Creating a Loan Application

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Creating a Loan Application

Description

This web service creates a loan application for the marketplace. It commits an object of type Loan Application (peer__Loan_Application__c) to the database.

You can also use this API to refinance a regular or protect enabled loan. 

Definition

POST
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https://<domain>/services/apexrest/peer/v1/loanApplications

Parameters 

The table given below provides details of the request parameters used by this web service:

Field Type Description

amount*

 Decimal

  • This is the loan amount of the loan application that you request for.

  • It must be a positive decimal.

borrowerId*

 String

  • This is the identity of the borrower.

  • The value that you pass is compared against a pre-defined attribute of the Account object which acts as the primary key.

  • You can define the attribute using the Account ID Field of the API Configuration custom setting.

createSchedule

 Integer

This is used to define whether the disbursement schedule must be generated.

  • If you pass null, the disbursement schedule is generated.

  • If 1, the disbursement schedule is generated.

  • If 0, the disbursement schedule is not generated.
dueDay Integer

This is the payment due day that is considered for schedule generation. It must be a positive integer.

Value of "31" sets 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.

disbursalDate

 Date

  • This is the disbursal date of the loan application.

  • If you pass null, it defaults to the expiry date.

expiryDate

 Date

  • This is the date of expiry of the loan application.

  • If you pass null, it is computed by adding the Auction Duration (days) to the current system date.

  • Auction Duration is defined in the Auto Portfolio Admin Params Custom settings.

interestRate*

 Decimal

This is the interest rate of the loan application.
loanProductId String

  • This is the identity of the loan product.

  • The value that you pass is compared against a pre-defined attribute of the Loan Productobject which acts as the primary key.

  • You can define the attribute using the  Loan Product ID Field of the  API Configuration custom setting.
maturityDate* Date

This is the last installment date that can be present on the loan.

The loan__last_installment_date__c date field is updated with this value on the CL Contract object.

If this value is not provided, the API uses the Term parameter to calculate the last installment date.

Either this or the term parameter must be passed, else API error is returned.
protectFeePercent Decimal

  • This is applicable only if loan product has 'Protect' enabled.

  • This is calculated on the % of loan amount.
protectType String

  • This is applicable only if loan product has 'Protect' enabled.

  • The protect type must be selected as full or partial.

The protect type has to be selected whether the borrower needs it on full loan amount or on partial loan amount.  Selecting ‘Partial’ will result in the lender / investor receiving protection against payment default but not a write off. ‘Full’ protects lenders / investors in case of write off also.
protectWaiverType String

  • This is applicable only if loan product has 'Protect' enabled.

  • Waiver is given on Principal and Interest.

purpose*

 String

  • This is the purpose of the loan application.

  • This must be a pre-defined value in the system. 

  • Loan purposes can be defined in the Administrative Setup of Lending Core. The page for defining a new loan purpose is <domain>/apex/loan__loanPurpose.

term*

 Integer

This is the term of the loan application. It must be a positive integer.

Either this or the Maturity Date parameter must be passed, else an API error is returned.
additionalLoanAmount Decimal

In case of a refinanced loan, this is the amount to be added to the existing loan amount that is being refinanced. You do not need to provide the loan amount if this parameter is provided.
loansToBeRefinanced String The list of loan contract IDs to be passed, separated by comma. For example, ["a4y41000000LFb6", "a3y43200000KDb6"]
eodAccrualType String

  • This parameter is used to calculate the end of the day interest and holds one of the two values: 

    • Accrual Through Date

    • Accrual To Date
eodFeeAccrual Boolean

  • This parameter is used to enable EOD fee accrual.

  • If true, the fee accrual job is run as part of the end of the job process.

