||||
Additional Loan Amount | The additional loan amount added to the total refinanced amount. | ||||||||
Amortization Amortization is the process of providing the lender a series of equal monthly payments with an interest amount based on the unpaid principal balance (UPB) for a specific month. The principal repayments cause the UPB to bezero at the end of the loan term. The amount of each monthly payment is identical, while the interest component of each payment decreases and the principal component of each payment increases during the life cycle of a loan. | |||||||||
Next Amortization Date | |||||||||
Amortization Method | |||||||||
Amortize Balance Type | |||||||||
Amortization Frequency | |||||||||
Recurring ACH details Borrowers can make recurrent ACH payments for a loan contract for automatic and faster processing of funds. ACH is a nationwide EFT (Electronic Funds Transfer) system that provides for online inter-bank clearing of credit and debit transactions. To use ACH, lenders need to enable the ACH feature and configure the bank account details of the borrower. Lenders can see details like the account number, bank name and the amount to be debited from the borrowers account along with the payment frequency. Lenders can stop the recurring ACH payments through the Cancel One Time ACH /Stop Recurring ACH option in the Loan Quick Menu, Loan Actions. ACH details can be modified as required including the borrower bank details using the Recurring ACH option in the Loan Quick Menu, Loan Actions. | |||||||||
ACH | An automatic payment is an arrangement for a specific amount of money to be debited from the borrowers bank account and credited to the lender's bank account. Automated payments are processed through the Automated Clearing House (ACH). ACH is a nationwide EFT (Electronic Funds Transfer) system that provides for the inter-bank clearing of credit and debit transactions and for the exchange of information among participating financial institutions. It is a batch processing system in which financial institutions accumulate ACH transactions throughout the day for later batch processing. | ||||||||
ACH Bank | The bank account of the borrower from which the funds are debited. | ||||||||
ACH Routing Number | The 9-digit routing number assigned to financial institutions by The American Bankers Association (ABA) to clear the electronic transactions. | ||||||||
Borrower ACH | The name of the borrower whose account is debited for monthly loan payments. | ||||||||
ACH Account Number | The borrower's ACH account number from which the payment is to be received. | ||||||||
ACH Account Type | The borrower's ACH account type such as saving and checking. | ||||||||
ACH Frequency | The frequency of ACH payments can be defined as monthly or quarterly. | ||||||||
ACH Drawer Name | The name of the drawer who can be a borrower or co-borrower whose account is debited for monthly loan payments. | ||||||||
ACH Bank Name | The bank from which the payment is to be received. | ||||||||
ACH Relationship Type | The borrower's ACH relationship type such as primary,secondary,and third party. | ||||||||
ACH Start Date | The start date of recurring ACH payments. | ||||||||
ACH End Date | The end date of recurring ACH payments. | ||||||||
ACH Debit Amount | The payment amount that is debited from borrower's bank account. | ||||||||
ACH Next Debit Date | The next proposed date of the recurring ACH payment. | ||||||||
ACH Second Debit Date | The second proposed date of the recurring ACH payment. | ||||||||
ACH Debit Day | The day of the debit taking place in the recurring ACH payment. | ||||||||
One time ACH details Borrowers can use the One Time ACH feature to make an electronic transfer of money towards payment on a loan. ACH is a nationwide EFT (Electronic Funds Transfer) system that provides for online inter-bank clearing of credit and debit transactions. To use ACH, lenders need to configure the bank account details of the borrower. Lenders can see the account number, bank name and the amount to be debited from the borrowers account. Lenders can cancel a scheduled one time ACH payment through the Cancel One Time ACH /Stop Recurring ACH option in the Loan Quick Menu, Loan Actions. ACH details can be modified as required including the borrower bank details using the One Time ACH option in the Loan Quick Menu, Loan Actions. | |||||||||
OT ACH Routing Number | The 9-digit routing number assigned to financial institutions by The American Bankers Association (ABA) to clear the electronic transactions. | ||||||||
OT ACH Account Number | The borrower's ACH account number from which the payment is to be received. | ||||||||
OT ACH Account Type | The borrower's ACH account type such as saving and checking. | ||||||||
OT Borrower ACH | The name of the borrower whose account is debited for monthly loan payments. | ||||||||
OT ACH Bank Name | The bank from which the payment is to be received. | ||||||||
OT ACH Drawer Name | The name of the drawer who can be a borrower or co-borrower whose account is debited for monthly loan payments. | ||||||||
OT ACH Debit Date | The proposed date of the one time ACH payment. | ||||||||
OT ACH Drawer Address Line 1 | The address where the drawer's bank is located. | ||||||||
OT ACH Drawer Address Line 2 | The address where the drawer's bank is located. | ||||||||
OT ACH Fee Amount | The fee amount incurred, if any on the one time ACH payment. | ||||||||
OT ACH Payment Amount | The amount that the borrower is paying off through the one time ACH transaction. | ||||||||
OT ACH Drawer City | The city where the borrower's bank is located. | ||||||||
OT ACH Relationship Type | The borrower's ACH relationship type such as primary,secondary,and third party. | ||||||||
OT ACH Drawer State | The state where the borrower's bank is located. | ||||||||
OT ACH Drawer Zip | The zip code of the state in which the drawer's bank is located. | ||||||||
Credit bureau reporting This section captures information about the loan performance that is reported back to credit bureaus. In the long run, these inputs go towards building the credit history of the borrower with the credit bureaus. The frequency of reporting is decided between the lender and the credit bureau. For example, the lender may send a loan performance report every quarter, or report only the delinquencies. | |||||||||
Portfolio Type | The one character abbreviation for the type of portfolio. For example, C - Line of Credit, I = Installment, M= Mortgage. | ||||||||
Include In Credit Reporting | Metro2 format is the current industry standard for reporting information. It provides a standard computer format to be used for reporting accurate, complete and timely consumer credit information. For more information on credit reporting, refer to Credit Reporting in Metro2 Format. | ||||||||
Payment Rating | The payment rating contains a code that properly identifies whether the account is current, past due, in collections or charged off within the activity period being reported. | ||||||||
Account Type Code | The report with specific code which identifies the account classification. | ||||||||
Payment History | The report of one month's payment record from each bye from the left to right in the lease recent to most recent order. | ||||||||
Account Status Code | The status code that properly identifies the current condition of the account as of the date of account information. | ||||||||
Next Credit Bureau Payment Profile Date | The next payment profile generation date. | ||||||||
Date of First Delinquency | The field gets updated only when the loan account status changes from Active Good Standing to Active Bad Standing. | ||||||||
Last Reported Metro2 Date | The last date of the Metro2 report generation. |