Error messages

When you use this web service you can receive the possible error messages as shown in the table below:

Error code

Error Message

System.Label

Reason

HTTP Status Code

INVALID_INPUT

Unable to parse the Request parameters

UNABLE_PARSE_REQ_PARAMS

You will receive this error if an error occurs while parsing Request parameters

400

INVALID_INPUT

Account Id is null

ACCOUNT_ID_NULL

You will receive this error if the Borrower Account Id (borrowerId) is not specified in the Request Parameters

400

INVALID_INPUT

Unable to find the Account

ACCOUNT_NOT_FOUND

You will receive this error if no record exists in the system for the Borrower Account Id (borrowerId) specified in the Request Parameters

400

INVALID_INPUT

Loan Purpose is not valid

LOAN_PURPOSE_NOT_VALID

You will receive this error if the Loan purpose is either null or not found in the system

400

INVALID_INPUT

Loan amount is not valid

LOAN_AMOUNT_NOT_VALID

You will receive this error if the Loan amount is either null or a non-positive number

400

INVALID_INPUT

Term is not valid

TERM_NOT_VALID

You will receive this error if the Term is either null or a non-positive number

400

API_EXCEPTION

<exception_message>

NA

You will receive this error if any validation fails or any unexpected error occurs during the processing of the request, the system will raise the exception.

500

Sample Request

The sample request to be sent is as shown below:

POST
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https://na11.salesforce.com/services/apexrest/peer/v1/loanApplications
Example 1
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{  
   "borrowerId":"001G000001KY8by",
   "purpose":"Family",
   "amount":10000,
   "term":10,
   "interestRate":9,
   "createSchedule":1
}
Example 2
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{
    "borrowerId" : "0016g000007sR4d",
    "loanProductId" : "a8B6g000000gKyS",
    "amount" : 10000,
    "term" : 10,
    "interestRate" : 10,
    "purpose" : "Personal",
    "disbursalDate" : "2017-08-01",
    "firstInstallmentDate" : "2017-09-01",
    "eodAccrualType" : "Accrual Through Date",
    "eodFeeAccrual" : true
}

Sample Response

This sample response contains the newly created loan application for the given borrower. The sample response that you will receive is as shown below:

Sample Response
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{  
   "status":"SUCCESS",
   "response":[  

   ],
   "errorMessage":null,
   "errorCode":"NO_ERROR",
   "content":[  
      {  
         "attributes":{  
            "type":"peer__Loan_Application__c",
            "url":"/services/data/v30.0/sobjects/peer__Loan_Application__c/a2qG00000009OoJIAU"         
         },
         "peer__Stage__c":"New",
         "peer__Application_Date__c":"2014-01-03",
         "peer__Loan_Purpose_1__c":"a1hG0000000JR1tIAG",
         "peer__Amount_Funded__c":0,
         "peer__Sorting_Criteria__c":0,
         "LastModifiedDate":"2014-09-23T11:32:01.000+0000",
         "peer__Interest_Rate__c":9,
         "peer__Attractiveness_Parameter__c":0,
         "peer__Amount_In_Funding__c":0,
         "peer__Requested_Loan_Amount__c":10200,
         "peer__Profitable_Application__c":true,
         "peer__Time_Left__c":"171 Days -11 Hours -32 Minutes",
         "peer__Loan__c":"a1WG00000050a2JMAQ",
         "peer__Borrower__c":"001G000001KY8byIAD",
         "SystemModstamp":"2014-09-23T11:32:01.000+0000",
         "peer__Monthly_Payment__c":1062.55,
         "peer__Remaining_Requested_Amount__c":10200,
         "peer__Disbursal_Date__c":"2014-06-23",
         "peer__First_Payment_Date__c":"2014-07-23",
         "LastModifiedById":"005G0000003IKKRIA4",
         "peer__Is_Expired__c":false,
         "peer__Amount_Time_Left__c":"$10200 / 171 Days -11 Hours -32 Minutes",
         "peer__Expiry_Date__c":"2014-06-23T00:00:00.000+0000",
         "peer__Term__c":10,
         "Name":"APP-00038502",
         "CreatedById":"005G0000003IKKRIA4",
         "CreatedDate":"2014-09-23T11:32:01.000+0000",
         "IsDeleted":false,
         "Id":"a2qG00000009OoJIAU",
         "peer__Percent_Funded__c":0
      }
   ]
}

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